Hi can anyone please answer this negotiation exercise for me, thanks in advance:

Imagine further that the two of you are meeting in person in a localStarbucksto potentially strike a deal.

FOR SALE:2012 Honda Accord LX, silver,4-door, 4 cylinder sedan; front wheel drive, approximately 100,000 miles; body in good condition (normal wear and tear excepted); newish tires, transmission and brakes; never been in an accident; has been stored in a garage most of its life; regularly serviced.Seeking $7,500 or best offer.

Here are the rules of the exercise:

1. Treat the negotiation as if it were happening in real life - in other words you are motivated but also want to strike the best deal possible for yourself.

2. Feel free to do whatever research you feel is necessary in advance of your negotiation.

3. You are allowed to engage in posturing but may not lie or make any misrepresentationsto the other party.

4. Assume the seller has another offer from a third party but wants to do better.

5. Assume the buyer has more than $7500 in the bank but doesn't want to over-spend.

6. Make note of the agreed-upon deal terms at the end of theexercise.If you can't reach a deal that is OK too.

7. send me the results (negotiated price and any other terms).

The more seriously you take this exercise, the more lessons will be learned from it.Do not rush - remember you are motivated to make a deal, either because as seller you really want to sell and need the cash, or because as buyer you really need a used car.Play particular attention to the negotiation dynamic going on between you. I will gather up all the results and discuss them.Note that we will refer back to the lessons learned from the exercise often during the second half of the semester as we delve into contracts and other commercial matters that pertain to Business Law.