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Analyze the Scenario and Draft a Simple Contract

Analyze a Factual Scenario and Draft a Simple Contract

The purpose of this project is for you to sharpen your skills for analyzing and evaluating a factual scenario, and then draft a simple contract based on that scenario.

The Facts

Clarice Daughtery has decided to sell her 1965 Corvette Stingray to Leonardo deCapo. Clarice has written the following note to Leonardo:

February 13, 2008

Dear Leo,

I will agree to sell my 1965 Corvette Stingray for $25,995.00, plus all title transfer fees.

Clarice

About a month later, Leo scribbled the following on a napkin at the restaurant where he was dining: Dear Clarice "I accept. He then placed the napkin in an envelope and mailed it to Clarice's home in Beverly Hills, CA. Clarice has yet to receive Leo's napkin note.

Leonardo has come to the law office that employs you, Wie, Repree, Zent, Starz, and the senior attorney, Ms. Starz, has asked you to review the note from Clarice that Mr. deCapo brought, as well as a copy of the napkin note that he mailed to Clarice on March 12, 2008.

Your assignment is to write a one-page memorandum to Ms. Starz and address the issue of whether there is a binding contract between Clarice and Leo. Make sure you address the elements for a valid offer and acceptance, consideration, as well as any mailbox rule implications.

Then, regardless of what your opinion is regarding the writings exchanged between Leo and Clarice, you are to draft a simple contract between Clarice and Leo for the purchase and sale of Clarice's 1965 Stingray Corvette so that Leo may present it to Clarice for her signature. Remember, your firm represents Leo in this transaction, so make sure you protect him!

Solution Preview

Running Head: Offer and Acceptance Contract

Offer and Acceptance Contract
Name:
Institution:
Instructor:
Course Code:

Memo
To: Ms. Starz
From:
Date: August 30, 2011
Subject: whether there is a binding contract between Clarice Daughtery and Leonardo deCapo in the matter of selling Clarice Daughtery's 1965 Corvette Stingray
In the above matter regarding whether there exist a binding contract between Clarice Daughtery and our client Leonardo deCapo in the matter of sale of Clarice Daughtery's 1965 Corvette Stingray, I have reviewed all relevant facts and documentations and arrived at the conclusion regarding the matter
Clarice made an offer to Leonardo on her willingness to sell her 1965 Corvette Stingray for $25,995.00, plus all title transfer fees and Leo accepted the offer. There was though no consideration bargained for between Clarice and Leo that was induced by promises and performance. A contract is only said to come into effect once an offer is accepted and consideration bargained for between the parties that was induced by promises and performance (Law School, 2011). Leo communicated his acceptance offer through postal mail and since there had been no agreed form of communication with regard to ...

Solution Summary

This solution discusses the requirements to make this a binding contract and provides an example of a simple contract for Leo and Clarice.

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