Q1 Answer
A legal contract takes place when two parties develop a compulsion enforceable by the law. For a contract to exist, various elements should be present. Some of these elements include the offer, acceptance, mutuality of obligation, writing requirement, capacity and consideration. Richards (2006) reveals that an offer entails the promises that require one party to exchange something with another party via a clear agreement. In the case at hand, there existed an offer when Jim and Laura expressed their interest in buying a car from Stan. They clearly did window shopping for the vehicle and at last, identified a ...