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Legal Contract Memo

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Submitted By Marrenmd
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Memorandum to Ms. Starz
To: Ms. Starz
From
Date: November 16, 2013
Subject: Legal Contract between Claire Dawn and Leonardo deCapo

I have found that there is in fact a legal binding contract between Claire Dawn as the Offeror and Leonardo deCapo as the Offeree (Spagnola,nd). On February 13, 2008 Claire Dawn presented a written offer to sell her 1965 Corvette Stingray to Leonardo deCapo for $25,995.00 plus the cost of the title transfer.

The Mutuality of Obligation, or the requirement of both parties to be bound by the terms of the agreement (U.S.Legal,nd), is clearly stated through the offer to exchange the car for the desired amount of payment. When Mr. deCapo makes the payment in full and pays the cost required to transfer the title he will gain possession of the vehicle.

There is Sufficiency of Consideration. Both parties are offering something of value, and all of the necessary components are present to make this a legal binding agreement (Clearpoint,nd.). The Parties are clearly distinguished, Claire Dawn and Leonardo deCapo, there is a mandatory value ascribe by the parties to the exchange involved in this contract ($25,995.00 in exchange for the 1965 Corvette), the subject matter is clear and present ( the vehicle/the payment).

There Is Adequate Consideration – This is a fair and reasonable offer as the value of the car is consistent with the asking price. The exultancy of the asking price to the value of the car deems this contract valid (Business Dictionary,nd).

There Is A Certainty Of Terms – The terms of the exchange are made clear through a firm offer to sell the vehicle for $25,995.00 plus the cost of the title transfer. When Mr. deCapo makes the payments required by both Ms. Dawn and the Title Company, the care will become the legal possession of Mr. deCapo.

The Time is of the essence clause is not a factor in this contract

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