Assignment #2 1. (A) Yes, an acceptance for the offer was communicated between Margaret and Frank. Margaret saw Frank’s offer for the lawn mower, and Margaret said that she would buy it for the asking price of $200. Since Margaret did not bargain for another price, and used the words “I will,” she indicated that she accepted the offer that Frank had originally advertised. A contract was also formed between both parties when Margaret accepted the offer. In order for a contract to be enforceable, both participants need to have the capacity to enter into a contract. The parties must not be minors, mentally incapable individuals and intoxicated at the time of forming the contract. Margaret and Frank were presumably mentally competent adults, …show more content…
A) Monteverdi could seek the following damages for the scenario in question 2: compensatory damages, so that Monteverdi can be reimbursed for the amount she spent on the cheese. In addition, Monteverdi could sue for monetary loss. Monteverdi ran a catering business and a gourmet shop, her business ran on selling only organic food. The purchase of the cheese which was not high quality, would have gone to waste. Previously, Monteverdi gave Malvezzi specific instructions about the grade of cheese that she wanted. Monteverdi may argue that the same implied terms applied to the purchase of the Parmigiano cheese. If this was the case, Monteverdi would also be able to sue for liquidated damages due to Malvezzi breaching the contract they had in place. Finally, Monteverdi has the option of seeking damages for fraudulent misrepresentation. The elements of fraudulent misrepresentations were, 1) a representation was made, 2) it was false, 3), the person who made the representation knew it was false, 4) the plaintiff (Monteverdi) relied on the statements, 5) the plaintiff sued for damages. Malvezzi knew that the cheese he sold to Monteverdi was not the quality she expected, yet he sold it to her in order to keep Monteverdi’s …show more content…
Antoinette and Valjean formed a contract which involved Antoinette’s selling of the Vespa. The contract was enforced because they both had the contractual capability, because both parties were in sound mind and over the age of 18. Also, the contract was not criminal or intended to be harmful to anyone. Finally, there was consensuses between both parties about the price of the car. Antoinette broke the consensus of the contract when she withdrew it last minute and was therefore not intending to perform all elements of the
a) Given that Eva and Maria entered a written contract supported by a legal document for a price agreed on $75,000 for rendering decorating services, there is consideration. Both parties agree upon a price and this contract verifies validity.
Walker, Takem’s has the statutory law of contracts in his favor. In a contract, the seller and the purchaser have certain rights and obligations. Four basics must be met for a contract to be created (Chrisman, 2014). First, the offer has to be made. In the case at hand, the door-to-door salesperson made an offer of a computer to Ms. Walker. Second, the consideration has to be accepted. Ms. Walker accepted the offer to purchase a computer. The third step is capacity. The purchaser must be legally capable of entering into a contract; minors and the mentally incompetent are excluded in this case. Takem’s has given Ms. Walker the computer in exchange for her payments on her store account. Finally, the intention to enter into a contract has to be present. Ms. Walker signed a bill of sale, a security agreement, and a negotiable promissory note- which is an unconditional promise to pay a certain sum of money at a certain time in the future. Though Takem’s has the advantage to combat her claims, Tommy needs to ensure that his salespeople have not made any false statements or misrepresentations to Ms. Walker as this could have legal implications for the store and against the contract (Vaccaro, 1987). Ms. Walker is legally bound by the contract she agreed to in exchange for the computer; however if there has been any misrepresentations or false statements Ms. Walker may be able, with legal assistance, to call the contract into question
There were also no terms or conditions to perform, nor a time or event of completion of performance. “USLegal.com helped further explain the requirements of a legally enforceable contract by providing the following elements that must be adhered to, in order for a contract to be legally binding: an offer; 1. an acceptance of that offer which results in a meeting of the minds, 2. a promise to perform, 3. a valuable consideration, 4.
Critical Response: Given the three possible responses from the book, I feel like #2 is the most ethical of the three. However, I feel like all three aren’t satisfactory ways to treat this situation. I will analyze them one by one, then give my opinion of what the salesperson should do.
The four elements of a contract are the agreement, the consideration, contractual capacity, and a legal object. The oral agreement between Sam and the chain store satisfies the agreement element of a contract definition because when the chain store offered to sell Sam 's invention at their stores, Sam accepted by agreeing to ship 1000 units in exchange. The second element of a contract, the “consideration of each party,” is satisfied because Sam and the chain store have something to give the other (1000 units of the invention in exchange for the exclusive sales of the product at their stores). The third element is “contractual capacity,” which may or may not be fulfilled since we do not know Sam 's age or whether
A company known as Apex Art was recently asked to prepare a bid on 500 pieces of framed artwork for a new hotel. If Apex Art wins the bid, then the benefits would lead directly to sales representative Jason Grant, whose income relies on commission. In other words, he would receive a large sum of money as a result of the winning bid. The cost accountant for Apex, Sonja Gomes, prepared the bid and calculated the total product costs of the framed artwork to be $121,000. Since the company policy states that the pricing must be at 125% of full cost, Gomes provides Grant a total amount of $151,200 to submit for the job. Grant notifies Gomes that at the price of $151,200, the company is incapable of winning the job. He confesses to Gomes that he had spent $500 of company funds to treat the hotel’s purchasing agent to a basketball playoff game where the purchasing agent revealed to him that a bid of $145,000 would win the job. At first, Grant had no intention of letting Gomes know of this information because he was sure that she would have developed a bid that would be below the amount that the purchasing agent told him about, $145,000. Therefore, he thoroughly explains to Gomes that if the company does not take advantage of the important information that the purchasing agent had revealed to him, then the $500 of company funds that he had spent would go to waste. Nevertheless, Apex Art would still generate some profit if it wins the bid at $145,000 because it is higher than the full cost of $121,000. In order to come to fair grounds, Gomes advises Grant to use cheaper materials for the frame, which will assist him in attaining a bid of $145,000. Since the artwork was pre- selected and thus cannot be altered, the total amount of cost redu...
Tom liked the deal and he wanted to go for it, but Nancy is having second thoughts. She believes that the business and her shares are much more than what Marcus has offered. Marcus has added $200,000 to the deal. He made it $700,000 so that $600,000 will go to the business, and Tom and Nancy will get $50,000 a piece. Everyone agreed and the deal was made.
“Great Cheese comes from Happy Cows. Happy Cows come from California.” A statement heard and seen on multiple advertisements, from commercials, to print.
We printed off 60 surveys and stood outside YoYo Yogurt and asked recent customers to fill our our survey. Out of the 60 surveys, 33 were completed, and mainly by adults. The first question we asked on our survey was how the customer would rate their satisfaction of YoYo Yogurt out on a scale from 1-10.
The Cheesecake Factory brings authenticity to many people around the world. It began from a 1940s newspaper recipe, that later turned into a dream. Accomplished by a woman and her family with desires to succeed in their business. At The Cheesecake Factory Incorporated majority of their employees say it’s a great workplace. It is known for it’s tasty cheesecakes and it’s enticing meals. The Cheesecake Factory is not just an amazing place to dine at for their pastry, but their restaurants cuisine is highly favored.
The terms were that a deposit of $ 100 was payable with the order form with a monthly remittance of $ 50, payable for three years. The requirement in the order form included the applicant’s name, address, and signature. After servicing the purchase for a while, Alice decided to withdraw from the contract, but the firm demanded that she return the silverware and the firm would also retain all the money paid as a breach of contract and release from the
If the elements of a contract did exist between these parties, there could still be some possible reasons why a contract might not be valid based on facts not present in the scenario. For example, if Sam was a minor at the time he made the agreement with the chain store, the contract would not be valid because of contractual capacity. Per the law a contract by minors is voidable by the minor itself. Other reasons that would deem a contract invalid are lack of genuine assent, which means that the accepting party entered the agreement under fraudulent circumstances, duress, undue influence and/or misrepresentation. Moreover the validity of the contract could be hindered due to lack of proper form. This typically refers to
Have you ever wanted to learn how to make delicious macaroni and cheese in a crock pot? I am about to tell you how to make my mom’s delicious crock pot macaroni and cheese in a few easy steps. Even if you are not that great in the kitchen, it is hard to go wrong with this recipe.
Macaroni and cheese is a very popular snack… they have done many things like make little to go cups of macaroni. Which is very convenient when you're in a rush going from place to place you can just make it and run out the door! There is many different types and brands of macaroni and cheese being made today! Like Kraft , Velveeta! They even make organic macaroni and cheese , You are able to order macaroni and cheese from online stores .
An offer can be made to one person or a group of persons or to the world at large. The offeror is bound to fulfil the terms of his offer once it is accepted. The offer may be made in writing, by words or conduct.