Posted: August 14th, 2016

What are the four elements of a valid contract?

The free coupons did not satisfy Leonard, who then took PepsiCo to task in court. Finally, on August 5, 1999, a federal judge for the Southern District of New York held that PepsiCo was only joking when it implied in its ad that it was giving away fighter jets. Judge Wood noted that since the jets sell for approximately $23 million each, no objective person could reasonably have concluded that the commercial actually offered consumers a Harrier jet. Instead, this was a classic example of a deal too good to be true.

1. What are the four elements of a valid contract?
2. Describe the objective theory of contracts. How does that theory apply to this case?
3.Why do you think the court held that there was not a valid agreement here?
4. Are advertisements generally considered offers? Why or why not?
5. How does this case differ from a reward situation, where a unilateral contract is formed upon c
ompletion of the requested act?

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