contract law formation f irac business law

Stacey Smith owns a lot in the hills of Pennsylvania and wants to build a house according to a particular set of plans and specifications. She solicits bids from bidding contractors and receives 2 bids: one from Carlton for $260,000 and one from Feldberg for $258,000. One night, while having a drink with friends during happy hour Stacy is telling her friends about her desire to build this home and her uncertainty of the costs associated with the project. Siegel, although laughing with others at the table, had heard Stacey’s story and leaned across the table and said, “you are being taken for a ride because you are a lady. If you let me, I will build your house for half of that price, no more than $125,000!“ Delighted, Stacy jumps on the offer and says I accept. I will have money for you tomorrow to get started. The next day Siegel shows up at the property and Stacey pays him a $100,000 down payment to cover most of the construction costs One month after beginning construction of the house, Siegel contacts Smith and tells her that because of inflation and a recent price hike for materials, he will not complete the construction unless Smith agrees to pay an extra $150,000. Smith reluctantly agrees to pay the additional sum. 4 months later Smith has an unfortunate accident resulting in her death. Stacy’s only son, Tom wants the construction completed.

Tom, Stacey’s sole survivor and her very mature and intelligent 17 year old son, who graduated from high school early and is a Senior in College, where he has completed his business law class, wants to continue live in the new home under construction, but wants to turn the property into a horse breeding ranch and build a 16 unit stable. He contacts Siegel who learns that Tom is about to graduate from college. As Siegel prepares the contract for Tom, he asks, “You are old enough to do this right?” Tom agrees he is a senior in college and signs an additional contract for the completion of a 16 unit stable for $65,000, due upon completion. A year later the Stable Project is completed, and Siegel asks for his final payment of $65,000. Tom never replies, and finally file suit for recovery of his $65,000.

Is there a valid contract between Stacey & Siegel? Is Siegel obligated to complete the project, and at what price?

Do not discuss contract questions of Agreement – offer and acceptance, or Consideration.

Using F-IRAC consider the Contract Formation questions for this contract between Tom & Siegel.

Please make sure to use F-IRAC form. 1500+ words – about 1000 of the words should be the analysis. We were asked not to use any outside sources, strictly from our knowledge. I attached a powerpoint of the lesson. Please be sure to include the laws that are being used in the RULE. Thanks!

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