the elements of a legal contract , business and finance homework help

Did Jim and Laura Buy a Car? Worth 200 pointsHINT: See Chapters 10-14 of the text to help understand some of the legal issues covered in this assignment.Jim and Laura Buyer visit the local car dealership because they areinterested in buying a new car. The car they currently have is aging andis starting to have mechanical problems. Jim and Laura would share thenew car, and use it to go back and forth to work and school. Beforegoing to the dealership, Jim and Laura decide that they can only afford$400.00 a month in car payments.Once at the car dealership, Jim and Laura meet Stan Salesman. Stanshows them several vehicles and Jim and Laura test-drive several of thecars. 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 aday. Stan Salesman does not give them the receipt but guarantees thatthe $100.00 is refundable. No documents were signed. The next day, Stan Salesman calls Jim and Laura to ask them when theywould like to take delivery of the car. Jim and Laura, on the way homefrom the dealership, decided that they were not going to buy the carbecause they did not want to spend that money each month. Therefore, Jimand Laura tell Stan salesman that they have decided not to buy the carand request their $100.00 deposit back.Stan insists that the $100.00 was a deposit on the car and was meantto be part of the contract to buy the car. Stan is very persistent andinsistent 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 andLaura are shocked and angry as not only do they not want to spend themoney, 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, butknow you are a student taking a business law class and come to you foradvice. They are very frazzled, and understandably upset that they mayhave just purchased a car. Since you have been taking business law, youhave read and understand the elements of a contract and the defenses to acontract. Therefore, although you are not a lawyer, you provide somebasic 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 abovefacts as presented, the material provided in the text, and materialcovered in the lecture. In your paper, be sure to address the following:Define the elements of a legal contract using examples from the scenario where applicable.Decide whether or not there was a contract for the purchase of the automobile. Identify the facts from the scenario which support your decision onwhether or not a contract exists for the purchase of the automobile. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as quality academic resources.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, thestudent’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 APAformat. The reference page is not included in the required page length.Grading for this assignment will be based on answer quality, logic /organization of the paper, and language and writing skills, using thefollowing rubric.