View regarding the adequacy of the consideration

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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

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