The paper "Problem-Solving " is a perfect example of a business assignment. In deciding this case one needs to identify if there was a valid contract among the parties. The likely outcome of this case is that the binding agreement was between John and Monica. The reason behind this is that for a valid contract to be in place, all elements of an agreement must be present so as to have an enforceable contract. The elements of a valid agreement are simply an offer and acceptance. According to law offer is an invitation by an individual to another to buy or do something while acceptance is the act of taking another person’ s offer. An agreement is valid if one party makes an offer and the second party makes an acceptance to take the offer.
Therefore, in this case, John made an offer to Monica to sell an antique and he gave her time to think about the terms of the agreement. John’ s offer was valid because it had the elements require to satisfy a valid offer which includes the offer should be promissory, sufficiently complete, it should not be expired, intention to result into a contract if accepted and have to be addressed to a specific person or a group.
All these elements were satisfied because John made an offer to Monica and promised to give her time to think about the terms of the agreement. By accepting this meant that Monica had already accepted the offer and had to look into the terms of the agreement again. This meant that they were in a contractual agreement and John could not sell the antique to any other person. Therefore, in deciding this case one needs to assess if there was a promise between the parties involved.
This is to decide whether this promise would have led to an agreement resulting in a contract. The promise is present that John could wait until Monica thinks about the terms of the agreement. This promise could have led to a valid contract between the two and, therefore, John was not in any position to enter into another agreement regarding the same antique he was selling to Monica.
This could result in an illegal agreement which is an offense.
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