Business email has become a widely accepted mode of business communication. 2. What facts may weigh in favor of or against Chou in terms of parties’ objective intent to contract? There are a few facts that weigh in favor of Chou. First, three days prior to the end of the 90 day exclusive negotiation rights agreement, they reached an oral agreement and then shortly thereafter, a business email from a BTT management representative was sent to Chou with the specifics of the agreement.
Theory to practice Week 4 1. At what point, if ever, did the parties have a contract? The parties had an oral contract three days before the expiration of the 90-day period; both parties reached an oral distribution agreement at a meeting. 2. What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract?
Case Study – Gainesboro Machine Tools Corporation 1. Describe the payout history of Gainesboro. The company Gainesboro had paid a strong, stable and high dividend to its stockholders before 1999 after which the company’s earning start experiencing declines. For three years since 2000, dividend had exceeded earning, and decreased below earning in 2003.Despite the biggest losses in 2004, the company paid a small dividend to its shareholders. In the two quarters of 2005, the Board declared no dividend but committed itself to resuming payment of dividend as soon as possible.
In Flores’s mind Salem Data Services could serve as competition with other computer service organizations while having non-regulatory prices. The only way for this idea to come to fruition was by making sure the monthly charges for services provided by Salem Data Services to Salem Telephone Company did not exceed the $82,000 mark. Through all of the reassessment of business for the company, three years after the reorganization, the company still was not as profitable as president Peter Flores estimated. Once the quarterly reports came in Flores called the meeting with Wu because the reports served as evidence as to how and why Salem Data Services was not driving high revenues. 1.
One, promises may act as consideration for some other but there are limitations, in that the value needs to be defined explicitly. Two, past consideration; if something happened in the past that did not establish some quasi-contract is cannot be currently exchanged for a promise. Consideration requires a current exchange. Third, some courts hold that relief from some moral obligation by the promisor is sufficient consideration and currently being exchanged. Fourth, the preexisting duty rule exerts that an action sufficient for reward will be not enforced if the action is already the duty of person performing the
Old Turkey Mash Case: The firm has been writing off all the warehousing and oak barrel costs incurred as they are capitalizing these items as period cost which has a direct impact on their Net income. In the given income statement the cost incurred during the period is written off in the same year. Therefore the cost of production which is still in process of aging is charged against the revenue due to which net profit is decreased. The firm has is now under pressure (result of projected losses in the third year) as they ask the local bank to finance the production expansion which is likely to finance only profitable ventures. The firm should change their accounting style and use product cost model so that the firm only capitalizes the revenues and cost when they sell a unit of bottled old turkey.
2) Once promissory estoppel is applied damages should be those designed to prevent injustice, not to enforce the promises made. Reasons: For a finding of promissory estoppel, the requirements are: a promise which the promissor should reasonably expect to induce action or forbearance of a definite and
With three days remaining in the 90 day time period both parties reached an oral agreement concerning distribution rights of the game Strat. Chou offered to draw up the contract but was sent an email headed “Strat Deal” along with all the terms and conditions agreed upon in the oral agreement including price, time and the obligations of both parties. It appears to me that within the 90 day time frame they did reach an agreement and although it is in email form the distribution agreement agreed upon originally orally was also agreed upon in written form. 2. What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract?
2. The factors that favor Chou are that both BTT and Chou had Mutual Assent because there was an offer and an acceptance of the contract. Chou has proof that the company had an oral contract and an email showing the terms of the contract. The factors involved that do not favor Chou are that there is not written and signed contract enforcing the terms of the contract. Also with new management coming into BTT, they can claim Duty to Mitigate.
If the victim does not feel the settlement is fair, he or she can opt to start the litigation process. Legal counsel can make motions on the victim’s behalf and keep the victim up- to- date on the status of the case. Some victims tend to think they can represent themselves, but hiring an experienced lawyer can make a big difference in the outcome of the case. An attorney or legal counsel may also provide the victim with laws corresponding to the case at hand. It is important to seek legal counsel because it relieves the stress of litigation as soon as the victim suffers a loss or injury because it relieves stress of litigation.