Asked by Andrew Young on Apr 28, 2024
Verified
Late one evening,Charles and Henry are discussing the purchase and sale of $2,500 of coffee shop equipment after an entrepreneurship class.They are in the classroom when Henry writes their agreement on the classroom whiteboard and both Henry and Charles sign it on the whiteboard.Discuss if this whiteboard document is sufficient to provide a binding written agreement.
Binding Written Agreement
A contract documented in writing that is legally enforceable between two or more parties.
Entrepreneurship
The act of creating, designing, and running a new business, often initially a small business, offering products, processes, or services for sale or hire.
- Comprehend the fundamental principles of contract law and recognize the significance of written contracts as stipulated by the Statute of Frauds.
- Understand the importance of signatures and initials in creating legally binding agreements.
Verified Answer
GG
Gerardo GonzalezMay 05, 2024
Final Answer :
Assuming the agreement covers the essential terms of the agreement including subject matter,consideration,and names of the parties,it contains the essential elements of a writing.An agreement can be written on any surface suitable for the purpose of recording the intention of the parties.However,since the writing on the whiteboard is unlikely to be preserved,the parties may take pictures of it and agree that the pictures will serve as the 'best evidence' of the agreement.
Learning Objectives
- Comprehend the fundamental principles of contract law and recognize the significance of written contracts as stipulated by the Statute of Frauds.
- Understand the importance of signatures and initials in creating legally binding agreements.