At what point, if ever, did the parties have a contract? I don’t believe a contract was ever entered by either party. Initially there was an agreement for 90 days made to give exclusive rights to negotiate to BTT. Just 3 days before that ended both parties reached an agreement for distribution of which Chou then offered to write the contract to “memorialize their agreement,” however this wasn’t done. Then an e-mail was received that stated all of the agree upon terms.
Chou believed this sufficed for a contract, but apparently BTT did not because they sent a request for a draft copy of the distribution contract a month after Chou received the e-mail. Chou complied and found out months later that BTT changed management and were no longer interested in distributing STRAT (Melvin, 2011). The first question one might ask after reading the above scenario is at what point, if ever, did the parties have a contract? To answer this question one must examine the elements of
Kingdom Leasing Inc. agrees to lease jousting equipment to Knight Inc. on Jan 1,2012. They agree on the following terms: 1) The normal selling price of the jousting equipment is $325000 and the cost of the asset to Kingdom Leasing Inc. was $250000. Fair Value 325000 2) Knight will pay all maintenance,insurance,and taxes costs directly and annual payments of $60000 on Jan 1 each year. Residual Value 30000 3) The lease begins on Jan 1, 2012 and payments will be in equal annual installments. Lease term 10 4) The lease is noncancelable with no renewal option.
Case Scenario: Big Time Toymaker Name Law/421 Date Instructor Case Scenario: Big Time Toymaker Was There a Contract In the scenario regarding Big Time Toymaker (BTT) and the inventor Chou BTT did grant Chou a binding option to enter into a contract at a later date. This binding contract is known as an option contract and offered the inventor $25 thousand to keep an offer open in exchange for exclusive negotiation rights during a period of time not to exceed 90 days. Essentially this option means that Big Time Toymaker purchased the rights to negotiate a distribution agreement for Chou’s invention. In this option contract prior to the end of the 90 day period if BTT and Chou could not reach an agreement on distribution then Chou would be free to enter into a contract with other business distributors while keeping the $25 thousand. This option contract is in fact a valid and enforceable contract between the two parties.
In the situation with Chou and BTT there was never technically a written and signed contract. However, in many cases a file agreement can be made that there was a contract because both parties had verbally agreed. If one was to argue of a meeting of the minds in this particular scenario it would have been when Chou and BTT reached the oral agreement three days prior to the 90-day period expiration. At this point Chou and BTT enter into a contract because all parties were involved, gave consent, came to an agreement, which are the necessary steps to take when entering into a contract. The favors may weigh in favor or against Chou in terms of the parties’ objective
The second provision is telling NeedsSpace that they will have to retire their assets that they make on the premise under (ASC 410-20). Case Facts The lease entered into between NeedsSpace and WeHaveIt has a 10 year lease term and there is no option to renew nor is the ability to negotiate for renewal provided in the lease agreement. Also, the lease agreement contains certain conditions that may require NeedsSpace to undertake certain activities and incur certain costs at the end of the lease term. Some provisions include: 1. Lessor may require the lessee to perform general repairs and maintenance on the leased premises.
1. Define the Objective Theory of Contracts. Objective Theory of Contracts means that the contract will be judged not by the personal or subjective intend, or belief, of a party but by outward, objective facts (like what the party said when entering into the contract, how the party acted or appeared, and the circumstances surrounding the contract) as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions. 2. On May 1, Brand Name Industries, Inc. (BNI), sent Carol a letter, via overnight delivery, offering to employ her to audit BNI’s financial statements for the current year for $10,000.
However with personal relationships you can voice your personal opinions, thoughts and feelings and are allowed to do so. Working relationships are established between colleagues, service users and other professionals. Sharing information on staff and service users is limited within a working relationship. Organisational policies and procedures are in place and must be followed such as data protection etc. However with personal relationships there are no such regulations and the sharing of information has no limits.
Response: No. If your course begins in the second quarter, then the VEC/NCO will not authorize the TA funds until 30 days before the second quarter begins, i.e. on 01 Dec. You must be sure that your TA request is accurate, complete, and
12-03-09 THE UPDATE AS REQUESTED Maria Flores – 3940 N Flagler Drive #304 11-16-09 I spoke to SunTrust. Fortunately the file is still in review. I did put pressure on them and expressed how this file has been pending in their system for months. They will escalate this but as of right now there are no other documentation pending from us. We are waiting for the lender to do their due diligence 12-1-09 I spoke to Maria and the lender today.