Corvette Stingray Product Analysis - Special Academic Support

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Validity of contract

A contract is defined a legally binding agreement between two parties to do or not to do something. Generally, different parties enter into contracts for various reasons. Most of the contracts usually involve the sales or purchase of a certain product; that is it involves the exchange of money between the parties, which are entering into agreement (Van Eechoud, 2003, p. 198). Several factors are considered to determine whether a contract between two parties has been made. After determining whether a contract has been made, it is essential to determine whether there are issues, which may affect its validity, hence, application in a court of law. Finally, in case of breach of the contract, it is important to determine the damages that may have been caused by the breach of the contract.

Clarice Daughtery decides to enter into contract with Leonardo deCapo to sell her the 1965 Corvette Stingray. She does so by mailing Leo, the terms of the contract mainly relating to the cost of the transaction between the two parties. She decides to sell the 1965 Corvette Stingray for $ 25,995, with Leo covering the cost of transferring the title of the vehicle to him. Upon acceptance of the terms specified by Clarice, a legally binding agreement for the sale of the 1965 Corvette Stingray would have been made between Clarice and Leo. A month after receipt of the terms of the contract from Clarice, Leo accepts the offer and therefore mails Clarice to indicate his acceptance.

Therefore, by accepting to buy the 1965 corvette Stingray, Leo enters into a legally binding agreement with Clarice. Mailing of the acceptance letter automatically forms a biding agreement regardless of whether Clarice received the letter or not. This makes the contract valid since according to the mailbox rule, dispatch of the acceptance letter makes the contract to be valid (Wilhite, 2009, p. 48). In addition, the fact that Clarice sent the terms of the contract via mail shows that, mail is the authorized and reliable means of communication between Clarice and Leo (Helewitz, 2010, p. 64)

Clarice has therefore to abide by the terms of the contract that she made with Leo. Failure to do so, Leo can seek legal action against Clarice for the damages that may have been caused due to the breech of the contract.

Sales agreement between Leo and Clarice

Vehicle Sales Agreement

This vehicle sales agreement is made this 2 day of February 2011, between Clarice Daughtery (hereinafter referred to as the Seller) and Leonardo diCapo (hereinafter referred to as the Buyer). The buyer and the seller shall hereinafter be referred to as The Parties.

Background

The Seller desires to sell the vehicle (hereinafter referred to as the Acquired Vehicle) under the terms and conditions, which are described below. The Buyer desires to buy the Acquired Vehicle under the terms and conditions described below.

Terms and Conditions

In consideration of the mutual agreements between The Parties with regard to the sale of the Acquired Vehicle, The Parties intend to be legally bound and hereby agree as follows:

Description of Acquired Vehicle

Make: Corvette Stingray
Model: Toyota Corolla K70
Body type: Two doors
Year: 1965
Body Color: Silver
Vehicle Registration Number: CAX 5555

Consideration

Purchase Price

The amount of money that is to be paid by The Buyer for the Acquired Vehicle shall be $ 25,995.

Title transfer fees

The Buyer shall cover the costs of transferring the title to his name.

Delivery of Acquired Vehicle and conveyance of title

Delivery of Acquired Vehicle

The Seller shall deliver the Acquired Vehicle and the Buyer shall take possession of the same at the Sellers premises on or before 20^th February, 2011 (either in person or through a third party).

Conveyance of title

The Seller shall convey the title to the Buyer upon delivery of the vehicle. In addition, the Seller agrees to provide the buyer with all the necessary documentation required to execute the transfer of the title to the Buyer. The Seller also agrees to execute the transfer of the title to the buyer upon payment of the necessary fees to execute the same.

Acknowledgements

Each party acknowledges that he or she has the adequate time required to read and fully understand this Agreement and consult with his attorney before agreeing to the terms and conditions of the contract.

References

Helewitz, J.A. (2010). Basic Contract Law for Paralegals. Sixth Edition. NY: Aspen Publishers. Web.

Van Eechoud, M. M. M. (2003). Choice of law in copyright and related rights: alternatives to the Lex Protectionis. The Hague: Kluwer Law International. Web.

Wilhite, L.A. (2009). Promoting E-Legal Behavior: Litigation and Counseling. The practical litigator. E-legal practice. Web.

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