Business Law, discussion help

Please respond to the following:

  • Thinking back on the last few months, consider a time when you encountered a friend or business associate who promised or agreed to do something but did not follow through. For example, did someone agree to sell you something but at the last minute changed the price? Or did someone agree to perform a service, but then later said he or she was too busy?
  • Relate the facts of your example. Then, based on the materials in the reading and lecture, explain why the facts you presented did or did not meet the legal requirements for a contract. Be sure to support your response.

Here’s an example of what’s being presented:

Hello,

I would like to cover the facts regarding contracts. I consider it the fact that contracts can be in written or oral forms. Contracts are characterized through guarantees between parties that are enforceable through law. Some contracts tend to be bilateral which is legally binding and enforced through commitment between joint parties. A few contracts have a tendency to be respective which is using a common duty or as one-sided implies which is legitimately official are enforced through promise between joint parties. Some examples of bilateral contracts can include ordering an alcoholic drink at a local bar, purchasing merchandise in a retail store or getting a haircut or hairstyle a local barber shop or hair salon. These are key actions where one person has promised a response to someone else’s actions. Many times unilateral contracts fall inside the comprehended idea that one side of the party will monetarily adjust another party to perform a task or duty. An example can include a person post a newspaper advertisement offering to pay $150 reward for a lost iPad. One person promises to pay monetarily through a specific amount for the return of the lost iPad. By offering a reward, the individual has created a unilateral contract.
I have a friend that she and her husband operate a strong buy, sell and trade business. One of their marketing strategies is liquidating assets from business in the hospitality market. One of their largest clients is a hotel chain. Hotel and Resort companies are consistently upgrading and evolving guest room furniture to remain competitive within the hospitality market. As part of their business strategy, they provide free removal of guest room furniture or through the pay of pennies on the dollar on the value of each piev=ce of furniture. They then sell the furniture at wholesale cost to business buyers looking for low-cost furniture inventory for their businesses. There was a time when a Hotel promised 75 pieces of furniture for $5.00 each which totaled $375.00. Once they were loading the furniture, they were informed by the company owner that the person who quoted them $5 was just a manager and was not in charge of furniture pricing for liquidators. The owner then told them that he wanted $7.00 per piece. The price quote was $2.00 more per piece of furniture than the verbal agreement they had done with the previous manager.
The fact presented from this example does not meet legal requirements for a contract. The contract elements of that situation a fall in the category of a Void Contract. A Void Contract is not considered enforceable within a court of law. Because the Hotel manager had no capacity to contract out a buyer to purchase the company’s furniture inventory for a particular price, the contract is void. The Hotel owner is who had priority over setting asset prices for furniture. If the contract had been valid, it would have been a part of Express Contract. Express Contract is formulated conversation between two parties for an offer to sell from the seller and acceptance to buy from the buyer.

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