Southern New Hampshire University - BUS bus 206Did Jim and Laura Buy a Car

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Did Jim and Laura Buy a Car? Did Jim and Laura Buy a Car? Business Law 1 1 This study source was downloaded by 100000816398418 from CourseHero.com on 04-12-2021 05:50:21 GMT -05:00 https://www.co... ursehero.com/file/77577826/Did-Jim-and-Laura-Buy-a-Cardocx/ This study resource was shared via CourseHero.com Did Jim and Laura Buy a Car? Abstract In this Touchstone I will be defining the contract law and the elements associated with contract law such as: offer, acceptance, consideration, mutuality of understanding, and legal capacity. By delving more into oral contracts which is a type of business contract that is outlined and agreed to by spoken communication, but not written down. Oral contracts are legally binding; however, oral contracts are one of the hardest contracts to prove because there are no signed documents to show the court. I will be discussing a case where an oral contract is made regarding a couple that is looking to buy a new car and they give the salesman a deposit to hold the car while the couple discusses the purchase of the car, and later decides that the car does not meet their financial and personal needs at this time and ask for a refund on their deposit. Elements of a Contract Did Jim and Laura Buy A Car? The offer The Acceptance – Assent to the terms of an offer The Consideration The Mutuality of Understanding – The reciprocal understanding or agreement between parties. Did Jim and Laura Buy a Car? The Legal Capacity – The signing parties to a contract must have the legal competence such as age and mental status to enter into a contract. Any contract involving a minor is voidable. Did Jim and Laura Buy a Car? References [Show More]

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