Assignment: Breach of Contract

Johnny, a neighbor who is not a merchant under the Uniform Commercial Code, offers to buy a car from Mark for $30,000. Mark asks Johnny for some time to think about it. Johnny says sure. He writes on a piece of paper that he will keep the offer open for two weeks.

A week later Johnny sees another car he would rather buy. He purchases that, and then he tells Mark that he is revoking his offer.

Two days after that Mark said: "I'm sorry Johnny you made an offer in writing to buy my car. I'm going to hold you to that."

Johnny replied: "Sorry I cannot do that. But I will promise to pay you $10,000 for the help you gave me last year around the house." Somewhat mollified Mark accepts.

A week later and Johnny decided to renege on that promise as well.

Fed up, Mark sued Johnny for breach of contract on both the promise to buy the car and the promise for the $10,000.

Discuss whether the elements of a contract are satisfied in this case.

The requirements below must be met for your paper to be accepted and graded:

Write between 500 - 750 words (approximately 2 - 3 pages) using Microsoft Word.
Attempt APA style, see example below.
Use font size 12 and 1" margins.
Include cover page and reference page.
Use at least two references from outside the course material, preferably from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the two reference requirement.

Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be identified in the paper and listed on a reference page.Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as, scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc. Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable.