List the five elements of a valid contract and explain

Assignment Help Business Law and Ethics

Reference no: EM133393748

Case scenario : Matt and Andy are farmers who own properties beside each other. Matt has always wanted to buy Andy's property because it has a creek running through it and Matt would like access to that water for his livestock. Andy has no idea that Matt wants to buy his farm, and would like to keep the farm in his family. One day, Matt sees Andy judging cattle at the local fair and invites him into the beer garden for a drink. They were talking casually about the weather when Matt said "You know, Andy, I'll buy your farm for $500,000." Andy thinks Matt is joking, and says "You wouldn't pay that much, Matt." "Yes I would, write it up" says Matt. Andy, still thinking Matt is joking, writes on a napkin the words "Matt and Andy agree that Matt will purchase Andy's farm for $500,000." Andy then initials the napkin, bursts out laughing, and returns it to Matt. Matt also initials the napkin and pulls $10 out of his wallet, offering it to Andy "to seal the deal." Andy, still laughing, says "You're joking, right?" Matt says "No, I'm not. You've just sold me your farm." Andy disagrees and refuses to discuss the matter further. Matt sues Andy for breach of contract.

Questions:

Q 1. List the five elements of a valid contract and explain whether each of these elements is raised in this scenario by reference to the facts?

Q. 2. Answer these questions:

1. What is (are) the main legal issue(s)?

2. What is the legal tests (rule of law) used by the courts?

3. Develop a logical argument for the plaintiff, applying the rule of law to the facts

4. Develop a logical argument for the defendant, applying the rule of law to the facts

Reference no: EM133393748

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