GBS205 - Contracts

When buying a car do not be overly excited because in this condition, your mind shuts down and does not let you think. Signing a contract is a serious action in our behalf. Make sure that when you are this situation, read everything carefully.
Be careful when you buy a car whether from the dealer or from some stranger. If it's from the dealer here are some things you should consider when reading a contract for the purchase of a car and before attending to the dealer:
Make sure you have already arrange some type of financing before going to a dealer otherwise they will do it for you and it's not a good idea
Scratch out all charges that do not meet your needs like for example: Take out Dealer Prep/or Document Preparation don't' pay for this.
If they want to charge you sales tax; ask them how this sales tax is calculated if they tell you "oh the computer does it" they are lying to you. Then make a reasonable amount up.
And most importantly DON'T accept GAP INSURANCE because the amounts of premiums are very high.
Now let's learn about some vocabulary
Due Diligence- people who carefully read a contract and make appropriate changes. If you recall, Robert practiced this step when he was getting rid of things that did not meet his needs.

What does a contract need to have in order to be a valid contract?
The agreement/agreement must have an offer In this clip the offer was the car from(jack's lot) and offeree were (corissa &eneyda accepted offer)
Consideration/car had value from jack(money promised from corissa and eneyda
Contractual capacity/jack(was conscious of contract) so was (Robert and eneyda)
Legality/ the car was being sold "legally"

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Education

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• GBS205
• Shortridge