Did Jim and Laura Buy a Car.docx - Week 6 Assignment...

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Week 6 Assignment Princess MacAlpine Business Law 1 Professor: Sarah Uhimchuk February 20, 2017 Introduction A contract is an agreement that is either spoken or written and is enforceable by the law. It therefore, governs the relationships existing between the parties making the agreement. In the case of Jim and Laura, who discussed an agreement with the Stan Salesman, but later decided
that they didn’t want the vehicle after paying a hold of $ 100.00 without a contract signature or an e- receipt. Now we must figure out the validity of the scenario. Elements of a Contract Any contract that comes into existence is when there are several factors that make it valid. These elements are, offer and acceptance, intention to create a legally binding agreement, a price paid with a legal capability to enter into a contract of your once own free will and proper understanding and consent of what is involved. This is because a contract is different from a simple agreement between friends or family. A contract could become void or illegal if it was a “dirty deal”, such as pressured influence, false statements, under duress. In the case of Laura and Jim, there was an acceptance of an offer from Stan Salesman, who made a non- evidential $100 refundable hold in exchange to hold the car for 24 hours. On the other hand, Jim and Laura

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