Did Jim and Laura enact a contract for buying a car?

Did Jim and Laura enact a contract for buying a car?
LEG 100 – Business Law I

BUSINESS LAW
Did Jim and Laura enact a contract for buying a car?
Elements of a Legal Contract
For the contract enactment in the given scenario, it is essential that three key observations
ought to be highlighted. The first one relates to presence of a verbal agreement which must
highlight that the contracting parties have made an agreement in relation to the sale of blue four
door sedan. The second one relates to the moment when an oral agreement was made between
Stan and Jim & Laura with regards to holding the car for one day for a payment of $ 100 which
was deemed “refundable”. The third one pertains to the agreement provided by Stan Salesman to
the arrangement. The contracts tend to be government by common law, private law along with
statute law. The agreement related terms with regards to parties that are exchanging promises
would be considered under private law. This branch of law may bypass a host of the rules which
are put in place by the state (Legal Information Institute (LII) Contract).
For the sale of the given car, agreement can be written or oral. With regards to the
scenario provided, there is intention on part of Jim and Laura with regards to making the
purchase for the sedan. Because they were interested in making the purchase of car, hence a
deposit of $ 100 was given to Stan Salesman. As a result, it can be concluded that the conduct of
the parties gives rise to an implied informal legal contract (Beatty, Samuelson, & Sanchez Abril,
2016).
No Contract for Automobile Purchase
With regards to Uniformed Commercial Code (UCC), the extent of flexibility available
tends to be higher with regards to contract law in comparison to common law. In the given
scenario, it would be fair to expect that Stan would operate in a highly responsible manner