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Case Support

Determine the facts from the scenario that you will use to support your decision on whether or not Jim and Laura entered a contract with Stan Salesman for the purchase of the automobile.

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Sample Answer

To determine whether or not Jim and Laura entered a contract with Stan Salesman for the purchase of the automobile, let’s analyze the scenario and identify the key facts that support the formation of a contract.

Facts Supporting the Formation of a Contract:

  1. Agreement on Terms: Jim and Laura expressed their willingness to buy the car for $10,000, and Stan Salesman agreed to sell it at that price. This mutual agreement on essential terms indicates the formation of a contract.

  2. Consideration: Consideration refers to the exchange of something of value between the parties involved in a contract. In this case, Jim and Laura agreed to pay $10,000 for the car, and Stan Salesman agreed to deliver the car in exchange for the money. This exchange of value satisfies the element of consideration.

Full Answer Section

  1. Offer and Acceptance: Stan Salesman’s offer to sell the car for $10,000 was accepted by Jim and Laura when they agreed to buy it at that price. This mutual offer and acceptance establish the formation of a contract.

  2. Capacity: All three parties involved in the transaction – Jim, Laura, and Stan Salesman – were of legal age and sound mind, indicating that they had the capacity to enter into a binding contract.

  3. Legality: The sale of an automobile is a legal transaction, and there is no indication that the agreement between the parties violated any laws or regulations.

Conclusion:

Based on the identified facts, it can be concluded that Jim and Laura entered into a valid contract with Stan Salesman for the purchase of the automobile. The mutual agreement on essential terms, the presence of consideration, the offer and acceptance, the capacity of the parties, and the legality of the transaction all support the formation of a binding contract.

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