Law, Understanding Contracts

International Legal and Ethical Issues in Business, Sunday, 10:00 p.m. American InterContinental University Professor Jarrod Burch

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Abstract In this document I will be discussing business law. I will be comparing and contrasting issues pertaining to contracts. I will be discussing the difference and the likeness of problems related toward Uniform Commercial Code (UCC) (Hallock, Hendricks & Broadbent, 1998).

1999, a Seattle man took a popular soft-drink company seriously when one of its commercials made an offer of a Harrier jet, the famous high-tech jump jet used by the U.S. Marines. In a TV commercial that aired in 1995, the company jokingly included the Harrier as one of the prizes that could be received with a mere 7 million company points. Although that sounds like a lot of points to get from drinking the soft drink company's products (roughly 190 drinks a day for 100 years), the company also allowed customers to purchase points for 10 cents each. The man did the math and discovered that the cost of the 7 million points needed for the jet was $700,000. He then put together a business plan, raised the $700,000 from friends and family, and submitted 15 points, the check, and an official order form along with a demand for the Harrier jet.

The company wrote back, stating that the Harrier jet in the commercial was simply used to create a humorous and entertaining advertisement. They apologized for any misunderstanding or confusion people may have experienced and enclosed some free product coupons. The free coupons did not satisfy the man, who then took the soft drink company to court. Finally, a federal judge for the Southern District of New York held that the company was only joking when it implied in its ad that it was giving away fighter jets. The judge noted that because the jets sell for approximately $23 million, no one could have concluded that the commercial actually offered consumers a Harrier jet. Instead, this was a classic example of a deal that was too good to be true. Write a 3–5-page paper that answers the following questions:

The Harrier jet offer was a verbal agreement and was a joke. The Television commercial brought lots of attention, but it was voidable because it was too good to be true. Employment law corresponds with contract law. A contract is a binding agreement among two parties, which must have the elements of a contract. What are the four elements of a valid contract?

Offer of a contract is offer must be specifically communicated. Acceptance is a mirror imagine rule Capacity covers employment age, diminished mental capacity, retardation, and intoxication. Capacity is each person must be able to meet obligations of a contract. Title 13, covers contracts explaining voidable and unavoidable contracts. For a contract to be unavoidable both parties has to give up something, it was voidable because it was too good to be true.

Consideration and possibly gifts Legality · What is the objective theory of contracts? · How does the objective theory of contracts apply to this case? · In your own words, why do you think the court held that there was not a valid agreement here? · Promise on contract law, and morale obligations. Gift is consideration. Capacity, explain Uniform Commercial Code (UCC). What should be in writing and what shouldn’t? LEG. Are advertisements generally considered offers? Explain.

· How does this case differ from a reward situation in which a unilateral contract is formed upon completion of the requested act? Your submitted assignment (125 points) must include a 1–2-page Word document that contains your answers to the questions listed a reference list of any sources that you used within your paper (cited properly in APA format). Grading: You will be graded on the accuracy of your answers and your demonstrated understanding of legal contracts.

The Harrier jet offer was a verbal agreement, which was a verbal contract. The Television commercial brought lots of attention, but it was voidable because it was too good to be true. There have to be a certain level of business to form a contract. Employment law corresponds with contract law. A contract is a binding agreement among two parties, which must have the elements of a contract. Our focus will be on the following: The four elements of a valid contract

What is the objective theory of contracts? Does the objective theory of contracts apply to this case? Why do you think the court held that there was not a valid agreement here? These are the concepts involved in contracts and will be explained in farther detail throughout this assignment (Ebert & Griffin, 2009).

The Five Elements of a Valid Contract