Did Jim and Laura Buy a Car?, law assignment help

User Generated

fgbinyypo

Business Finance

LEG 100

Armstrong Atlantic State University

Description

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:

  1. Define the elements of a legal contract using examples from the scenario where applicable.
  2. Decide whether or not there was a contract for the purchase of the automobile.
  3. Identify the facts from the scenario which support your decision on whether or not a contract exists for the purchase of the automobile.
  4. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as quality academic resources.
  5. 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.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills.

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Explanation & Answer

please find the attached file. i look forward to working with you again. good bye

Running head: CAR BUYING CONTRACT

1

Car Buying Contract
Name
Institution
Course
Tutor
Date

CAR BUYING CONTRACT

2
Car Buying Contract

Business law is essential in ensuring that legal contracts are well implemented within the
right framework/manner to avoid chances of disorderly flows in society. This is justified by the
fact that people tend to be unreliable and may end up violating what might have been agreed in
the process of transacting a business. According to business law, a contract refers to written or
spoken agreement concerning concrete issues such as sales, employment or tenancy (Ryan,
2006). This contract should be enforceable by the law. Evidently, there are detrimental
repercussions in the event that one of the parties has violated the agreement. For the case of
Laura and Jim buying a car, there are some elements of the contract though there are loopholes
during the real process of conducting car buying agreement.
Elements of a Contract
There are prerequisite elements that tend to enforce true contract. For any contract to be
legally recognizable, the following are compulsory: consideration, offer, acceptance, mutuality
of obligation, competency and capacity within given circumstance and a written instrument
(Ryan, 2006). Below is a brie...

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