7-2 Project Three Contract Law Kimberly Stuckey There must be four components present in order to establish a contract that is legally binding: an agreement, consideration, the ability to enter into a contract, and a legal object. An offer and an acceptance are essential components of the agreement. An offer is a proposition that is given by one party to another, suggesting that the first party is willing to engage into a contract with the second party under specific conditions. The unqualified assent to the terms of the offer is what is meant by the phrase "acceptance." In this particular instance, Landlord Lou extended an offer to Friendly Dawg to rent the property on the condition that certain stipulations were met. The offer was accepted by Friendly Dawg on the condition that they agreed to rent the property. In accordance with Kubasek (2019), the second component is referred to as "consideration," which is defined as "what each party gets in exchange for his or her promise through the contract." According to the third component of contractual capacity, the legal capability to enter into a legally binding contract is referred to. The legal object is the fourth component, which means that the contract must be allowed by the law and must not be in conflict with public policy. Agreement between The Friendly Dawg and landlord Lou Without mentioning any living animals, the scenario describes a contractual arrangement between The Friendly Dawg and landlord Lou for a monthly rent of $500 to lease a location for their pet supply store. The agreement does not refer to any animals that are alive. It is required to do an analysis of the elements that comprise a lawful contract and to determine whether or not The Friendly Dawg and landlord Lou have a valid contract. A legitimate contract is comprised of four essential components: an offer, an acceptance, consideration, and the intention of both parties to be legally bound by the terms of the agreement. An offer is a proposition that is presented by one party, and its acceptance by the other side is what constitutes an offer. Any deviations from the terms of the offer must be reflected in the acceptance for it to be considered valid. In the context of an exchange of promises, the term
"consideration" refers to the situation in which one party receives something in exchange for keeping the promise. Finally, there must be a consensus between the parties, which simply means that both parties must be in agreement with the terms of the contract and have a clear understanding of what those terms entail. Due to the fact that it fits the fundamental requirements of all four components, the agreement that was reached between landlord Lou and The Friendly Dawg is virtually certain to be considered a legally binding contract. Through the creation of an agreement to lease the premises to The Friendly Dawg, Landlord Lou made an offer, and Friendly Dawg accepted the offer. The leasing agreement was