Contract Law Issues - Essay Example

Common law rules exist to govern offer and acceptance and parties to a contract may also provide their rules. The parties to a contract must also have the legal contractual capacity that is held for people within minority age unless a person is of unsound mind or intoxicated at the time of the contract. In addition, the offeree must provide a valid consideration, a reward in exchange for the offer. evidence of an offer is another element of a valid contract and is proof that an offer was made (Walston-Dunham, 437).

J. M. Suppliers ltd. The manager calls Ground Millers’ Procurement manager and informs him of J.M.’s intentions to dispose of its track at $ 5000. Ground’s manager asks for time, consults with his CEO, and calls J.M . suppliers to inform them of his company’s willingness to purchase the truck within the following week and make payments at the time of acquisition.