LEG100AS1lawofcontracts (2).edited.edited.docx - 1 Laws of...

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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 this is written or spoken between two parties that creates an obligation that is 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. Stan did not provide them with a receipt, only a verbal guarantee that the $100.00 is refundable & no documents were signed. When Jim & Laura wanted a refund that was originally agreed upon during the verbal interaction with Stan he refused to hold up to his end of the agreement. After leaving the dealership, they realized the monthly car payment of $400 was higher than they originally calculated, once car insurance was added the total bill couldbe $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, intentionto create a legally binding agreement, a price paid with a legal capacity to enter into a contract of

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