Question

of Contract can you please go into detail with for 400 words or more thank you

Johnny, a neighbor who is not a merchant under the Uniform Commercial Code, offers to buy a car from Mark for $30,000. Mark asks Johnny for some time to think about it. Johnny says sure. He writes on a piece of paper that he will keep the offer open for two weeks.
A week later Johnny sees another car he would rather buy. He purchases that, and then he tells Mark that he is revoking his offer.
Two days after that Mark said: “I’m sorry Johnny you made an offer in writing to buy my car. I’m going to hold you to that.”   
Johnny replied: “Sorry I cannot do that. But I will promise to pay you $10,000 for the help you gave me last year around the house.” Somewhat mollified Mark accepts.
A week later and Johnny decided to renege on that promise as well.
Fed up, Mark sued Johnny for breach of contract on both the promise to buy the car and the promise for the $10,000.

Discuss whether the elements of a contract are satisfied in this case.

The requirements below must be met for your paper to be accepted and graded:  

Write between 500 – 750 words (approximately 2 – 3 pages) using Microsoft Word.

Attempt APA style, see example below.

Use font size 12 and 1” margins.

Include cover page and reference page.

At least 60% of your paper must be original content/writing.

No more than 40% of your content/information may come from references.

Use at least two references from outside the course material, preferably from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the two reference requirement.

Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be identified in the paper and listed on a reference page.Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as, scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc. Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable.

Answer 1

The requisite elements that must be established to demonstrate the formation of a legally binding contract are:(1) offer; (2) acceptance; (3) consideration; (4) mutuality of obligation; (5) competency and capacity; and, in certain circumstances, (6) a written instrument.

In the above study, there is an offer from Johny but since Mark did not accepted it that time, it did not turned in to a contract. Thus there is no case here of the breach of contract in case 1.

For Case 2 also there is an oral offer, acceptance, consideration, mutuality of obligation as well acceptance. Since all the elements are present, the arrangement can be seen as contract. Thus Mark is correct to sue for breach of contract.