In: Finance
1. Able writes to Baker: “I will mow your lawn for $20.” If Baker accepts, is this an express or implied contract?
This is an express contract, as the offer was made in writing to Baker, and Baker too presumably accepted it orally or in writing. Since words were employed, it is an express contract.
2. Able telephones Baker: “I will mow your lawn for $20.” Is this an express or implied contract?
There is no contract here. Able has only made an offer to Baker. An offer must be accepted to give rise to a contract.
3. Carr staples this poster to a utility pole: “$50 reward for the return of my dog, Argon.” Describe this in contractual terms regarding explicitness, mutuality, enforceability, and degree of completion.
An offer for a reward is an unilateral contract. From that point of view, it does not become enforceable until a member of the public accepts by performing the contract. Unless it is performed, it remains an executory contract.
Also, since this offer of reward is unilateral, the element of mutuality is absent as of now.