Mater and McQueen are talking about their wildest hopes and

Mater and McQueen are talking about their wildest hopes and dreams. Mater really wants to fly in a helicopter but knows that his low paying job at the impound lot will probably never let him accomplish his goal. McQueen, a major player in high stakes auto racing, then says, \"Mater, if you will help me pave a road, I will buy you a helicopter ride.\" Assuming this is not an offer in jest, does the pair have a contract? If yes, please explain how the contract will be fulfilled. If no, please explain what the parties would have to do further to have a valid contract.

Solution

  offer and its legality

The most basic rule of contract law is that a legal contract exists when one party makes an offer and the other party accepts it. For most types of contracts, this can be done either orally or in writing.

Although it may seem like stating the obvious, an essential element of a valid contract is that all parties must agree on all major issues. In real life, there are plenty of situations that blur the line between a full agreement and a preliminary discussion about the possibility of making an agreement. To help clarify these borderline cases, the law has developed some rules defining when an agreement legally exists.

when that is necessary for most contracts to be legally valid are the following two elements:

–All parties are in agreement (after an offer has been made by one party and accepted by the other).

–Something of value has been exchanged, such as cash, services or goods (or a promise to exchange such an item) for something else of value.

often, when an offer is made, the response will be to start bargaining. Of course, haggling over price is the most common type of negotiating that occurs in business situations. When one party responds to an offer by proposing something different, this proposal is called a “counteroffer.” When a counteroffer is made, the legal responsibility to accept, decline or make another counteroffer shifts to the original offeror.

addition to both parties’ agreement to the terms, a contract isn’t valid unless both parties exchange something of value, in anticipation of the completion of the contract.

the main importance of requiring things of value to be exchanged is to differentiate a contract from a generous statement or a one-sided promise, neither of which are enforceable by law

Although the exchange-of-value requirement is met in most business transactions by an exchange of promises (“I’ll promise to pay money if you promise to paint my building next month”), actually doing the work can also satisfy the rule.

by the above points we can say the promise are legal and agreement

is also legal but my personal opinion is to make the contract legal or binding both the party the agreement must be in writing and the consideration must be followed