Business_Law_Report_-_Contracts

Business Law Report - Contracts 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 cooper, brant, contract, collection, $5000, coin, west, viva, money, situation, parties, issue, coins, assignment, law, party, must, goods, damages, value, remedies, one, misrepresentation, minor, case, both, back, time, purchase, oral, memorandum, court, amount, after, written