2024 Contracts Managing Legal Relationships

Contracts Managing Legal Relationships

Business Finance Assignment Help 2024

Scenario: Jack, who calls himself, “The King of Soup” comes to town and offers to make the best soup in the world, in one day, for the whole town, for a charge of $100, as long as he gets what he calls, “some cooperation.” The town council accepts.

After a series of visits to various houses, Jack convinces various people of the town to contribute all the ingredients, other than a worthless white stone that Jack drops into the soup, and takes out before it is eaten. Jack does not even stir the soup, but gets others to do so. 
The mayor complains that the contract was vague, that Jack was a con artist and that Jack should not be paid. The town council claims that the soup in fact was the best in the world. They also state that they were entertained and enlightened by Jack’s performance.

Question 1. applies to the scenario above and questions 2. and 3. are about this week’s lesson on what elements are needed to form a contract.

  1. Is there a contract? Explain your reasoning
  2. Bill gives Jim a paper that says, “I.O.U. for gambling debt $100.” Explain how this does or does not create an enforceable contract.
  3. What specific provisions does a typical promissory note have that an I.O.U. lacks? How does this illustrate the need to create certainty of terms in contracts?