Business Law Scenario Paper

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Scenario 1
In this scenario, a bet of $1000 between two people on the outcome of a football game occurs. A short statement regarding the bet is written and signed on a napkin; witnessed by 10 other people. After winning the bet, the other loosing person refuses to pay the $1000 to the winner. The questions to answer here is whether the winner will be able to legally collect the money from the looser? Why or why not?
The simple answer to the question is NO, the winner will not get the money. Simply put, a contract must have certain elements for it to be lawful. These elements should be between an offeror and an offeree with the following details: an agreement, consideration, contractual capacity, lawful object and parties to a contract. …show more content…

After signing an agreement to purchase the home for $500,000 he become impossible to reach to pay out the cost. After further investigation, it is discovered that the senior citizen has been living in a senior citizen’s home for Alzheimer’s disease. The question to answer here is will I be able to force him to pay the $500,000? The senior citizen in this scenario is not responsible for $500,000, simply due to his age and mental condition. First, the senior citizen would be entitled to indemnification which according to Cornell University Law School “To indemnify another party is to compensate that party for loss or damage that has already occurred, or to guarantee through a contractual agreement to repay another party for loss or damage that occurs in the future.” (Cornell University Law School, 2017). This basically, secures the senior citizen against any lawful responsibility for his actions. Additionally, due to the senior citizen Alzheimer’s disease, it is safe to state that the 80-year-old man did not have contractual capacity to enter into this agreement. One of the element of a basic contract is the offeror and the offeree must be a healthy mental capacity and in this scenario the senior citizen was clearly not capable considering he was later found to be living in a senior citizen home for the

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