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Essay Available:
Pages:
3 pages/β‰ˆ825 words
Sources:
5 Sources
Style:
APA
Subject:
Literature & Language
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 10.8
Topic:

Offer, Acceptance, Consideration, Mutuality Of Obligation, Capacity

Essay Instructions:

Jim and Laura Buy a Car?
Worth 200 points
HINT: See Chapters 10-14 of the text to help understand some of the legal issues covered in this assignment.
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:
i will do the cover page
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.

Essay Sample Content Preview:

Legal
Name
Institution of affiliation
Date
Legal
A contract refers to a written or oral agreement between two or more parties. The contract can be enforced by law in the jurisdiction in which it is domesticated. It can also be open for review under other jurisdiction provided it is stated as such. Contracts and all that pertains to such fall under the civil law of most jurisdictions CITATION Gru11 \l 1033 (Grundmann, 2011). It is essential to note that written contracts are preferable to oral contracts due to a number of reasons. The written contract is easily enforceable. Noting that there is a written and permanent record that an agreement exist CITATION Oli09 \l 1033 s (Oliveira, 2009). The written agreement clearly spells out the expectations, obligations and rights of each party. It is, however, less flexible as compared to an oral agreement. The oral agreement does not have a permanent record. It depends on the ability of the contractors to remember what was agreed on. It is also difficult to arbitrate on in a legal settingCITATION Pri09 \l 1033 (Primack, 2009).
There are five elements of a contract. These are; offer, acceptance, consideration, mutuality of obligation, and capacity CITATION Zev12 \l 1033 (Eigen, 2012). The offer refers to a statement by one party indicates their desire to be bound by agreement as per certain terms to another party. The acceptance is simply accepting the terms of the offer and agreeing to be bound legally as per these terms. Consideration is a something of value exchanged by the contractor in order to receive a good or service as envisaged in the contract. In modern contract law, the consideration is money. Thus, the contract must and should stipulate the amount that will be received by the contractors to ensure the contract is legally binding. The Mutuality of obligation means that both parties must have a mutual intent to be bound by the terms of the contract CITATION Kli15 \l 1033 (Klijnsma, 2015). Where one party does not wish to be bound, they must expressly state so. Lack of mutual intent will void any agreement as not binding on both parties. Capacity means that the contracting parties must have the legal ability to enter into agreements. Thus, minors (below legal age) are considered to lack the capacity or ability to enter into contracts. The law presumes that they are not mature enough to understand contracts. Representatives of companies can lack capacity where they exceed their legal powers. Any contr...
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