Jim and Laura Buy a Car.docx - Tiffany Tegeler Business Law...

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Tiffany TegelerBusiness LawFebruary 2, 2021Touchstone 2: Did Jim and Laura Buy a Car?
Define the elements of a legal contract using examples from the scenario whereapplicable:There are seven elements of a contract. The first element of a contract is offer, which isfollowed by acceptance. One party has to make the offer while the other party needs to accept theoffer made. This may be either done orally or written. In this case the offer was an oral offer,between the couple and Stan the salesman in the acquisition of the blue sedan. Stan offered thecouple an opportunity to view a number of vehicles and they accepted the blue sedan. The thirdelement in a contract is consideration. Consideration refers a deed of forbearance of one party fora promise thereof, the price of one party is accepted and the promise hence given for a certainvalue is enforceable. In this case, the couple parted with a total of $100,000 as consideration forthe blue-sedan car that they wanted to purchase. The fourth element is the intention to create

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