LEG 100 - Assignment 1 - Did Jim and Laura Buy a Car - Running head DID JIM AND LAURA BUY A CAR 1 Did Jim and Laura Buy a Car Kaitlin Payne Strayer

LEG 100 - Assignment 1 - Did Jim and Laura Buy a Car -...

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Running head: DID JIM AND LAURA BUY A CAR? 1 Did Jim and Laura Buy a Car? Kaitlin Payne Strayer University LEG 100 – Business Law I Prof. Marie Smith October 18, 2016
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DID JIM AND LAURA BUY A CAR? 2 Three important rules must take place to enable both parties to make this informal contract. The first is the verbal agreement by both sides that sufficiently shows they did, in fact, reached an agreement about the blue 4-door sedan. Secondly, although the moment was not critical Jim and Laura made an oral agreement to Stan to hold the vehicle by providing a $100.00 deposit to hold the car for a day. Lastly, Stan Salesman apparently agreed to the terms. Contracts are mainly governed by state statutory and common (judge-made) law and private law. Private law principally includes the terms of the agreement between the parties who are exchanging promises. This private law may override many of the rules otherwise established by state law [Leg]. The sale of the blue 4-door sedan can be a written or spoken agreement, however, in this circumstance Jim and Laura's element of a legal contract is one of intent to purchase the sedan.
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