Business Finance Homework Help

Overview

In the case of Lucy v. Zehmer, Zehmer spent the night  drinking with his friend Lucy. During the evening, a piece of paper was  signed whereby Zehmer agreed to sell his farm to Lucy. In this  assignment, you will review the full case study in your textbook,  analyze the contractual elements and ruling, and indicate whether you  agree with the ruling.

Prompt

Read the Lucy v. Zehmer case summary in the “Elements of the  Offer” section of Chapter 14 in your textbook, and the analyze the case  in relation to contract law.

Specifically, you must address the following rubric criteria:

• Identify the contractual element Zehmer contended was missing.
• Summarize the court ruling and explain the reason for the ruling.
• Agree or disagree with the ruling, and include a rationale to support your ideas.
• Summarize a personal experience in which you entered into a contract  that you did not think of as a binding contract at the time. Consider  which elements of a contract were in place and which were missing.