Save Question 7 (5 points) Describe the three major elements of a contract. Appl

Question

Save Question 7 (5 points) Describe the three major elements of a contract. Apply the concept of contract law to the situation of several general contractors submitting bids to a project owner. When one of the general contractors submits the low bid to a project owner, can the general contractor claim that a contract was immediately created with the owner? Why or why not? Fully explain your answer (HINT: This is not about non-responsive bids bidding documents) Save Go to Submit Quiz 4 613 1872246216123671 851133910 n.jpg?oh-cbde828031860d85538dcb593bbod614800-59D8D4E6

Explanation / Answer

As per contract law, in general, a contract is created when three basic elements of contract process are completed.These basic elements are:

i) Offer by bidder

ii) Acceptance by project owner

iii) Consideration

In the present case only an offer has been made by a general contractor but no acceptance has taken place by project owner nor any consideration has been agreed to. So ,No Contract has been created.

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