100%(10)10 out of 10 people found this document helpful
This preview shows page 1 - 4 out of 5 pages.
DID JIM AND LAURA BUY A CAR?
DID JIM AND LAURA BUY A CAR?Did Jim and Laura Buy a Car?Jim and Laura were thinking of buying a car. They decided to leave a deposit on a car at their local car dealership. Did they agree to purchase the car by leaving a deposit? When can an oral contract be enforced? To what extreme can proprietors go to enforce a contract is implied? We are going to review what contracts are and how they can be forced. There are elements to a contract that make it valid and binding. This can be defined as a willingness to enter an agreement made by another person with the understanding their assent to bargaining is an invitation and is concluded. A contract is an agreement that creates obligations that are enforceable by the law. An agreement can either be composed or oral; there are components to an agreement that make it substantial and tying (Elliott, 2015). There was an agreement made between Jim and Laura to purchase 4-door blue sedan. The two of them then made an oral agreement with Stan Salesman to hold the vehicle b leaving a deposit. Stan apparently agreed to the said terms because he held the vehicle. It is also apparent that an offer took place by the appearance that an agreement was made by one party and consent to deal is understood by the second party (DiMatteo, 2013).We have reviewed that an offer was indeed made. Now let’s take a closer look at the acceptance of the offer. Acceptance means that the terms of an offer were made, understood and agreed to through consent and at no time will the terms be changed. Jim and Laura agreed to give Stan Salesman a $100 deposit to hold the car for a day. Stan does not give them a receipt but guarantees that the $100 deposit is refundable. Thus we have an acceptance between both parties. For legal purposes the acceptance of the offer is legal for the sale and purchase of a car from a licensed dealer. This shows a legal implied contract was offered and accepted by both parties, with the understanding that the deposit is refundable.