Business Law Touchstone 2 Template

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Southern New Hampshire University *

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201

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Law

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Apr 3, 2024

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Business Law Touchstone 2: Did Jim and Laura Buy a Car? Directions: Follow the directions for each part of the touchstone template. Include your response and all relevant elements under the Requirement section. Prompts in the Inspiration section are not required; however, they may help you to fully think through your response. Remember to review the Touchstone page for response requirements, rubric components, and grading specifics. Name: Julia Berger Date: 1/10/2024 PART 1: Contract Definition Task: Identify the elements that must be present for a legal contract to exist. Define each element using examples. Requirements: Identify the elements of a legal contract. Define each element. Provide an example for each element. Include reference citations as appropriate. Inspiration: When writing your response, think about the understanding of contract law Have you defined the elements of a legal contract? Have you used examples from the scenario to illustrate these elements? Identify and define elements of a legal contract below: Contract contain many different elements that all together make the contract legally binding. If one of the following elements is missing the contract is not considered binding. The elements that make up a contract are: Offer- One party asks for something from another party. An example would be a renter agreeing to pay a landlord rent for a house. Acceptance- is occurs when both parties agree and sign a contract together. An example of this would be a person signing a promissory note saying the customer agrees with the banks offer and agrees to pay the monthly fee for their car. Awareness- This happens when both parties know and are willingly entering a contract together. An example of this would be Jim and Laura the were NOT told they were entering into a contract when they gave Stan the $100. This would be an example of not being aware. Consideration- this is based on what the contract provides for both parties. And example would be the product or service provided within the contract. Capacity-This occurs before the parties sign the contract and they learn the full scope of what Business Law Template 1
the contract entails. Had Stan given Jim and Larua a contract with the $100 deposited credited to the total cost, the would’ve seen this and planned accordingly. Legality- Contracts must follow and abide by all laws- Contracts can not include anything illegal in anyway so if someone enters a contract that says they must go steal cars at 8pm and deliver them to the other party it would obviously not be legal. Business Law Template 2
PART 2: Case Support Task: Determine the facts from the scenario that you will use to support your decision on whether or not Jim and Laura entered a contract with Stan Salesman for the purchase of the automobile. Requirements: Identify relevant facts from the scenario. Write a clear explanation of how these facts will support your decision. Include reference citations as appropriate. Inspiration: When writing your response, think about how the facts in this case study could support a judgment made. Have you defined relevant facts from the scenario that would support a case? Have you discussed why these facts from the scenario relate to each element of a contract from Part 1? Determine and discuss the facts from the scenario below: Relevant facts from the scenario would be Jim and Laura were not aware that they were entering a contract when they gave Stan the $10. Stan should have created a contract with the $100 deposit stated and presented the contract to Jim and Laura so they could be aware. Because Stan didn’t create the contract and get it signed by both parties he has no legal grounds for holding their $100. Business Law Template 3
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PART 3: Case Judgment Task Based on the facts in Part 2, decide whether or not there was a contract for the purchase of the automobile. Requirements Clearly state your decision on the existence of a contract for purchase of the automobile. Defend your decision with relevant facts from Part 2 about the scenario that support your choice. Inspiration: When writing your response, think about the judgements made on this case study Have you provided a clear judgment on whether Jim and Laura entered a contract to purchase the automobile with Stan Salesman? Did you use facts from the scenario to support the decision made on whether they entered into a contract? Make a judgment on the case and defend your decision below: There was no contract entered within this scenario. Stan should have written up a contract stating that the $100 deposit will be used towards the total cost of the car and if the car is returned the $100 deposit will then be refunded or used as a security deposit once the car was returned in original condition. Jim and Larua should have asked what the $100 was before handing over any money and to see a contract with their deposit listed as well. Business Law Template 4
PART 4: Sources & Conventions Task Include two academic references to support your judgment and review your document for standard English writing conventions.  Requirements Provide two high quality academic references. Explain how each source relates to and supports your judgment on the case. Review the touchstone for proper academic and/or professional writing conventions. Inspiration: When writing your response, think about your research surrounding this case study. Have you explained how each source relates and supports your judgment on the case? Have you reviewed your document to ensure that spelling, grammar, punctuation, and formatting are all appropriate for an academic or professional setting? Include your academic sources and discuss how they relate to the case below: Elements of a Contract: 6 Elements You Should Include (contractscounsel.com) contract | Wex | US Law | LII / Legal Information Institute (cornell.edu) Both of these sites gave me insight on how to best approach the scenario given. Business Law Template 5