The statute of frauds is the law overseeing which agreements must be in writing in order to be enforceable. With that said the statute of frauds my work in favor of Chou because there was an agreement sent up within the e-mail. The issue with the e-mail is that there is now signature from any of the parties so a court may reject this because of the lack of signatures from the parties. It is possible that the court system may allow BTT to claim that the agreement is a mistake because there was a management change and the new manager may have felt that the agreement was not in the best interest of the company. I think the best defense for BTT would be that there is no contract because either parties did not sign anything, just that they were in talks of a possible contract.
Meeting minutes are formal paper, which can be viewed only by the certain members of staff. Meeting minutes can be sent through E mail, which can be viewed only by the person sent to. The purpose of a letter is to send a hand or computer written, and printed out message to certain people, using mail. Some features of a letter include sending memo to workers. The purpose of a memo is * To persuade to action * To issue a directive * To provide a report Some features of a memo include.
When Chou received an email with the details of what they were going to agree upon, he presumed the email was the contract and did not proceed in drawing up a contract himself. Months passed, and when BTT changed management, BTT notified Chou that BTT was not going to peruse a distribution agreement for Chou's new strategy game, (Strat). In the Case Scenario, the two parties, BTT, which is the offeror and Chou which is the offeree were engaging in a goods or products type contract. State statutory law governs contracts that involved goods or products such as the strategy game that BTT was distributing for Chou. With the exception of Louisiana state statutory law.
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
The e-mail never mentioned the word “contract,” it did not have too because the four elements of contract formation were not present. The exclusive negotiation agreement stipulated that no distribution contract will exist unless it was in writing. Because of this clause no contract could be established unless in writing. What Facts may Weight in Favor of or against Chou The following facts may weight against Chou in terms of the parties objective intent to contract. The exclusive negotiation agreement stipulated that no distribution contract existed unless it was in writing.
First, they say that it was no intention that brings to the legally binding agreement. But the court held that there was legal intention because it was a commercial transaction and intention was presumed. Another argue by the company said that the ad was just an invitation to treat (not a contract). But the court held that a newspaper advertisement was generally offers to treat, which in other word could be said specifically as an offer. Then, the company also argue that Mrs. Carlill did not make an acceptance or agreement to the offer, as one of a contract element.
Slide show – A slide show is an on screen presentation of information or ideas presented on slides. A slide show normally enforces the ideas, comments, solution or suggestions presented into a presentation. Business email message – Emails are widely used for formal business purposes, as well as for informal notes to friends. As anything said in a email can be legally binding many organisations insist that business emails follow the same format as letters and should always end with a signature. Letter- A letter can either be informal or in formal but in most businesses they use formal letters.
Furthermore the case stated that there was actually no audit work that was done, and Madoff’s cousin was the sole practitioner conducting the audit. These factors raises serious questions of obvious bias and unethical practices involved in performing the audit. Another solution is to provide a safe environment or an outlet for individuals to disclose their potential concerns of fraud. For instance, an outlet such as fraud hot line may have encouraged those who turned the other cheek to come forth. Between the two alternative solutions, I believe that the first solution of tightening the review process of the SEC would be most effective in combating the problem statement.
The initial negotiation deal states that there would not be any distribution agreement/contracts if it was not in writing and signed by both parties. Although the BTT manager did post an email to Chou outlining the terms and conditions of a distribution contract it does not officially confirm an agreement because neither party signed the document to seal a contract agreement as was required. Without any signatures of either parties or legally binding drafts it was previously agreed upon by both parties that no agreement or contracts exist. 2. What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract?
The plaintiff agreed to the fact that there was no express contract between the two companies. • The plaintiff’s claims were based on; (1) The principle of Estoppels. (2) The Contract. Issues: • Is the long term good relationship between the two companies considered to be a legal contract between them? • Was there discussion on justification of a contract?