In three to five (3-5) pages, advise Jim and Laura based on the facts as presented

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Jim and Laura Buyer visit the local car dealership because they are
interested in buying a new car. The car they currently have is aging and is
starting to have mechanical problems. Jim and Laura would share the new car, and
use it to go back and forth to work and school. Before going to the dealership,
Jim and Laura decide that they can only afford $400.00 a month in car

Once at the car dealership, Jim and Laura meet Stan Salesman. Stan shows them
several vehicles and Jim and Laura test-drive several of the cars. Jim and Laura
particularly like the blue 4-door sedan.  Therefore, they agree to give Stan
Salesman a $100.00 deposit to hold the car for a day. Stan Salesman does not
give them the receipt but guarantees that the $100.00 is refundable. No
documents were signed. 

The next day, Stan Salesman calls Jim and Laura to ask them when they would
like to take delivery of the car. Jim and Laura, on the way home from the
dealership, decided that they were not going to buy the car because they did not
want to spend that money each month. Therefore, Jim and Laura tell Stan salesman
that they have decided not to buy the car and request their $100.00 deposit

Stan insists that the $100.00 was a deposit on the car and was meant to be
part of the contract to buy the car. Stan is very persistent and insistent that
Jim and Laura have contracted to buy the car; therefore, the $100.00 will be
applied to the purchase price of the car. Jim and Laura are shocked and angry as
not only do they not want to spend the money, but now feel as though they are
being duped by Stan Salesman. 

Jim and Laura have an appointment to see a lawyer in a few days, but know you
are a student taking a business law class and come to you for advice. They are
very frazzled, and understandably upset that they may have just purchased a car.
Since you have been taking business law, you have read and understand the
elements of a contract and the defenses to a contract. Therefore, although you
are not a lawyer, you provide some basic advice from what you’ve learned in your
business law class.

In three to five (3-5) pages, advise Jim and Laura based on the above facts
as presented, the material provided in the text, and material covered in the
lecture. In your paper, be sure to address the following:

  1. Define the elements of a legal contract using examples from the scenario
    where applicable.
  2. Decide whether or not there was a contract for the purchase of the
  3. Identify the facts from the scenario which support your decision on whether
    or not a contract exists for the purchase of the automobile. 
  4. Use at least two (2) quality academic resources in this
    assignment. Note: Wikipedia and other Websites do not qualify
    as quality academic resources.
  5. Format your assignment according to the following formatting requirements:
    • Typed, double spaced, using Times New Roman font (size 12), with one-inch
      margins on all sides.
    • Include a cover page containing the title of the assignment, the student’s
      name, the professor’s name, the course title, and the date. The cover page is
      not included in the required page length.
    • Include a reference page. Citations and references must follow APA format.
      The reference page is not included in the required page length