I will offer you $3000 if you can paint something nice on the walls of the nursery room . You will have to provide all the materials , but I will provide you a prepayment of $800.
I agree to this only if you ensure that I will not have to start until May 4th, and you give me 1 month to work on it. If I finish it in 1 month or before then, you will pay me the rest of the money.
I agree to the conditions.
Then I agree as well. I would like this contract to be written and signed by both of us.
Let's both sign it.
I will read the contract to you...
Loss for me is that you won't be able to start working on it for another month. Gain for me is that you will be able to finish the mural in time for the birth of my child.
Mr. Tom is making an offer to Mary, a 20 year old who works as an muralist for a living.
Loss for me is that I have to provide everything to paint the mural. Gain for me is than I earn $2500 in profit.
Here, an acceptance is taking place.
Yay! I finished on time.
Mary reads the contract back to Mr. Tom, and they both sign it. This shows that the contract is a genuine agreement because a valid offer has been made by the offeror and a valid acceptance has been exercised by the offer.
Thank you so much! My wife will love it. Here is the rest of the money for your work. Now the contract is completed.
Mr. Tom and Mary go over the benefits and detriments of the contract. This exemplify consideration. Mary and Mr. Tom have the ability to enter into a contract because they are not minors, mentally incapacitated, intoxicated, or incarcerated. This exemplify capacity. The contract is legal because they are not committing a crime.