Assignement 1 - Jim& Laura - Sarah Messina.docx - DID JIM...

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DID JIM AND LAURA BUY A CARDID JIM AND LAURA BUY A CAR?Sarah MessinaStrayer UniversityBusiness Law- LEG100Professor BaggotNovember 12, 2017
DID JIM AND LAURA BUY A CAR?Table of ContentsDID JIM AND LAURA BUY A CAR.................................................................................3What is a Contract?..............................................................................................................3Offer.................................................................................................................................3Consideration...................................................................................................................4Acceptance.......................................................................................................................4Mutuality..........................................................................................................................4Competency.....................................................................................................................4Was there a contract for the purchase of the car?................................................................5Conclusion...........................................................................................................................6References............................................................................................................................7
DID JIM AND LAURA BUY A CAR?DID JIM AND LAURA BUY A CAR?What is a Contract?A contract is a legally binding agreement between two or more parties. A legally binding contract can be oral, written, implied or expressed. Verbal agreements are hard to enforce, but it is possible with the right amount of evidence. If you do not have enough evidence, then it can become a “He said, she said” battle. Some aspects of a contract are what make up a valid agreement; In the case between Jim, Laura, and Stan Salesman, a verbal agreement was reached. Jim and Laura gave Stan Salesman 100 dollars to hold the car for the day. By Stan accepting the 100 dollars, he agreed to the terms, while also stating that the money was refundable once they returned the car. Jim and Laura had the intention of buying the blue 4-door sedan and gave the deposit which was an implied informal legal contract between both the buyer and seller. If they would have signed an agreement that stated that the deposit was just for Stan to hold the car for the day plus they had no obligation to purchase the vehicle and that the deposit was refundable once the vehicle was returned, then this would be a legally binding contract spelled out on the document. OfferAn Offer states both parties agree to do something for something or even refrain from something. In Jim and Laura’s Case, they decided to give Stan 100-dollars to take the blue 4-door sedan for the day. It was a definite offer between the two parties.

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Term
Spring
Professor
RichardLandoll
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