Classroom Debate Topic Spurs Heated Discussion and Your Expertise is Needed to Settle

Here is the question that we are discussing in class while studying Andrew Jackson:

Is it grammatically correct to state the following: "Bob has an impact on Joe."

We were reading through the text when this word was being used on a chart. A student argued that this was not correct usage and suffice to say we went off track to debate the grammatically correct usage of this word.

One side of the argument is stating that this is not grammatically correct. It is common usage, but not correct as the word "impact" is defined as a forceful contact, collision, i.e.

The other side of the arguement is stating this is correct because it means that having an impact on someone is having an effect.

We need someone with a true understanding of the English language. Is using the word "impact" in this way grammatically correct?

You have to love working with 8th graders. Who would have imagined a 10 minute heated debate would ensue on the word "impact" from an Andrew Jackson study.

Please help us settle this score.