Unit 3 Ip

In: Business and Management

Submitted By Kwill93
Words 1351
Pages 6
Presented in Partial Fulfillment
Of the Requirements for the Class
Business 310

What are the key legal factors present in the scenario?
There are a lot of legal issues at hand in this scenario, but the main legal issue whether the company is telling the truth or is it valid or not. The soft drink company put a deal out there, which promised a reward of a Harrier Jet for whoever would reach 7 million company points. But when a customer reached the 7 million points it remained to be seen if the company would keep there end of the bargain. The issue here is whether the company’s suggestion for exceeding something that wasn’t a reasonable or appropriate award constituted a valid contract or not.

What are the 4 elements of a valid contract?
There are four elements of a contract and when a party files a suit claiming a breach of contract; the first question the judge must answer is whether a contract existed between the parties. The complaining party must prove four elements to show that a contract existed: (1) offer, (2) Consideration, (3) Acceptance and (4) Mutuality. If any one of them is missing, the agreement will not be legally binding. An offer is when one of the parties makes a promise to do or refrain from doing some specified action in the future. In this case the company offered to give a Harrier jet to the customer who could reach a total of 7millon points. Consideration means something of value was promised in exchange for the specified action or non-action. This can take the form of a significant expenditure of money or effort, a promise to perform some service, an agreement not to do something, or reliance on the promise. Consideration is the value that induces the parties to enter into the contract. (Jec.unm.edu), promising the jet knowing that even if a customer came up with the points…...

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