Advise Jim and Laura based on the above facts as presented and the material cove

Advise Jim and Laura based on the above facts as presented and the material covered in the lessons by answering each section in the template below. In this touchstone, be sure to address the following:
1. Identify the elements that must be present for a legal contract to exist. Define each element using examples.
2. Determine the facts from the scenario that you will use to support your decision on whether or not a contract exists for the purchase of the automobile.
3. Decide whether or not there was a contract for the purchase of the automobile.
4. Include two (2) quality academic resources in this assignment. Note: Wikipedia and other websites do not qualify as quality academic resources.
Follow the directions for each part of the Touchstone 2 Template. Include your response and all relevant elements under the Requirement section. Prompts in the Inspiration section are not required; however, they may help you to fully think through your response.
• Written responses must be 750-1000 words combined for all prompts.