Discussion Questions "Contracts" Please respond to the following: Develop a hypothetical situation illustrating the formation of a contract, and identify the offer, acceptance, and consideration of...

Running Head: FORMATION OF CONTRACT                     1
FORMATION OF CONTRACT                                 2
FORMATION OF CONTRACT
Hypothetical situation illustrating the formation of a contract
    To form a contract there must be at least two parties, one party must make a definite offer and the other party must accept it. The consideration must be lawful.
    Marilyn saw an article in the newspaper that had details about Bernard selling his house for $ 50,000. Marilyn contacted Bernard and expressed that she would like to inspect and purchase the house for $45,000. Bernard told in response that he would not sell the house at any...