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Unformatted text preview: 1 Indeed there are four elements of a contract; A. Agreement B. Consideration C. Contractual capacity D. Lawful object 2. Describe the objective theory of contracts. How does that theory apply to this case? We currently use contract law based on the objective theory of contracts. This states that if an objective third party (the jury) believes the parties intend to form a contract, then a contract should be found, meaning we prefer to interpret actions and words in such a way that a contract exists rather than to interpret them to find there is no contract. This theory does apply to this case. There is 2 ways to perceive this case, the first is the way that John Leonard did. He believed that the harrier jet was one of the prizes he could receive if he met all the obligations. Pepsi Co. stated that it was just a humorous act and assumed that everyone would laugh and not take it seriously. When Leonard took this case to court, the federal judge held the responsibility of the reasonable person, because the article...
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This note was uploaded on 11/07/2010 for the course BUSINESS BUSN150-10 taught by Professor Erikaorr during the Spring '10 term at American InterContinental University.
- Spring '10