I need to elaborate more on this paper, so everything can make sense. Here are the instructions for the paperDid Jim and Laura Buy a Car? Worth 200 points
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:
Define the elements of a legal contract using examples from the scenario where applicable.Decide whether or not there was a contract for the purchase of the automobile. Identify the facts from the scenario which support your decision on
whether or not a contract exists for the purchase of the automobile. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as quality academic resources.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.
Here is the rubric I must follow please see attachmentbusiness_law_assignment_1.docxrubric.docxRunning head: A CASE STUDY OF JIM AND LAURA
A Case Study of Jim and Laura
Institution Affiliation
Date
1
A CASE STUDY OF JIM AND LAURA
2
1. Define the elements of a legal contract using examples from the scenario where
applicable.
A contract is an arrangement between two or more people where both sides should fulfill
a few commitments. Prior to reviewing an agreement is viewed and a few things must be put into
thought. The principal illustration will be an offer. An offer is the statement of the status to
accomplish something that should be finished. Regularly, offers have time limits, and this
implies for the offer to form into an agreement. On the off chance that the time slips by, then the
offer is no longer substantial. In the above case, the auto merchant was proceeding to offer an
auto to Jim and Laura, and this was the main offer around which the agreement ought to have
shaped.
A contract is the acceptance, which suggests that one get- together and makes the offer, it
must be acknowledged by the other party. Be that as it may, the second party in the agreement
needs to hint at acknowledgment of the current offer. Acceptance can be made in a few ways
incorporating orally or in composing. It is important that the parties involved agree on the
appropriate method in which the acceptance should be shown to avoid conflicting information. It
is critical to note that contingent acknowledgment is just a counter offer, and it doesn’t mean the
full acknowledgment of the agreement (Stim, 2011). This scenario was the situation for Jim and
Laura when purchasing the car.
Another thing to put into consideration and this often means that people involved in the
contract have to offer products that are appealing to one another. In other words, items that were
regularly traded must be the same worth, and this often lead to an agreement. However, a shared
commitment which implies that both individuals in the agreement need to perform certain
A CASE STUDY OF JIM AND LAURA
3
actions or satisfy certain necessities to ensure that they both fulfill the requirements of the
agreement. For the situation above, it is prominent that the car agency was supposed to give a car
to the couple while Jim and Laura were supposed to give them cash.
Lastly, it is imperative to ensure that the general population that are included in making
the agreement have the required competency and the ability to satisfy the agreement terms. For
the general population to make an arrangement, they initially should be lawfully skilled to make
such contracts. Along these lines; they ought to meet the prerequisites of least age furthermore be
of sound mind. Also they should be fit for making the installments that they guarantee to make
on the agreement, and if these conditions were not met, then the agreement couldn’t be made. On
account of Jim, Laura and the auto merchant, all these were fulfilled (Clarkson, Miller, Cross and
Clarkson, 2012).
Decide whether or not there was a contract for the purchase of the automobile.
On account of Jim and Laura, there was no contract for the purchase of the car. Jim and
Laura, in this case, were considering the alternatives that they had in purchasing the vehicle.
They clarified that their expectations were fundamentally to mull over the auto when they were
settling on the choice of whether to take the auto. The installment they made was for the
merchant to hold the auto for a day. In this case, this was done with no written contract, and it
implies that there were no solid proof for this exchange. The main thing that they had was the
expression of the merchant who guaranteed them that the cash was refundable since no
paperwork and no receipt was involved with the transaction.
The way that they inquired as to whether the cash was refundable implies that they had
no immediate goals of offering the agreement, and they were not dedicated to obtaining the auto
A CASE STUDY OF JIM AND LAURA
4
yet. Therefore, it is exceptionally basic to have a composed understanding with regards to doing
a business bargain. At whatever point there is an exchange of cash, it is vital that the agreement
before the exchange is clear to both sides before the cash trades hands. In the above case, there
might have been a difference on what precisely holding the auto for one day implied for the
entire buyers’ contract.
Identify the facts from the scenario which support your decision on whether or not a
contract exists for the purchase
Among the truths that the arrangement had not been fixed is first the worthiness of the
agreement. At the point when the offer was made by the salesperson for the auto to be bought at
a specific cost, there were all the important factors to take into consideration for the arrangement
to be fixed. Nonetheless, it was not acknowledged specifically, and the couple relatively offered
a counter offer from the merchant by proposing that he first holds the auto for a day and after
that they can settle on a full decision. Therefore, there was no immediate acknowledgment of the
offer that was given, implying that the agreement was not fixed. Without the full
acknowledgment of the offer by the second party, it is difficult to check the agreement
legitimacy (Emerson, 2009).
The second reality is that there was no demonstrated ability to the agreement. For the
arrangement to be fixed, it is essential to ensure that both sides can meet their side of the
agreement. For this situation, the auto merchant has turned out to be ready to give the vehicle
that is required however, Jim and Laura had not demonstrated that they can have the capacity to
pay the portions that are required for the purchase of the auto. In conclusion, the cash paid had
been guaranteed to be refundable by the auto merchant. Then again, the agreement had not yet
A CASE STUDY OF JIM AND LAURA
5
been fixed in light of the fact that, for a situation where the agreement is basic, the cash can’t be
discounted to the purchasers of the auto. The understanding was likewise oral while in a critical
exchange for the buyers’ of an auto, and composed archives are important to ensure that the
arrangement is fixed.
6
A CASE STUDY OF JIM AND LAURA
Reference
Clarkson, K. W., Miller, R. L. R., Cross, F. B., & Clarkson, K. W. (2012). Business law: Text
and cases : legal, ethical, global, and corporate environment. Mason, OH: SouthWestern Cengage Learning.
Emerson, R. W. (2009). Business law. Hauppauge, N.Y: Barron’s Educational Series.
Stim, R. (2011). Contracts: The essential business desk reference. Berkeley, CA: Nolo.
Points: 200
Criteria
1. Define the elements
of a legal contract
using examples from
the scenario where
applicable.
Weight: 27%
2. Decide whether or
not there was a
contract for the
purchase of the
automobile.
Weight: 27%
3. Identify the facts
from the scenario
which support your
decision on whether or
not a contract exists for
the purchase of the
automobile.
Weight: 27%
4. 2 references
Weight: 4%
5. Clarity, writing
mechanics, and
formatting
requirements
Weight: 15%
Assignment 1: Did Jim and Laura Buy a Car?
Unacceptable
Meets
Minimum
Expectations
Fair
Proficient
Exemplary
Below 60% F
60-69% D
70-79% C
80-89% B
90-100% A
Did not submit or
incompletely
defined the
elements of a
legal contract
using examples
from the scenario
where applicable.
Partially
defined the
elements of a
legal contract
using examples
from the
scenario where
applicable.
Did not submit or
incompletely
decided whether
or not there was
a contract for the
purchase of the
automobile.
Insufficiently
defined the
elements of a
legal contract
using
examples from
the scenario
where
applicable.
Insufficiently
decided
whether or not
there was a
contract for the
purchase of the
automobile.
Thoroughly
defined the
elements of a
legal contract
using
examples from
the scenario
where
applicable.
Thoroughly
decided
whether or not
there was a
contract for the
purchase of
the automobile.
Did not submit or
incompletely
identified the
facts from the
scenario which
support your
decision on
whether or not a
contract exists for
the purchase of
the automobile.
Insufficiently
identified the
facts from the
scenario which
support your
decision on
whether or not
a contract
exists for the
purchase of the
automobile.
Partially
identified the
facts from the
scenario which
support your
decision on
whether or not
a contract
exists for the
purchase of the
automobile.
No reference
provided; or,
does not meet
the required
number of
references; all
references poor
quality choices.
More than 8
errors present
Does not meet
the required
number of
references;
most
references
poor quality
choices.
7-8 errors
present
Meets the
required
number of
references;
most
references poor
quality choices.
Satisfactorily
defined the
elements of a
legal contract
using
examples from
the scenario
where
applicable.
Satisfactorily
decided
whether or not
there was a
contract for the
purchase of
the
automobile.
Satisfactorily
identified the
facts from the
scenario which
support your
decision on
whether or not
a contract
exists for the
purchase of
the
automobile.
Meets number
of required
references;
most
references
high quality
choices.
5-6 errors
present
3-4 errors
present
0-2 errors
present
Partially
decided
whether or not
there was a
contract for the
purchase of the
automobile.
Thoroughly
identified the
facts from the
scenario which
support your
decision on
whether or not
a contract
exists for the
purchase of
the automobile.
Meets number
of required
references; all
references
high quality
choices.
Purchase answer to see full
attachment
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