Define and describe the elements of a valid business contract, including offer, acceptance, consideration, capacity, and legality. Include an explanation on the concept of breach of contract and the Statute of Fraud guidelines to demonstrate your understanding of the issues associated with both concepts.
Next, write a contract statement for the following situation: "Mike sells his used 2008 Camaro to Jim." In your contract, consider all the elements listed below, as well as include examples for each of them-for instance, Mike had made an offer to Jim to sell his car for $600 and Jim accepted that offer.
Parties to the contract
Agreement
Offer and acceptance
Consideration
Contractual capacity
Lawful object
Submission Requirements:
Submit your responses in a minimum of a three page, double-spaced Microsoft Word document. Please make sure you include the title page and the reference page as part of your submission.
Cite sources in the APA format.
Adhere to Standard English grammar, spelling, and punctuation requirements.
Use 12-point Arial font.