Wednesday, May 6, 2020

Advertisements are not Legal Agreements Essay - 923 Words

Abstract This paper examines the elements of a legal contract and how advertisements are not viewed as legal contracts in most cases. It will review the case of Leonard vs. Pepsico to determine what happens when an advertisement is viewed as a valid offer and responded to with such view. How rewards and auctions are viewed in legal terms. Finally, how this applies to the creative idea to boost tourism by auctioning Bigtown on eBay. Elements of a Legal Contract In order to have a contract that is legally binding, it must be valid and involves at least two parties. They are the offeror, the party making the offer, and the offeree, the party accepting the offer. A contract exists only if the offer is made and accepted. It must be clear and†¦show more content†¦The third element involves contractual capacity. Capacity involves whether the parties are able by law to enter into a contract. Minors, mentally impaired people, and intoxicated people are not legally able to enter into a contract. This is due to the incapacity of the person or persons involved to completely understand the terms. It is therefore not legal and no contract exists. If a party enters into a contract against their will, this is called duress and is not legal (Cheeseman, 2006). The fourth element of a valid contract is lawful object. Every part of the contract must be lawful. If any part of it is unlawful, the contract is void and unenforceable. For instance, if one party offers another party a certain sum of money to buy alcohol for a minor, since it is unlawful to do so, the contract is void and unenforceable. Another thing is if the money offered has been secured by illegal means, this too voids the contract and deems it unenforceable (Cheeseman, 2006). The objective theory of contracts determines the intent of a person to enter a contract. If a reasonable person in the same circumstances concludes that both parties intended to be legally bound by the contract, it is deemed a legal contract. 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