Did Jim and Laura Buy a Car Essay

The principle of law is that for a valid contract to be formed there must be an agreement reached by both parties.

Stan the salesman made an offer to Jim and Laura and they both agreed to the terms. They asked that Stan the salesman hold the car for a day. He told them to put down $100 dollars to

In order to have a valid contract, Marsha should make an offer to buy the car and Jim has to accept it given the fact that all terms of sale has been agreed on.

An agreement cannot bind unless both parties to the agreement know what they are doing and freely choose to do it. This implies that the seller who intends to enter a contract with a customer has a duty to disclose exactly what the customer is buying and what the terms of the sale are.

Question 4. 4. (TCO 4) Sandy mails a letter back to Andrea that she has signed; the letter makes reference to a car Andrea has for sale and Andrea’s desired price. When Andrea later delivers the car to Sandy, Sandy returns the car, claiming she does not want the car and that they did not have a contract, so she is not bound to keep the car. Andrea, however, claims they do have a contract and wants to enforce said contract for the price of the car. What standard would the court use to determine whether there is a contract between the parties for the sale of the car? (Points : 25)

I believe that there were two contracts made in this scenario. The first one was the verbal contract that sated that the stipulations of price and the fact that there needed to be a written contract before distributing the product. The email, since it was in writing can also count as a written contract; both parties had knowledge that there would be some sort of written agreement. Chou was in the right to think that the email stating the key terms and agreements counts as a contract.

In order for a contract to be considered valid four elements must be present, 1) Agreement 2) consideration 3) contractual capacity and 4) legal object (Kubasek, N. 2011 pgs. 304/305).. In Sam’s case of his invention, the first element, Agreement, certainly exists. Sam had made a verbal “offer” to deliver one thousand units to the chain store, and the stores letter to Sam demanding delivery of the product can be considered an acceptance of his offer. The second element of a contract is the consideration or the bargained for exchange under the contract (Kubasek, N. 2011 pg. 343). While one might assume that in this situation each party had agreed to exchange something for others services, there is no evidence

The offeree is the only party with legal power to accept an offer, thus forming a contract. In addition, for the contract to be considered accepted, the offeree must accept all the terms of the offer unequivocally. This is called “the mirror image rule”. For example, if the offeree stated “I will purchase your home, but I wish the drive way was repaved”. The offeree accepted the terms, making this an accepted contract. An example of non-acceptance is if the offeree stated “I will purchase your home, if you pave the driveway”, This would be a

A contract signed by two parties is also a valid proof that a specific transaction has to take place as per the conditions laid down in it. If the other party involved in the deal tries to cheat you, you can always rely on the contract to take the party to court and get justice. Disclaimer: The information in this blog post (“post”) is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from Ansley Law Firm, nor is it intended to be a substitute for legal counsel on any subject

Have you ever been involved in a real estate transaction in which you were not certain whether the parties had a binding contract? Perhaps the buyer and seller had reached an oral agreement when another buyer made an offer on the property. Maybe one of the parties got "cold feet" and wanted to back out of the deal even after signing the contract.

Various elements must be present to prove that a valid contract exists between Sam and the chain store. A contract is a written or verbal agreement that usually involves employment, sales, and tenancy that can be upheld by the law. Contracts are more than just fulfilling a promise between parties. There are four elements to a contract. The four elements to a contract are agreement, consideration, contractual capacity, and legal object. The first element of agreement would be deemed to exist if the offeror of one party makes an offer to another party, and the offeree accept the offer from another party. At this time it is not a legal contract unless the exact terms of the contract are accepted. The second element of consideration would be

For implied warranties, the Uniform Sales Act imposed obligations on the the seller as a matter of law, and thus did not depend upon any express agreement of the parties. Accordingly, the court held that when a manufacturer puts a new car in the stream of commerce, an implied warranty accompanies the car to the ultimate purchaser.

Contracts can be defined through promises between parties that are enforceable through law. We know that both parties agreed verbally, an oral agreement was made to hold the car for one day with a hundred-dollar deposit and Stan agreed to the terms that the deposit was refundable. Contracts can be in in two form which are written or oral. Based on the elements of contracts, many fundamentals factors are considered mandatory to form a contract that is binding on parties and are primarily outlined through the following:

Offer-An offer can be oral or written as long as it is not required to be written by law. It begins the contract. It is simply what is being offered to another for the return of that person's promise to act. It can’t be unclear and must be spelled out in terms that are specific and certain, such as the identity and nature of the object which is being offered and under what conditions and or terms it is offered. For example if you go to buy something from ATT there offer is giving you a phone and services for a certain price if you stay with them for at least 2 years or you pay early termination fees.

An offer is an expression of willingness by one party to contract on certain terms with another party with the understanding that the contract will become binding when accepted by the person to whom it is offered. An offer may be made in different ways, such as in a letter, an email, or even your behavior, so long as it conveys the basis on which the offering party is willing to contract. An offer should consist of: (1) a statement of present intent by the offering party to enter into a contract; (2) a specific proposal that is certain in its terms; and (3) a communication that identifies the person to whom the offer is made. If any of these elements are not present, an offer has not been made. (Walker, C. B., 2012)