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Did Jim and Laura Buy a Car? 1Did Jim and Laura Buy a Car?Hellyn MejiasLeg 100: Business Law IProfessor Doris MitchellAugust 11, 2018
Did Jim and Laura Buy a Car? 2Did Jim and Laura buy a car? That is the question and first we need to determine the definition for a contract. “A contract is a legally enforceable agreement between two or more parties. It may be oral or written. A contract is essentially a set of promises.” (Bonner, 2018). According to Samuelson (2014) for a contract “to be enforceable there are seven key characteristics that must be present.” Those elements are “Offer, Acceptance, Consideration, Legality, Capacity, Consent, and Writing.” (p.175). We will take a closer look at each to see if a valid contract was done between Jim and Laura and Stan Salesman. “Offer is a promise to act or refrain from acting, which is made in exchange for a return promise to do the same.” (“Elements of a Contract,” 2016). In Jim and Laura case they made an offer by asking Stan Salesman to hold the car for one day, so they could think it over about buying the car or not and by offering him $100 to hold it. In this case Stan Salesman promise to hold the car. “Acceptance of an offer is the expression of assent to its terms. Acceptance must generally be made in the manner specified by the offer. An Acceptance is only valid, however, if the offeree knows of the offer, the offeree manifests an intention to accept, and the acceptance is expressed as an unequivocal and unequivocal and unconditional agreement to the terms of the offer.” (“Elements of a Contract,” 2016). Jim and Laura offer Stan Salesman $100 to hold the carfor a day and Stan Salesman accepted the $100 with the terms that he would hold the car for a day and that the money would be refundable, and no contract was signed. By the definition both