Johnny, a neighbor who is not a merchant under the Uniform Commercial Code, offers to buy a car from Mark for $30,000. Mark asks Johnny for some time to think about it. Johnny says sure. He writes on a piece of paper that he will keep the offer open for two weeks. A week later Johnny sees another car he would rather buy. He purchases that, and then he tells Mark that he is revoking his offer. Two days after that Mark said: “I’m sorry Johnny you made an offer in writing to buy my car. I’m going to hold you to that.” Johnny replied: “Sorry I cannot do that. But I will promise to pay you $10,000 for the help you gave me last year around the house.” Somewhat mollified Mark accepts. A week later and Johnny decided to renege on that promise as well. Fed up, Mark sued Johnny for breach of contract on both the promise to buy the car and the promise for the $10,000.
Discuss whether the elements of a contract are satisfied in this case.
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Business Law: Breach of Contract
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Business Contract: The Case of Johnny and Mark
A contract can be defined as an agreement between two or more people, which must be enforceable legally (Renouf, 2008). When two or more parties enter into a contract, it must satisfy a number of elements if such a contract is to be valid and enforceable in the court of law. A valid contract must consist of an offer, consideration, legal capacity and unconditional acceptance (Stone & Richard, 2009). The following is an analysis of the elements of the contract between Johnny and Mark.
The Elements of a Contract in the Case A valid contract must consist of an offer being made and an unconditional acceptance of the same. This should be done with good faith and without any intimidation or deceit. An offer occurs when an individual makes a promise to provide a service or to sell/buy a service/product/property (Stone & Richard, 2009). In the Case of Johnny and Mark, an offer was made when Johnny offered to buy a car from Mark for $……………………………………..……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
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