No, the parents should not have moved forward with the contract. Here, it appears that a litany of different variables where at play that ultimately resulting in the father making an ill-informed decision. First, it appears that the couple did not hold steady to their research related to the vehicle. Here, both the mother and the father conducted extensive research into the automobile market. As such, they were well informed as to the overall direction of the market, the going rate of available autos, and any applicable fees associated with the eventual sale. This research should along with the applicable backup and proof should have formed the basis of the negotiation. Instead, the couple did not bring the applicable reference material to the negotiation. Furthermore, when asked on the sources of the research from the car salesman, they refused to answer the question, thus invalidating their own credibility in the matter of research. In addition, the couple seemed to be more argumentative in the negotiation process as oppose to looking into a mutual beneficial agreement backed by facts and knowledge. Instead, the negotiation was contentious resulting in the salesman being unwilling to work with...
…the deal even though it was nearly $6000 over their budget8
The couple did not adequately assess alternatives in the market prior to making their purchasing decision
7
The required elements that should be in any contract the responsibilities of both parties, actions that will be taken in the event of a breach of contract, how the exchange of goods or services will occur, and the duration of the contract terms. Each of these elements are important as they help to clearly direct action and define each parties role in the contract. This ultimately is useful if a breach occurs, arbitration can more readily…
References
1. Baily, D. A. (2017). Settlement Negotiations: Balanced Beats Brazen. Litigation, 43(4), 33–35. https://www.jstor.org/stable/26402080
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