Week Four Assignment Bus Law

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Week Four Individual Assignment Yvette Renwicks LAW/421 January 20, 1013 Walter M. Pence III Case Scenario: Big Time Toymaker This paper requires the student to discuss the challenges involved in practicing the theories of contract law. At what point, if ever, did the parties have a contract? It is my belief that although the parties entered into a verbal agreement when they reached an oral distribution agreement at a meeting. The contract relationship was further confirmed by the email that stated in writing that all of the details had been agreed upon and included the key terms of the arrangement (pricing, timing, and the parties’ responsibilities.) What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract? Both parties agreed to the details of the distribution deal. “Mutual assent means that in order for a contract to be valid, the parties must reach an agreement using a combination of offer and acceptance. The offeror must make a valid offer to the offeree, who in turn must accept the offer in order for the parties to be bound by the agreement’s terms” (Melvin 2011). Additionally, there was intent indicated by the payment Does the fact that the parties were communicating by e-mail have any impact on your analysis in Questions 1 and 2 (above)? Yes, the fact that there was an electronic communication trail proves that there was intent to formulate a contractual relationship. The email detailed all of the elements of a contract. What role does the statute of frauds play in this contract? “The most common types of contracts that fall under the statute of fraud are contracts involving the sale or transfer of land, contracts to answer for the debt or duty of another, contracts that cannot be completed in a year, and certain contracts for the sale of goods under the UCC ,“("The Statute of Frauds

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