Business Law

Business Law Week 3 Dropbox Assignment

Answer problem 1 on page 196 in the text.

The four basic requirements of a contract are mutual assent, consideration, legality of object and capacity. In the Bates and Cramer case all of these requirements were met. This case can be classified as an express contract because this contract was expressed in writing. This contract is also unilateral due to the fact that Ames made an offer to the Antlers of the local lodge. Cramer, the janitor did not have a valid claim for breach of trust against Ames. Although, he responded before the offer expired, did not offer a counteroffer and in writing but he is not a member of the AntlerÐŽ¦s lodge. He is the janitor and Ames memo stated, ÐŽ§To the members of the AntlersЎЁ. Bates, who is a member of the lodge also, does not have a valid claim for a breach of trust. Ames received a counteroffer from Bates on 14 July which automatically terminates the offer. Bates also received Ames letter on the 16 July which also terminates the offer because the original offer was to 15 July.

„« Answer only parts "a" and "b" of problem 2 on page 196 in the text. Be sure to explain your analysis and conclusions (do not simply answer "contract" or "no contract").

2a. In the original offer, Justin posted that each offeree had ten days to accept the offer. Justin contracted to Mark when he should not have because Charles was still with the ten days for acceptance. When Charles notified Justin that he accepted his offer it was the sixth day. A contract is valid.

2b. Justin received the letter of acceptance on the fourth day. A contract was formed because Justin received DianeÐŽ¦s telegram of acceptance- it was the first communication he received.