A Verbal ContractAvevolon JacksonBusiness LawStrayer UniversityMay 26, 2021
Statement 1The script shows a discussion between Laura and Jim, and Stan from the car salesman. A valid legalcontract includes the following elements.1.Offer and Acceptance: For a contract to be valid, it must be a "legal offer" on the one hand and a"legal acceptance" on the other. The motion must comply with default laws governing acceptance andjurisdiction. In the case study, Stan gives Laura and Jim a refundable refund of $ 100, and they bothagree. Stan's offer and acceptance of Jim and Laura are legal and valid (Kumar, 2012).2.The intention to establish a legal relationship: Both parties must express their intention toestablish a legal relationship. Social agreements or agreements based on local character are void. Jim,Laura, and Stan have indicated that they intend to establish a legal relationship on stage because theyare volunteers. It was a business interaction about buying a car that meets the criteria for a legalrelationship.3.Legal assessment: the award made by the contractor to the receiver. A price has to be paid(, n.d.).