Discussion Forum - Contracts (Elements)

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Mary Contrary, a 16-year old student at Marysville High School, purchased a lightly used bicycle at a garage sale for $25.The bike is five years old and is in good condition. Little Bo. Peep, a 42-year old busy business executive, lives next door to Mary's family in Marysville. Little is experiencing several health conditions that have decreased her quality of life. Little's doctor suggested she ride a bike to her office each day as part of an exercise program designed to improve Little's health. One evening, as Little drove her 1965 Ford Mustang convertible into her driveway after a long and hectic day at the office, she saw Mary riding her bike. Little told Mary it was a nice looking bike and asked her about its age and condition. Mary said, "It is five years old and in good condition." Little said, "I need a bike like yours and don't have time to shop for one. I'll give you $200 for your bike." Mary replied, "I wasn't thinking of selling the bike, but you are offering a good price, so I'll sell the bike to you." Little pulled out her wallet and gave Mary two crisp $100 bills. Mary gave the bike to Little, who pushed it into her garage.

Does a contract exist between Mary and Little?Discuss (in detail) whether each of the elements of a contractmutual assent, consideration, capacity, and legalityexist in this case.