Law of contract - Alex Case Study - Law Assignment Help

Assignment Task

Scenario

Alex is 30 years old. He has an intellectual disability but manages to live in a group home with some of his friends. One of Alex's friends who lives at the home is called Joshua. Joshua does not have an intellectual disability. Alex and Joshua have flatted together for two years. Last year, Alex's grandmother passed away. As Alex is the only surviving relative, he inherited all of his grandmother's estate, valued at $50,000.

This includes her stamp collection, valued at $10,000. Although the $40,000 in funds is held on trust for Alex, Alex owns the stamp collection in his personal capacity. Joshua knows the value of the stamp collection. On a day that Alex is feeling down, Joshua suggests that Alex sell the stamp collection to him for $500. Alex refuses initially; however, Joshua keeps badgering him. He tells Alex that he could use the $500 to go to a music festival with him. "You'll meet some cool people. It will be fun!" Alex is excited by Joshua's suggestion. He decides to sell the stamp collection to Joshua.

Alex receives the cash from Joshua and hands over the stamp collection. Alex uses the $500 to attend the music festival with Joshua and some other friends, and has a great time. A few weeks later, Alex meets with his guardian. When Alex's guardian discovers that the stamp collection has been sold for such a low price, she confronts Joshua. She tells him that the deal is unfair because he paid far less than the value of the stamp collection, and that it is not enforceable because there is no written agreement.

Joshua claims that he and Alex made a fair deal and that Alex enjoyed his time at the music festival.

Task

Discuss whether there is a valid contract between Alex and Joshua. In your answer explain whether each of the following elements of a valid contract is satisfied in the given scenario, referring to case law discussed in the course materials where relevant.

• Intention to be bound

• Agreement

• Consideration

• Consent

• Legality

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