Details on Touchstone : Did Jim and Laura Buy a Car ?
Answer
It is worth noting that the parties did not sign any documents as per the scenario presented . For such a reason , it is worth noting that the people involved will end up holding to the word by all the parties involved in the contract for the sale and buying of the car . Because there was no contract or documents signed , there is no solid proof that Laura and Jim were involved in the transaction of depositing the said $ 100 , which was intended to hold the car for some time , particularly a day . Furthermore , the terms of such money are not known , and hence the parties did not agree on whether such amount was refundable ( Chen- Wishart , 2012 ) . Due to lack of evidence and records , the salesman can hence go – ahead to deny that the couple gave him the $ 100 as a deposit to hold the car for one day until they come clear and agree to the decision they will purchase the vehicle of their interest or not . In their case , together with Stan , the salesperson , it is worth noting that the contract will only be a legal agreement between both the parties for it to be valid , and hence they should reach a consensus . The promise should be , thereby , enforcement of the law . Seven characteristics should be presented fort a contract to be said to be valid . Such characteristics are as follows , the offer , which is a proposed deal of the organization and made in particular ways for the offer to be legally recognized . The next one is acceptance , which involves presenting the offer to the other parties who should respond in a certain way and determiner if the offer is reasonable and whether they buy it through agreeing to the terms ( Chalkidis , Androutsopoulos , and Michos , 2017 ) . Next , there is a consideration . In this , both parties must agree or even receive different measurable benefits because a contract happens to be a two – way traffic concern . It is also essential that the parties consider the contract ‘s legality since it should be lawful . After that , the capacity of the agreement or contract is vita
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