Law 421 Scenario Big Time Toymaker Essay

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Law 421 Scenario Big Time Toymaker Justin Baker Law 421 February 23, 2015 James Bleving Law 421 Scenario Big Time Toymaker As one looks back over the centuries, one can see there has been trading of goods and services. As one looks at the same time line that good and services have been traded or preformed, the contract has existed in one form or another, written, verbal, or implied. For business to be conducted in the past, present, or future, the contract will always play a part. In the scenario of Big Time Toymaker, the scenario provides an excellent example of the complexities of contract law. Contracts are legal agreements between two parties that defines wide variety of terms and conditions that will govern over the business relationship. The following analysis will answer questions about the case, and provide insight into contract law. 1. At what point, if ever, did the parties have a contract? The two parties Chou, and BTT from the start had a contract. The parties agreed to an exclusive negotiation rights as stated in the case scenario. Big Time Toymaker (BTT) paid Chou $25,000 for a 90-day period of exclusivity, thus prohibiting Chou from soliciting or entertaining offers from other parties. The agreement (contract) did stipulated that unless a written contract of distribution was issued that a distribution contract would not existed between the two parties. Prior to the 90-days elapsing, the parties reached a verbal agreement and BTT sent Chou an e-mail titled “Strat Deal” covering the key terms of the distribution agreement reaffirming the Verbal agreement. (Sean, 2011) 2. What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract? Chou offered to draft the contract that would “memorialize” their agreement. Before Chou could draft said agreement an e-mail was sent titled “Strat Deal” to him,

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