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 22, 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. 1. Offer and Acceptance: For a contract to be valid, it must be a "legal offer" on the one hand and a "legal acceptance" on the other. The motion must comply with default laws governing acceptance and jurisdiction. In the case study, Stan gives Laura and Jim a refundable refund of $ 100,000, and they both agree. Stan's offer and acceptance of Jim and Laura are legal and valid (Kumar, 2012). 2. The intention to establish a legal relationship: Both parties must express their intention to establish a legal relationship. Social agreements or agreements based on local character are void. Jim, Laura and Stan have indicated that they intend to establish a legal relationship on ……………………………….CONTINUED………………………….