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Law
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Jim and Laura Visit Local Car Dealership: Buying New Car

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:
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

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This is a case study that addresses the nature of business law. The particular instance being discussed here is a contract and its elements. Additionally, there are a few other aspects such as good faith and gratuitous promise. To understand this case well, it is important first of all to understand what a contract and the components or elements that make a contract is binding. A contract can be defined as a mutually binding agreement between two are more entities that are enforceable by law. The entities at this moment can be individuals, groups, organizations or anything that the law recognizes as a legal person.
A contract is made up of various elements. These include an offer, acceptance consideration, and legality, mutuality of obligation and competence of the parties involved. An offer is usually interpreted as an expression of willingness to engage in something with another party. In most cases, an offer usually has a period which it lasts before it becomes unbinding. In this scenario, Stan, who was the salesperson offered the car to Jim and Laura through the display he had in the motor showroom. Acceptance is a show of consent to the offer made.
For a contract, acceptance shouldn't change the original nature or content of the offer, or else, the offer would be deemed null(Burton,2009).The couple accepted the offer of the salesperson by going and trying out through test driving some of the cars on display, of which they were pleased with the blue sedan. There were no receipts or signatures to show an official agreement in place. However, they guaranteed the car by stepping forward and paying a sum of money that showed they were indeed committed to purchasing the car. This was an agreement that bound them, though incompletely. The material in question, the one which is the subject of the contract therein, needs to be legal. The material, in this case, is the car at the showroom, which is a legal commodity (Burton, 2009).
Mutuality of obligation just implies that the parties to the contract need to speak the same voice. This is to mean that they need to agree on the nature of their offer or acceptance, at the same time and in the same sense (Burton, 2009). This is not clear in the case, since, the $100 deposited by the couple was meant to hold onto the car until the next day, which Stan agreed wit...
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