Ferrari Daytona Pricing Entitlement - Essay Example

It would be extremely difficult for Crockett to establish that there had been any kind of legitimate oral contract under contract law precedents. Even if the individuals had come to an oral agreement for the final price and anticipated payment and delivery, Crockett would still have the burden of proof to attempt to make this supposed contract enforceable. In this case, the enforceability of the contract is negligible, if not completely impossible under the law.

            A valid oral contract has both parties agreeing on their unique performance under the agreement. Crockett would agree to the price established at $250,000 with Tubbs agreeing for delivery upon receipt of this exact amount. This particular type of contract would be a bit easier to establish proof being voided by Tubbs as the presiding judge would recognize the sudden market value increases to $500,000 as a product of the Miami Vice film. This would provide a motive for not fulfilling the contractual obligation, even in its oral form, that would likely find enforceability in favor of Crockett.

            Unfortunately for Crockett, the law does not provide any establishment of legal dominance which would indicate that Tubbs must accept the first negotiated offer he discusses. It could be, though not implied in this case, that Tubbs has been negotiating similar pricing with certain potential buyers (a common occurrence for private sales of merchandise). Tubbs, unfortunately, is under no legal mandate to sell the car to Crockett for $250,000.

            For an oral contract to be enforceable by law, the selling party must make a commitment of acceptance, which is an oral agreement to abide by the fully negotiated conditions and terms of the agreement. Even though Crockett made an offer, illustrating an intention to enter a contract, suppositions that this was an enforceable contract are voided without a second party acceptance. In society, if this were allowed to be enforceable, the court system would be filled with individuals who make offers to uncertain parties, suggesting a breach of an oral contract for not agreeing to their offer terms. In the case of Tubbs and Crockett, Tubbs will likely sell his car for the full market value of $500,000, roll up his sleeves, and enjoy his good fortune. Crockett, however, will have to look elsewhere for a new Ferrari unless he is willing to double his offer to meet the market price now established to confirm an acceptance.