Legal Environment Business Essay

Write a paragraph or more for each numbered question below (and for each lettered sub-question where applicable).  Do not copy directly from the book–explain in your own words.  Do not use Google–do not plagiarize–use the material from the book.  PLEASE ATTACH ONLY ONE FILE FOR ALL QUESTIONS, and please label the question numbers/sub-questions.

(Chapters 12 and 13)

1. Discuss the four requirements needed for a valid contract to be formed.

2. Read the court case Lucy v. Zehmer (1954) on pages 240-241 (classic case 12.1) and then discuss:

  • a. the facts of the case (briefly, in your own words);
  • b. whether a serious offer was made by Lucy – why or why not; and
  • c. what the court ultimately ordered.

3. Discuss the following issues regarding “contractual capacity” (and when contracts are enforceable or not):

  • a. minors;
  • b. intoxication; and
  • c. mental incompetence.

4. List and discuss the four types of contractual damages – be sure to include a few sentences of essential info for each type.

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