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Business Law
Dimitri vs. Bib Bob's
Having given an offer to the public of a price tagged at $5,000 upon completion of a given task, the Bib Bob's had made a valid offer which was accepted by one individual Dimitri. In this case there was already an offer in writing trough the advertisement flown on the place and an acceptance was made to take up the contract and the terms by Dimitri. Indeed, the accepting party had already began the process of fulfilling the terms of the contract hence it was a biding contract and enforceable one at that moment. This was an express contract that was made in writing and accepted either in writing or orally as the case indicates 'Franks Dimitri saw the streamer and accepted the challenge'. There were well defined terms of the contract and the responsibilities...
The accepting party to the contract was to carry out a specific duty, (swim from Connecticut beaches to Long Island), within a specific time frame (less than a day) for a specific reward or pay (pegged at $5,000). The offering party deemed this reasonable and the accepting party in his sound mind deemed the offer and reward reasonable and took it up hence there was a binding contract that could not be revoked simply by flying another streamer saying Big Bob's Burger Revokes'. This later change of offer or revoking of the offer can only work on the people who had the intention to carry out the activities of the offer but had not started and not for Dimitri who has already given his four hours into the contract and was almost halfway through the terms of the…
References
Business Knowledge Resource, (2013). Regulatory Requirements: Contract Law. http://business.gov.in/manage_business/contracts_classifications.php
USLegal Inc., 2013). Executory Contract Law and Legal Definition. http://definitions.uslegal.com/e/executory-contract/
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