Did Jim and Laura Buy a Car?, assignment help

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Did 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:

  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.
  5. 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.

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