Eth/321 Elements Of A Contract Paper
Image of handshake. Diffen. 2015
Elements of a Contract
Hillary Fullmer
Eth/321
January 12, 2015
William Eshelman
Elements of a Contract An agreement that is legally bound between two or more people is a considered a contract. There are three elements that make up a contract agreement, consideration, capacity, and legality. Agreement is the coming to terms with both parties involved by acceptance of the offer. Consideration is the return of the value promised for an action or non-action that is specified. Capacity is required by both parties showing that they are in a position of joining into a legally binding contract. “A contracts legality is the point at which the contract must meet the requirements of the law.”(Goldman & Sigismond, 2011, p. 122). In the scenario of Jack and the widow and her daughter, we are going to answer if engaging an attorney is necessary, if the contract was valid, and what the likely outcome of the case is.
The Purchase …show more content…
Jack knew that the china at the sale was worth more than the $150.00 he offered the widow for all of it, bringing him a considerable return on his investment. He knew the price of the china was too good to be true so much that he did not attend any other sales that day. Because the widow gave consideration and her consent to the agreement by accepting Jack’s money for the china, this makes this an enforceable verbal contract. While Jack was paying for his items, the widow told him that she was downsizing because she was moving to an assisted living
Elements of a Contract
Hillary Fullmer
Eth/321
January 12, 2015
William Eshelman
Elements of a Contract An agreement that is legally bound between two or more people is a considered a contract. There are three elements that make up a contract agreement, consideration, capacity, and legality. Agreement is the coming to terms with both parties involved by acceptance of the offer. Consideration is the return of the value promised for an action or non-action that is specified. Capacity is required by both parties showing that they are in a position of joining into a legally binding contract. “A contracts legality is the point at which the contract must meet the requirements of the law.”(Goldman & Sigismond, 2011, p. 122). In the scenario of Jack and the widow and her daughter, we are going to answer if engaging an attorney is necessary, if the contract was valid, and what the likely outcome of the case is.
The Purchase …show more content…
Jack knew that the china at the sale was worth more than the $150.00 he offered the widow for all of it, bringing him a considerable return on his investment. He knew the price of the china was too good to be true so much that he did not attend any other sales that day. Because the widow gave consideration and her consent to the agreement by accepting Jack’s money for the china, this makes this an enforceable verbal contract. While Jack was paying for his items, the widow told him that she was downsizing because she was moving to an assisted living