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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Q You agree to buy an old baseball card from me for $50. you give me a check for the amount You go home and look up the value of the card online and see it only goes for $10. You immediately stop the check from being paid by your bank claiming I ripped you off. Do we have a contract?

Q You and I have made an agreement for me to paint your apartment for $250. When I arrive at your apartment I am QUITE surprised to see how ENORMOUS you apartment is! Realizing that I can not possibly make a profit on this job I tell you that I will not do the job unless you agree to pay $500. You object because "a deal is a deal". However, you also need to have the apartment painted immediately and after I leave you run after me and agree to the higher price. When I complete the job you give me a check for $250. Are you contractually obligated to pay me $500?

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No, as of the scenario presented a contract is not formed. This is mainly because in order to establish a contract, there are certain element which needs to be present. First and foremost it is the offer and acceptance that makes a contract valid, secondly it is the mutual consent of the parties to contract, and then it is the parties’ intention to create a legal relation and parties should also have a free consent which counts to other criteria of establishing a valid contract. Last but not the least; parties must be competent over a lawful object in order to establish a valid contract (Hobkirk, 1977).