Ask Question
17 November, 16:09

In your initial post, discuss whether you think a contract existed in this situation. Make sure to include the contract elements that are present. Also, state whether Staley has any recourse in this case. Provide rationale for your answer.

+1
Answers (1)
  1. 17 November, 16:26
    0
    In your initial post, discuss whether you think a contract existed in this situation. Make sure to include the contract elements that are present is given below

    Explanation:

    Most contracts only need to contain two elements to be legally valid: All parties must be in agreement (after an offer has been made by one party and accepted by the other). Something of value must be exchanged - - such as cash, services, or goods (or a promise to exchange such an item) - - for something else of value.

    The requisite elements that must be established to demonstrate the formation of a legally binding contract are (1) offer; (2) acceptance; (3) consideration; (4) mutuality of obligation; (5) competency and capacity; and, in certain circumstances, (6) a written instrument.

    A contract is much more than an agreement between two people. There must be an offer and acceptance, intention to create a legally binding agreement, a price paid (not necessarily money), a legal capacity to enter a contract of your own free will, and proper understanding and consent of what is involved.

    Identify an offer, acceptance, and consideration.

    For a contract to be valid, it must have these three basic elements: a specific offer, acceptance of the terms of the offer, and consideration, which is the agreed-upon exchange of goods or services. A valid offer must be sufficiently definite.

    Identify an offer, acceptance, and consideration.

    For a contract to be valid, it must have these three basic elements: a specific offer, acceptance of the terms of the offer, and consideration, which is the agreed-upon exchange of goods or services. A valid offer must be sufficiently definite.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “In your initial post, discuss whether you think a contract existed in this situation. Make sure to include the contract elements that are ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers