Name Course Professor Date Business Law In a case where two or more parties engage in an agreement which is enforceable by law then they can be said to have entered into a contract. A contract is a legally binding agreement which can either be written or oral and is written by one of the parties in order to fulfill the obligation of the other party (McKendrick 2011). A legal contract has four major elements which include an offer acceptance consideration capacity consent and lawful purpose. Offer is the first element in a legal contract. It can be defined as a conditional promise upon an offer or a return promise which is being given for its performance. In the case provided the salesman Stan gives Jim and Laura an offer that they can pay $100 as proof of consent. There was no contract between Stan the salesman and Jim and Laura because after the agreement the contract was not discharged. The salesman in the case did not fulfill his part of the contract i.e. he did not refund the $100 deposit as he had promised during his offer. Therefore this can be described as a breach of contract which Schroeder defines as failure to perform an obligation owed to another party. In this case Stan fails to perform his obligation thus making the contract to be void. Therefore Jim and Laura should not accept liability but rather demand rescission or be compensated for their money. Works cited McKendrick E.(2011). Contract law. (London: Palgrave Macmillan.) ninth edition [ISBN 9780230285699]. Schroeder R. (2015). Canadian Law 15: Elements Of a Contract. [online] Available at: npc.gvsd.ca/.../PPT%2015%20-%20Elements%20of%20a%20Contract.pdf [...]
The last one that’s the one the teacher sent to my email.