You are the proud owner of a classic car: a 1970 Ford Mustang. It has low mileage and is in near-mint condition. It was recently appraised to be worth $50,000. One Sunday at a local car show, an individual, Malcolm, shows interest in your car. It is obvious that he is knowledgeable about cars generally and offers you $60,000 in cash to buy the car. You agree on the $60,000 cash offer and agree to meet at the local bank at 9 am the next day, where he will give you cash, and you will give him the car and title. All of this is written on a piece of paper that you and Malcolm sign. The next day, you arrive at the bank at the appointed time with the car and the title. But Malcolm never shows. Later that day, you learn from a friend that Malcolm had been drinking alcohol and continued to drink beer, and then later whiskey, for an extended period of time. At some point, Malcolm eventually collapsed, and he was transported to the hospital, where he remained in intensive care. Your friend further tells you that Malcolm also suffers from a mental disorder that is controlled by medication, but sometimes he neglects to take his meds and instead self-medicates by drinking excessively. So, you have your 1970 Ford Mustang and a piece of paper that clearly describes the agreement signed by you and Malcolm.

For this Scenario, please respnd to the following elements or questions in a 4 full-page paper to include 2 scholarly sources:

1) Explain the purpose of the contract.

2) Is this a valid contract? Please explain.

3) Are all parties competent? Please explain.

4) Is there consideration, and if so, what is the consideration? Please explain.

5) What steps or steps might you take to protect yourself from a future disagreement without a formal written contract?

 

You own a marketing and advertising firm and have a close friend who is opening a collectables shop. To promote this new business, she wants you to develop signage and a logo, produce television and radio ads and establish an interactive website.  This will be a $25,000 project.   However, your friend is adamant about not signing a contract, and says, We are friends! No need to get lawyers involved; we trust each other. Being familiar with contract law, you know that since you are providing a service, rather than selling physical goods, an oral contract will be considered valid. However, you know that your friend gets busy at work and might forget the exact terms of your oral agreement.

For this Scenario, please respnd to the following elements or questions in a 4 full-page paper to include 2 scholarly sources:

1) Explain the purpose of the contract.

2) Is this a valid contract? Please explain.

3) Are all parties competent? Please explain.

4) Is there consideration and if so, what is the consideration? Please explain.

5) What step or steps might you take to protect yourself from a future disagreement without a formal written contract?

 

You enjoy going to the dog-racing track on Mondays and have been doing so for the past 10 years. Youve gotten to know some of the other people there and one Monday you are complaining to a friend there that youd like to place a bet on a specific dog to win, but the track is offering such low odds at 4:2. Your friend laughs at your choice and offers to take a $500 bet himself and give you much better odds at 6:1. You ask him to repeat his offer and you record a video on your cell phone of him making the offer. You also record your acceptance. Your dog wins and your friend collects $2100 at the window. You think your friend owes you $3000, but he doesnt pay you then, the following Monday, or even mention the bet or race. If you file a lawsuit, will you be able to get the court to enforce your wager and make your friend pay you?

For this Scenario, please respnd to the following elements or questions in a 4 full-page paper to include 2 scholarly sources:

1) Explain the purpose of the contract.

2) Is this a valid contract? Please explain.

3) Are all parties competent? Please explain.

4) Is there consideration and if so, what is the consideration? Please explain.

5) What step or steps might you take to protect yourself from a future disagreement without   a formal written contract?