Quiz 10: Agreement and Consideration

Business

Solicitation : It is different from that of an offer, which directly indicates the intention to enter a bid agreement clearly. The rules and regulations of Solicitation govern specific types of organizations. The solicitation can be both legal and illegal. A contract is certainly different and holds an offer which is dependent on the objectivity and reasonability of the belief of defendant while the solicitation was intended as merely an offer. It was unreasonable for the plaintiffs to believe that solicitation is offered to bind the advertiser. Though, it was clear that the Mint materials were intended as solicitations of offers. Therefore, in this case there is no contract between the United States and M until the solicitation is not a direct offer; just a request of an offer.

Contract of real estate : The real estate contract is a typical contract to sell or purchase a property. It contains a specific date of closing on which the deal has to be completed by the payment for title and ownership of the property. The case is between the seller H and the buyer M who submits three written offers to H for buying his three parcels out of eight. M also prepared three money checks to H with the offers. H changed the prices of the parcels while writing the purchase agreements. Adding to this he also changed the closing the dated and included some mineral rights and then signed the agreement. In this case the district court affirms that the contract is not about a written offer as a written acceptance is required. Without this acceptance letter there is no contract between the parties. The record taken as a whole should establish the making of a contract, if it does not, then the district court can reject the existence of a contract. The contract for the sale of property should be void unless the contract is considerable and is in writing and is signed by the seller of the property. The case considers the person M's appeal, but he prepared only the written offer with no written acceptance to confirm legal consideration. The person H has the motion from the court to dismiss M appeal. Therefore, there is no real property contract between both of them.

Gift: The transfer of token of love or property or a property interest which is voluntary which is transferred from one party to another is known as a gift. The individual who prepares the gift is called as donor, and the person receiving it is called donee. The gratuitous transfer of property is enforceable only when the gift is with future interest. It is not just about making a promise and it is not enforceable until it is supported with valuable consideration. The doctrine of consideration obstructs the gifts promises and not let them exist. All promises are not binding; the consideration needs to be present for gaining the power of legal enforcement. In this case, Mr. P promised the A's family to pay the remaining mortgage which was not paid by the husband of Mrs. JL after divorce but P died before paying the mortgage. When Mrs. JL asked for the mortgage to the legal representative of P's estate, they refused. Mrs. JL has no right to ask for the promise that was made by Mr. P before he died, because there was no valuable consideration given to him in exchange. Thus, the lack of consideration makes the promise unenforceable.

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