BUS 206 Project Three – Contract Law

Bus 206 Project Three – Contract Law 2 There are four elements to a contract: offer, acceptance, consideration, and capacity. The four elements must be present for a valid contract to exist (Martella, 2013). The first step towards a contract is the offer. Typically, a party offers to perform a service, sell a product, trade, or conduct other business ventures. An offer is valid when it is severe and not revoked. We can't be said in jest, or the offeror cannot withdraw the offer. Secondly, we have acceptance when the proposal is agreed to by the party it was presented to. The next element of a contract is a consideration. This is when we have an exchange of typically money. Contractual capacity is the third element, which is the legal ability to enter into the legal biding agreement. The parties need to understand they are entering into a contract. A final element is a lawful object identifying if the contract is legally binding. To be legally binding, the contract cannot be illegal or against public policy. (Ashley, 2017) As we analyze the summary of this case, we need to look at the potential rights. First, we have the Friendly Dawg:  The Friendly Dawg has the right to expand the business; this is due to nothing specific in the lease refraining them from it.  The Friendly Dawg is not late on their rent, and they pay more than Sunshine Yoga. This entitles the Friendly Dawg to refute any claims.  The Friendly Dawg has the right to renovate unless the lease restricts him from doing so.  The Friendly Dawg has the right to have repairs made by the Landlord per