Did Jim and Laura Buy a Car?
Charles Rohan
Professor Robert Cantrell
LEG 100
January 29, 2017
Today many people go in to business with one another because one party has something the other party wants. In order to get what is wanted you often have to pay a fee associated with the item or service that is for sale. When these purchases are large and require a loan that comes with a repayment plan we then head into what is called a contract. A contract is an agreement that creates obligations that are enforceable by the law. When entering into a contract with another party, that contract can be either a verbal or written one. There are different elements that go into a contract that make it valid and binding and they are:
Offer: This is defined as a …show more content…
They walked into a dealership looking to purchase a vehicle. There was an offer and an understanding of terms and conditions. They test drove the car, decided on which car was for them, and even put a deposit down on the vehicle. You never really put deposits down unless you plan on buying a vehicle. The deposit should not be refunded and they should purchase the car.
The two buyers after a mutual understanding went ahead to a down payment as proof of purchase or intent to purchase the automobile causing the salesman to keep the car for a day as agreed between them. This is consideration and is also a clear proving that they promise to buy the car the next day. The money was binding and it was made in order to promise that they intended to buy the car and to also prevent the salesman from selling it to any other interested buyer. When the two buyers failed to owner the agreement that they made and that was legally binding, this is in fact a breach of contract.
References
Burnham, S. J. (2011). Contract Law for Dummies. (pg.168-170) Hoboken: John Wiley & Sons.
Charles Rohan
Professor Robert Cantrell
LEG 100
January 29, 2017
Today many people go in to business with one another because one party has something the other party wants. In order to get what is wanted you often have to pay a fee associated with the item or service that is for sale. When these purchases are large and require a loan that comes with a repayment plan we then head into what is called a contract. A contract is an agreement that creates obligations that are enforceable by the law. When entering into a contract with another party, that contract can be either a verbal or written one. There are different elements that go into a contract that make it valid and binding and they are:
Offer: This is defined as a …show more content…
They walked into a dealership looking to purchase a vehicle. There was an offer and an understanding of terms and conditions. They test drove the car, decided on which car was for them, and even put a deposit down on the vehicle. You never really put deposits down unless you plan on buying a vehicle. The deposit should not be refunded and they should purchase the car.
The two buyers after a mutual understanding went ahead to a down payment as proof of purchase or intent to purchase the automobile causing the salesman to keep the car for a day as agreed between them. This is consideration and is also a clear proving that they promise to buy the car the next day. The money was binding and it was made in order to promise that they intended to buy the car and to also prevent the salesman from selling it to any other interested buyer. When the two buyers failed to owner the agreement that they made and that was legally binding, this is in fact a breach of contract.
References
Burnham, S. J. (2011). Contract Law for Dummies. (pg.168-170) Hoboken: John Wiley & Sons.