Problem: Legal Environment Business Essay
Write a paragraph or more for each numbered question below (and for each lettered sub-question where applicable). Do not copy directly from the book--explain in your own words.
I. Discuss the four requirements needed for a valid contract to be formed.
II. Read the court case Lucy v. Zehmer (1954) on pages 240-241 (classic case 12.1) and then discuss:
i. the facts of the case (briefly, in your own words);
ii. whether a serious offer was made by Lucy - why or why not; and
iii. what the court ultimately ordered.
III. Discuss the following issues regarding "contractual capacity" (and when contracts are enforceable or not):
i. minors;
ii. intoxication; and
iii. mental incompetence.
IV. List and discuss the four types of contractual damages - be sure to include a few sentences of essential info for each type.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.