Ryans And The Dorans: A Case Study

There is a valid contract between the Ryans and the Dorans because the contract has all four elements: an agreement, consideration, contractual capacity, and legality. The first essential element of a valid contract is an agreement including an offer and an acceptance (Miller, 2008). There is a valid offer and acceptance in this purchase and sale agreement. Paragraph 1, 2, and 3 state that John K. Ryan and Anna G. Ryan hereinafter called the seller, agrees to sell and Ronald B. Doran & Debra A. Doran, hereinafter called the buyer or purchaser, agrees to buy the following premises: the land with buildings, structures, and improvements. The offeror shows a serious, objective intentions and the offeree agree to the offer, which meets the requirements for the mirror image rule (Miller, 2008).
In this contract, there is consideration. Even though the specific purchase price is not stated yet, the agreement requires the buyer to pay the agreed purchase price which will be determined by the parties within seven business days of the scheduled closing on the property as consideration to the seller. Contractual capacity is also required for a contract to be valid (Miller, 2008). Even though John Ryan, the seller, has been diagnosed with the early stages of Alzheimer's Disease, Mr. Ryan should be deemed competent because early-stage patients often retain the capacity for informed decision making according to The World Health Organization (Schnotz, n.d.). Lastly, a valid contract also should have legality (Miller, 2008). This agreement is for the purchase and sell of real estate, which means that the contract is formed for a legal purpose. Given these points, there is a contract between the Ryans and the