Copy of Assignment 1 - Assignment 1 William Cheeseman Huot...

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Assignment 1 William Cheeseman Huot Professor Carter Business law 100 August 13, 2016 Jim and Laura have decided that they would like to purchase a vehicle. They meet Stan the Salesman who greets them and lets them test-drive some the cars until they settle on a car that they like. Jim and Laura are not sure that want to purchase the vehicle, so they decided to take some time and think it over. For them to guarantee that the vehicle is going to be there if they
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decide they want it, Jim and Laura, they give Stan $100.00 to hold it for them. There is no paperwork and no receipt involved with the transaction. According to the description above, Jim, Laura and Stan have entered a contract together. A contract is an agreement that creates obligations that are enforceable by the law. A contract can either be written or spoken and desires that the parties shall enter into a lawfully binding agreement. There are elements of a contract that make it valid and binding, such as an offer and acceptance of said offer and there is consideration and legality. The offer was for stan to hold the
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