Reference no: EM133693767 , Length: word count:900

Assignment: Sources of the Law, "The Essential of Contract Law"

IntroductionThe textbook, Business Law with UCC Applications, Chapter 7, " The Essentials of Contract Law "examine essential elements of a contract and how they interact with one another to ensure that the rights and obligations in order for to ensure that contracting parties are protected.

Overview
The textbook, Business Law with UCC Applications, Chapter 7, The Essentials of Contract Law examines essential elements of a contract and how they interact with one another to ensure that the rights and obligations of the contracting parties are protected.

The following scenario corresponds to the reading within the textbook.

Scenario
Joseph Hubbard signed a contract, agreeing to buy Marie Hoover's home for $320,000. Ms. Hoover had transferred the rights of the home to TNT Land Holdings. The house was previously the subject of a previous attempt to sell. The first attempt failed when the buyer's inspector detected certain anomalies including condensation on the windows and doors, among other things. While leading Hubbard on a "walk-through" of the home, the agent pointed out the repair work.

The written agreement that Hubbard and Hoover signed on July 29th, 2007, included a clause that allowed the buyer to inspect the property. Hubbard did not take the opportunity to have a professional examination of the property. In November 2007, Hubbard's relative moved into the home and immediately reported problems with the deck, yard, and other locations.

After these reports, Hubbard had the home inspected and the report indicated that the land on which the house was built was shifting and the home was in danger of sliding into the lake. Hubbard suspected that the repairs indicated in the "walk-through" were an attempt to cover up issues that Hoover was aware of.

Instructions
Imagine you work at the law firm representing your client, John Hubbard.

Write a 3-5-page academic paper which discusses whether there is an enforceable contract, and if is likely that John will be able to financially recover from this. (Please be aware that the title page and the resource page do not count towards the total number of pages.)

Support your opinion(s) by reviewing and answering each of the following questions.
* What are the five required elements to create any contract?
* How does the statute of frauds relate to these elements?
* Discuss whether an enforceable contract has been established between the parties.

OUTLINE

Please use this outline to assist in writing the 3-5-page academic paper.

* Discuss the characteristics of a valid contract.

* Considerations for this assignment include applying facts to the elements of a valid contract.