IRAC#3

Scenario #1:

Jack calls up Jill and says, "Hey Jill I'll buy 40 of those widgets from you for $300?" Jill

replies, "You know Jack, the best deal I can give you is $350." Jack replies, "I'll take it!"

Issue:

Is there a contract between Jack and Jill?

Rule:

A contract requires an offer, acceptance and consideration

Analysis:

Offer: An offer requires intent definite and certain terms and communicated to the offeree.

Jack was able to show serious will and intention that he is bound on a contract since he

contacted Jill and was ready to offer he $300 for 40 widgets hence it shows that there was intent

on Jacks part.

It is evident that the terms were certain and definite in the case above since both parties,

price, quantity and subject matter were specified. The parties are Jack and Jill, in this case the

subject matter is Jill’s widgets, the price and the quantities are $300 for 40 widgets. This give a

definite and certain terms.

The offer was well communicated to the intended offeree and in this case Jack called Jill

and informed him that he was ready to purchase 40 of the widgets from him for $300. This

shows that Jack was able to communicate the offer. Because these three elements were satisfied,

Jack made a proper offer to Jill. But the offer was rejected by the offeree (Jill). Jill then

proceeds to give a counteroffer which terminates Jacks original offer of $300 for 40 widgets.

Jill as seen from the case was able to show serious intent to the subject and bound by the

contract since she accepts and offers Jack 40 widgets for the price noted of $350 after jack made
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the call to her in view of her widgets. The terms that were made by Jill were right and definite

since the price, the subject matter, the quantity were all specified as needed by Law. Hence there

was certain and definite terms.

The offer was well communicated to Jack since during the Call Jack said “You know

Jack, the best deal I can give you is $350” hence Jill was also able to communicate back on the

same.

Acceptance: A voluntary act by the offeree that shows contract to the terms of an offer. Finally,

acceptance must also mirror the offer.

As noted in the first offer between Jack (Offeror) and Jill (Offeree), it is clear that the

offer was rejected by Jill and made jack to make a counteroffer to Jack. This means that the offer

was not mirrored as needed which shows that Jack’s offer was rejected and a new counteroffer

was made by Jill. This makes Jill the offeror and Jack the offeree.

Jack accepted Jill’s offer and mirrored the offer. Jack mirrored the offer because he said,

“I’ll take it!” and this tends to show that Jack fully agreed to Jill’s offer and accepted the terms.

Therefore, there was an acceptance.

Jack is noted to accept the offer from Jill and was able to mirror it back. This was true

since Jack said, I’ll take it!” this shows that Jack agreed to the offer and the terms that comes

with it.

Consideration: Consideration requires legal value and a bargained for exchange.

In the above case, the act of consideration is noted to be valid since Jack accepted to pay $350

for the 40 widgets. The legal value here is accepting and will to pay $350 for the widgets (40)

and the bargain is Jill promising to the value for giving out the 40 widgets at the price.

Conclusion: There is a valid contract between Jill and Jack.

Scenario #2:

Jack is walking his dog down the street and Sara yells out at him, "Hey Jack, I'm going to

be out of town this weekend, if you have time on Saturday, I'll pay you $20 if you cut my

lawn."

Issue: Is there a contract between Jack and Sara?

Rule: A contract requires an offer, acceptance and consideration

Analysis:

Offer: An offer requires intent definite and certain terms and communicated to the offeree.

Sara showed serious intent to enter a contract with Jack by asking him to cut her lawn.

Intent is shown by Sara because she was the one who asked Jack, therefore there was intent.

The terms were certain and definite in the above case since all the parties were able to

show the subject matter, quantity and price as specified. The parties in this case are Sara and

Jack, the subject matter is the lawn needs to be cut on Saturday. The price is $20 and the quantity

is one-tie lawn mow. This shows certain and definite terms.

The offer was well communicated since Sara said the following words, “Hey Jack, I'm

going to be out of town this weekend, if you have time on Saturday, I'll pay you $20 if you cut

my lawn.?". This shows that she was able to communicate the offer to Jack.

Since these three components were fulfilled, Sara made an appropriate offer to Jack. In

this situation the offer has been nor been acknowledged nor dismissed by Jack. With the goal for

this to be a legitimate contract the two parties must consent to the predetermined terms and in

light of the fact that Jack has not reacted to Sara's offer, it isn't substantial or valid.

Acceptance: A voluntary act by the offeree that shows that shows contract to the terms of an

offer. Finally, acceptance must also mirror the offer.

Jack did not reflect the offer since he didn't issue an answer to Sara's offer. Since there

was no acceptance nor dismissal this will in general demonstrate that he didn't consent to Sara's

offer. Along these lines, there was no acceptance.

Consideration: Consideration requires legal value and a bargained for exchange.

Consideration requires legal value and a bargained for exchange. In the above situation

thought isn't substantial on the grounds that despite the fact that Sara guaranteed to pay Jack $20

in the event that he cut her yard and Jack did not guarantee to cut Sara's grass. The legal value is

Sara's guarantee to pay Jack $20 to cut her yard and the can anticipate trade would be Jack

promising to cut Sara's yard, yet he didn't acknowledge or decay the offer. Subsequently, there is

no thought occurred.

Conclusion: There is not a valid contract between Sara and Jack.

Scenario #3:

Jack calls up Jill and says, "Hey Jill I'll buy 40 of those widgets from you for $300?" Jill

replies, "You know Jack, the best deal I can give you is $350." Jack replies, "I don't have

the money right now but I'll give you $20 to keep your offer open for 10 days" Jill replies,

"Sure you've got a deal."

Issue: Is there a contract between Jack and Jill?

Rule: A contract requires an offer, acceptance and consideration.

Analysis:

Offer: An offer requires intent definite and certain terms and communicated to the offeree.

Jack displayed intent to be bound by the contract since he at first reached Jill and offered

her $300 for 40 widgets, thus there was intent to Jacks part.

The terms were definite and certain in the above scenario because the parties, subject

matter, price and quantity are specified. The parties consist of Jack and Jill, the subject matter is

Jill’s widgets and the price and quantity is $300 for 40 widgets. Therefore, there were definite

and certain terms.

The terms were definite and certain in the above situation on the grounds that the parties,

subject, cost and amount are indicated. The parties comprise of Jack and Jill, the topic is Jill's

widgets and the cost and amount is $300 for 40 widgets. In this way, there were positive and

certain terms.

The offer was communicated to an intended offeree in light of the fact that Jack called Jill

and stated, "Hello Jill I'll purchase 40 of those widgets from you for $300?". Consequently, Jack

conveyed the offer to Jill.

Since these three components were fulfilled, Jack made an appropriate offer to Jill. Be

that as it may, the offer was dismissed by the offeree (Jill). Jill then continues to give a

counteroffer which ends Jacks unique offer of $300 for 40 widgets.

Jack displayed genuine purpose to be bound by the contract on the grounds that amid the

telephone discussion wherein he had started, Jack offers Jill $20 to keep her offer of 40 widgets

for $350 open for 10 days. Consequently, there was determined to Jacks part to be bound by the

contract.

Because these three elements were satisfied, Jack made a proper offer to Jill.

Acceptance: A voluntary act by the offeree that shows that shows contract to the terms of an

offer. Finally, acceptance must also mirror the offer.

In the underlying offer between the offeror Jack and the offeree Jill, the offer was

dismissed by Jill and after that Jill made a counteroffer to Jack. By doing as such the offer was

not reflected which demonstrates that Jacks offer was dismissed by Jill and another offer

(counteroffer) was proposed by Jill. This currently makes Jill the offeror and Jack the offeree.

Jill did not reflect the offer since she stated, "You know Jack, the best arrangement I can

give you is $350." Jill dismissed and countered Jacks unique offer of 40 widgets for $300. This

will in general demonstrate that Jacks unique offer was dismissed by Jill's counteroffer.

The counteroffer proposed by Jill was then rejected by Jack since Jack proposed a

choices contract. By doing as such the offer was not reflected by Jack, this demonstrates he

dismissed Jill's counteroffer. This currently makes Jack the offeror and Jill the offeree.
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Jack did not reflect the offer since Jack states, "I don't have the cash at this moment yet

I'll give you $20 to keep your offer open for 10 days". This will in general demonstrate that Jack

dismissed Jill's counter offer and afterward proposed a choices contract.

In light of Jacks alternatives contract Jill acknowledges. By doing as such the offer was

effectively reflected in light of the fact that Jill stated, "Beyond any doubt you have an

arrangement!” This will in general demonstrate that Jill completely consented to Jack's offer and

acknowledged the terms. Thusly, there was an acceptance.

Because these three elements were satisfied, Jack made a proper offer to Jill.

Acceptance: A voluntary act by the offeree that shows that shows contract to the terms of an

offer. Finally, acceptance must also mirror the offer.

In the underlying offer between the offeror Jack and the offeree Jill, the offer was

dismissed by Jill and after that Jill made a counteroffer to Jack. By doing as such the offer was

not reflected which demonstrates that Jacks offer was dismissed by Jill and another offer

(counteroffer) was proposed by Jill. This currently makes Jill the offeror and Jack the offeree.

Jill did not reflect the offer since she stated, "You know Jack, the best arrangement I can

give you is $350." Jill dismissed and countered Jacks unique offer of 40 widgets for $300. This

will in general demonstrate that Jacks unique offer was dismissed by Jill's counteroffer.

The counteroffer proposed by Jill was then rejected by Jack since Jack proposed a

choices contract. By doing as such the offer was not reflected by Jack, this demonstrates he

dismissed Jill's counteroffer. This currently makes Jack the offeror and Jill the offeree.

Jack did not reflect the offer since Jack states, "I don't have the cash at this moment yet

I'll give you $20 to keep your offer open for 10 days". This will in general demonstrate that Jack

dismissed Jill's counter offer and afterward proposed a choices contract.

In light of Jacks alternatives contract Jill acknowledges. By doing as such the offer was

effectively reflected in light of the fact that Jill stated, "Beyond any doubt you have an

arrangement!” This will in general demonstrate that Jill completely consented to Jack's offer and

acknowledged the terms. Thusly, there was an acceptance.

Consideration:

Consideration requires legal value and a bargained for exchange. Thought for the

contract is legitimate in light of the fact that here Jack guaranteed to pay Jill $20 and Jill

guaranteed to keep her offer open for 10 days to sell Jack 40 widgets for $350. The legitimate

esteem is the guarantee to pay Jill $20 to keep the arrangement of 40 widgets for $350 open for

10 days. Accordingly, there is legal value and a can foresee trade and thought occurred.

Conclusion: There is a valid contract between Jack and Jill.