Reference no: EM133503696

Problem: Business Law

Overview

In the case of Lucy v. Zehmer, Zehmer spent the night drinking with his friend Lucy. During the evening, a piece of paper was signed whereby Zehmer agreed to sell his farm to Lucy. In this assignment, you will review the full case study in your textbook, analyze the contractual elements and ruling, and indicate whether you agree with the ruling.

Prompt

Read the Lucy v. Zehmer case summary in the "Elements of the Offer" section of Chapter 14 in your textbook, and the analyze the case in relation to contract law.

Specifically, you must address the following criteria:

Question I. Identify the contractual element Zehmer contended was missing.

Question II. Summarize the court ruling and explain the reason for the ruling.

Question III. Agree or disagree with the ruling, and include a rationale to support your ideas.

Question IV. Summarize a personal experience in which you entered into a contract that you did not think of as a binding contract at the time. Consider which elements of a contract were in place and which were missing.