FRAMEWORK FOR ANSWERING CONTRACT QUESTIONS Myra owns a house, which she advertises for sale for $200,000 On May 1, 2018, Nicole offers Myra$180,000 for the house On May 5, 2018, Myra delivers to Nicole a form that includes additional termsbut does not state a price At 9 am on May 6, 2018, Nicole signs the form and gives it to Odell, heradministrative assistant, with instructions to mail it At 10 am, Myra calls to tell Nicole that the deal isoff The next day, Odell mails the signed form to Myra When Myra refuses to sell the house, Nicolefiles a suit against her, alleging breach of contract Myra claims that there was no contract Is there a contract What are the elements (law) of a valid contract Please define each element Element 1 Valid Agreement A valid agreement must have a valid offer and a valid acceptance a Valid Offer The terms are definite and certain We prove the definiteness and certainty with QTIPs QTIPS are quantity, time for performance, price, identity of the subject, description b Valid acceptance This will depend upon the type of contract being created If the contract is a unilateral contract then the acceptance must be in the form of conduct If the contract is a bilateral contract, then the acceptance must be in the form of a promise Element 2 Consideration The thing of value being exchanged for the product or service Element 3 Capacity Capacity has 18 years or older and they have to appreciate the consequences of their actions Element 4 Legality The purpose of the contract cannot be illegal It cannot violate the law Element 1 Valid Agreement A valid agreement must have a valid offer and a valid acceptance Apply the facts to your definitions Are all of the elements present in the scenario provided a Valid Offer The terms are definite and certain We prove the definiteness and certainty with QTIPs QTIPS are quantity, time for performance, price, identity of the subject, description FACTS b Valid acceptance This will depend upon the type of contract being created If the contract is a unilateral contract then the acceptance must be in the form of conduct If the contract is a bilateral contract, then the acceptance must be in the form of a promise FACTS Element 2 Consideration The thing of value being exchanged for the product or service FACTS Element 3 Capacity Capacity has 18 years or older and they have to appreciate the consequences of their actions FACTS Element 4 Legality The purpose of the contract cannot be illegal It cannot violate the law FACTS What is your conclusion Is there a valid contract that is enforceable in a court of law

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FRAMEWORK FOR ANSWERING CONTRACT QUESTIONS Myra owns a house, which she advertises for sale for $200,000  On May 1, 2018, Nicole offers Myra$180,000 for the house  On May 5, 2018, Myra delivers to Nicole a form that includes additional termsbut does not state a price  At 9 am on May 6, 2018, Nicole signs the form and gives it to Odell, heradministrative assistant, with instructions to mail it  At 10 am, Myra calls to tell Nicole that the deal isoff  The next day, Odell mails the signed form to Myra  When Myra refuses to sell the house, Nicolefiles a suit against her, alleging breach of contract  Myra claims that there was no contract Is there a contract  What are the elements (law) of a valid contract  Please define each element  Element 1  Valid Agreement   A valid agreement must have a valid offer and a valid acceptance  a  Valid Offer   The terms are definite and certain  We prove the definiteness and certainty with QTIPs  QTIPS are quantity, time for performance, price, identity of the subject, description  b  Valid acceptance   This will depend upon the type of contract being created If the contract is a unilateral contract then the acceptance must be in the form of conduct  If the contract is a bilateral contract, then the acceptance must be in the form of a promise  Element 2  Consideration   The thing of value being exchanged for the product or service  Element 3  Capacity   Capacity has 18 years or older and they have to appreciate the consequences of their actions  Element 4  Legality   The purpose of the contract cannot be illegal  It cannot violate the law  Element 1  Valid Agreement   A valid agreement must have a valid offer and a valid acceptance  Apply the facts to your definitions  Are all of the elements present in the scenario provided  a  Valid Offer   The terms are definite and certain  We prove the definiteness and certainty with QTIPs  QTIPS are quantity, time for performance, price, identity of the subject, description  FACTS  b  Valid acceptance   This will depend upon the type of contract being created If the contract is a unilateral contract then the acceptance must be in the form of conduct  If the contract is a bilateral contract, then the acceptance must be in the form of a promise  FACTS  Element 2  Consideration   The thing of value being exchanged for the product or service  FACTS  Element 3  Capacity   Capacity has 18 years or older and they have to appreciate the consequences of their actions  FACTS  Element 4  Legality   The purpose of the contract cannot be illegal  It cannot violate the law  FACTS  What is your conclusion  Is there a valid contract that is enforceable in a court of law

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Question: FRAMEWORK FOR ANSWERING CONTRACT QUESTIONS Myra owns a house, which she advertises for sale for $200,000. On May 1, 2018, Nicole offers Myra$180,000 for the

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