ERIN MAZE completed the Contract Creation Simulation for LAW/531
with the following responses:
To enforce a contract, the following four requirements must be met. Determine if each requirement has or has not been met, and then explain your answer.
Offer: Yes Response: Bob presented an offer to Mike to purchase a vehicle on cosign for $25,000.
Acceptance: Yes Response: Mike agreed to the purchase price of $25,000.
Consideration: Yes Response: Mike considered the price and feels good about the price of $25,000.
A Lawful Object: Yes Response: So far the contract is lawful with the car being purchased being the object.
Do the parties have a contract at this point? No Why or why not? Response: The parties have a verbal agreement but nothing in writing to represent a contract.
Does U.C.C Article 2 (Sales), Section 201 apply in this situation? Yes Why or why not? Response: Article 2 are a set of rules for the creation and enforcement of contracts for goods sold; automobiles, clothing, and anything else with a sales contract.
Consider the following two choices. What choice would you make if you were Bob? Response: Ask Mike to sign a written contract.
Are you satisfied with how the contract is written? Yes
Did Bob's suggestion constitute a counteroffer? Or was it simply an offer to modify an existing contract? Yes Why or why not? Response: Bob's suggestion was presented as a counteroffer.
Can Bob enforce the original terms? No
Why or why not? Response: Bob can not enforce the original terms due to him presenting different terms.