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Essay / Research Paper Abstract
This 3-page paper discusses contract law through analysis of Leonard v PepsiCo. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: AS43_MTpepscont.doc
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Unformatted sample text from the term paper:
the exchange of Harrier fighter jet in exchange for 7,000 Pepsi Points. Leonard found the money to buy the points, turned it into Pepsi, but was told that the commercial
was simply intended as a humorous and entertaining ad rather than an actual offer. A federal judge for the Southern District of New
York held that PepsiCo was joking when it implied it was giving away fighter jets, particularly as most fighter jets sell for around $23 million. "No objective person could reasonably
have condlued that the commercial actually offered consumers a Harrier jet," the judge commented. Yet Leonard (and his attorneys) clearly believed he had a case - enough to file suit.
But was what PepsiCo offering indeed a viable, bonafide contract? This is what well try to answer in this paper. What are
the four elements of a valid contract? These are mutual consent, offer and acceptance, mutual consideration and performance and/or delivery (Larson, 2003). Mutual consent means both parties have an understanding
of what the contract will cover (Larson, 2003). Offer and acceptance refers to an offer of a product or service from one party to another (Larson, 2003). The buyers acceptance
of that offer creates the binding contract (Larson, 2003). Mutual consideration is the exchange of something of value for something else (Larson, 2003). Finally, "consideration" underscores whether the contracts validity.
Finally, there is performance -the action stipulated in the contract must be completed (Larson, 2003). Describe the objective theory of contracts and
how it applies to this case. The theory behind contracts is that contracts are meant to formalize agreements between two or more parties, in relation to a particular subject (Larson,
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