Did Jim and Laura Buy a Car?

Did Jim and Laura Buy a Car?

Did Jim and Laura Buy a Car?
Obligations that the law can enforce are called contracts. When there is a breach of any contract made between two parties, the law allows different remedies to the offended. The existence of a contract becomes possible when there is a promise in place by one party to another. The idea of legality is often important, and for the contract to be binding it has to fulfill the four elements of contracts that are an offer, the intention of entering into a legal agreement, consideration and acceptance.
For a contract to be binding, it has to have an offer, which can lapse due to the expiry of the acceptance period when it is reversed before being accepted and after a period which is reasonable (Governatori, 2010). For the case of Jim and Laura, there was no offer for the Blue Sedan, which the buyers decided to test drive for one day after giving out a deposit of $100. The salesman was in the process of marketing their cars and the buyers had not decided on which one to buy, however, they liked the sedan and paid $100 for it as deposit for one day, an amount which was refundable. It is vital to note that an offer can be oral or written to make it binding.
On the same note, and offer ought to be accepted without conditions. Offers made by individuals are never binding unless they are accepted by those parties the offers are made. Acceptance usually allows negotiations to end and the ultimate process of buying a product of ser…