Legal - 1 2 3 4 5 Define the elements of a legal contract...

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1. Define the elements of a legal contract using examples from the scenario where applicable. 2. Decide whether or not there was a contract for the purchase of the automobile. 3. Identify the facts from the scenario which support your decision on whether or not a contract exists for the purchase of the automobile. 4. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as quality academic resources. 5. Format your assignment according to the following formatting requirements: Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page is not included in the required page length. Include a reference page. Citations and references must follow APA format. The reference page is not included in the required page length. Jim and Laura Buyer visit the local car dealership because they are interested in buying  a new car. The car they currently have is aging and is starting to have mechanical  problems. Jim and Laura would share the new car, and use it to go back and forth to  work and school. Before going to the dealership, Jim and Laura decide that they can  only afford $400.00 a month in car payments. Once at the car dealership, Jim and Laura meet Stan Salesman. Stan shows them  several vehicles and Jim and Laura test-drive several of the cars. Jim and Laura  particularly like the blue 4-door sedan.  Therefore, they agree to give Stan Salesman a  $100.00 deposit to hold the car for a day. Stan Salesman does not give them the receipt but guarantees that the $100.00 is refundable. No documents were signed. 

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