The Sale Between Bill And Doug Is Unenforceable Essay
A contract is a binding promise between two or more parties. Enforceable contract is present when parties reach mutual assent as to the terms of the contract. Mutual assent is present when there is an offer, acceptance of that offer, and consideration.
An offer is initial proposal to enter into a contract. An offer must include essential elements such as price and subject of the bargain (goods or services). Acceptance occurs when the person to whom the offer was addressed agrees to proposed terms. Consideration is an exchange of promises between the parties. It is an essential element of the contract: the lack of consideration makes a contract unenforceable. Consideration is present when parties give each other something of value, for example, money for goods or goods for money.
In our case, it is clear that all elements of the contract are present: the offeror, Doug, made an offer accepted by Bill. The agreement was supported by consideration; Doug made a promise to sell the house to Bill and Bill agreed to pay purchase price.
Normally, there are no formal requirements to the contract; the contract is valid even if it was not made in writing but as a result of oral agreement. However, the statutes require that certain contracts be in writing. Such contracts are not enforceable if they were not set forth in written form. The contract for sale of real property is one of such contracts and the failure to follow this requirement makes such agreement unenforceable even if all other elements of the contract are present.