View regarding the adequacy of the consideration

Assignment Help Operation Management
Reference no: EM132194868

BUSINESS LAW QUESTION

Bob bought an expensive tennis racket because he thought it would improve his game. The Wilson 580X racket cost $1,500.00 and did nothing at all to improve Bob’s game. In fact, Bob has lost seven out of eight of the matches that he has played with the new racket.

Over drinks on the evening of December 10, 2011, Bob tells Carl that he is tired of losing tennis games, so he wants to sell his tennis racket for $50. The men laugh for a moment, but then Carl says, “I really do want to buy your tennis racket.” Bob says, “okay – whatever.”

Carl writes the following on a napkin:

Carl agrees to pay Bob $50 for his 2011 Wilson 580X tennis racket.

Bob agrees to deliver the tennis racket to Carl no later than

December 24, 2011.

Both men sign and date the napkin. Carl puts the napkin in his pocket and both men go home. On December 24, 2011, Carl realizes that Bob never delivered the tennis racket. He goes to Bob’s home, rings the doorbell and tells Bob that he is there to pick up his new tennis racket. He hands Bob $50 and Bob laughs, asking Carl what he is talking about. Carl produces the napkin and says, “We have a contract! I am not leaving without my new tennis racket!”

Bob insists that he was joking and that he never intended to part with his new tennis racket. Carl files a lawsuit in small claims court seeking to enforce the contract.

Discuss ALL of the following issues in the context of this case:

Does the agreement written on the napkin constitute a valid contract?

Why or why not?

Who should win the lawsuit and why?

Was there a meeting of the minds?

Discuss the court’s likely view regarding the adequacy of the consideration.

Reference no: EM132194868

Questions Cloud

Legitimate power-referent power and expert power : Coercive Power. Reward Power. Legitimate Power. Referent Power. Expert Power.
Managers who use information gained over the course of day : Managers who use information gained over the course of a day (or week) and briefs workers before the workday begins about issues, solutions, etc.
Construct an overall branding statement about yourself : Construct an overall branding statement about yourself. How would others, especially potential employers, look at your brand?
Creating an initial draft of the risk management plan : Scenario You are information technology intern working for Health Network. Risk Assessment Plan After creating an initial draft of the risk management plan,
View regarding the adequacy of the consideration : Discuss the court’s likely view regarding the adequacy of the consideration. Does the agreement written on the napkin constitute a valid contract?
Organization to build high performance organization : What two cash bonuses and/or recognition perks would you implement at your organization to build a high performance organization
Which type of power is most effective : Which type of power is most effective? Which type of power is the least effective? Why?
Some of the most surprising things about germany in business : What are some of the most surprising things about Germany in business?
Differentiate between ethics and ethical behavior : Differentiate between ethics and ethical behavior. Why are ethical practices and corporate social responsibility critical issues for contemporary managers?

Reviews

Write a Review

Operation Management Questions & Answers

  Book review - the goal

Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..

  Operational plan in hospitality enterprise

Operational plan pertaining to a hospitality enterprise is given in detail in the solution. The operational plan is an important plan or preparation which gives guidelines regarding the role and responsibilities of each and every operation at all lev..

  Managing operations and information

Recognise the importance of a strategic approach to the development and deployment of organisational information systems. Demonstrate an understanding of the importance of databases and their integration to the organisation's overall information mana..

  A make-or-buy analysis

An analysis of the holding costs, including the appropriate annual holding cost rate.

  Evolution and contributor of operations management

Briefly explain Evolution and contributor of Operations management.

  Functions and responsibilities of an operations manager

A number of drivers of change have transformed the roles, functions and responsibilities of an operations manager over recent years. These drivers have not only been based on technological innovations but also on the need for organisations to develop..

  Compute the optimal order quantity

Compute the Optimal Order quantity of DVD players. Determine the appropriate reorder point.

  Relationship to operations practice in the organisation

Evaluate problems in operations and identify approaches to overcoming them. Critically evaluate operating plans and identify areas for improvement. Justify, implement and evaluate changes to operations in line with modern approaches.

  A make or buy analysis

Develop a report for Figi Fabricating that will address the question of whether the company should continue to purchase the part from the supplier or begin to produce the part itself.

  Prepare a staffing plan

Prepare a staffing plan showing the change of your unit from medical/surgical staffing to oncology staffing.

  Leadership styles in different organizations

Ccompare the effectiveness of different leadership styles in different organizations

  Risk management tools and models

Be able to understand the concept of risk, roles and responsibilities for risk management and risk management tools and models.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd