What are the elements (law) of a valid contract? Define each element.

This week we are discussing contracts: Consideration, Capacity and Legality. Our scenario is as follows:

Anita agrees to sell, and Bob agrees to purchase her home on Elm Street, for $100,000. The contract is in writing and contains detailed provisions for payment, risk of loss until delivery, restrictions on permissible us of the property. Prior to signing the contract, Anita, in order to induce Bob’s agreement, orally promises him, in the presence of witnesses, that if Bob will sign, Anita will remove an unsightly shack on Anita’s property around the corner from Elm Street. Bob signs the contract.

Is the oral and written contract valid and enforceable in court?

Remember, that oral and written contracts have the same requirements for validity. There is no difference in the formation. One is oral and one is written. Since you are doing double analysis this week, you can receive an extra 10 points on this assignment. Take advantage of the additional points.

Use this framework for answering this week's contract questions. Week 6 Framework For Answering Contract Questions.docx Download Week 6 Framework For Answering Contract Questions.docx