Describe three (3) separate oral or written contracts that you personally have entered into within the past year. For EACH contract, fully explain the following in detail:
a. The month and year you entered into the contract. b. A complete explanation of the offer and acceptance that led to the formation of the agreement. c. Whether the contract was express or implied-in-fact at the time you entered into the agreement and why. d. Whether the contract was executed or executory at the time you entered into the agreement and why. ____________________________________________________
Here is a SAMPLE ANSWER:
Contract #1: Purchase of a new car
a. I purchased a new car in August 2014.
b. I originally made an OFFER to buy the car for $23,500. I really did want to buy a car at that time and I explained to the dealer the exact model I wanted including all of the options. Therefore, I believe this was a legally valid offer. The dealer made a counteroffer of $24,800. I made my own counteroffer of $24,250 which the dealer accepted. The dealer told me he was happy to enter into a deal at that price for that specific car. We shook hands on the deal and he told me he would go get the paperwork ready. At that time, I believe the dealer had made a legally valid ACCEPTANCE. This final offer and acceptance resulted in an AGREEMENT that included dealer financing to loan me the money for the purchase. The terms of the deal required me to return two days later with the financing ready and the dealer would have the car ready.
c. It was an EXPRESS contract because all of the terms of the contract – the details pertaining to the specific car to be sold to me, the price, etc. – were all written down on the day we reached the agreement and shook hands on the deal.
d. The contract was EXECUTORY on that original day we agreed in August 2014 because both parties made promises and then had to actually perform their terms of the contract two days later when the car would be picked up at the dealer’s showroom and the money would be paid to the dealer.