Scenario: Assume you are the sole owner of Kwick Kuts,
Scenario: Assume you are the sole owner of Kwick Kuts, a hair salon
that also sells hair products to customers. You have been carrying Hair Glow products, but they are now discontinued and can no longer be purchased. You still own 6 cases of Hair Glow shampoo that you estimate to be worth about $100 per case.
Gerald is interested in buying the Hair Glow products from you.
A. Write sample contract that reflects a valid enforceable agreement between you and Gerald for the sale of the 6 cases of Hair Glow shampoos.
B. Briefly summarize what makes the sample contract valid and enforceable and how it meets the required elements of a common law contract.
Label answer parts.
APA- In text reference; at least 2 (2 are given)
Saylor URL:http://www.saylor.org/booksSaylor.org332SELF-TEST ANSWERSChapter 10Real AssentLEARNING OBJECTIVESAfter reading this chapter, you should understand the following:1.Contracts require “a meeting of the minds” between competent parties, and if there isno such “meeting,” the agreement is usually voidable.2.Parties must enter the contract voluntarily, without duress or undue influence.3.Misrepresentation or fraud, when proven, vitiates a contract.4.A mistake may make a contract voidable.Chapter 10 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.org3335.Parties to a contract must have capacity—that is, not labor under infancy, intoxication,or insanity.We turn to the second of the four requirements for a valid contract. In addition to manifestation of assent, a party’sassent must be real; he or she must consent to the contract freely, with adequate knowledge, and must have capacity.The requirement of real assent raises the following major questions:1.Did the parties enter into the contract of their own free will, or was one forced to agreeunder duress or undue influence?2.Did the parties enter into the contract with full knowledge of the facts, or was one orboth led to the agreement through fraud or mistake?3.Did both parties have the capacity to make a contract?10.1 Duress and Undue InfluenceLEARNING OBJECTIVES1.Recognize that if a person makes an agreement under duress (being forced to enter acontract against his or her will), the agreement is void.2.Understand what undue influence is and what the typical circumstances are when itarises to make a contract voidable.DuressWhen a person is forced to do something against his or her will, that person is said to have been the victimof duress—compulsion. There are two types of duress: physical duress and duress by improper threat. Acontract induced by physical violence is void.Physical DuressIf a person is forced into entering a contract on threat of physical bodily harm, he or she is the victimof physical duress. It is defined by the Restatement (Second) of Contracts in Section 174: “If conduct thatappears to be a manifestation of assent by a party who does not intend to engage in that conduct isphysically compelled by duress, the conduct is not effective as a manifestation of assent.”Comment (a) to Section 174 provides in part, “This Section involves an application of that principle tothoserelatively rare situations in which actual physical forcehas been used to compel a party to appearto assent to a contract.…The essence of this type of duress is that a party is compelled by physical force to
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