Question

In: Economics

Chapter 12 1) What are the two main components of agreement, the first element of a...

Chapter 12
1) What are the two main components of agreement, the first element of a valid contract?
2) Read the case of Lucy v Zehmer on page 232. Discounting the claim that he was drunk (that would be a lack of capacity issue in Ch 14) what was Zehmer's main argument against the fact that he made a contractual offer? Why did the Supreme Court of Virginia not agree with Zehmer's argument?
3) What are the 3 elements of a valid contractual offer?
4) Name at least 5 different ways an offer can terminate
5) Explain the legal distinction between rejection and counter offer and mere inquiry about the offeror's negotiability?
6) Assume each of these 4 independent correspondences are sent on February 10 and received on February 14...when is each one effective?
a) An offer
b)A revocation of an offer
c) A rejection (counter offer)
d)An authorized acceptance to an offer.
7) Explain the mailbox rule of acceptance.

Solutions

Expert Solution

The two main components of agreement :

  • Negotiated
  • Legally enforceable

Once the proposal is negotiated, it is agreed between the two parties, it becomes an agreement.

An agreement is enforced legally between the two parties.

2) Zehmer's argument against the main contract was that as he was drunk and not in his senses, so the contract should be dismissed.

On the other hand,it is observed that the mental assent of the parties is not requisite for the formation of contract.

3) Three elements of a valid contractual offer :

Offer : One of the parties involved should offer something to the other party.

Acceptance : Other party should show its acceptance by accepting the offer given by the other party.

Consideration : There should also be some monetary element transfered between the parties which would influence the party to accept the offer.

4) 5 different ways an offer can be terminated :

Revocation of the offer by the offeror :Offeror will revoke the offer.

Rejection of the offer by the offeree : Offeree will reject the offer.

Counteroffer by offeree : Offeree will give a counter offer.

Lapse of time : Once a specified time lapsed,the offer can be terminated.

Death or disability of either offeror or the offeree : Offer can be terminated if the offeror or the offeree dies or become physically disabled.


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