AGREEMENTSLegally Binding AgreementsStrayer UniversityLEG 100 Business Law 1 (Honors)Francis Hatstat, JD, MBA2/11/2017
AGREEMENTSAbstractThis is a paper I am writing to describe the elements of a contract and determine if there was a contract in place for Jim and Laura. Jim and Laura visit a dealership and get a verbal commitment to hold a car for a day. The next day there is a misunderstanding between the couple and the salesman on the details. I am going to identify facts that will back up my decision on whether this was a valid contract. I will use at least two academic sources for my paper.
AGREEMENTSLegally Binding AgreementsJim and Laura Buyer have made an agreement with Stan Salesman at their local car dealership. Jim and Laura believe they have deposited $100 to hold a car they are interested in for a day. Stan Salesman believes the deposited $100 was not only to hold the car but to buy the car and be applied to the purchase when Jim and Laura return to the dealership. There is no question that an agreement has been made between the two parties. Money was exchanged for a promise from the dealership. Advice must be given with the facts to determine if there was a contract and if Jim and Laura are obligated to purchase an automobile from this dealership. The elements of a contract will be examined with these facts to determine what Jim and Laura Buyer can do with the dealership. A contract in the basic form is an agreement between two parties. Jim and Laura Buyer and Stan Salesman from the dealership are the two parties involved in this situation. There are seven elements of a contract that must be present for a promise to be enforceable[Jef14].