Business Law Considerations

Business Law
Name
Institution
Date
Business Law
In the law, a contract arises where there is an offer, and it has been accepted. The following has been discussed in detail as it pertains to the law: agreements, the capacity to consent, and genuine assets and considerations.
Agreement cases
Case question 1: The manager had a right to withdraw newspaper ads since it was just an ordinary negotiation invitation. As stipulated by the contract, there must be a contractual intent for an offer to existing, and, in this case, there was none (Tworney, Jennings and Greene p 221).
Case question 3, the offer was revoked by Katherine because she wrote a revocation letter to Paul through email before accepting the offer through the phone (Tworney et al., p222).
Case question 4, the social forces and ethical values involved include the option contract under common law or a firm offer under the commercial code or non-code statutes, which denies the offeror power to revoke ( p 223).
Case question 6, Willis Music Company was not liable because newspaper ads are considered a mere invitation to negotiation, which lacks intent to contract. Hence, it cannot be accepted (p 233).
Case question 9, Zehmer and his wife were wrong for saying that there was no contract because there was a contractual intent. They had signed the draft by stating that "We at this moment agree to sell to W.O. Lucy the Ferguson Farm complete for $50000 title satisfactory to buyer," which led Lucy to acquiesce for there was sufficient definite of the offer (p242).
Capacity to consent and genuine asset case
Case question 1, the MacKintosh salesperson's conduct did not constitute fraud because he did not take any active steps to hide the truth, making it was innocent mis-presentation. He never knew anything of the car history (p 245).
Case question 2, Helen can avoid the contract for she had no contractual capacity. She is a minor, and the law protects minors from unwise contracts. Also, according to the law, any person under 18 years is a minor, and by the time she was buying the motorcycle, she was only 17 years old (p 243).
Case question 4, th...