Characteristics Contract Differences

Select one of the questions below to serve as your discussion post. All references and citations are to adhere to APA style and formatting guidelines.

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Select one of the following questions:

  1. What is the difference between an agreement and a contract? What is the difference between an offer and a contract?
  2. If you sign a purchase agreement to buy a house but do not give the seller a deposit and, after signing, change your mind before you move in, are you bound by your agreement?
  3. If you offer $500,000 for a person’s house and the person responds that they want $500,001, do you have a contract?
  4. Can the parties agree, in a contract for the purchase and sale of a house, that the price for the house will be the market value of comparable houses on the day of closing?
  5. Are there situations when someone can be bound to keep their promise even though they received nothing in return for their promise?
  6. If the parties sign a purchase and sale agreement for the purchase of a house and the house is destroyed shortly before the deed to the house is signed by the seller, who bears the risk of loss?
  7. In the modern world, with the growing maturity of young people, are rules protecting minors from the enforcement of contracts archaic?