Question

Think about a contract you are a part of or have entered into in the past? Now that you have read about the different ways contracts are constructed - Bilateral, Unilateral, Oral, Written, etc., what is something you now know about that contract that you did not before? Try to recall if there is/was anything about the contract that you wished had not been included or that you wished had been included in the terms of the contract - what were they?

Answer 1

answer-

at the age of 18, i made a promise to my friend to sell my bike for $200 and He said that he would tell me on next week on sunday about that he accept my offer or not. In thie meanwhile, my another friend get to know about my bike and asked me to purchase it. he said that he would way $250 for the Bike.

This situation was very conflicting as i made promise to my first friend to sell my bike for $200 and but if i sell it at $250 then i would made more profit. in the end i sold it to my first friend at $200.at that time i did not know about anything like what are the essential elements of a valid contract. that deal was just friendly deal and i put more pressure on my relationship with first friend.

If i know about this knowledge before then i would have made the right decision which is legal as well as profitable for me. this is because i would have the acceptance element in my contract. now i know that in order to make a contract valid, there should be acceptance of promise. if i would have said before that offer on bike is valid for one day not one week then i could have made the sale of bike for $250 to second friend.

the addition of terms like offer valid for one day is necessary to make contract valid because if another person does not accept the offer withing specified time then offer is terminated and i could sell the bike to anyone but i waited more than a week to get acceptance of my friend in the past.

so, i would say, that i will be more focused on essential elements of contrac like offer, acceptance, consideration, competency and other legal terms for future so that i can make valid contract in future and does not repeat such silly mistake again.