Read the following and indicate which agreement would be a binding contract.Assume that all other requirements for a binding contract have been met.
A)Mary promised to give Planned Parenthood a donation of $1.
B)John,late for work,found that his car battery was dead.He flagged down a passing truck and told the driver "he would be in his debt forever" if he would agree to do him the favour of jump-starting the car.The driver of the truck agreed.
C)Mr.Kooner sold a farm valued at $190 000 to his nephew for only $50 000.
D)Peter agreed to pay Ace Computers Ltd.$50 above the contract price if the company would have his new computer ready on the date specified in the original contract.
E)Len agreed to sell and Karen agreed to buy four of Len's records for "some money."

Question

Quizplus · Accepted Answer

A binding contract requires an offer, acceptance, consideration, and mutual intent to be bound. In option C, Mr. Kooner and his nephew have a clear agreement with consideration (the sale of the farm for $50,000), making it a binding contract despite the disparity in value.

Read the Following and Indicate Which Agreement Would Be a Binding