Essential Elements of Agreement in Business Law

This article discusses the essential elements of agreement in business law through five different scenarios. It covers unilateral and bilateral contracts, offer and acceptance, and breach of contract. The scenarios include a unilateral contract for a Harrier Jet, a written agreement for the sale of a farm, a bilateral agreement for the sale of a pen, a breach of contract for the purchase of tomatoes, and a general offer for a reward. The article provides legal references to support the analysis.

Running head: BUSINESS LAW
Business Law
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1BUSINESS LAW
Essential elements of agreement
1. There is a deal but John Leonard cannot sue Pepsi for not delivering Harrier Jet, as it was
unilateral contract and John had to collect 7,000,000 points as per the terms to get the jet whereas
he had 6,999,985. When the action performed, does not fulfil the term of the contract, then the
party cannot sue for breach of contract( Hough & Kuhnel-Fitchen, 2014).
2. The agreement, in this case, is a deal that is valid on the ground that it was a written
agreement on behalf of Z, the owner of the farm who along with his wife signed the receipt. Z
cannot deny from the sale stating it to be a joke. A valid contract forms when one party has
clearly in a written form promised to do something in return of some consideration
(McKendrick, 2014). The receipt clearly stated the sale of farm in consideration for $50,000.00.
3. It is a deal as agreement entered into is a bilateral one as student A has offered to buy B’s pen
for $10. Therefore, both the parties have agreed to perform the action they have decided. Every
valid agreement must have offer and acceptance as the essentials of it (Knapp, Crystal & Prince,
2016). Therefore, this agreement is a valid deal and is enforceable.
4. There is a deal between Tom and Ben as Tom had offered to buy all tomatoes from Farmer
Ben. Farmer Ben performed his part of the contract but they buyer denied to fulfil his promise.
Ben can sue Tom because Tom had agreed to buy ‘all’ the tomatoes hence, he cannot deny from
purchasing them now. When a person makes an offer and fails to fulfil his part of obligation, he
is making a breach of contract hence, he is liable to be sue (Miller, & Hollowell, 2013).
5. This was a deal as it was a general offer and unilateral one. Mrs. Carlill was entitled to the
money offered by the Smoke Ball Company as she had fulfilled the condition that was a part of
the agreement. When any person fulfils the terms of the agreement in a unilateral contract, the
contract is binding on the other party and he has to fulfil his obligation. (Frey, 2015).

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References:
Frey, M. A. (2015). Essentials of contract law. Cengage Learning.
Hough, T., & Kuhnel-Fitchen, K. (2014). Offer and Acceptance. In Optimize Contract Law (pp.
23-50). Routledge.
Knapp, C. L., Crystal, N. M., & Prince, H. G. (2016). Problems in Contract Law: cases and
materials. Wolters Kluwer Law & Business.
McKendrick, E. (2014). Contract law: text, cases, and materials. Oxford University Press (UK).
Miller, R. L., & Hollowell, W. E. (2013). Cengage Advantage Books: Business Law: Text and
Exercises. Cengage Learning.