LEG100AS1lawofcontracts (1).docx - 1 Laws of Contracts Did...

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1Laws of ContractsDid Jim and Laura Buy a Car?Sean E. HarrisLEG 100: Business Law02/10/2018Prof. Francis Hatstat
2Laws of ContractsIntroductionA contract is an agreement either written or spoken between two parties that creates obligation that are enforceable by law. In the case of Jim and Laura, who discussed an agreement with the Stan but later decided that they didn't want the vehicle after paying a hold of $ 100.00 without a contract signature. Reading the scenario; it appears to be an extended “test drive”, although therewas a $100 refundable hold that they agreed to give Stan to hold the car for a day. Stan did not provide them with a receipt but verbal guarantee that the $100.00 is refundable & no documents were signed.When Jim & Laura wanted a refund that they had verbally agreed uponduring the verbal contract with Stan Salesman he refused to do follow through on his end of the agreement. Jim and Laura, test drove the vehicle and found it to be okay, but when going home, they figured that the monthly car payments of $400 are a little bit higher than they had originally tallied up, after car insurance the total bill could be $550 or more.For that reason, they’ve decided to ask for the refund of their $100. In this week’s assignment, I will work to define the elements of a legal contract and determine if there was a contract or not for the purchase of the automobile.Important Factors of a ContractMany factors go into making a contract valid. These factors are; offer and acceptance, intention

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