The final requirement of a valid contract is that it must be made for a legal purpose. Consider the following situation:
You and Tommy made a $100 bet on the outcome of the Super Bowl. After your team won, Tommy refused to pay you the $100.
Based on the information that you have learned in your reading, write a 150-word paper that answers the following questions about the situation described above:
Could you legally sue Tommy?
Why or why not? Be sure to support your conclusion with facts, definitions, and/or examples.
If you have not already done so, clearly explain what constitutes legal and illegal gambling.
***Please use APA formatting. Also please use quotes from the text/resources. Please see example of APA formatting below:
APA Textbook In-text Citations
Course Text: Goldman, A., & Sigismond, W. (2014). Business Law: Principles and Practices (9th ed.). South-Western: Cengage Learning.
Chapter 10, “Legality”
In this chapter, you will examine the last requirement of a valid contract: Legality. You will explore the nature of illegal agreements and the exceptions to the rule that courts will not enforce illegal agreements. Finally, you will be introduced to the agreements that are generally recognized as being illegal in most states.
Focus on the definitions and concepts provided throughout the chapter. Review and think about the examples and short cases in the chapter that demonstrate the major ideas being conveyed.
Chapter 11, “Memorialize Contracts in Writing–Statute of Frauds”
Don’t all contracts need to be put in writing? The answer, actually, is “No.” In fact, the law requires that only a few specific types of contracts must be written in order to be enforceable in court. In this chapter, you will explore the categories of contracts required to be in writing, the validity of oral contracts, and the advantages of creating a written contact. Finally, you will be introduced to the parol evidence rule.
Focus on the definitions and concepts provided throughout the chapter. Review and think about the examples and short cases in the chapter that demonstrate the major ideas being conveyed, and consider the prevalence of oral contracts and the advantages of written contracts.