LEG100Assignment1_JBrown.docx - DID JIM AND LAURA BUY A CAR...

This preview shows page 1 - 3 out of 6 pages.

DID JIM AND LAURA BUY A CAR? Running head: DID JIM AND LAURA BY A CAR? Introduction What constitutes a legal contract? In order for a contract to take place, there are five important elements that must occur: offer, acceptance, consideration, mutuality of obligation, competency and capacity (U.S. Legal, n.d). For this specific informal contract to take place, Jim and Laura, with the intent to purchase a car, first made a verbal agreement with Stan from both, showing that an agreement was made in regards to the blue sedan. Secondly, Jim and Laura verbally agreed to a $100.00 deposit, in order for Stan to hold the automobile for a day. Lastly, Stan verbally agreed to the contract. Statutory laws, common laws, also know as judge ruled/judge made laws, and private laws are the three types of laws governing contracts. Private, is a special entity among the contracts, This is because, unlike statutory law and common law, private law can include various elements, such as the terms and agreements between parties engaging in a contract, such as an agreement for the repayment of a small personal loan between siblings (Cornell Law School, n.d.). In such an instance, private law can be used as the governing rule, rather than statutory or common law. For example, I borrow $1,000 from my sibling to help pay an emergency medical expense. We both agree that repayment should not exceed one year and at a 4% interest rate. If a year passes and I have not repayed the debt, and my sibling has not waved the debt, it does not suddenly disappear because the agreed upon time frame has occurred. In fact, my sibling would have a legal case against me, should he/she choose. In this particular scenario, Jim and Laura had the intent to buy a car. Intent being an element of a legal contract. Jim and Laura further validated this intent by making an arrangement
WHO’S PICKING UP THE PUFFED RICE? 2 with the car salesman, Stan, to hold the sedan for 24hrs, by depositing $100, to which Stan agreed. Thereby, the three entered into a verbal contract agreeing that the car would be hold for

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture