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Homework answers / question archive / contracted to buy the car ; therefore , the $100
contracted to buy the car ; therefore , the $100.00 will be applied to the purchase price of the car. Jim and Laura are shocked and angry as not only do they not want to spend the money, but now feel as though they are being duped by Stan Salesman Jim and Laura have an appointment to see a lawyer in a few days , but know you are a student taking a business law class and come to you for advice . They are very frazzled , and understandably upset that they may have just purchased a car . Since you have been taking business law , you have read and understand the elements of a contract and the defenses to a contract . Therefore , although you are not a lawyer , you provide some basic advice from what you've learned in your business law class . 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
1.Acceptance: Essentially, it indicates that the parameters of the offer have been clearly understood and accepted to through permission and assent, and that they will not be modified at any point in the future.
When buyers agreed to the terms of sale and even agreed to pay a deposit, it was evident that they accepted the seller's legal offer.
It indicates that the contract's purpose must be legal. In this situation, buying and selling a car from a licensed dealer is legal and done under the regulations specified by law.
Mutual responsibility:- This refers to the parties' mutual understanding as well as their agreement expressed through assents.
They must agree on the same thing, in the same sense, at the same moment.
There was an offer and acceptance when the two buyers approached a dealer to acquire an automobile.
The buyer's terms were clearly communicated, and both parties were in accord.
Step-by-step explanation
2. A contract is an agreement that produces legally enforceable responsibilities. A contract can be written or spoken. A contract has elements that make it valid and binding. This is defined as a clear expression of readiness to enter into an agreement made by another person with full knowledge that their assent to the bargains is an invitation and is concluded as such. If you're wondering if there was an offer in this case, the answer is yes. the salesman proposed. It was an obvious offer when the salesman offered the buyers more time for a test drive and they eventually chose and agreed to buy the blue car. The law stipulates that before a legally binding contract may be formed, there must be an offer, acceptance, mutual obligation, and all parties must be of sound mind and have reached the legal age of majority. In this scenario, there is a contract. The purchasers, who were of legal age, approached a vehicle salesman to buy a car, and the dealer made an offer, which the buyers accepted. So they agreed to buy the car and asked the dealer to hold it for them for a day so they could think about it.
3.The purchasers reached an agreement and paid $100 as proof of purchase or intent to purchase the automobile, allowing the salesman to keep the vehicle for one day as promised.
This is a sign of consideration, as well as a clear indication that they want to buy the car the next day.
The money was given as a guarantee that they would buy the car, as well as to prevent the salesman from selling the car to another prospective buyer. When the two buyers failed to complete the purchase of the automobile, their agreement was legally enforceable, and this constituted a breach of contract. But, at the end of the day, if there isn't anything in writing, it will be difficult to prove that the agreement is binding, and each party's statements would be used against one other. I don't believe the dealers will fight for that $100.
They'll probably let it go and put the automobile back on the lot for sale. This happens frequently at auto dealerships; many people take the cars home and decide not to buy them, while others have entered into a verbal contract to buy a car without realizing it, but the dealers will overlook it since they know the vehicle will be sold. We have to be careful with what we say because we can make ourselves into a verbal binding and ill cost us a lot of money and time, so it good to know the law in ours that a person live in.
