Assignment: Applying the Law: Contracts

Assignment, refer to the readings to gather information to support your responses. Your answer to each should include the following:

• A response to the question or questions.
• A brief legal argument in which you explain or justify your response based on relevant information from the specified chapter.

Question:

1. A contract is an agreement, but an agreement is not a contract. What element or elements must be present for an agreement to be considered a contract? Explain your answer and provide an example of an agreement and how it might be modified to become a contract.
2. Rowe advertised in newspapers of wide circulation and otherwise made known that she would pay $5,000 for a complete set consisting of ten volumes of certain rare books. Ford, not knowing of the offer, gave Rowe all but one volume of the set of rare books as a Christmas present. Ford later learned of the offer, obtained the one remaining book, tendered it to Rowe, and demanded the $5,000. Rowe refused to pay. Is Ford entitled to the $5,000?
3. Baker entered into an oral agreement with Healey, the State distributor of Ballantine & Sons liquor products, that Ballantine would supply Baker with its products on demand and that Baker would have the exclusive agency for Ballantine within a certain area of Connecticut. Shortly thereafter the agreement was modified to give Baker the right to terminate at will. Eight months later, Ballantine & Sons revoked its agency. May Baker enforce the oral agreement? Explain.
4. Jones, a minor, owned a 2016 automobile. She traded it to Stone for a 2017 car. Jones went on a three-week trip and found that the 2017 car was not as good as the 2016 car. She asked Stone to return the 2016 car but was told that it had been sold to Tate. Jones thereupon sued Tate for the return of the 2016 car. Is Jones entitled to regain ownership of the 2016 car? Explain.