I believe that Big Time Toymaker (BTT) and Chou had a contract when they had a meeting after the original agreement expired. When the meeting took place the parties reached an oral agreement to distribute the game. Then later on an e-mail was sent from a BTT manager labeled “Strat deal”. The facts can be that both parties had an agreement that BTT would pay Chou $25,000 for the exclusive rights of the game for a 90 day period. Another fact can be the oral agreement that was discussed in the meeting the two parties had along with the e-mail that was sent from a BTT manager stating the agreement in the e-mail.
Email is considered a written form of communication, since the negotiation suggestions are written. The communications were done via email, they were also done in person, verbally, and the final agreement was sent in via fax, therefore communication via email, is simply just communication. The only question that arises is if BTT had received the final copy of the agreement from Chou, and if so why was a response not reciprocated. (4) What role does the statute of frauds play in this contract? The statute of frauds plays a detrimental role in this case, as it determines whether a contract was established between both
Choosing a Lump-Sum Payout or Annuity Payout for Mega Millions Jackpots: The Better Choice from a Present Value Perspective Managerial Finance FINA 5303 Wayland Baptist University Table of Contents Introduction 3 Literature Review 3 Model 6 Results of Model 9 Summary and Conclusions 11 Appendices 13 References 14 Introduction For centuries, people have participated in various forms of lotteries. One of the earliest records of a lottery dates back to May 9, 1445 in L'Ecluse, France where the city raised funds to build walls and town fortifications. The lottery sold 4,304 tickets and awarded 1,737 florins in total prize money (Shelley, 1989). Today, lotteries offer payouts in the millions of dollars and are among the most popular games offered across the United States. One of the most-popular, and largest, lotteries offered is the Mega Millions game.
BTT was interested in distributing Strat and entered an agreement to pay Chou $25,000.00 Strat is a new strategy game that Chou invented. This agreement caused Chou to
Big Time Toymaker and Chou engaged in a contract under the notion of mutual assent because they reached an agreement which utilized a combination of offer and acceptance (MELVIN, 2011). Since Big Time Toymaker, the offeror, made a valid offer to Chou, the offeree who accepted the offer of $25,000
1. At what point, if ever, did the parties have a contract? “One generally accepted definition of a contract is a promise or a set of promises enforceable by law” (Melvin, 2011, p. 194). In this scenario, Big Time Toymaker entered into an option contract with Chou. “BTT was interested in distributing Strat and entered into an agreement with Chou whereby BTT paid him $25,000 in exchange for exclusive negotiation rights for a 90-day period” (Melvin, 2011, p. 155).
A factor benefitting Chou is BTT paid him 25K for negotiation rights for a 90-day period. Both parties agreed to an agreement using a combination of offer and acceptance called mutual assent (Melvin, 2011). Because BTT paid Chou 25K (there must be a receipt somewhere), there was an enforceable agreement between Chou and BTT. A court of law may consider this evidence of intent. Although an oral agreement was reached at the meeting between the two, there was a negotiation agreement stating exclusively that no distribution agreement was in place, unless in writing, and therefore there was no official agreement between the parties (Melvin, 2011).
Consideration is the price paid to the other party of a binding agreement. Furthermore, did e-mail have any impact on the oral distribution reached between Big Time Toymaker (BTT) and Chou, were there ever a legal contract established between BTT and Chou? Contract Establishment BTT and Chou reached an oral distribution agreement at a business meeting. BTT manager sent Chou an e-mail and repeated the terms of the distribution agreement. The e-mail never mentioned the word “contract,” it did not have too because the four elements of contract formation were not present.
Currently, Teletech employs a single corporate hurdle rate to all project proposals without consideration of the divisional segment from which it originates. However, this policy may distort the risk/return evaluation of investment opportunities. Since it is critical that management has
Which? This breach was due to business practices, particularly the practices of identifying users and limiting the information they sought. Practices that lead to this include: Practice | Structural weakness created | Authentication through Electronic format | * The illusion of legitimacy created through the use of an electronic format can be used to