Question

Case owned a tractor located in the woods near Rabbit Hash Kentucky. On Friday 16^th 2008, Thompson called Case about buying the tractor. Case said I will sell the tractor to you or to anybody else for that matter for $450. Upon an agreement, you take possession of the tractor. On February 19^th Thompson picked p the tractor and brought it home and informed Case on February 20, 2008, that he had the tractor. On February 19^th, Peterson who had learned of the offer from Thompson, sent a notice of acceptance.

Is there a contract? Who is the contract between if there is one? What are the rights of the parties involved?

Answer 1

Contract comprises of the follwoing :

1. offer: It the propsal by a party to do or not to do an act for a certain amount of consideration.

2. Acceptance: It binds over the proposal so received. Over the acceptanence of the offer

3. Consideration: Certain consideration shall be involved for the same.

4. Perfomance: It can any specific act or deed to be executed or not to be executed thereto.

5. Legally Binding: The Offer shall be legally acceptable at large in the consitution.

6. Written: The agreement so formed shall be in wriiten, to be valid

7. Signature; Both the parties shall sign the agreement else the document shall stand void and non-binding.

In the light of the above, It can be seen that Case has proposed a offer. But no agreement had been executed with any party to conclude the same.