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Determining the elements of a valid contract

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Reference no: EM131229234

1: Consideration

Discuss the following scenario with your classmates:

Julie offers to sell a bracelet to Rita for $10. Rita accepts this offer by giving $10 to Julie, and Julie gives the bracelet to Rita. Rita then brings the bracelet to a collector, who informs her that the bracelet, because of the place where it was made, is worth $200.

  1. Is this a valid contract? Review the elements of a valid contract, which have been discussed thus far in this course, as you respond to this question.
  2. Define consideration and explain why you are of the opinion that there is or is not consideration present in this factual scenario.

Reference no: EM131229234

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