Carl calls his friend Bob and offers to take Bob’s guitar for nothing in exchange. Bob jokingly agrees. The next day, Carl goes over to Bob’s to collect his guitar, fully expecting to collect Bob’s guitar without giving Bob anything in return. Bob refuses to give it to Carl. Carl thinks they made a valid contract because Carl made and offer and Bob accepted.

Is Carl correct? Why or why not?

Answer rating: 100% (QA)

Carls understanding is incorrect While there was an offer and an acceptance there are certain elements required for a contract to be legally binding a... View the full answer