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Key Elements of a Valid Contract

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Need assistance with thoughts for the following scenario:

You invite a painter over to your home to discuss some painting that needs to be done. You discuss what needs to be painted, the desired color scheme, and the final price. Nothing is written down. You agree on terms and the painter then performs the work, for which you pay him. Have I entered into a contract? If so, what type?

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Solution Summary

In reference to the scenario, this solution describes the key elements of a valid contract and explains if the person in the scenario had entered into a contract and, if so, what type.

See Also This Related BrainMass Solution

What are the key elements of a valid contract for sale of equipment to a call center?

You have been assigned to a firm committee and the committee chairperson explains to you that the company has some excess computer equipment that it is going to sell to the call center. The equipment is used, and consists of five monitors, five printers, and five desktop computers. The call center company is going to pay your company $2,000.00 for the equipment in four monthly installments.

Your chairperson has asked you to draft a simple contract that incorporates these details. Moreover, as you are the newest member of the committee, the chairperson wants to evaluate your knowledge regarding contracts and asks you to draft a memorandum explaining why the contract you drafted (if it is accepted by the call center) is valid.

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