Contracts legislation term conventional paper

Excerpt from Term Paper:

Contracts Law

Case Study- Contracts Legislation

There were two offers. There may be an offer is actually a meeting from the minds is available by the recipient of the present accepting the terms of the present. The first offer was by Galaxy Computer retail outlet and contained Galaxy placing an advertising in the paper for Pentium 4 computer systems for $3, 000. The other offer was by Gabrielle and consisted of her supplying a her old computer system as a trade-in, $1, 500 down, and monthly payments rather than $3, 500 in exchange for the computer. Since Gabrielle made a counter-offer to Galaxy’s offer, there was two provides.

There was acceptance of the deal. Acceptance means that the part of whom the offer was directed consents to it is terms and agrees towards the formation in the contract. There is no acceptance by Gabrielle of Galaxy’s offer of a computer in return for $3, 000. Instead, Gabrielle built a counter-offer to Galaxy. Galaxy accepted the counter-offer by signing a contract with Gabrielle, by which it was provided Galaxy would tender the pc in exchange for $1, 1000, Gabrielle’s outdated computer being a trade-in, and Gabrielle’s assure to make monthly installments on the equilibrium. Therefore , when Gabrielle did not accept Galaxy’s offer, Galaxy accepted Gabrielle’s offer.

The topic of the contract was the sale of a computer. Deals for the sale of products are legal. Assuming that the provision demanding Gabrielle to pay the balance of the purchase price over a two-year period would not violate virtually any usury laws, the subject of the contract was legal. Furthermore, while the Law of Scams in the UCC bars the enforcement of unwritten contracts for someone buy of goods above $500 or that may not be completed within a year, the contract was in writing. Consequently , the subject of the contract was legal.

There were consideration. Concern is the exchange of benefits by the parties. The thought tendered by simply Gabrielle was her assurance to give Galaxy her outdated computer, $1, 000, and two years of $40 monthly installments. The consideration tendered by Galaxy was its guarantee to give Gabrielle a Pentium 4 laptop. Therefore , there were consideration by simply both parties.

The terms of the contract so long as, one month following your contract was signed Galaxy was to provide the Pentium 4 computer to Gabrielle. At that time, Gabrielle was to tender her old pc and $1, 000 to Galaxy. In that case Gabrielle was going to make $40 monthly payments to get a period of 2 years.

There was a gathering of the heads regarding value. Although Gabrielle did not accept Galaxy’s provide of a Pentium 4 laptop for $3, 000, Galaxy accepted Gabrielle’s counteroffer. Since the parties decided that Gabrielle would receive a Pentium 4 in exchange on her offered concern, there was a meeting of the minds regarding price.

It was necessary for the parties’ contract to get in writing. The UCC offers adopted the Statute of Frauds and requires contracts pertaining to the sale of goods worth over $500 to become in writing. Furthermore, the UCC and the Statute of Frauds require that contracts that cannot be finished within 12 months to be in writing. The contract involved

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