Scenario 5: Contracts Christina Scott was responsible for leases and purchases of property for Bayview. Bayview was...

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Scenario 5: Contracts
Christina Scott was responsible for leases and purchases ofproperty for Bayview. Bayview was interested in building a coffeeshop on a tract of land close to Clemson University in SouthCarolina. Scott met with Moe Smith about purchasing the land. Scottjudged Smith to be about 85 years old. During the meeting, Scottnoticed several brochures about assisted living facilities, as wellas several prescription bottles. After discussing the good old daysfor several hours, Scott and Smith agreed on the sale of the landfor $45,000. Since Scott brought a copy of a contract with her, shehelped Smith complete the paperwork and both parties signed.Unbeknownst to either party, the purchase price was written as$5,000. Three days before the closing, Scott called Smith to remindhim of the location of their meeting to sign the remainingdocuments. Confused, Smith said he didn't know anything aboutselling that land and he had no intention of selling his land tosome dumb blonde who tried to cheat him.
What are the basic requirements for contract formation?
What defects in the contract formation process may haveoccurred?
Does Scott, on behalf of Bayview, have a valid contract withSmith?

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The basic requirements for contract formation are Offer and acceptance Offer is the promise in exchange of performance by another party and acceptance when another party accept the offer Consideration Consideration means something of value In contracts this is basically See Answer

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