BREACH OF CONTRACT essay

Document Type:Essay

Subject Area:Law

Document 1

The Uniform Commercial Code is a set of laws that govern the sale of goods, leases, negotiable instruments among other business transactions in the form of a contract undertaken, (Kent, 2010). Under any contract, there is a legal obligation to have the contract honored or revoked depending on the circumstances under which the matter rests on. The elements present for a contract defines the contract’s viability as well as the impact it is considered to create in the whole transactions. In the matter under discussion, the paper profound if the elements of a contract are present to determine if the contract is a satisfied obligation under the law. Elements of a contract Verbal and written contract: Any contractual agreement entered by two or more parties has the legal basis of being either written or verbal, (Small Business).

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The element here is valid in itself due to the request made of wanting to purchase the vehicle under a certain quotation. Consideration is another element of a contract and to which there is much weight on it. Consideration is an offer made with something valuable to the other party or a promise made in exchange for another promise, (US Legal, Inc. It is generally the aspect of making a promise to either buy or compensate the other party over something. In the case, there was a consideration that was made by Johnny towards Mark of paying $10,000 for the help offered as a promise to him. In the case, Johnny wrote on a piece of paper about keeping the offer afloat for two weeks as Mark thought about it and to which he needed to have agreed to.

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