Theory to practice

Topics: Contract, Gentlemen's agreement, Breach of contract Pages: 3 (794 words) Published: April 6, 2014

Theory to Practice

Theory to Practice
Big Time Toymaker (BTT) develops, manufactures and distributes toys and board games. An inventor named Chou created a board game called Strat. Chous invention caught the attention of BTT and they sought out to negotiate with Chou. During the time of communication between both Chou and BTT an agreement was made. Both parties agreed to BTT having exclusive negotiating wrights for a 90-day period in exchange for $25,000.00. The agreement stated that no contract exist unless in writing. After a meeting when an oral agreement was made Chou was emailed a document subject Strat deal by a manager of BTT. This email can be considered the contract in writing and Chou assumed so, later to find that BTT was now run by new management who claimed they were uninterested in his invention.

The point where parties entered a contract was when the BTT manager sent Chou an email subject “Strat Deal”. This was the point where a contract was mad because BTT had received an exclusive 90day negotiating period, and distribution agreement wasn’t going to be in effect until received in writing. This email also included terms discussed during the oral agreement and pricing. The agreement of a contract was that it had to be in writing in order to exist. Never did BTT stress the form of writing. An email consist of written words, therefore it was a written agreement. A contract is an agreement with specific terms between two or more people or entities in which there is a promise to do something in return for something else. When the email was sent that was the completion of the exchange and fulfilled contract requirements. The oral agreement that both parties had before the email was sent was establishing objective intent to contract. BTT also sent a fax to Chou a month after the 90day period passed requesting the draft to be sent. This action also showed intent to contract. What weighs in Chous favor in terms of parties...
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