Question: Please reply to this peer discussion A contract is made up of four elements, the offer, acceptance, consideration, and capacity. Legal consideration is defined by
Please reply to this peer discussion
A contract is made up of four elements, the offer, acceptance, consideration, and capacity. Legal consideration is defined by Barnes et. al., (2022) as, "a basic requirement for an enforceable agreement under traditional contract principles, defined in this text as legal value, bargained for and given in exchange for an act or promise" (p.71). After a contract is offered, negotiated, and accepted one must consider if they are giving an act or promise as part of the contract. in the above scenario a job was promised and to fulfill my end of the contract as performing the work I needed to move and quit my existing job. When my first day arrives the job is no longer available and I have incurred lost wages from both the past and future and moving costs. Under contract law I would not normally be able to enforce the contract because I had not yet performed an act or promise. Despite this promissory estoppel "protects those who foreseeably and reasonably rely on the promises of others by enforcing such promises when enforcement is necessary to avoid injustice, even though one or more of the elements normally required for an enforceable agreement is absent". (p.74). I was relying on the promise of the job to pay for the move and provide future wages. I will not be able to regain monetary value of lost wages from the past or future but I can recover the costs of the move because they had not carried out their promise.
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