Paper Sample on Decoding Legal Contracts: A Case Analysis of Jim, Laura, and the Car Salesman

Define the elements of a legal contract using examples from the scenario where applicable.

All contracts are viable to ensure that they are legal and do not violate the rules and regulations that oversee how contracts operate. The essence of the viability constitutes the primary elements of a legal contract. The law's approval ensures that a deal is legally enforceable and that the duties and rights of the parties in the agreement are adhered to (Clarkson and Miller, 2020).

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In Jim and Laura's scenario, there are elements that the contract depicts, thus making it identifiable as a contract that has factors that are expected to be present in a deal that can be termed as legal before the law (Henry, 2019). There is no element of the offer since the salesman does not allow Jim to make them pay $100 as a deposit for the vehicle they want to purchase and pay the remaining amount in monthly installments. All contracts have to meet the element of acceptability.

In the contract between Jim, Laura, and the salesman, this element is absent because the two buyers agree with Stan's salesman. They do not accept the offer of the salesman who claims that the amount they pay is part of the contract and do not allow them to take the car with them but instead insist that they have to pay the whole amount to be able to get the car. There is no consideration between the two parties that are in agreement. Consideration is an element that ensures that both parties give something that is of value to help mark the contract.

Jim and Laura give $100, which is not enough for them to get the car from the salesman. These elements, offer, acceptance, and consideration, are not present in the contract between the two parties; thus, it is not a legally accepted contract. Therefore, the contract between the two parties does not meet the threshold of the required legality.

Decide whether or not there was a contract for the purchase of the automobile.

There was no contract to purchase the automobile because the two parties did not depict the elements that describe a legally accepted contract. Regarding the presented collaterals, the two parties did not agree on a neutral ground that could make the deal complete hence there was not any contract for the purchase of the automobile. Besides, the $100 that the duo presented could not meet the minimum amount required for one to purchase the car hence keeping the agreement below the irreducible minimums.

Identify the facts from the scenario that support your decision on whether or not a contract exists to purchase the automobile.

There is no contract for purchasing the car from the scenario because the two parties do not depict any element that can prove that their engagement is legally accepted. The parties do not express any aspect that demonstrates that they were in a contract to buy the car since the salesman is persistent and not ready to give Jim and Laura an offer since the amount they offered was lower. Therefore, the security of the duo was rejected by the salesman since it was considered far lower than the expected pay. Thus, their bid to purchase the car was not acceptable.

Similarly, the two did not honor the agreement, and the following day they decided to terminate the agreement by choosing not to buy the car since they were not ready to spend the same amount they had already paid to the salesman. The underlying reason behind the claim was that the actual amount of the car was not relative to the total amount they had to pay monthly till they reached the full amount. Consequently, Jim and Laura felt that the deal was unfair and resorted to other options of pulling out.

A legal agreement cannot be terminated when the due time has been reached (Henry, 2019). Jim and Laura do not depict the element of consideration since they do not give an amount that is valuable compared to the vehicle they want to purchase. The overall valuation of an aspect that one requires to buy determines the ability of one to meet a legal contract or not (Clarkson and Miller, 2020). In this regard, Jim and Laura failed to meet the required value in the amount they offered, thus rendering the contract illegal.

Parties of a contract have to consider what is worth and ensure that both of them can benefit from the warranty (Clarkson and Miller, 2020). The two are not in agreement and feel like they are being duped since the salesman says that the amount they had paid does not deposit but is part of the contract; thus, they are not liable for compensation for the $100 they had paid initially.

Each of the parties feels that the offers do not satisfy the deal. For instance, Jim and Laura think that the two salesmen would amass a considerable amount of money if they agreed to pay for the automobile in bits. On the other hand, the seller feels that the $100 offered by the duo does not meet the threshold for signing an agreement hence making the contract more complicated, which in turn renders it illegal.

References

Clarkson, K. W., & Miller, R. L. (2020). Business Law: Text and cases. Cengage Learning.https://books.google.co.ke/books?id=QGbgkOKoeQ0C&printsec=frontcover&dq=business+law&hl=en&sa=X&ved=2ahUKEwjmwoaprdnrAhVGxoUKHUHWA9AQ6AEwAHoECAAQAg#v=onepage&q=business%20law&f=false

Henry R. Cheeseman. (2019) . The legal environment of business: Text and cases. Cengage Learning.https://books.google.co.ke/books?id=r32axAEACAAJ&dq=The+legal+environment+of+business:+Text+and+cases.+2019&hl=en&sa=X&ved=2ahUKEwjagrLbrdnrAhV0AWMBHVvhCRMQ6AEwBHoECAQQAg