Introduction
In this paper, the discussion will revolve around Victor Tremont, who intends to sell his car because he is in need of cash. His initial offer for the classic car is $4,900 or Best Offer. Three people appear interested in buying the classic car, with each presenting a different offer. The three interested individuals are Gloria, Levi and Jack Bucksworthy. While there are several contract issues, such as determining the individual with whom Victor has a legal contract, Victor still owns the car and can sell it to Jack for $ 8000.
Contract Issues
The main issue revolves around the individual that Victor has a legal contract with. While an oral contract already exists between Victor and Levi, there are some limitations to the validity of such contracts under the Uniform Commercial Code. Another contract issue is determining whether Gloria’s argument that she was the first person to make an offer is valid. The last issue is establishing the significance of Jack’s statement “provided the engine starts” and if Victor can still sell the car to him at $ 8000.
Applying the Principles of Contract Law
The principles of contract law provide that enforceable agreements must have mutual assent, expressed by valid offer and acceptance, legality and adequate consideration. Based on this law and class readings, none of the three individuals has a legally binding contract with Victor. While it is true an oral contract exist between Victor and Levi, the Uniform Commercial Code (UCC) stipulates that any oral contract involving the sale of goods above $ 500 be made in writing (Martin et al., 2020).
UCC exists to provide comprehensive guidelines on all commercial transactions in the United States. In the case of Victor and Gloria, a mutual contract never existed in the first place – there was no mutual assent or acceptance. A card that Victor never knew existed cannot constitute a meeting of mind where all the parties must agree to it in terms and conditions (Rohr, 2019). Similarly, the handshake between Victor and Levi alone cannot constitute a valid legal contract – a bargain of exchange was never initiated (Belikova, 2019). In fact, the check was never cashed and the title of the car still belongs to Victor. Therefore, Victor still owns the car and has the right to sell it to Jack for $ 8000.
Legal Significance of Jack Bucksworthy’s Statement
As evidenced above, Victor can still sell the car to Jack. However, Jack’s only concern is that he will only buy the car if the engine starts. In terms of making an offer, this statement is significant in the sense that it addresses the full value of the car as per adequate consideration under contract law. This means that Jack will be under AS-IS contract stipulation if the engine starts.
Conclusion
As evidenced above, there are several contract issues that must be considered in determining who Victor has a legal contract with. While Gloria argues she was the first person to make an offer, Victor was not aware of it by the time he met Levi. However, based on the principles of the contract, it is clear that Victor still owns the car and has the right to sell it to Jack. Jack is willing to pay $ 8000 provided the engine starts. This statement, as noted earlier, is significant as it addresses the full value of the car.
References
Belikova, K. M. (2019). Evolution of basic doctrines and principles of contract law in Europe.Amazonia Investiga, 8(22), 173-182.
Martin, J. S., Marks, C. P., & Barnes, W. (2020). The uniform commercial code survey: Introduction. Business Lawyer, 75(4), 26-11.
Rohr, J. G. (2019). Smart contracts and traditional contract law, or: The law of the vending machine. Cleveland State Law Review., 67, 71.