Isadora, an 18-year-old coin collector, walks into Corbin's Collectibles Store. Isadora identifies what she believes to be a coin that she is missing from her collection and asks Corbin how much he wants for, as Isadora put it, "that one-of-a-kind, rare coin." Corbin knows that the coin is actually a very nice, but far from unique, reproduction worth about 90 dollars. Seeking to capitalize on Isadora's misunderstanding, Corbin offers to sell the coin to Isadora for $400. Isadora happily buys the coin for $400. Has a legally enforceable agreement been made?- ○ No. Mutuality is not present.- ○ No. Due to a lack of consideration, no legally enforceable agreement has been made.- ○ No. The price paid was well below quantum meruit.- ○ Yes. All elements of OACMCL are met.- ○ Yes. There has been an offer and an acceptance.

All business operations need contracts. Employment contracts, operating agreements, and buy orders are all necessary contracts. Small business owners should know the ins and outs of contract law when writing any document thus they don't run into legal issues later on. Option 1 is wrong ❌️Mutuality of obligation is generally about both parties being bound by promises, and it doesn't directly apply to the absence of consideration or potential misrepresentation in this scenario.Option 3 is wrong ❌️Quantum meruit means the reasonable value of services. In this case, the issue is more about the absence of consideration and potential misrepresentation rather than the reasonable value of services.Option 4 is wrong ❌️ OACMCL does not show a standard legal concept or the essential elements of a contract. Option 5 is wrong While there has been an offer and acceptance, the critical issue here is the absence of consideration and potentially deceptive conduct by Corbin in misrepresenting the value of the coin. Option 2 is CORRECT ✅️ Consideration is a fundamental element of a legally enforceable contract, and it implies the exchange of something of value between the parties. In the given case, Isadora paid $400 for a coin that Corbin knew was worth significantly less, and Isadora misunderstood the true value of the coin. Since there is a lack of genuine consideration and potentially an element of misrepresentation, the agreement may not be legally enforceable. Option 2 is CORRECT ✅️

Answered: Isadora, an 18-year-old coin collector,…