Question

1. To be enforceable, every contract must include an offer and an acceptance. Consider a typical online retail transaction in which an item is ordered and paid for online by a purchaser and shipped by the seller. In two or three paragraphs, identify specifically and describe the actions that constitute the offer and the acceptance.

2. In the United States, Great Britain, and many other countries, contracts of certain types must comply with the Statute of Frauds to be enforceable. In about 100 words, describe the specific elements a contract must include to comply with the Statute of Frauds. In your answer, provide one or two examples of how each required element could be satisfied.

Answer 1

1. Offer and Acceptance are considered one of legal binding valid points that makes the contract enforceable. Offer means a proposal which is proposed or presented to make a sell or to buy a good or to do anything in purpose. The acceptance shows the positive reaction and acceptance of the idea proposed in the offer. Both of them could be either expressed or implied meaning they could be either in the form of written or oral or they could be understanable as being implied respectively.

The example taken to understand the concept clearly is the example of the online transaction process between the seller and the buyer. You can imagine any of the ecommerce website like Flipkart or Amazon. On Amazon various sellers have displayed their products with particular descriptions, details and prices. Thus, they are making an offer to anyone of the customer present all over to purchase. Any customer liking the item would buy it and enter the payment details either of Cash on delivery or Card making it a positive reaction thus accepting the offer. The seller would get the notice and thus would deliver the product as specified to the buyer at his/her address and would take the payment making it a successful settlement of the transaction as well as the contract.

In the US and many other countries, the SOF or the statute of frauds refers to any legal concept that would make certain type of contracts to be enforceable only when they are presented under the writing.

The statute of frauds (SOF) is a legal concept that requires certain types of contracts to be executed in writing. The writing makes a contract more secured and legally binding in some cases which includes the goods of value $500 of sale, any contract of sale of the land or any contract that would have its duration that last long for more than a year. Examples studied under the legal binding forces of statute of contracts are:

1. Suppose a buyer sues a person in the court for not selling the promised $550 worth of shoes he verbally expressed him to sell. The court would not see it a legal contract because the same contract is not presented in writing.

2. Suppose a seller sues a person for not buying the promised $5000 worth of land he verbally expressed to buy as property building purpose. The court would not see it as a legal contract again because of not presenting it in the writing.