U.S. Law Essay Example | Topics and Well Written Essays - 1000 words

U.S. Law - Essay Example In business agreements, it is generally presumed by courts that there is an intention to create legal relations unless the parties insert a clause that their agreement shall not be binding in law but shall be binding in honor only. A contract is an agreement between two or more persons which is intended to create legally binding obligations. The word 'binding' is used for there are some contract which are valid but are not enforceable contract, certain basic requirements must be present. There must be an agreement based upon genuine consent of parties, supported by consideration and unable for a lawful object between competent parties. (Hussain, 2002).An offer may be made to a specific person or to any member of a group of persons or to the world at large, but it can not form the basis of a contract until it has been accepted an ascertained person or group of persons.For this case, the owner of happy acres made an offer to sell his property on March 15th to an interesting buyer. He o ffered to sell his property for $200,000, closing to take place 18 days of acceptance, time being of essence. The offeror added that if the offeree sent him a non refundable $4000, the offer would remain open for 30 days from the date thereof. This meant that if the offeree paid a non-refundable $4000, the offer would remain open for 30 days.The owner of Happyacres was told by a business acquaintance that he thought that would pay up to $275,000 for Happyacres on March 25th and he changed his mind and wrote a letter on March 26th. The offeror was actually revoking the original offer