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Wall Street Journal Essay

1094 words - 5 pages

LEAD STORY-DATELINE:
Wall Street Journal, August 9, 1999.
Assignment Type: Individual Project 3
S. Davenport
Course: Busn150-1201A-05 Legal and Ethical Environment of Business
Instructor: Lawrence Goosby
Date: January 21, 2012

You are working for the City of Anytown's Counsel, and it seems that your work largely involves shooting down the mayor's "creative" ideas to boost tourism. He is taken with the idea of an advertising campaign developed around auctioning Anytown on eBay! He thinks that no one will take the auction seriously but that people will come to Anytown to satisfy their curiosity.
As you and your boss are rolling your eyes at each other, you remember a similar ...view middle of the document...

We apologize for any misunderstanding or confusion that you may have experienced and are enclosing some free product coupons for your use."
The free coupons did not satisfy Leonard, who then took PepsiCo to task in court. Finally, on August 5, 1999, a federal judge for the Southern District of New York held that PepsiCo was only joking when it implied in its ad that it was giving away fighter jets. Judge Wood noted that since the jets sell for approximately $23 million each, "no objective person could reasonably have concluded that the commercial actually offered consumers a Harrier jet." Instead, this was a classic example of a deal too good to be true.
If you wish to find out more about this case (and the rationale underlying Judge Wood's decision) you can view the entire opinion and order.
1. What are the four elements of a valid contract?
There are four elements bare to actualize an accurate business arrangement first; an acceding has to be accomplished on all important altitude of the contract. “The additional aspect is the angle of consideration. Each participant agrees to an obligation to accord article to each other. Application can accept the anatomy of money, casework rendered, property or personal rights. The third aspect is that of accommodation (or competence): ensuring that parties entering into the arrangement are accurately able of accordant to contracts (e.g. whether an alone has the ascendancy to represent their organization).” Finally, the acknowledged purpose of the arrangement charge is established. An arrangement cannot be affected unless the accomplishments agreed on are acknowledged in the administration area the arrangement was made. (.Godchild, Harring, and Milosevic, 2005.)
2. Describe the objective theory of contracts. How does that theory apply to this case?
Legal abstraction that a bounden acceding exists with two or more parties if a reasonable actuality would adjudicator that an action has been made and accepted. It dispenses with the abstract angle of ambition of the parties advocated beneath the earlier abstract approach of arrangement as actuality too bleared (Business dictionary, 2010.) This approach is accordant to this case (Seattle Man Loses in Battle with Pepsi for Harrier-Jet Prize) because the commercial was an antic and no reasonable, serious person would accept...

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