BUSI Law LA3

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School

Yorkville University *

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Course

2023

Subject

Business

Date

Jan 9, 2024

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docx

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Uploaded by avantika62001

BUSI2023: Business Law Learning Activity 3 Avantika Yadav Issues: Did Murray and the antique store have a legal contract in place when they bought the Celtic stein? Does the owner of the shop have a rightful claim to any portion of Murray's sales revenues from the stein? Is there a chance the Colorado collector may be unable to retain the stein? Rule: In order for a contract to be considered valid, there must be an offer, acceptance, consideration, legal capacity, and a legal purpose. Additionally, any claims by the store owner would be based on principles of contract law. Application: Valid Contract Between Murray and the Store: It seems that Murray and the store had a legitimate agreement. The store clerk offered to sell Murray the Celtic stein for "five dollars," which Murray agreed to pay. The foundation of a contract was the presence of both an offer and an acceptance. In addition, there was consideration in the form of money exchanged, and both parties were able to engage in contracts legally. Thus, the contract is enforceable. (pg. 825, 848) The store owner's claim for a part of Murray's earnings: The store owner can contend that the sale of the Celtic stein was a mistake since the teenage summer clerk didn't know what she was doing and that the stein was sold for a far lower amount than it was worth. This could bring up contract law problems like unilateral mistakes or fraud. The shop owner would, however, have to prove that there was a mutual mistake or that Murray committed fraud or deception. It could be difficult for the business owner to effectively establish such a claim in the current conditions. The ability of the Colorado Collector to Keep the Stein: The Colorado collector would have a strong claim to ownership if Murray and the business had a legitimate contract in place when Murray sold the Stein to the collector. The sale to the Colorado collector, however, can be contested if the store owner can prove that the first transaction resulted from fraud or a mutual mistake. This would probably rely on how solid the business owner's proof was. Conclusion: Based on the principles of contract law, Murray and the retailer had a legitimate contract for the purchase of the Celtic Stein. The store owner would have to prove that the transaction resulted from fraud or a mutual mistake to be eligible for a certain amount of Murray's earnings from the sale of the stein, which might be difficult under these circumstances. Unless the store owner is able to successfully contest the initial transaction on the grounds of fraud or mutual mistake, the Colorado collector's right to keep the stein will usually stand. In that instance, the collector's ownership may be contested. Martin, K. (2023, February 8). 7 essential elements of a contract: Akorda - the future of legal contracting . Akorda. https://www.akorda.com/blog/elements-of-a-contract

team, I. editorial. (2023, September 12). What is there to know about the capacity to contract? . IONOS Startup Guide. https://www.ionos.ca/startupguide/get-started/capacity-to-contract/

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