Enforceability of Contracts
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Discussion 1
Every day we enter into contracts. For example we enter into a simple contract when we purchase food at the grocery store as we are receiving goods in exchange for payment of those goods. Another example is a cell phone contract. When a person purchases a cell phone and obtains service for the phone there is an agreement that the product and service will be given to the user in exchange for payment. These are examples of bilateral contracts. As you know businesses need contracts to survive in the marketplace from suppliers, employees, and vendors.
What are the four elements necessary to form an enforceable traditional contract or an e-contract? What affect does lack of contractual capacity have on any of the three elements? How might a deficiency in contractual capacity, related to contract formation, be corrected?
Discussion 2
When dealing with real property, parties acquire property rights to estates in land. Identify and explain each of the various concurrent ownership interests in real property. What are the differences in the owners' rights and obligations between the types of ownership?
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Solution Summary
What makes a contract enforceable? Discusses the four elements that are necessary.
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To be enforceable, a contract must involve the following elements:
1. Mutual Consent: both parties must know what is being exchanged and what the contract entails.
2. Offer and Acceptance: One party offers something to another party who then accepts the offer.
3. Mutual Consideration: The parties must contract to something which has value.
4. Performance and Delivery: The actions or outline of the contract must ben enforced and completed.
There are several ramifications if a lack of contractual capacity occurs. For example, if a person attempts to sell ...
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