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Harry Byrd played professional basketball at the highest level for some fifteen years for the Boston Celtic Corporation
Harry Byrd played professional basketball at the highest level for some fifteen years for the Boston Celtic Corporation. Byrd entered into an agreement with the Celtic Corporation whereby the Celtics would pay Byrd $100,00 per year for life because of his valued service to the organization during the past fifteen years. In addition, Harry would make himself available for consultation and advice to the team and he would not coach any other team in the league. The Celtic Corporation paid Byrd for a period of three years and then refused to pay repudiating (calling the contract unenforceable) the contract.
The president of the Celtics organization telephones your office and requests a meeting in the morning. What will you tell him? Will the Celtics be able to use the defense that Byrd’s consideration is inadequate to enforce the contract? Explain in detail.
Expert Solution
Answer
A valid contract is an agreement, which is binding and enforceable. In a valid contract, all the parties are legally bound to perform the contract.if the contract made by Celtic organization containing the requirement for a contract to be valid which means it must include mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.Also if this has been properly contained in the contract then the contract is enforceable and Celtic organization cannot be able to use the defence that Byrd's consideration is inadequate especially if the contract tate that Byrd will be provided with lifetime support of $1,00,000 per year .Because in the defence Byrd can also counter case the celtic organization which wuld be more harmful to the organization overall image
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