DidJimAndLauraBuyAcAR.docx - 1 Rhylie Pulsipher Business...

This preview shows page 1 - 3 out of 5 pages.

Rhylie Pulsipher Business Law 01/02/2021 Did Jim and Laura Buy A Car? It is imperative that with every transaction you keep a receipt or documents of the matter. When Jim and Laura met with salesman Stan, there were no signed documents. When there are no legal documents signed, that means Jim and Laura are not legally binded to purchase any vehicle. At this point there is absolutely no sufficient evidence to support either sides’ stance. This makes the actions not hold up in court. The accusation of the vehicle being purchased with the $100 deposit is to be transferrable towards the full purchase of the vehicle. Now, if Stan states that this was in fact the agreement, he will be admitting that he did receive the $100 deposit and at that point should be held accountable and responsible for issuing Jim and Laura a refund. Contracts can be made verbal or in writing. They can be presented in multiple formats. It must include an offer and acceptance, intention to have a legally binding agreement, a legal ability to enter a contract willingly, a price paid and lastly a thorough understanding of what is involved. A contract will be deemed void and illegal if there are any false statements or unconscionable dealings and if the client is underage. When someone presents an offer, this is an expression of willingness to negotiate or place a deal. Stan offers to sale Jim and Laura a vehicle, but after reconsidering Jim and Laura are no longer interested in following through with the sale. At this point Jim and Laura are not in any way legally binded in a contract with Stan. Furthermore, Stan is obligated to refund all funds received prior to the purchase. An offer is only thoroughly deemed valid if it is a definite promise and if all terms of the offer are accepted. Any 1
person can withdraw an offer that is made before it has been accepted. However, the withdrawal must be communicated with each person of the party. An acceptance on the other hand is when each person in a party must answer to the offer or agrees to the offer that has been presented. The

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture