Few days ago somebody won an auction for a 2008 BMW M3 on Ebay for $60,000. Minutes after he was confirmed the winner, the dealership–selling the car– gave him a phone call; they told him that the listing price was a mistake and he would not be getting the car. It makes sense why the dealer didn’t want to sell the car to him: The new M3 is so popular that many dealerships have been spiking up the price from $70,000 to over $100,000. This incident has sparked controversy all over the online automotive niche; should he be able to purchase the car with the price he won the auction with? To answer this question let’s talk about contracts.

 
What is a contract? It is an agreement between two entities that is enforceable by law.

There are two types of contracts.

• 1. Bilateral- a promise exchanged for a promise( This incident is a Bilateral one)
  2. Unilateral – a promise exchanged for an act.

There are four requirements to a contract

• 1. There must be an agreement made between two parties
  a. Offer
  b. Acceptance
  2. Must

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