Applied Law Essay Example | Topics and Well Written Essays - 250 words - 1

Applied Law - Essay Example This means that there is a promise made in return for something, which has already occurred. The promise to donate the receipts to the charity organization constitutes to insufficient consideration and cannot be enforceable (Adams, 2004). The formation of a contract takes place when what one party offers is accepted by the other party to the contract. Krauses cannot avoid the contract after learning that they could have sold the piece of land at a higher price than the price, which Jud offered. This is because they have already accepted the offer. Acceptance of the offer means that the Krauses bound themselves legally to the terms of the contract. Therefore, avoiding the contract could constitute to breach of contract. Krauses can only withdraw from the offer if they had not accepted the offer (Bhana, Bonthuys & Nortje, 2009). Jud can be held to pay the typewritten amount since a contract constitutes a legal agreement in writing between the two parties to a contract. This means that Jud is bound to pay the typewritten amount rather than the offered amount (Bhana, Bonthuys & Nortje,