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Essay / Research Paper Abstract
A 3 page paper discussing the four elements of a valid contract (mutual assent, consideration, capacity and legality) and the objective theory of contracts in answer to four questions. The example case used is John D.R. Leonard v. PEPSICO, Inc. 88 F.Supp.2d 116 (S.D.N.Y. 1999), in which the viewer of a Pepsi commercial offering a Harrier jet sought unsuccessfully to force the company to supply him with a Harrier jet. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSlawContValid.rtf
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Unformatted sample text from the term paper:
be guided by the contents of a written document outlining all expectations to which each involved party can hold the other involved parties. The case of Shell v. R.W.
Sturge, Ltd., United States, Sixth Circuit Court of Appeals, 1995 illustrates the importance of reading, understanding and adhering to contractual agreements. In this case, the plaintiffs were quite happy
while profiting from the relationship with Lloyds but sought to rescind their agreements after incurring losses following several profitable years. The case demonstrates that contracts are binding regardless of
external circumstances. 1. What are the four elements of a valid contract? The four elements of a valid contract are mutual assent, consideration,
capacity and legality (Wick, n.d.). Mutual assent constitutes agreement, in which one party makes an offer that another accepts. Consideration refers to
the requirement that promises be "supported by legally sufficient and bargained-for consideration" (Contracts, n.d.). Capacity refers to the ability of the contractual parties to fully uphold the items to
which they have agreed. Of course the contract must be legal in terms of the laws under which the contract will be assessed. 2. Describe the objective theory of
contracts. How does that theory apply to the John D. R. Leonard VS PepsiCo case?. The objective theory of contracts refers to the
intention to enter into a contract as judged by objective facts rather than "by a partys subjective intention. Objective facts include (1) what the party said when entering into the
contract, (2) how the party acted or appeared, and (3) the circumstances surrounding the transaction" (Contracts, n.d.). In John D.R. Leonard v. PEPSICO,
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