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This essay is to show why the idea of an advertising campaign developed around auctioning Bigtown on eBay is a bad idea The four main elements of a valid contract are agreement consideration contract capacity and lawful object To better understand what these mean I will give a definition of each Agreement is Cheeseman 2005 To have an enforceable contract there must be an agreement between the parties This requires an offer by the offeror and an acceptance of the offer by the offeree There must be mutual assent by parties Consideration according to Cheeseman 2005 is The promise must be supported by a bargained-for consideration that is legally sufficient Gift promises and moral obligations are not considered supported by valid consideration Contractual capacity Cheeseman 2005 is when The parities to contact must have contractual capacity Certain parties such as persons adjudged insane do not have contractual capacity Lawful Object is Cheeseman 2005 The object of the contract must be lawful Contracts to accomplish illegal objects or contracts that are against public policy are void Cheeseman The objective theory of contracts holds that the intent to enter into an express or implied-in-fact contract is judged by the reasonable person standard The question asked is Would a hypothetical reasonable person conclude that the parties intended to create a contract after considering 1 the words and conduct of the parties and 2 the surrounding circumstances This applies to the Pepsi case because if the man would have taken into consideration the words of the advertisement and the surrounding or Jet he would have known this was not a serious offer If the man would have done his research he would have not wasted the time and energy to come up with 70000000 to try and get that jet If he would have looked at this as a humorous commercial of a way to drink Pepsi and win items then he also would have seen the humor instead
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