Team Evaluation

Team Evaluation

  • Submitted By: goober211
  • Date Submitted: 01/24/2014 10:44 AM
  • Category: Business
  • Words: 287
  • Page: 2
  • Views: 20

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.

Question 1:
Offer: Yes Response: Bob presented an offer to Mike to purchase a vehicle on cosign for $25,000.

Question 2:
Acceptance: Yes Response: Mike agreed to the purchase price of $25,000.

Question 3:
Consideration: Yes Response: Mike considered the price and feels good about the price of $25,000.

Question 4:
A Lawful Object: Yes Response: So far the contract is lawful with the car being purchased being the object.

Question 5:
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.

Question 6:
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.

Question 7:
Consider the following two choices. What choice would you make if you were Bob? Response: Ask Mike to sign a written contract.

Question 8:
Are you satisfied with how the contract is written? Yes

Question 9:
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.

Question 10:
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.

Similar Essays