Running head: BUSINESS LAW
Courts will not enforce the deal unless it is supported by consideration. Consideration is
the mechanism used to evaluate the incentive or inducement for a person’s promise. Also,
according to the statute of frauds, a written agreement is needed in order for a contract, involving
the sale and purchase of goods over $500, to be enforceable. Therefore, this deal is not an
The mistake will not permit me to get out of an enforceable contract. The only way out
would be if the customer, or other party, is willing to void the contract without us delivering on
what we promised. Also, what will allow us to get out of the enforceable contract would be if we
both agree, in writing, to cancel the contract.
There are a few things that may happen in this situation. One, the customer relationship
with this potential customer may come to an end. The miscalculation of $60,000 is a big mistake.
Sometimes getting excited about a big potential deal and not being prepared with correct prices
may cost you the deal itself. This mistake also creates a bad impression on the customer and
could possibly impact the professionalism of the company. Second, I believe that my position in
the company will also be in jeopardy. There are …
15 Million Students Helped!
Sign up to view the full answer