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Contract Analysis

1482 words - 6 pages

A contract is used every day in business and used to assist in conducting business transactions. Kubask, Brennan and Browne define a contract as “a legally enforceable exchange of promises or an exchange of a promise for an act that assures the parties to the agreement that their promises will be enforceable (Kubask, Brennan and Browne, 2015).” Most individuals sign a contract without reading the fine print. For example, when someone obtains a cell phone with a large company such as Sprint or Verizon, they typically sign a one year or two year contract. Sprint or Verizon may offer plans with no contracts, but most times they have better promotions for the customer that signs a ...view middle of the document...

” Sales happen all the time. Every time money is transferred or a promise to transfer funds is done, a sale happens. When someone purchases gas or purchases a television, they are accepting a contract and the terms to that contract. When someone purchases a television from a store, they are held liable for the agreements to the contract on the receipt including the amount of time they have to return an item if they are not satisfied. Some consumers prefer to spend their money where the amount of time to return an item is indefinite or the terms are less strict. For example, Nordstrom doesn’t have a return policy and all of their returns are handled on a case by case basis ( Dillard’s return policy is within 30 calendar days ( If a consumer doesn’t ask or read their receipt or policy regarding returns and they want to return an item over 30 days, Dillard’s will enforce their 30 day return policy. According to the UCC, a sale is when the passing of title to goods from buyer to seller for a price occurs, and purchasing an item at a store even if the consumer is unaware of the terms and conditions is still a valid contract. It would be the consumer’s responsibility to review the terms and conditions they are accepting before they pay for an item.
There are six requirements that must be met for a contract to be valid. Those requirements are legal offer, legal acceptance, consideration, genuine assent, competent parties and a legal object. If these six requirements exist, the contract is enforceable (Kubask, Brennand and Browne, 2015). A legal offer must show objective intent to enter into the contract, definite and communicated to the offeree intended by the offeror (Kubask, Brennand and Browne, 2015). Words, conduct, writing and deliberate omission are considered when reviewing the objective intent. In this case, the offeree was not communicated to directly. Although his son signed the contract, the owner of the company did not sign the contract or was aware of the contract. The first question that would arise is the intent of Marshall. Why would Marshall have his son sign the contract instead of the owner of the company? Did Marshall purposely have the son sign the contract because he knew that the owner may not have signed the contract or seek legal advice? Did Marshall know that the demand for the products would increase and he may lose the ability to purchase from him? Based on the facts presented, it appears that Marshall’s intentions were not fair and the contract shouldn’t be enforceable. The argument may arise that the son should have informed his father of the contract he signed. The next requirement, legal acceptance doesn’t seem to be present. Legal acceptance means the intent was communicated by proper means, the intent should fulfill the terms of the offer, and there should be intent to accept the offer. The argument would arise that the son signing the contract...

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