Binding Contract

In this assignment, you will research and study the elements in a binding contract.

The assignment consists of two parts:

• Part I deals with a contract that you have entered into.
• Part II deals with interpreting contracts in different scenarios.

Part I

Locate a contract you have signed. The contract might be for a cell phone, credit card, apartment or house rental, purchase of a home or car, student loan, contract for services or something similar. These agreements all represent contracts.

Provide the following information about the contract. You may make up dollar amounts to maintain privacy.

• Describe the subject matter of the contract.
• Provide the names of the parties to the contract.
• Provide a brief explanation of how the offer was made.
• Describe the terms of the offer.
• Explain how acceptance was provided and what the consideration was.
• Explain if any part of the process included e-mail, fax, or the Internet.

Part II

Providing relevant laws and cases to support your post, select two of the scenarios below and discuss the status of the contract:

• Brian offers to sell his condominium on the beach in Florida to Jack Donald for $750,000. Donald states that the price is too high and offers to purchase the condominium for $500,000.
• Adrienne offers to sell her Yorkshire Terrier to Louis Benji for $600. Before Benji can pick up the dog, it dies.
• Candy agrees to purchase 5000 Oxycontin pills from Nick Damon. Candy gives Damon $500 as a down payment. When Damon arrives with the pills, Candy changes her mind.
• Brandon, a 75-year-old with Alzheimer’s signed a contract to transfer his house to Carla, an attractive 40-year-old woman in exchange for care for the rest of his life. Brandon’s children seek to have the contract nullified.
• Cary, a 16-year-old who looks like he is 20, enters into a two-year contract for a new iPhone. Three months later, Cary cannot afford the monthly bills and seeks to rescind the contract.
• Austin promised his daughter, Crystal, a car when she passed the Certified Public Accountant (CPA) exam. Crystal did not promise anything in return. When Crystal passed the CPA exam two years later, she demanded that her father buy her the car as promised.
• Cynthia places an advertisement on CraigsList to sell her treadmill for $75. Alissa, Bernie, and Dan e-mailed and accepted Cynthia’s offer.