Leg 100 Week 6 Assignment Chapter

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LAW OF CONTRACT 2 1. Define the elements of a legal contract using examples from the scenario where applicable.  First, let’s define what a contract is; A contract according to Beatty, Samuelson, enforceable, the contract must include seven characteristics which are: offer, acceptance, consideration, legality, capacity, consent, and writing.  The first element of a contract always begins with and offer and the second is acceptance. This is where one party makes an offer and the other party accepts the offer; most contracts can be made in both orally or writing (Laurence, 2015).  In this scenario, an offer was made orally, after the couple accepted to take a test drive and they both liked the blue sedan, Stan the salesman offered the couple the opportunity to place a $100.00 deposit to hold the car for a day.  This invites the couple to bargain or counter offer this deal the couple didn’t, the couple agreed.  The third element of a contract is consideration: consideration in law contracts has to be bargaining that leads to an exchange between the offeror and accepting party. In this scenario the exchange of the $100.00 deposit.

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