Business Law Report - Contracts

11 Pages 2858 Words

Business Law Report - Contracts

The following report is based upon the following scenario. Cooper offers to purchase Brant’s coin collection for $5,000, and Brian accepts Cooper’s offer. Assuming that their agreement has met all the requirements for a valid contract, analyze this contractual situation in regards to different positions that each party can assume.
In the first situation that will be analyzed, the contract is written, Brant is a minor, and Cooper is an adult. Brant sold the coin collection to Cooper in exchange for $5,000. Brant then has a change of heart and wants to recover his coin collection from Cooper. The issue is whether or not Brant is allowed to do this while he was still a minor and what if Brant was a minor at the time of the sale, but did not decide that he wanted the coin collection back until a year after his eighteenth birthday.
First we have to address the issue of the written contract. To address this issue you must consider if this rule falls under the Stature of Frauds. The Statute of Frauds stipulates which contracts need to be in written form to be enforceable. (West 270) One of the rules states that a contract for goods priced over $500 must be written. So, this contract is acceptable by law. (West 275)
Next we can address the issue about Brant being a minor. In the first scenario, it states that Brant is a minor and that he wasn’t to stop the contract while he is still a minor. Since Brant is a minor, the contract can be disaffirmed at his option. (West 240) Brant must return what he received from Cooper in the contract which is $5,000 and Cooper must return the coins. Because of this, Brant cannot receive the coin collection back until he returns the money to Cooper.
Lastly, there is the issue about Brant wanting the coin collection back after he reaches the age of majority. Current laws stipulate that minors have the opportunity of disaffirming a contract if it done...