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Thinking Back On The Last Few Months Consider A Time When You Encount

Thinking back on the last few months, consider a time when you encountered a friend or business associate who promised or agreed to do something but did not follow through. For example, did someone agree to sell you something but at the last minute changed the price? Or did someone agree to perform a service, but then later said he or she was too busy? Relate the facts of your example. Then explain why the facts you presented did or did not meet the legal requirements for a contract. Be sure to support your response.

Sample Paper For Above instruction

In recent months, I experienced a situation that illustrates the complexities of contractual agreements. A friend of mine, Jane, agreed to sell me her used bicycle for $100. We discussed the sale in person, and she confirmed that she would hold the bike for me until the end of the week. She explicitly stated that she would keep the bike aside and hold it till I could arrange to pick it up. Based on our conversation, I believed that a binding agreement was in place, contingent upon her holding the bike until I could retrieve it.

However, as the week progressed, Jane contacted me and informed me that she had decided to keep the price at a higher amount for another buyer, and she was no longer willing to sell the bicycle for $100. This change of stance was disappointing since we had already discussed and agreed upon the terms. The facts of this example involve an oral agreement between the two parties, with a clear offer (Jane’s willingness to sell for $100), acceptance (my agreement to buy at this price), and consideration (the $100 payment). However, the critical aspect was whether a legal contract was formed and if it was enforceable.

Legally, for a contract to exist, there must be an offer, acceptance, consideration, mutual intent to create legal relations, and no violations of contractual capacity or legality. In this case, the offer was Jane’s promise to sell the bike at $100, and my acceptance was the verbal agreement to purchase the bike. The consideration was the $100 I agreed to pay. Nonetheless, the enforceability of this contract depends on whether all essential elements and legal principles are met.

One crucial element is mutual intent, which might be ambiguous in this situation. Since the agreement was verbal and conditional upon Jane holding the bike, it could be argued that there was no intent to be legally bound until the paperwork or payment was finalized. Moreover, the fact that Jane changed her mind suggests that a valid contract was not formed or, at the very least, was not enforceable as a binding agreement under contract law.

Another factor to consider is whether any form of consideration was exchanged at the time of the agreement. The mere promise to sell and buy do not spend until payment is made, and without specific delivery or formal documentation, it might be viewed as a preliminary or 'gentlemen's' agreement, which typically lacks enforceability.

Furthermore, in the absence of a written contract, enforceability can be more challenging, especially for goods like bicycles, where the value is significant but not typically documented with a formal contract. Under the Uniform Commercial Code (UCC), some agreements for the sale of goods over $500 must be in writing to be enforceable, but for smaller amounts, oral contracts are generally valid unless proven otherwise.

In this case, since the agreement was oral and involved a relatively low-value item, a court might be reluctant to enforce it, especially considering the fact that Jane withdrew her offer before any payment or formal acceptance. This highlights the importance of clear, binding contracts when engaging in significant transactions and emphasizes the potential pitfalls of relying solely on verbal agreements.

In conclusion, while there was a clear offer and acceptance verbally, the lack of formalization, mutual intent, and reliance on oral agreements meant that a legally binding and enforceable contract was unlikely to exist in this scenario. The facts did not fulfill all the legal requirements for a binding contract, particularly regarding enforceability. This example underscores the importance of formalizing agreements and understanding contractual obligations to protect oneself from potential disputes.

References

• Beatty, J. F., Samuelson, S. S., & Abril, P. (2020). Business Law and the Regulation of Business. Cengage Learning.
• Miller, R. L., & Jentz, G. A. (2019). Business Law Today, The Legal Environment and You. Cengage Learning.
• Keating, C., & Hekman, R. (2018). Contract Law: A Comparative Introduction. Oxford University Press.
• UCC - Uniform Commercial Code. (n.d.). Article 2 - Sales. Retrieved from https://www.law.cornell.edu/ucc/2
• Farnsworth, E. A. (2019). Contracts. Aspen Publishers.
• Poole, J. (2018). Textbook on Contract Law. Oxford University Press.
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• Kessler, F. (2020). Law of Contracts. West Academic Publishing.
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