Question

Juan says to Jim, “I would like to sell my watch to you.” Jim replies, “Great. I will be happy to give you a fair price for it.” Has a contract been formed? why or why not?

Sally offers Tom a job as a paralegal, saying she will pay him ''what he is worth.'' Tom accepts. Has a contract been formed? Why? or why not?

janet says to Joan I am eager to sell my antique vase to you, Joan says "would you consider $400 for it? has a contract been formed? why or why not?

Answer 1

A contract refers to mutual understanding between two people *offerer and offeree and exchange of something for the deeds said by the offerer.The three major things in a contract are offers,acceptance and consideration

In Juna's case the contract is not fully made because there is only offer from both the ends,they haven't come to end by exchanging their things..Here Juna has made a offer,similarly Jim has accepted by the fair price sjuch is gonna be said by Jim should be considered for a contract to be formed

Here a contract has been clearly made .Sally has offered a job,Tom has accepted it and also agreed for what and how much he will be paid

Here from both the end there is only offer(Janet offers to sell antique vase) Joan asks whether $400 will be considered for the vase ,an acceptance from both end is missing ,here both have to discuss a negotiation has yo be fine and then a contract can be formed