In three to five (3-5) pages, advise Jim and Laura based on the above facts as presented, the material provided in the text, and material covered in the lecture. In your paper, be sure to address the following:1.Define the elements of a legal contract using examples from the scenario where applicable.2.Decide whether or not there was a contract for the purchase of the automobile.3.Identify the facts from the scenario which support your decision on whether or not a contract exists for the purchase of the automobile.4.Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as quality academic resources.5.Format your assignment according to the following formatting requirements:Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page is not included in the required page length.Include a reference page. Citations and references must follow APA format. The reference page is not included in the required page length.Grading for this assignment will be based on answer quality, logic / organization of the paper,and language and writing skills, using the following rubric.