Sophia-Business Law-Touchstone-AC - Updated

Sophia-Business Law-Touchstone-AC - Updated Elements of a Legal Contract Addison Clark BUS3021: Business Law Capella University September 30, 2020 Elements of a Legal Contract Question 1 A legal contract is an agreement between two parties that can be enforced by law. The script shows a discussion between Laura and Jim and Stan from the car salesman. A valid legal contract includes the following elements. For a contract to be legally binding it must contain four essential elements: 1. an offer (Jim and Laura offered $100 to Stan as an initial payment for a car) 2. an acceptance (Stan accepted $100 as a refundable deposit) 3. an intention to create a legal relationship (Both parties give a consent to sale and purchase) 4. a consideration (Jim and Laura gave Stan a $100 as an initial deposit.) Question 2……………………………..CONTINUED…………………….