Jim and Laura intend to buy a car, and upon visiting a dealer, they agree to give $100 deposit to hold the vehicle for a day. However, Jim and Laura later change their minds on purchasing the car upon which the dealer insists that the $100 deposit was meant to be part of the contract to purchase the car. The case raises important issues with regard to contract law. Therefore, before analyzing the facts of the case, it is essential to evaluate the various aspects that constitute a legally binding contract. An essential element of a legally binding contract ...
Essays on Counteroffer
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