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1What are the four elements of a valid contract Indeed there are four elements of a contract A Agreement BConsideration CContractual capacity DLawful object 2Describe the objective theory of contracts How does that theory apply to this case We currently use contract law based on the objective theory of contracts This states that if an objective third party the jury believes the parties intend to form a contract then a contract should be found meaning we prefer to interpret actions and words in such a way that a contract exists rather than to interpret them to find there is no contract wwwbuizntcobcalpolyedu This theory does apply to this case There is 2 ways to perceive this case the first is the way that John Leonard did He believed that the harrier jet was one of the prizes he could receive if he met all the obligations Pepsi Co stated that it was just a humorous act and assumed that everyone would laugh and not take it seriously When Leonard took this case to court the federal judge held the responsibility of the reasonable person because the article did not specify that there was a jury He looked at the ad and agreed with Pepsi Co There was not intent to mislead The judge used his common sense and considered that who would really offer a 23 million dollar jet to give away and further more no objective person could reasonably believe that they were offering the Harrier jet to consumers 3Why do you think the court held that there was not a valid agreement here There was no formal agreement made any reasonable level-headed person would understand that they were indeed joking and the judge also saw the humor in the Harrior jet offer The judge determined that an advertisement is not transformed into
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