(Issues) The issue at hand is whether Mary, through a contract with Mr. Shifty, Dream Works Picture’s Vice President of Production, is entitled to compensation. (Rule) By meeting the standards of the six elements an agreement, consisting of an offer and acceptance; consideration; capacity; legal purpose; genuine assent; and writing, if any. Mary Asher has a valid, contract with Mr. Shifty, a representative of Dream Works Pictures. Agreement, the first of the six relevant elements, is a meeting of two or more minds in regard to the terms of a contract. The process of agreement usually involves two steps. The first step is offer. An offer is a promise or commitment to perform or refrain from performing some specified future act made by the offer. Secondly ,is acceptance by the offeree either in the form of words or of conduct, which indicate agreement to the terms of the offer. An offer may be made to the general public, but no person can accept such an offer unless he knows that the offer exists. Mr. Shifty indeed entered into an agreement with Mary. His offer was indication of willingness to enter into a contract with her. The agreement consisted of him to observing her story’s synopsis.
Consideration is the second of the mention elements. Consideration is Value given in return for a promise. Consideration must be (1) legally sufficient and (2) bargained for by the party receiving it. Legally sufficient is a consideration may take promising, performing and refraining. Consideration is bargained for if it is sought by the promisor in the exchange for the promisor’s promise and the given the promise in exchange for the promisor’s promise. A bilateral contract is an exchange of promises. Thus, each party is both a promisor and a promisee. The promises are binding provided there is either a legal benefit to the promisor or a legal detriment to the promisee. Each promise is the consideration for the other, which is referred to as mutuality of obligation....
Please join StudyMode to read the full document