Running head: Critical Analysis Harrison 1
Critical Analysis Paper
Amy Harrison
BUS 311 Business Law I
Professor Maureen Martinous
04/02/2018
, Running head: Critical Analysis Harrison 2
When buying a car, getting a new phone, or going to college we often find ourselves
entering into contracts that sometimes seem like life-long agreements. “A contract is a legally
enforceable agreement” (Rogers, 2012). “In order for there to be a valid contract, five basic
elements must be present” (Rogers, 2012). These elements include: offer, acceptance,
consideration, legality, and capacity. The following paragraphs will be a recent/former contract
that my parents entered into along with a description of the five essential elements of an
enforceable contract, demonstration of how each element relates to their contract, the
circumstances of a breach of contract in their contract and discussion of possible remedies.
It is never any fun being evicted from a home, or watch someone go to court because they
are being evicted for owing rent money. Well in August of 2016 I was in this predicament and I
had no idea where my son and I was going to live since we were staying with someone who got
evicted. Also, I could not financially buy a house because they had ruined my credit from credit
card debt, so then I asked my parents for help. They helped me look for a house and it so
happens that one came up for sale about half a mile from them not too long after I asked for their
help. My parents told me if they could purchase the house they would put it in their name since
they had better credit than I did, so then my parents called Wallace Realty so that they could
meet with the couple who were both real estate agents to get the ball rolling.
Five essential elements of an enforceable contract
For a contract to be enforceable five essential elements must be present which include
offer, acceptance, consideration, legality and capacity. While meeting with the realtor, he
explained everything that we all needed to know about the home buying process and how
everything worked. He told us that the first step would be to make the seller an offer along with
putting up earnest money. “An offer is an invitation for another to enter into a contract” (Rogers,
Critical Analysis Paper
Amy Harrison
BUS 311 Business Law I
Professor Maureen Martinous
04/02/2018
, Running head: Critical Analysis Harrison 2
When buying a car, getting a new phone, or going to college we often find ourselves
entering into contracts that sometimes seem like life-long agreements. “A contract is a legally
enforceable agreement” (Rogers, 2012). “In order for there to be a valid contract, five basic
elements must be present” (Rogers, 2012). These elements include: offer, acceptance,
consideration, legality, and capacity. The following paragraphs will be a recent/former contract
that my parents entered into along with a description of the five essential elements of an
enforceable contract, demonstration of how each element relates to their contract, the
circumstances of a breach of contract in their contract and discussion of possible remedies.
It is never any fun being evicted from a home, or watch someone go to court because they
are being evicted for owing rent money. Well in August of 2016 I was in this predicament and I
had no idea where my son and I was going to live since we were staying with someone who got
evicted. Also, I could not financially buy a house because they had ruined my credit from credit
card debt, so then I asked my parents for help. They helped me look for a house and it so
happens that one came up for sale about half a mile from them not too long after I asked for their
help. My parents told me if they could purchase the house they would put it in their name since
they had better credit than I did, so then my parents called Wallace Realty so that they could
meet with the couple who were both real estate agents to get the ball rolling.
Five essential elements of an enforceable contract
For a contract to be enforceable five essential elements must be present which include
offer, acceptance, consideration, legality and capacity. While meeting with the realtor, he
explained everything that we all needed to know about the home buying process and how
everything worked. He told us that the first step would be to make the seller an offer along with
putting up earnest money. “An offer is an invitation for another to enter into a contract” (Rogers,
