Decide whether or not there was a contract for the purchase of the automobile.

Touchstone 2: Did Jim and Laura Buy a Car?SCENARIO: 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. ASSIGNMENT: In three to five (3-5) pages, advise Jim and Laura based on the above facts as presented and the material covered in the lessons. 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.

In order to foster learning and growth, all essays you submit must be newly written specifically for this course. Any recycled work will be sent back with a 0, and you will be given one attempt to redo the touchstone.

Assignment Guidelines

DIRECTIONS: Refer to the list below throughout the writing process. Do not submit your Touchstone until it meets these guidelines.

1. Understanding of Contract Law❒ Have you defined the elements of a legal contract?❒ Have you used examples from the scenario to illustrate these elements?2. Case Judgment and Support❒ Have you provided a judgment on the existence of a contract in this scenario?❒ Have you used specific examples from the scenario to defend your position?3. Research❒ Have you referenced at least two academic sources in your essay?❒ Have you explained how each source relates to and supports your judgment on the case?

Sample Solution

Introduction: Jim and Laura Buyer have recently visited a local car dealership and are considering buying a new car. However, they are not sure if they have formed a contract for the purchase of the automobile with the dealership. In this paper, we will discuss the elements of a legal contract, decide whether or not there was a contract for the purchase of the automobile, and identify the facts from the scenario which support our decision.

Elements of a Legal Contract: A contract is an agreement between two or more parties that creates a legally binding obligation. The following are the elements of a legal contract:

1. Offer and acceptance: A valid contract requires an offer by one party and acceptance by the other party.
2. Consideration: Both parties must exchange something of value, such as money, goods, or services.
3. Capacity: Both parties must have the legal capacity to enter into the contract.
4. Legality: The subject matter of the contract must be legal.
5. Intention: Both parties must have the intention to be bound by the contract.

Was there a Contract for the Purchase of the Automobile? Based on the facts presented, it is not clear if a contract for the purchase of the automobile was formed between Jim and Laura Buyer and the dealership. While they gave a $100 deposit to hold the car, they did not sign any documents or make a binding commitment to purchase the car. Additionally, they did not exchange any consideration, as they did not receive anything of value in exchange for their deposit. The deposit may have been meant as a show of good faith, but it does not necessarily indicate a binding agreement to purchase the car.

Facts Supporting the Existence of a Contract:

1. The deposit: The fact that Jim and…Order a customized and more comprehensive answer here