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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 thedefinition for a contract. “A contract is a legally enforceable agreement between two or moreparties. 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 keycharacteristics 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 avalid contract was done between Jim and Laura and Stan Salesman.“Offeris a promise to act or refrain from acting, which is made in exchange for a returnpromise to do the same.” (“Elements of a Contract,” 2016). In Jim and Laura case they made anoffer by asking Stan Salesman to hold the car for one day, so they could think it over aboutbuying the car or not and by offering him $100 to hold it. In this case Stan Salesman promise tohold the car.“Acceptanceof an offer is the expression of assent to its terms. Acceptance mustgenerally be made in the manner specified by the offer. An Acceptance is only valid, however, ifthe offeree knows of the offer, the offeree manifests an intention to accept, and the acceptance isexpressed as an unequivocal and unequivocal and unconditional agreement to the terms of theoffer.” (“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