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Oral Contracts

The existence of a contract requires finding the following elements: an offer, persons have to accept, a promise to perform, and valuable consideration. There are different types of contracts, but I will share with you a case that deals with an oral contract. The Gilberts School Of Law in North Carolina Hired Professor Chalk to teach at a salary of $75,000 per year. The next day Calk got an offer from Nutshell School of law to teach there for $80,000 per year. Chalk then told the dean at Gilberts about the offer, and said “I can’t turn down that extra $ 5,000, so I intend to accept their offer.” In reply the dean said, “I don’t want to lose you. I’ll see to that you are paid $ 80,000 for working with us.” Chalk Turned down Nutshel

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