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Elements of a Valid Contract

Project 7-2 Renae Davis-Plummer The Friendly Dawg and Sunshine Yoga To establish a valid contract, there must be four necessary elements present. These four elements consist of an agreement, the consideration, contractual capacity, and a legal object (McGraw, 2019. Pg. 324). The agreement in this scenario is Dave would assume the responsibilities of The Friendly Dawg's lease due to his father's passing. An agreement would need to be established for landlord Lou and Dave to have a valid contract. Dave would have agreed to the existing contract and assumed the position as Lou's tenant. Dave will be subjected to the same agreements his late father had. The second element of a valid contract is the consideration. The consideration between landlord Lou and Dave is Dave will pay $500 a month for rent and landlord Lou will fix the air-conditioning system or any other issue that occurs. The third element of a valid contract is contractual capacity. Capacity is the legal ability to enter into a binding agreement (McGraw, 2019. Pg. 326). For example, both Dave and landlord Lou were of sound mind and over the age of 18 when they entered an agreement. Neither party was intoxicated or incapable of comprehending the contract which would make their contract voidable. Our fourth element of a legal contract is a legal object. This means that, for landlords Lou's contract to be enforceable, his contract with Dave cannot be illegal or against public policy (McGraw, 2019.Pg. 326). The Friendly Dawg and landlord Lou has a valid contract that was transferred to Dave when he took over the business due to his father's passing. The contract elements that exist between the two are agreement, which is Dave agreeing to take over his father's lease, consideration, which is the payment of rent and in return all issues will be fixed, contractual capacity, which is both parties being of sound mind and of legal age when they entered a contract and last, a legal object, which is both parties entered a legal contract that is not against public policies. As the tenant, Dave has duties and corresponding rights to abide by. He has the right to retain possession of the property, but he is limited to how he can use the property. He has the right to quiet enjoyment of the property which is a promise made by the landlord in a lease. Dave can renovate and expand his inventory because there was no statement in the lease stating that he could not do so. Dave can also refuse any claims made against him by Sunshine Yoga because he has a valid lease and pays more to his landlord in rent. Dave can stop his payments of rent due to landlord Lou not fulfilling his obligations but only if he notifies him of the issue and nothing is done. For Dave's claims: Dave can claim that he has a valid lease that did not restrict him from renovating the premises and adding live animals. He can