Consideration under Contract Law
Gaede had a one-year contract with Helikon Furniture Co. that allowed him be the company’s sales agent in some parts of Texas. The contract signed included the amount of the commission that Gaede would receive after carrying out a sale. Over a year later a new contract was not signed between Gaede and SK Investments, Inc that had acquired Helikon Furniture Co. Gaede, however, continued to represent the company as a sales agent after the managers assures that they would not make any changes in its sales representatives. Three months later the managers sent Gaede a letter that proposed new terms of the contract. SK Investments, Inc. later reduced Gaedes commission. A lawsuit was filed at the Texas State Court by Gaede suing and SK Investments, Inc. for a breach of contract. In its defense, SK Investments, Inc. stated that there was no legal contract between the company and Gaede since there was no consideration. Gaede is his case insisted that the company had reached an agreement with him when it sent letters to him. This to him was a definition of a legal contract.
Contract Law Coursework & Essays
CONTRACT LAW - Consideration - Essay Example
The following section of this essays shows that the courts'interpretation of at-will employment contracts is consistentwith conventional contract law, which is yet another reason tochange the way courts treat at-will employment.
Best Essay q | Consideration | Contract Law
With reference to the above scenario, critically discuss the importance of instant and electronic communications in contract law and how this may affect the “postal rule”, if at all.There are generally four elements required to form a contract; offer and acceptance, certainty, an intention to create legal relations and consideration.