Referencing required elements for valid contract to exist

Assignment Help Business Management

Reference no: EM133939217

Question

Joe and Dave are cousins. Dave has just been accepted into medical school but is worried about how he will pay for his tuition, books and rent. After going out for a cup of coffee and hearing Dave's concerns, Joe says that he will give Dave $500 per month in order to help with his expenses. Halfway through the school year, Joe decides that he would like to start saving for a new car and he tells Dave that he will no longer provide him with $500 per month. Dave feels like Joe has breached a contract as is considering suing for breach.

1. Specifically referencing the required elements for a valid contract to exist, please explain whether a valid contract exists here?

2. If you conclude that a valid contract does not exist, what could Dave have done to ensure that the promise became legally binding?

Reference no: EM133939217

Questions Cloud

Discusses the ocean-of-data-problem : The article Compliance Analytics Can Help you harness the power of Data it discusses the ocean-of-data-problem

Principal under the Contracts Act : Explain THREE duties of an agent to a principal under the Contracts Act 1950; and Explain TWO duties of a principal to an agent under the Contracts Act 1950.

What are ethical challenges google faces as explained : What are the ethical challenges Google faces as explained in this case? Has Google implemented a strategy that serves all stakeholders?

Practical application of static finite element analysis : Application of Finite Element Analysis using the Abaqus commercial finite element software is presented in this topic overview

Referencing required elements for valid contract to exist : Specifically referencing the required elements for a valid contract to exist, please explain whether a valid contract exists here?

Where is the moral compass pointing : If you were the sales manager of the local radio station, would you broadcast the new commercials for MighTY Mortgage? Where is the moral compass pointing? Why?

Discuss how a companys internal environment might affect : Discuss how a company's internal environment might affect the development of the corporate strategy.

How people either drive or mitigate the risk you have chosen : Using one of risks described in Wright text, explain how people either drive or mitigate the risk you've chosen. Support your case with scholarly citations.

In what ways understanding current restaurant categories : In what ways could understanding current restaurant categories enhance your ability in creating a new restaurant concept?

User Account

All Pages