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Business Law I BUS206

Michaela Letendre August 10, 2021 BUS 206 Professor Seabrook Project Three: Contract Law A contract has four main elements: the agreement, the consideration, contractual capacity and a legal object. When discussing the first element, the agreement, both parties involved in a contract must have the legal capacity to do so, exchange valid consideration, and enter into the contract with a legal purpose. The moment the second party makes their promise, the contract is created. The consideration in a contract is the bargained-for exchange or what each party gets in exchange for their promise under the contract. Contractual capacity is "the legal ability to enter into a binding agreement" (Kubasek, 2020., pg 326). Both parties must be mentally sound adults that are not under the influence of drugs or alcohol. The final element of a contract is a legal object, meaning in order for the contract to be enforceable, it cannot be illegal or against public policy. In the scenario involving The Friendly Dawg and landlord Lou, the contract has all four elements. Both parties entered into the contract for a legal reason and they were both legally capable of doing so. Landlord Lou is allowing The Friendly Dawg the use of his property in exchange for a monthly rent. The contract is completely legal and is not against public policy In the scenario involving The Friendly Dawg and landlord Lou, a valid contract still exists between the two parties. One key element in this situation is that regardless of the tenant use of the premises in the contract, "the tenant may not use the premises in a way that creates a nuisance for surrounding tenants" (Kubasek, 2021., pg 1203). This means that by creating a nuisance for Sunshine Yoga and taking away Jasmine's right of quiet enjoyment, The Friendly Dawg is in violation of the lease. In regards to The Friendly Dawg's claims that Lou is breaching his obligation to maintain the property in good repair, this is false. Landlords are generally responsible for "ensuring that the premises meet certain statutory requirements" (Kubasek, 2020., pg 1205). This would include city ordinances regarding standards for building structure, wiring, and plumbing. Since The Friendly Dawg's air conditioning problem is a result of their own expansion into an area that was not meant to be cooled, Lou is not in breach of contract regarding maintaining the property. Regardless of Lou being in breach of contract, The Friendly Dawg cannot simply stop paying their rent. In the event of a landlord's breach of contract, a tenant can withhold rent payments in an escrow account held by an escrow agent , but the tenant can only withhold the amount associated with the breach of contract. In this case, The Friendly Dawg should have withheld the rent payments up to the cost of the air conditioning repair in an escrow account with the local court. Once the amount had been reached for the repair, he should have resumed paying Lou. Lou is obligated to provide a