Free Custom «Business Assaignment» Essay Paper

A contract is a legally binding agreement made between two or more parties be it individuals organizations or businesses (Speaight & Anthony 9). They agree to do, or refrain from doing a task in exchange of valuable benefits. Generally contracts can either be written in informal or formal terms, or can just be verbal agreements.

When a contract is referred as valid it means that it's binding and legally enforceable. Valid contracts have the following: parties that are of age and of sound mind, consent of the parties which must be free, mutual often referred to as a meeting of minds and acceptance communicated by the parties, the object or subject being agreed upon being lawful, possible and definite, and fourthly there is the consideration, meaning that both sides gain something of value in return. The offer has to be made and the terms of contract to meet legal requirements. Without the fulfillment of any of these elements the contract is void and is no contract at all hence no action can be undertaken if it is breached.

 

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Carrie has not breached a valid contract. According to the law of contract there was no contract between Carrie and Antonio because Antonio never accepted the contract. He promised to give his answer the following day. By the time he accepted Carrie's offer the books had already been sold to Norvel. Carrie had a right to revoke the offer at any time before Antonio accepted. Carrie presented the offer to Antonio. Antonio took time to respond to the offer which meant within that period; Carrie had a right to sell the books since Antonio had not accepted the bill. A revocation can be done any time before the offer is accepted. It must be communicated to the other party. What Carrie did in this case is revoking the offer he had proposed to Antonio and that is perfectly within the law.

An offer like the one between Carrie and Antonio, that is not accepted automatically terminates upon the expiration of the time stated in the offer or upon the expiration of the reasonable time after the offer is made where time is not stated. What constitutes reasonable time depends on the particulars of each. In Carrie and Antonio's case the time had not been stated. However judging by the words of Carrie and his actions, it is clear he wanted to dispose the book immediately. It would also be reasonable to expect Antonio to be in a position to make a decision the same day on whether he would buy the books or not. Since he had not committed himself it means there was no contract.

The law on contract limits revocation of an offer. An offer cannot be revoked if the person placing the offer had promised not to revoke it until it is accepted or rejected by the person the offer is made to. The promise not to revoke the offer is made in a sealed writing in states that recognize seals. The promise can also be a firm offer. A firm offer is a merchant's signed, written promise not to revoke an offer to buy or sell goods. It is binding for the time stated and where no time is stated it lasts for not more three months.

It is therefore in order to say there was no contract between Carrie and Antonio. Therefore the law was followed.