Running Head: GOING GLOBAL - MEMO TO GLORIA 1 Going Global – Memo to Gloria Diana Jimenez DeVry University
GOING GLOBAL - MEMO TO GLORIA 2 For a contract to be considered valid there must be an actual offer set in the contract. For example, stating a present intent that you will buy something for a specific amount of money will make the contract valid. The kind of offer that will make the contract invalid is someone making a facetious remark such as “For $1, I’d sell my car.” Four of the elements that Cheeseman listed as essential elements required to consider a contract valid are requiring an agreement between the two parties, is supported by legally sufficient consideration, is between parties with contractual capacity, and accomplishes a lawful object (Cheeseman, 2013). At least one of the parties would have to enforce the contract to make it valid but with the agreement element of a contract both parties would have to accept the offer to make the contract valid. The consideration element of a contract is the use of money, personal property, or any sort of provision of service as a support for the promise for what is being bargained. What the contractual capacity element of a contract means is contracts cannot be enforced against parties who lacked contractual capacity when they entered into the contracts (Cheeseman, 2013). Finally, the fourth element of a contract being lawful object means that the contract cannot have any illegal object or else this would void the contract and will not enforce it. The proposal that Richard Franklin presented to Gloria is a valid contract because he states what it is he is proposing with specific amounts. Richard did state a clause in his proposal, but it does not mean it makes the contract invalid. He gives clear indication of what his proposal is. If the contract is not agreed upon by the specific time, then it will be a voided contract. After
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- Spring '14
- Marketing, Gloria