1. At what point, if ever, did the parties have a contract? After reading the scenario, Big Time Toymaker (BTT) and Chou did partake in an oral contract. During a meeting between BTT and Chou an oral distribution agreement was reached, also an e-mail sent by BTT to Chou confirmed the key terms of the agreement reached during the meeting. 2. What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract? The facts in favor for Chou would oral agreement
Words: 385 - Pages: 2
1) Had a contract for a 90 contract for exclusive negotiation agreement 2) Factors for Chou a. In favor i. Exclusive negotiation agreement ii. BTT’s email 3 days before that was subjected “Strat Deal” intent to sign iii. Follow up fax after deadline asking for draft b. Not in favor iv. Exclusive negotiation agreement stated that everything had to be in writing, so the negotiations and email could be viewed as part of the negotiation, no the
Words: 1001 - Pages: 5
In this document of LAW 421 Week 4 Big Time Toymaker you will find the next information: Read the “Theory to Practice” section at the end of Ch. 6 of the text. Answer Questions 1 through 6 based on the scenario in the “Theory to Practice” section, and complete the following in your response: At what point, if ever, did the parties have a contract? What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract? Does the
Words: 362 - Pages: 2
Case Scenario: Big Time Toymaker 1. At what point, if ever, did the parties have a contract? Big Time Toymaker (BTT) granted Chou a binding option to enter a contract, known as an option contract. BTT (offeror) pays Chou (offeree) $25K to keep an offer open in exchange for exclusive negotiation rights for a 90-day period. Therefore, BTT purchased the rights to negotiate a distribution agreement for Chou’s invention (a board game). The agreement stipulated that at the end of the 90-day period
Words: 602 - Pages: 3
Big Time Toymaker Having a contract between parties will eliminate any confusion that may come about concerning the terms and conditions of the service agreement. Big Time Toymaker had interest in distributing a game that was created by Mr. Chou, and Big Time Toymaker paid Mr. Chou $25,000 in exchange for exclusive rights to the game for 90 days. Unfortunately a change of management within the Big Time toymaker company caused problems and the termination of the said agreement between the two parties
Words: 492 - Pages: 2
Case Scenario: Big Time Toymaker Name Law/421 Date Instructor Case Scenario: Big Time Toymaker Was There a Contract In the scenario regarding Big Time Toymaker (BTT) and the inventor Chou BTT did grant Chou a binding option to enter into a contract at a later date. This binding contract is known as an option contract and offered the inventor $25 thousand to keep an offer open in exchange for exclusive negotiation rights during a period of time not to exceed 90 days. Essentially this option
Words: 982 - Pages: 4
Case Scenario: Big Time Toymaker 1. At what point, if ever, did the parties have a contract? Big Time Toymaker and Chou entered into an agreement, in exchange for negotiation rights over a 90 day period BTT paid Chou $25,000. Even though BTT and Chou had an agreement from the very beginning they did not have a contract until one of the BTT managers sent Chou the included all the key terms of the agreement. Chou was supposed to be the one to draft the agreement before he
Words: 595 - Pages: 3
Case Scenario: Big Time Toymaker The Stipulation Big Time Toymaker is a board games and toys manufacturer. The company distributes products in the Americas and Canada. A strategic game called Strat was invented by Chou, and BTT made an offer to have his exclusivity for the amount of $25,000 for 90 days as long as both parties agreed and a written agreement is drawn up. The Agreement Initially, both parties have agreed to lay down a contract prior to the 90-day phase subsequent to the oral
Words: 756 - Pages: 4
Case Scenario: Big Time Toymaker LaTeisha Allen LAW/421 March 9, 2015 Professor Angela Beetem Case Scenario: Big Time Toymaker At what point, if ever, did the parties have a contract? Both parties, Big Chou and Big Time Toymaker, entered a verbal contract which was created to the distributing a game strategy created by Chou. This contract is considered valid in that both parties were clear and met the contract requirements which a follow-up email was sent to Chou that outlined the details
Words: 528 - Pages: 3
Running head: BIG TIME TOYMAKER Big Time Toymaker Silvia Robinson University of Phoenix November 12, 2013 Big Time Toymaker At what point, if ever, get the parties have a contract? The company BTT entered an agreement with Chou. BTT paid Chou a total of 25,000 for exclusive negotiation rights for an 90 day period. During this time they had and contract between the parties for 90 days,. I believe this would be considered an oral agreement. If I recall correctly and an agreement can
Words: 803 - Pages: 4
