Law of Contract (Essay Sample)

A contract is an agreement between two parties and must be enforceable by law. An agreement in a contract is made when a person is willing to do or to abstain from doing anything with a view of obtaining the assent of the other party. The parties in this case are Jud Wheeler who is a promisor and Krauses who is a promisee. Every promise and every set of promise or promises forming consideration for each other is known as agreement. One of the essential elements of a contract is an offer. A contract comes into existence when a definite offer has been unconditionally accepted by the offeree. The offer can either be made in oral, written or can be implied provided that the mode is legally accepted.
Counter offer is one of the species of offer and is applied in this scenario. Counter offer is a change, variation or modification of the terms of the offer by the offeree i.e. Krauses. It is however a conditional acceptance and therefore legal. The legal affect of making counter offer is that it terminates the original offer which thereby becomes inept of acceptance unless revived. They are therefore within legal jurisdiction to avoid the contract on later learning that they might have sold their property for a higher ...