Open Always
Email: support@globalcompose.com Call Now! +1-315 515-4588
Open Always
Email: support@globalcompose.com Call Now! +1-315 515-4588

Business Law Sample Paper on Contracts

This is a Business Law Sample Paper on Contracts. If you are looking for help on this assignment, please click on the order now button below or contact our support representative.

A Database of over Million Scholarly Resources. Start your Search Now

Business Law Sample Paper on Contracts

 

 

 

Business Law Paper on Contracts

Student’s Name

Institutional Affiliation

 

 

 

 

 

 

 

 

 

 

 

A contract is a legal binding agreement between two people. For a contract to be legal an offer must be made and the other person must accept the offer made. A price must also be paid to show willingness of an individual to enter into the contract. For a contract to be binding, both parties must enter the agreement without being forced into it.

Willingness to enter an agreement

Jim and Laura went to a car dealership since they were interested in buying a new car. Stan had a car that matched their needs, that is, a blue sedan which they could buy and pay monthly instalments of $400. This shows that both Jim and Laura were willing to join in a contract with Stan salesman (Hong & Brisbane, 2015). However, just having the willingness to buy the blue sedan doesn’t mean that they have already entered a contract.

Offer and acceptance

After Jim and Laura carry our test drive on several cars and settle on the blue sedan, Stan makes them an offer, which involves giving him a deposit of $100 and taking the car home for a day. Stan does not give them any receipt for the deposit made. However, he gives them assurance that the $100 deposit is refundable. Even though Jim and Laura are given no papers to sign, they agree to pay the deposit and take the car home for the day.

 A contract is deemed legal when it is done in good faith and both parties accept the contract. Some people think that a contract is not binding if it is done orally. However, as long as both parties agree to the agreement made orally, then the contract becomes legally binding (Hirby, n.d). Therefore since both Jim and Laura agreed to the oral agreement made to them by Stan salesman to them, the contract is legal and binding.

When Jim and Laura take the car home, they decide they will not accept Stan Salesman’s offer since they do not want to be spending $400 each month on a car. When one party makes an offer; the other party has a right to reject or accept the offer (Hong & Brisbane, 2015). The agreement becomes legal only after an offer made becomes accepted by the other party.

Jim and Laura agreed to pay a deposit of $100 and take the car home for a day after Stan assured them that the deposit was refundable. They made the contract in good faith, knowing their money would be returned if they decided not to buy the car. However, after telling Stan about their decision to reject his offer, Stan insists that they already made a contract and therefore they must buy the car and that the $100 will not be refunded as it is a part of the contract to buy the car.

 Jim and Laura agreed to pay $100 to hold the car for the day. They did not pay the money to show that they have agreed to buy the car, though it implies that their intention was to buy the car. Though the contract is legal since they first agreed to Stan’s offer and paid a deposit on the same, the contract can be terminated since they decided not to buy it and communicated their decision to Stan. After deciding not to buy the car, Jim and Laura communicate to Stan about their decision. Therefore, since they have communicated to him about not accepting the car, their decision to reject the offer is deemed legal by the law (Hong & Brisbane, 2015).

Mutual agreement

Subscribe to Access the entire paper for only $10. This Sample Paper is 7 Pages or 1491 words in length.

The Entire Content is Locked

View the Entire Sample at $9.99 only!

Click on the Button Below to Register

 

REGISTER

References

Masson, S. (2016, August 25). Is my deposit refundable? #AskTCE | The Car Expert. Retrieved from http://www.thecarexpert.co.uk/is-my-deposit-refundable-asktce/

Hong, C., & Brisbane, P. (2015, July 29). What are the elements of a contract? – Hillhouse. Retrieved from http://www.hillhouse.com.au/legal-question/what-are-the-elements-of-a-contract/

Hirby, J. (n.d.). Is A Verbal Agreement Legally Binding? Retrieved from http://thelawdictionary.org/article/is-a-verbal-agreement-legally-binding/

 

 

 

Sharing is: CARING

Are you looking for homework writing help? Click on Order Now button below to Submit your assignment details.

Homework Writing Help
We Can Help you with this Assignment right now!
Business Law Sample Paper on Contracts

This sample paper should be used with proper reference only. To access the entire paper, you are required to pay $10 only. If you are looking for an assignment to submit, then click on ORDER NOW button or contact us today. Our Professional Writers will be glad to write your paper from scratch.

We ensure that assignment instructions are followed, the paper is written from scratch. If you are not satisfied by our service, you can either request for refund or unlimited revisions for your order at absolutely no extra pay.

Privacy| Confidentiality

Business Law Sample Paper on Contracts

We do not share your personal information with any company or person. We have also ensured that the ordering process is secure; you can check the security feature in the browser. For confidentiality purposes, all papers are sent to your personal email. If you have any questions, contact us any time via email, live chat or our phone number.

Our Clients Testimonials

  • I appreciate help on the assignment. It was hard for me but am good to go now

    Impact of pollution on Environment
  • Am happy now having completed the very difficult assignment

    Creative Message Strategies
  • Your writer did a fine job on the revisions. The paper is now ok

    Ethics: Theory and Practice
  • The paper was so involving but am happy it is done. Will reach you with more assignments

    Title: Privatization in or of America
  • I expected perfection in terms of grammar and I am happy. Lecturer is always on our head but was pleased with my paper. Once again, thanks a lot

    Title: Bundaberg Inquiry
  • The paper looks perfect now, thank to the writer

    Health Care Systems
  • You helped me complete several other tasks as you handled paper. wonna thank you

    Critique Paper on Political Change

Get more from us…

Are you looking for custom essay writing service? We deliver high quality writing help across disciplines. Contact us for professional assignment help. Visit our homepage and experience a world of excellent research writing solutions.

Email Address: support@globalcompose.com

Call Now! +1-315 515-4588

WP to LinkedIn Auto Publish Powered By : XYZScripts.com