Discussion -business law
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Centennial College *
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Jan 9, 2024
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There is no binding contract here because two or more parties have signed the contract, and the legally
binding contract involves offer, acceptance, and consideration (DuPlessis et al., 2020, p150). Due to
Cooper and Finestone did not formalize the contract, they had an informal agreement. First, an offer is
one of the essential elements of the contract. An offer means that two parties are willing to accept the
offer from the other party and enter into a contract (DuPlessis et al., 2020, p125). In this case, Cooper
offered to sell tickets to Finestone that they did not specify the terms, moreover, Cooper's behaviour
provided a service offer, not a contract offer. Due to there being no offer entered into the contract,
Cooper did not have an obligation and continued offering tickets to Finestone in the future. Second,
acceptance is the essential element of the contract. One party who is unequivocally and unconditionally
is willing to accept an offer from the other party and enter into the contract that the contract is legally
binding (DuPlessis et al., 2020, p134). Finestone can not provide evidence that he as the offeree is willing
to unconditionally accept Cooper's offer and enter into the contract. Finally, the essential element of the
contract is consideration. Consideration shows that two parties are willing to exchange something and
enter into a contract (DuPlessis et al., 2020, p140). In this case, Cooper has not worked and socially
dealing with Finestone after 10 years. It shows that Cooper can not receive Finestone's agreement to
enter the contract because he did not provide something of value in exchange. The contract did not have
binding between them because there is no consideration on the transaction.
I think Finestone can not sue Cooper because their contract did not include three essential elements of
the contract, Cooper was not obligated to continue offering the ticket to Finestone, and their contract is
unformalized.
The formal contract must clearly and detailed describe the transaction’s period, offer,
condition, price and witness; therefore, their contract is not legally binding.
References
DuPlessis, D., O'Byrne, S., King, P., Adams, L., & Enman, S. (2020).
Canadian business and the law.
Nelson
Education Ltd.
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