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3 pages/β‰ˆ825 words
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APA
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Law
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Essay
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English (U.S.)
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Topic:

Define The Elements Of A Legal Contract Using Examples From The Scenario Where Applicable

Essay Instructions:

Jim and Laura Buyer visit the local car dealership because they are interested in buying a new car. The car they currently have is aging and is starting to have mechanical problems. Jim and Laura would share the new car, and use it to go back and forth to work and school. Before going to the dealership, Jim and Laura decide that they can only afford $400.00 a month in car payments.
Once at the car dealership, Jim and Laura meet Stan Salesman. Stan shows them several vehicles and Jim and Laura test-drive several of the cars. Jim and Laura particularly like the blue 4-door sedan.  Therefore, they agree to give Stan Salesman a $100.00 deposit to hold the car for a day. Stan Salesman does not give them the receipt but guarantees that the $100.00 is refundable. No documents were signed. 
The next day, Stan Salesman calls Jim and Laura to ask them when they would like to take delivery of the car. Jim and Laura, on the way home from the dealership, decided that they were not going to buy the car because they did not want to spend that money each month. Therefore, Jim and Laura tell Stan salesman that they have decided not to buy the car and request their $100.00 deposit back.
Stan insists that the $100.00 was a deposit on the car and was meant to be part of the contract to buy the car. Stan is very persistent and insistent that Jim and Laura have 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:
Define the elements of a legal contract using examples from the scenario where applicable.
Decide whether or not there was a contract for the purchase of the automobile. 
Identify the facts from the scenario which support your decision on whether or not a contract exists for the purchase of the automobile. 
Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as quality academic resources.
Format your assignment according to the following formatting requirements:
TYPE THE QUESTION EXAMPLE QUESTION 1 AND THEN YOUR RESPONSE, QUESTION 2 THEN YOUR RESPONSE, QUESTION 3 THEN YOUR RESPONSE. TYPE THE QUESTION IN BOLD INK. YOUR RESPONSE SHOULD NOT BE IN BOLD INK. THE QUESTIONS ARE AS FOLLOWS:
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.

Essay Sample Content Preview:

DID JIM AND LAURA BUY A CAR
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Define the elements of a legal contract using examples from the scenario where applicable.
A contract is a legally binding agreement between two or more parties. For a contract to be legally binding, it has to satisfy a number of things. These are; offer, acceptance, consideration, capacity, and legality. It should be noted that all these procedures need to be observed for a contract to be taken as valid. In case any of these isn’t fulfilled, then the contract can easily be rendered null and void in any court of law. The first step towards making a contract is usually the expression of an offer, followed by an acceptance from the other party to whom the contract was offered. This paper analyzes the case of Jim and Laura, a couple which had gone to check on cars with the intention of buying one, only for a series of developments to change the narrative and result in an escalation of the issue to one that needs legal redress.
Agreements can be made either orally, or in writing. In this case, the agreement between the couple and the salesman was orally, through a verbal agreement. This is illustrated by the fact that after the couple did test drives on some of the cars and got interested in one, the salesman offered them the chance to deposit some money as a booking, so that no one can take the car. This was an offer. The couple then doesn’t debate about the deal, and rather, accepts it. This was an acceptance, though verbally, from the couple. Consideration is defined as the particular thing of value that two or more parties in a contract exchange. In this case, the $100 that the couple exchanges with Stan for the purposes of holding the car, is the consideration.
Decide whether or not there was a contract for the purchase of the automobile.
There is however, an aspect of consideration that needs to be taken seriously. A consideration needs to be bargained. This is to mean that the parties to the agreement that constitute a contract, need to come to some sort of bargain, in such a manner that one will lose something that is in his possession for the gain of another that wasn’t in his possession(Winkels,2010). In this case, the couple needs to give up the cash, for the purposes of gaining the car, while Stan has to experience the opposite, whereby he loses the car and gains the money. This isn’t the case here, since the couple appears to have lost both the cash and the car, since they haven’t raised the amount for the car, and they don’t have the $100 back.
In analyzing t...
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