This is a contract which made between the Seller, [Sir Christian], and the Buyer, [Buddy King], for selling the Seller's [2013, Jeep Wrangler].
The car for sale is a [2013, Jeep Wrangler, Black in colour, with mileage of 10,400km, lockable centre console, heated front seats, power outlets and premium instrument cluster]
The VIN number of the car is [1HGCM82633AXXXXXX] with odometer reading as [XXXXXXXXXX] as on [30.10.2016]
The date of sale of car is [01.11.2016]. The Buyer has agreed paying the Seller an amount of [30,000 AED] as initial deposit and by[cheque] and rest [45,000 AED] on delivery dated [15.11.2016] by [cheque].
The car is being sold "AS IS". The Seller is not making any kind of warranties regarding …show more content…
As in the given case Buddy King (the Buyer) makes an offer of purchasing the Jeep Wrangler from Sir Christian (the Seller). Sir Christian accepts the offer.
• Mutual Agreement
After agreement the buyer (Buddy King) and the seller (Sir Christian), came into a clear understanding between them regarding what agreement they are going to enter into (as sale of used Jeep Wrangler in this case) and both of them are mutually agreeing to proceed with the action.
Consideration is a promise to pay something in monetary terms; hence it involves something of value. In this case the seller (Sir Christian) will be receiving an amount of 75,000 AED from the buyer (Buddy King) against sale of his Jeep Wrangler to him.
• Competent …show more content…
the buyer and the seller) must be enough competent of understanding what they are agreeing to do. This means both of them must be mentally sound and have reached the legal age. Here, both Sir Christian and Buddy King are competent enough to enter into the contract. They have a clear understanding what they will do.
• Legality of Purpose
The intention of the parties willing to enter into the contract (Buddy King and Sir Christian, in this case) must not violate any terms of law. Both of them have entered into a contract with written agreement; however the writing is on a napkin. Still this will be considered as a contract as both the parties have signed the same (Dafalla, 2016).