Define and apply the four elements of contract formation

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Reference no: EM132108808

For each scenario, do the following (and type your response in (a) (b) (c) format):

(a) state which law (UCC Article 2 or Common Law) applies to the scenario;

(b) define and apply the 4 elements of contract formation to determine whether or not the parties formed a contract;

(c) state the contract terms if you decide the parties formed a contract. If you decide the parties did not form a contract, state “No contract formed.”

SCENARIO 1

Bob offers to paint Abe’s house for $10,000. This cost includes all materials needed to remove old siding, rotten wood, and reseal windows, and of course, paint. Two weeks into the job, Bob tells Abe that he underestimated the amount of rotten siding needing replacement, that to complete the job properly, Abe must pay more.

Bob: Once I got to work, I found more rot than I first thought. I’ll need $2,000 more to complete the job. If you can’t agree to that, then you will need to find someone else to finish the job.

Abe: OK, I promise to pay you the extra $2,000. It will be hard, but I need this work completed. I plan to put the house on the market as soon as you are finished. I need to move to Dallas for work ASAP.

Bob completes the work, and Abe gives Bob a check for $10,000. Bob sues Abe for the extra $2,000. Did Abe and Bob form a contract regarding the extra $2,000? Why or why not?

Reference no: EM132108808

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