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An Essay About Contracts

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Contracts are enforceable agreements that involve at least two parties. There are four elements that are needed to make a contract valid. The first; the offer made by one part must be accepted by another party. Second; consideration which means that each party must either give or receive something of value. Third, each party must have the capacity to understand the terms and conditions. Forth; it is good to have contracts in writing although oral contracts can be upheld in court. The objective theory of contracts is that each party is expected to perform the act as promised in the contract, if one party fails to perform as promised, the other party can use the courts to enforce the contract, and recover damages or other remedies. This case involved a promotion framed contract whose tasks goals are seen as maximal goals, so creativity, flexibility, and cooperative behavior are induced in the exchange. The court did not consider this offer valid because the enticement of winning a jet was a clear example of the company using creative license in a promotion. Advertisements are not considered offers, because what is actually being offered is the positive experience of conducting business, and not the usually over the top prize that the ad is using to grab attention, This case differs from a unilateral contract because; the task that is being asked to complete in order to receive the ultimate prize is so out of bounds that it is clearly not true, and unreachable. Whereas a unilateral contract calls for a reasonable task to be completed in order for a reward to be

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