Elementsof the Law of Contract
WhenEdward approached Ben to sell the bicycle, there was a writtenagreement with Ben to Edward that he could buy the bicycle any timebefore June 15. In the law of contract, there is the element ofoffer, acceptance and consideration. Ben was under the obligation tokeep the offer open. One of the reasons that can make an offer tolapse is when the time given for acceptance has lapsed. In this case,Edward was still within the timeline given for acceptance and so Benwas under an obligation to keep the offer open to him
Thethree elements of a contract are offer acceptance and consideration.The offerer can revoke his offer so long as it has not been accepted.The exception to this rule is when the parties agree that the offerwill remain open for a specified amount of time. Joe made the offerto sell the Biology book, and the two parties agreed that deliveryand payment would be made the following week. Even though Barbara hasnot paid for the book, the time for the offer had not lapsed and sheis thus entitled to the book.
Thereare three elements of a contract, i.e. offer, acceptance andconsideration. In assessing whether there was a contract besides thethree elements, the court looks at the intention of the parties toenter into a legally binding contract. Ascertain intention in thecase of friends and family could be hard. In this case, Donna hasbeen in the practice for two years where she has been cleaning theteeth of her family and friends for pay, and Eric was not anexception. Going by this, it is correct to say that there wasintention for them to get into a contract and Donna will win thesuit.
Young,Max. UnderstandingContract Law.Routledge, 2009. Print.