Contract theory and the limits of contract law.

A. A.
The exchange of an obligation for consideration between two or more parties is called a contract (ChenWishart (2012)). Smits (2017) states that a valid contract must contain a variety of elements. It must first show that the parties involved have offered and accepted to exchange any value. A second requirement is that the compensation (e.g. money for renting space) signal the benefits of the completion of the contract. A residential lease is a contract between landlord Lou and Friendly Dawg. As Friendly Dawg offered to exchange space for rent, it is an offer-and-take contract. The agreement also stipulates that a $500 monthly rent is payable for commercial properties. The agreement also provides proof that there was mutuality since neither side coerced or duped the other to enter the arrangement.
Potential Landlord Lou, Friendly Dawg Rights and Defenses, Obligations and Remedies
Possibile Rights
i. Friendly Dawg
This circumstance gives Friendly Dawg several options for rights. Friendly Dawg is able to expand his business. Since the contract doesn’t have restrictions, this component is legal. The landlord must also include it as it forms a major part of the agreement. Friendly Dawg, having fulfilled its obligations, has paid rent on-time and in greater quantities than Sunshine Yoga. Therefore, Friendly Dawg can reject all charges for infringement.
ii. Landlord Lou
Lou is entitled to several rights due to contract law. Since the contract mentions animal supplier, first of all, he can tell Friendly Dawg that he wants to stop operating his live animal business.
Claims
i. Friendly Dawg
Friendly Dawg can make many claims based on these circumstances and an emphasis upon contract law. The organization might claim that Sunshine Yoga pays it more rent and has the right grow the business to make up the difference. Dave, on the other hand, is entitled to compensation for any problems caused by delayed installation.
ii. Landlord Lou
This situation gives the landlord many legal rights. The landlord might argue that Dave’s dad made the agreement. However, Dave died 2 years ago. Therefore, the new arrangement would be necessary with the son.

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