law 531 wk 4 contract creation & management

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New due today in 4 hours

Complete the Contract Creation and Management Simulation involving a contract issue and associated legal issues.

Write responses to the decision points embedded in the simulation.

 

 

Business Standards Transcript

 

 

 

Speaker: Narrator, Robert “Bob” Johnson, Michael Smith

 

 

 

Narrator: Bob is a local used-car dealer and he’s feeling pretty good at the moment. He’s about to close a great deal with another used-car dealer, Mike.  Mike has agreed to pay Bob more than he expected for a like-new car on his lot. The car’s on consignment from its owner, Al. Bob and Mike had talked about the deal over the phone and e-mail. During Mike’s visit to Bob’s dealership they settled on a final figure of $25,000.00. Once Bob received the payment, he would then write a check to Al for $22,000.00 and keep $3,000 as a consignment fee. All he had to do was say yes.

 

Mike: Sounds great. I can't believe you're letting this go for so little. I mean for $25,000 (pause) I feel like I'm stealing.   

 

Bob: Yeah, right?

 

Mike: Take care.

 

Narrator: The next day when Mike got into his office, the phone rang.

 

Bob: Hey Mike, this is Bob. Hey, I know you were going to write me a check for $25,000, but could you write two checks instead? (Pause) One for Al for $22,000 and one for me for $3,000.

 

 

Narrator: Mike thought about it for a moment and came back with an unexpected response. 

 

 

 

Mike: I'm going to have to reject your counteroffer, Bob. (Pause) No, we HAD a deal but you just rejected my original offer. (Pause). Look, there's nothing on the table from my side anymore. (Pause) I tell you what? I'll give you $20,000.

 

 

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

Met or not met? why or why not?

 

Acceptance

met or not met? why or why not?

 

Consideration

met not met? why or why not?

 

a lawful object

met or not met? why or why not?

 

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