Wimpy, Bluto & Popeyes

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RUNNING HEAD: WIMPY, BLUTO & POPEYE 1 Wimpy, Bluto & Popeye BA 260 Grantham University RUNNING HEAD: WIMPY, BLUTO & POPEYE 2 Wimpy, Bluto & Popeye To have a valid contract you need a clear offer and a clear acceptance. This is sometimes called “meeting of the minds.” It is important to be clear and understand that a contract can be considered an agreement which is entered into by two parties voluntarily. Both parties have the intention of creating and upholding a legal obligation. Contractual Liability is defined “as liability that does not arise by way of negligence, but by assumption under contract or agreement (www.wiki.com). Contractual Liability is common in written and oral business agreements. It is rudely known as a harmless agreement but every individual may have a different interpretation of what is meant by it. This situation clearly shows the business of Wimpy trying to sell Bluto a boat. Looking at it you can see that Wimpy wasn’t contractually liable to Bluto. Wimpy offered to sell the boat to Bluto for $500. Bluto didn’t accept the offer but decided or asked if he could have a week to think about it. This basically shows that there wasn’t an actual contract between Wimpy and Bluto for the purchase of the boat. A contract is also defined as “a promise or several promises that are enforceable in court (Morgan, Shedd & Corley page 246).” This is even though Wimpy orally agreed to not sell the boat for a week. Therefore, this just boils down to a simple agreement. There weren’t any terms or conditions stated suggested or agreed upon. Bluto did not give a firm positive answer to Wimpy’s offer. The

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