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First Principles of Business Law |
| Making a contract |
| 4. The third essential element of formation: Sufficient agreement |
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4.2. Negotiation and agreement distinguished |
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Read the facts and the question and then choose the best answer. A says to B: "I want to sell my car. Are you interested in buying it?" B replies to A: "Yes, I'm very interested, at the right price. I've always liked your car." Have A and B reached sufficient agreement for there to be a contract? |
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(a) Yes. The parties have reached sufficient agreement for a legally enforceable transaction. (b) No. The parties have not yet reached sufficient agreement for a legally enforceable transaction. |
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