Week 6 Assignment 1 Essay

754 Words Mar 17th, 2016 4 Pages
Did Jim and Laura Buy a Car

Week 6 Assignment 1

Matthew Ader

Professor Lori Baggot

LEG 100

Feb 14 2016

A contract is an agreement that creates an obligation that is enforceable by the law. The law has clear guidelines that before there exists a contract that will be binding, there has to be an offer, acceptance, mutual obligation and all parties should be of sound mind and by law be of legal age. A contract can either be written or spoken. Assuming that the buyers were at the required age went to the car dealership looking to purchase a new car.
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
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As for the money that was to hold the car for Jim and Laura I do believe that was an agreement that Stan did meet. He held that car until the next day when he called Jim and Laura and they informed him that they were no longer interested. Stan did say that it was refundable but there was not a receipt for the money, so it would be hard to prove what the money was for. Getting the deposit back there is no law that requires the dealership to refund the money. What Jim and Laura should have done was inquire to what the dealerships policy was before making a deposit or signing any documents. Or they could have requested something in writing about the deposit being refunded if they choose to change their minds.
The elements that make a contract binding are
Offer- This is defined as a clear manifestation of willingness to enter an agreement made by another person with full understanding that their assent to the bargain is an invitation and is concluded.
Acceptance-This basically means that the terms of the offer have been clearly understood and agreed to through consent and assent and at no time will the terms be changed.
Legal purpose-It means that the reason for the contract must be legal. In this case, the sale and purchase of a car from a licensed dealer is legal and done under the regulations specified by law.
Mutuality of obligation-This refers to the parties’ mutual understanding and also assents in expressing their
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