AllisonM.-Week 6 - Melissa D Allison Did Jim and Laura Buy A Car Professor Nicholas Myles LEG100 Business Law November 15th 2015 Jim and Laura Buyer

AllisonM.-Week 6 - Melissa D Allison Did Jim and Laura Buy...

This preview shows page 1 - 3 out of 6 pages.

Melissa D. Allison Did Jim and Laura Buy A Car? Professor Nicholas Myles LEG100 – Business Law November 15 th , 2015
Image of page 1
Jim and Laura Buyer were interested in purchasing a new automobile. They visited a local car dealership in order to view and test-drive potential vehicles. Afterwards, they narrowed it down to a blue 4-door sedan. A refundable (according to the salesman) $100.00 deposit was given to Stan Salesman, in order to hold the sedan for a day, as well as to give Jim and Laura ample time to decide on whether or not to purchase the vehicle. The following day, Stan Salesman has changed the terms of the deposit, and he refuses to refund the deposit after Jim and Laura Buyer have decided against purchasing the sedan. Are Jim and Laura the new owners of a blue 4-door sedan, or is Stan Salesman being sneaky and dishonest? To begin, there are multiple elements involved in creating a legal and enforceable agreement between two parties (Beatty, Samuelson, & Sanchez-Abril, 2015). In order for Stan Salesman to be able to legally hold Jim and Laura Buyer to purchasing the sedan, the following elements must be included and understood by both parties. There are seven key characteristics that must be present for the contract to be legally enforceable (Beatty, Samuelson, & Sanchez-Abril, 2015). In order to decide whether Jim and Laura had a legally enforceable contract with Stan Salesman, the elements will be applied to their situation. Specifically, the first element involved in a contract is an offer. A contract literally begins with one person or company proposing a deal to another (Beatty, Samuelson, & Sanchez-Abril, 2015). In this scenario, Stan Salesman proposed to hold the sedan for Jim and Laura Buyer for one day, with a deposit of $100.00. The deposit was to allow Jim and Laura time to decide on whether the sedan was the right vehicle for their family. Also, Stan Salesman guaranteed the deposit was
Image of page 2
Image of page 3

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture