Consider the five elements necessary to form a contract:  Offer, Acceptance, Consideration, Capacity, and Legality

Consider the five elements necessary to form a contract:  Offer, Acceptance, Consideration, Capacity, and Legality

Consider the five elements necessary to form a contract:  Offer, Acceptance, Consideration, Capacity, and Legality.  Then review the scenario listed below and determine if a firm contract has been formed and if Aunt Olive will be contractually obligated to buy the car if Andy mends his ways. Aunt Olive is concerned about Andy, her nephew, and his life style and habits.  Andy is 19 years old.  One afternoon, at a family get together, she takes Andy aside and gives him a greeting card, in which she writes, “Andy, I’m worried about you.  You drink too much alcohol, gamble too much at the casinos, and you have been seeing too many hookers. If you refrain from all of these activities until you are 21 years old, I will buy you a new car, up to $50,000.00.”  She has signed the card.  Andy agrees and promises to mend his ways

Answer preview for Consider the five elements necessary to form a contract:  Offer, Acceptance, Consideration, Capacity, and Legality

Consider Offer, Acceptance, Consideration, Capacity, and Legality

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