Business Law assignment 1.docx - Assignment 1 Did Jim and Laura Buy A Car Assignment 1 Shaniqua Cooper Professor Stefanie Pelosi LEG 100 Business Law 1

Business Law assignment 1.docx - Assignment 1 Did Jim and...

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Assignment 1: Did Jim and Laura Buy A Car?
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Assignment 1: Did Jim and Laura Buy A Car? 2There are three very important rules that must take place to enable both parties to make an informal contract. The first rule is the verbal agreement by both the dealership and the buyer that shows they did reach an agreement about the blue 4-door sedan. Jim and Laura made an oralagreement to Stan to hold the vehicle by providing a $100.00 deposit to hold the car for a day. Lastly, Stan Salesman apparently agreed to the terms. Contracts are mostly governed by state statutory and common law and private law. Private law includes the terms of the agreement between the parties who are exchanging promises. This private law may override many of the rules otherwise established by state law [Leg].The sale of the blue 4-door sedan can be a spoken or a written agreement, however, in this case Jim and Laura's element of a legal contract is the intent to purchase the sedan. Jim and Laura voluntarily displayed the intent to buy the 4-door sedan by agreeing to give Stan a deposit of $100.00 to hold the car as a binding agreement. This provides the element of an implied informallegal contract between both parties. Jim and Laura’s offer of $100.00 deposit demonstrates it is an informal contract. The Uniformed Commercial Code (UCC) allows more flexibility towards contract law versus common law, Stan is expected to operate with a high responsibility as he deals with auto sales on a day to day basis. Stan Salesman should be the ethical and uphold the standard of conduct of the UCC because Jim and Laura are not aware of such codes and conduct.There was no receipt in Jim and Laura’s case but Stan Salesman gave a verbal guarantee the $100.00 would be refundable without any signing of documents. Jim and Laura decided not to purchase the Sedan and communicated to Stan that they no longer wanted to purchase the vehicle and requested the full refund of the $100. Since communication was verbal in this case,
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Assignment 1: Did Jim and Laura Buy A Car?
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