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Your supervisor has just met with a potential new client. You and two of your coworkers...

Your supervisor has just met with a potential new client. You and two of your coworkers will be working directly with this client in helping to create and execute contracts. To refresh your skills and memory on contracts, your supervisor has asked you to discuss the following information: Identify, define, and discuss the four elements of a contract, providing examples to help further the understanding of each element. Conduct research online or in the library to find a case involving a contract dispute regarding one or more of the elements of a contract, and provide the following: Summary of case facts, issue before the court, decision and reasoning of court. Ensure that you include the information on the specific elements involved in the dispute. Discuss the ethical issues that arise with the case state your position and defend it.

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Arrwtr: Supervisor has just met with a potential new client The four elements of contract are as follows: Offer and acceptance Competency of parties An intention to create a legal relationship. A consideration (usually money). The competency of parties is must for enforceability of the contract. This is illustrated in case of Blomley vs. Ryan (1956) 99 CLR 362. Summary:Blomley the plaintiff entered into contract with Ryan for buying the farm. However he knew that Ryan is suffering from excessive alcoholism. Ryan tried to talk to the Blomley and nullify the contract but Blomley refused and went to court Issue: Whether contract is legal and parties were competent to contract. Whether Ryan can be held liable for not obligating the contract and order for specific performance can be granted against him. Decision and reasoning: It was held that Ryan lacked competency as he was overly drunken and he could not give his consent and that contract cannot be enforced

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