The fact that BTT gave a check for $25,000 for the exclusive negotiating rights shows that BTT intended to reach a contract with Chou. In addition, the two parties also reached an oral agreement, but
Emails are not a signed agreement. Even though both parties had all intent of an agreement, nothing was ever inked in to make the deal official. The agreement was not legally binding in any way. 4. What role does the statute of frauds play in this contract?
The e-mail was in writing and showed all terms of the agreed upon contract between the two parties. However, the contract was not signed and under the statue of frauds BTT would not be held liable. 4. The statue of frauds requires written contracts to be drawn up and signed by BTT in order for Chou to legally hold BTT liable for breach of contract terms. Under the statue of frauds BTT would not be held liable for not distributing Strat and simple walk away from the deal.
What role does the statute of frauds play in this contract? Intent to authenticate is used to determine whether the e-mail would satisfies the status of fraud this would where what state they were in; states courts are still determining what extent e-mail can be used to satisfy the statute of frauds. 5. Could BTT avoid this contract under the doctrine of mistake? Explain.
There is another similarity among the two which is statute of fraud and certain considerations, but even in this there are differences. A sales contract under the UCC can be modified without further considerations (Melvin,
The statute of frauds would play a role, because possibly the emails sent by the BTT company could possibly be evidence enough of a “verbal” contract to put them in breach of contract with the Chou company. However, according to the doctrine of mistake BTT could possibly avoid the contract due to misunderstanding in the process of a management
Berry‟s Bug Blasters had a 25.52% Return on assets. This means they were able to receive $25.52 profit on every $100 in assets. Return on Common Stockholders‟ Equity: Determines corporate profitability. Investors can measure how Berry‟s is using the money they invested. To calculate ROE divide Net Profit after Taxes by Stockholder‟s Equity.
Hi John and Jane, Please find my advice and recommendations on your tax issues below: John Smith tax issues: A – The $300,000 will be included as gross income. It is compensation for services rendered. B – I am having trouble understanding this $25,000 recovery for expenses paid. Was this the amount of money the client had already paid out of his pocket for your services? Or did you suffer these expenses to work on this case?
What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract? Chou had an e-mail from BTT stating the terms of the agreement but should have redrafted the terms to include the term contract. The objective intent to contract was a serious offer and happened three days before the original expiration date of the original agreement. 3. Does the fact that the parties were communicating by e-mail have any impact on your analysis in Question 1 and 2 Yes, I feel the terms were agreed upon and the agreement should be honored for the 25,000.00, however the change in management could have been a result of no longer wanting to pursue the distribution of the game.
The first discovery is interrogatories, which is allowing one party to answer questions under oath to describe to exactly what happened from his or her perspective. Then there is a request for admission by one party to admit or deny that the paper work the two parties agreed on is true. For example if when the plaintiff attorney is asking the defended if they owe the plaintiff any certain amount of money. Another discovery is the request to produce or inspect. This paper work allows each party to view one another documents along with physical property to the lawsuit.