Study Document
Contracts Law Term Paper
Contracts Law
Case Study- Contracts Law
There were two offers. There is an offer is a meeting of the minds can be reached by the recipient of the offer accepting the terms of the offer. The first offer was by Galaxy Computer store and consisted of Galaxy placing an ad in the paper for Pentium 4 computers for $3,000. The second offer was by Gabrielle and consisted of her offering a her old computer as a trade-in, $1,000 down, and monthly payments in lieu of $3,000 in exchange for the computer. Because Gabrielle made a counter-offer to Galaxy's offer, there were two offers.
There was acceptance of the contract. Acceptance means that the party to whom the offer was directed consents to its terms and agrees to the formation of the contract. There was no acceptance by Gabrielle of Galaxy's offer of a computer in exchange for $3,000. Instead, Gabrielle made a counter-offer to Galaxy. Galaxy accepted the counter-offer by signing a contract with Gabrielle, in which it was provided that Galaxy would tender the computer in exchange for $1,000, Gabrielle's old computer as a trade-in, and Gabrielle's promise to make monthly payments on the balance. Therefore, while Gabrielle did not accept Galaxy's offer, Galaxy accepted Gabrielle's offer.
The subject of the contract was the sale of a computer. Contracts for the sale of merchandise are legal. Assuming that the provision requiring Gabrielle to pay the balance of the purchase price over a two-year period did not violate any usury laws, the subject of the contract was legal. Furthermore, while the Statute of Frauds in the UCC bars the enforcement of unwritten contracts for the sale of goods over $500 or that cannot be completed within a year, the contract was in writing. Therefore, the subject of the contract was legal.
There was consideration. Consideration is the exchange of benefits by the parties. The consideration tendered by Gabrielle was her promise to give Galaxy her old computer, $1,000, and two years of $40 monthly payments. The consideration tendered by Galaxy was its promise to give Gabrielle a Pentium 4 computer. Therefore, there was consideration by both parties.
The terms of the contract provided that, one month after the contract was signed Galaxy was to deliver the Pentium 4 computer to Gabrielle. At that time, Gabrielle was to tender her old computer and $1,000 to Galaxy. Then Gabrielle was to make $40 monthly payments for a period of two years.
There was a meeting of the minds regarding price. Although Gabrielle did not accept Galaxy's offer of a Pentium 4 computer for $3,000, Galaxy accepted Gabrielle's counteroffer. Because the parties agreed that Gabrielle would receive a Pentium 4 in exchange for her offered consideration, there was a meeting of the minds regarding price.
It was necessary for the parties' contract to be in writing. The UCC has adopted the Statute of Frauds and requires contracts for the sale of goods worth over $500 to be in writing. Furthermore, the UCC and the Statute of Frauds require that contracts that cannot be completed within one year to be in writing. The contract involved…
Related Documents
Study Document
Contract Law
Contract Law In modern society, contracts have become an integral part of determining who is responsible for performing various actions in an agreement. It spells out the terms, conditions and how each party must behave in order for it to be enforceable under the law. To fully understand the way that this is occurring requires carefully examining key issues, the offer / acceptance / consideration, the different points-of-view and ethical issues.
Study Document
Contract Law
Law of Contract Contract law As to concerned definition of law there are many definition among various schools of thought of law such that no particular definition is acceptable to them as universal definition of law, but nevertheless there is a common acceptable definition as to what the law is composed of and that it is a collection of rules and regulations governing human conduct prescribed by human beings for the obedience
Study Document
Contracts Law
Contracts Law: Disney World Jurassic Park Amusement Ride The first question at issue in this study has to do with the termination of an employee for poor sales performance who entered into a non-compete agreement with the company, specifically that of Disney. The employee, Simpson agreed that he would not directly or indirectly compete with Disney as an agent, employer, broker, or contractor for one year from the date of termination.
Study Document
Contract Law Lies at the Center of
Contract law lies at the center of our legal system and serves as the basis of our whole society. Our society relies on free exchange in the marketplace at every stage. Contract law is what makes this probable. Exchanges in the marketplace always rely on voluntary agreements between people. These voluntary agreements would never if there wasn't contract law. Contract law works to make these agreements enforceable, which typically means
Study Document
Contract Law / Australia the
However, it must be noted that the doctrine of consideration has changed and therefore seems to have fixed many of its most impractical elements, or at least that is what has been argued. One example of a change is the fact that in regards to consideration, the requirement for a benefit has moved from the requirement to show a legal benefit to simply a practical benefit. Another aspect to the
Study Document
Contract Law in Norway Norwegian
(University of Oslo Law School, 2005) Characteristic for the Norwegian legal tradition in the 20th century, as for the rest of Scandinavia, is the so-called "legal realism," which has emphasized considerations of justice in legal reasoning. Conceptualism and integrated theoretical systems have never been followed in Scandinavia, in other words, there is no attempt to create a unified theory of contract law, rather disputes are handled by a case