Please use at least 2 references The focus of this learning activity is contract law.
Please use at least 2 references The focus of this learning activity is contract law.
FACTS: On December 5, Sebastian, a graduate student, offered to sell Burnie his autographed Miami Hurricanes football jersey for $400. Burnie replied that he thought $400 might be more than he wanted to pay for the jersey. Burnie asked Sebastian to hold the offer open for 5 days while he considered the offer. Sebastian agreed. On Dec. 6, Sebastian sold the jersey to Shaq for $450. On Dec. 7, Burnie told Sebastian he accepted his offer to buy the jersey for $400.
A. Did Sebastian have an enforceable contract with Burnie so that Sebastian was obligated to hold the offer open for 5 days while Burnie considered Sebastian’s $400 offer? Why or why not?
Label answer parts.
Saylor URL:http://www.saylor.org/booksSaylor.org302Chapter 9The AgreementChapter 9 fromBusiness Law and the Legal Environmentwas adaptedby The Saylor Foundation under aCreative Commons Attribution-NonCommercial-ShareAlike 3.0license without attribution as requested by the work’s original creator or licensee. © 2014, The Saylor Foundation.
Saylor URL:http://www.saylor.org/booksSaylor.org303LEARNING OBJECTIVESAfter reading this chapter, you should understand the following:1.What a contract offer is, and what proposals are not offers2.How an offer is communicated3.How definite the offer needs to be4.How long an offer is good for5.How an offer is accepted, who can accept it, and when acceptance is effectiveIn this chapter, we begin the first of the four broad inquiries of contract law mentioned inChapter 8 “Introduction toContract Law”: Did the parties create a valid contract? The answer is not always obvious; the range of factors thatmust be taken into account can be large, and their relationships subtle. Since businesspeople frequently conductcontract negotiations without the assistance of a lawyer, it is important to attend to the nuances in order to avoid legaltrouble at the outset. Whether a contract has been formed depends in turn on whether1.the parties reached an agreement (the focus of this chapter);2.consideration was present;3.the agreement was legal; and4.the parties entered into the contract of their own free will, with knowledge of the facts,and with the capacity to make a contract.Factors 2, 3, and 4 are the subjects of subsequent chapters.9.1 The Agreement in GeneralLEARNING OBJECTIVES1.Recognize that not all agreements or promises are contracts.2.Understand that whether a contract exists is based on an objective analysis of theparties’ interaction, not on a subjective one.The Significance of AgreementThe core of a legal contract is the agreement between the parties. This is not a necessary ingredient; inCommunist nations, contracts were (or are, in the few remaining Communist countries) routinelynegotiated between parties who had the terms imposed on them. But in the West, and especially in theUnited States, agreement is of the essence. That is not merely a matter of convenience; it is at the heart of
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