Assume that all other requirements for a valid contract are present and indicate which of the following would be a binding agreement.
A)Mr.Ng promises to give $25 to the Canadian Cancer Society and makes that promise under seal.The association accepts but gives him nothing in return.
B)John,so grateful that Jim returned a lost computer disk on which John had saved a term project,promised to give Jim $50.Jim stated that he deserved $100.
C)Len offered to sell his $300 snowboard to Chuck for $400.Chuck said no.
D)Joe offered to pay a florist to put flowers on Marilyn's grave once a week for a whole year for $500.The florist agreed to the terms of the offer but only for 10 weeks.
E)Nervous that the programmer would not finish the project by the time specified in the contract,the owner of the company promised to give the programmer an extra $400 if he would complete the work according to the contract.The programmer agreed.

Question

Quizplus · Accepted Answer

A is a binding agreement because it meets the requirements for a contract, including consideration (Mr.Ng's promise of $25) and acceptance by the Canadian Cancer Society. The fact that the promise was made under seal only serves to enhance the enforceability of the agreement.

B is not a binding agreement because Jim's statement that he deserves $100 constitutes a counteroffer, effectively rejecting John's $50 offer.

C is not a binding agreement because there was no acceptance by Chuck.

D may or may not be a binding agreement, depending on whether Joe agreed to the florist's counteroffer to provide flowers for only 10 weeks. If Joe agreed to the counteroffer, then a contract was formed on those terms. If Joe rejected the counteroffer, then there was no acceptance and no contract.

E is a binding agreement because there was an offer (extra $400 for completing the work according to contract), acceptance by the programmer, and consideration (the promise of extra $400).

Assume That All Other Requirements for a Valid Contract Are