1Jim and Laura Buy a CarNatausha BlakleyStrayer UniversityLEG 100 – Business Law IJune 17, 2018Professor Latarsha Jones
2Jim and Laura Buy a CarElements of a Legal Contract Three important rules must take place to enable both parties to make this informal contract. The first is the verbal agreement by both sides that sufficiently shows they did, in fact, reach an agreement about a said blue 4-door sedan. Secondly, although the moment was not critical Jim and Laura made an oral agreement to Stan to hold the vehicle by providing a $100.00deposit to hold the car for one day. Lastly, Stan Salesman apparently agreed to the terms.Contracts are mainly governed by state statutory and common (judge-made) law and private law. Private law principally 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 written or spoken agreement, however, in this circumstance Jim and Laura's element of a legal contract is one of intent to purchase the sedan.