Blog Question #2

1. What are the elements to a valid contract?

• There must be an offer
• Another party has to accept the offer
• There must be consideration to be legally enforceable

Even if there is a valid offer, it is accepted, and there is consideration, in order for the contract to be formed the underlying transaction must be legal. Courts will not enforce contracts that are based on an illegal promise or transaction.

2. How can those elements themselves be fulfilled?

An offer is a conditional promise to do or refrain from doing something in the future. The offeror must make an offer to the offeree and that offer must create a power of acceptance. This means that the party to whom the offer was made has the power to bind the offeror to the contract. The offer should include the parties and subject matter involved, the way in which the subject matter will be performed, and the consideration. The more detailed the offer the more legitimate it will be in court.

An acceptance must be made in some form of positive manner and must be communicated to the offeror. The offer may provide a way in which the acceptance must be communicated, but if not any reasonable method of communication will suffice.

Consideration is the exchange of value or benefit that each party agrees to give up as a result of the contractual agreement. It is what each party gets in return for the contractual performance. As long as each party is getting something in return for his or her performance, consideration is legitimate.

http://sports.espn.go.com/dallas/mlb/news/story?id=6071832

The Texas Rangers and catcher/first-basemen Mike Napoli agree to terms on a one-year deal for 5.8 million dollars. The rangers extended a contract offer that Mike Napoli agreed with. The consideration is Mike Napoli's service as a professional baseball player and his skills on the field for a paycheck provided by the Texas Rangers.

Blog Question #1

In as many dimensions as possible (ie. who makes them, their purpose, etc.) please answer in a couple of paragraphs the difference between a law and a regulation.

A law is a legal document setting forth rules governing a particular kind of activity. Laws are created to build a sense of order for societies and hold people accountable for their actions. Without laws, people would be free to act in anyway that they seem fit regardless of the implications it may have on individuals or society as a whole. Laws are created by the legislative branch of the government and must have both the President and Congress agree before it can be passed.

A regulation is a rule designed to control the conduct of those to whom it applies. Regulations are official rules and have to be followed. Much like laws, regulations are created with the purpose of building a sense of order for those involved. While laws are created by the government, a regulation may be created by anybody who wishes to standardize a way for which an activity should be done.

While both are created with the intent of being followed, breaking a law subjects a person to criminal punishment or civil liability. Regulations are designed merely to guide an activity, or in the case of a law, carry out the intent of a law.

Law Related Article: http://sports.espn.go.com/los-angeles/mlb/news/story?id=6055248

Former USC running back Stafon Johnson is suing USC alleging negligence on behalf of his former strength coach following a weightlifting accident that threatened Johnson's life and football career. I find this article interesting because at first ESPN reported Johnson lost grip of the bar causing the bar to drop and land on his throat, but now Johnson's lawyer is saying the bar was knocked out of his hands. While I can't be certain because I was not their during the incident, I believe Johnson is just trying to get some kind of positive out of an incident that jeopardized his football career by blaming USC for the problem and making a lot of money in the process.