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
their obligation under the contract. The contract states “the supplier is expected to achieve a 100 percent service rate” (Benton, p. 456). The current supply of batteries is a 20-day supply this is 70 days short the supply when normal should be a 90 day supply. There has not been a shipment in two months this lead me to believe that SDX are not making Butler a priority shipment. The action taken is to request a meeting with the attorneys to review the contract, because at this point it
Words: 308 - Pages: 2
hired Happy Homes, Inc. to find a buyer and contract for the sale of his house in the U.S. The agency relationship between Larry and Happy Homes must be evidenced with a written agreement. 2. If Denise is hired to work as a cashier, she has the implied authority to do acts reasonably necessary to carry out her job. 3. Erica's supervisor told her to arrange for a conference room at the Kelly Inn. Erica has express authority to contract for the room. 4. An agent
Words: 2818 - Pages: 12
to understand what the meaning of the term contract is and what and what the requirements are for the formation and dissolution of one. A contract is an agreement between at least two parties giving rise to legal obligations within the limits of the law. The rights and obligations arising from a contract entitle parties involved to receive and demand performance and actions are enforceable by law. Rights and duties are created by the formation of contracts- a right is an advantage entitling the holder
Words: 1739 - Pages: 7
incorporated into its supply contracts with foreign suppliers. Although the Code has undergone numerous revisions since 1992, all of the versions claim to extend fundamental rights to workers in Wal-Mart supplier factories (Kenny, 458). On September 13, 2005, for example, workers from China, Bangladesh, Indonesia, Swaziland, and Nicaragua sued Wal-Mart in Superior Court in Los Angeles for breach of contract as third-party beneficiaries to Wal-Mart Stores, Inc.’s supply contract with garment factories
Words: 889 - Pages: 4
believe that no matter what if the purchase order promotes to 20 up to 22 percent of Gianni Sport's business (Mallor, et al., 2007). The reversal of the purchase order is made before shipment within the merchandise. Therefore, it is valid on the part of Gantos; the buyers behalf ( Mallor, et al.,2007). Chapter 16 Problem 7 Page 433 What result? It is obvious that Dyer endorsed the paper contract that demonstrates with the aim of no taxes had been added into the selling cost (Mallor, et al.,2007)
Words: 1070 - Pages: 5
parties continued to do business. In February 1981, Krack sold a unit to Diamond Fruit Growers that leaked. Rule of Law: Under the UCC §2-207 when the purchase order and acknowledgment form state different terms the additional terms are construed as a proposal and become part of the contract unless: The offer expressly limits acceptance conditional on assent to the terms of the offer. Issue: Are the additional terms of Metal-Matic’s disclaimer of liability part of the contract when its agreement
Words: 666 - Pages: 3
misrepresentation. 2. Cannot be made by a 3rd party as in the case of Peyman. 3. Must not have been made after the contract was formed as in the case of Roscorla v Thomas where the promise was not made before the contract was agreed to. 4. Must have induced the contract unlike in the case of JEB fasteners in which the accounts would not have induced the contract as they were not fundamental. 5. The statement must have been false 6. The statement must not have intended to be legally
Words: 1189 - Pages: 5
Business Law Chapter 13 1. While newspaper ads generally are considered invitations to negotiate, this ad was specifically constructed to invite an offeree to take specific action, be among the first three customers in line in order to qualify to purchase the coat. One reason why newspaper ads are considered invitations to negotiate is that a merchant cannot possibly have sufficient goods to supply all person who might see the ad with the item in question.
Words: 714 - Pages: 3
customer protection. These acts and rules are the next: 1) The Data protection act 1998; 2) The Customer protection act 1998; 3) British codes of advertising and sales promotion; 4) The Distance selling laws 2000; 5) The Unfair contract act 1977 and 1999 laws; 6) The Sales of goods act 1979; 7) The Customer credit act 1974; 8) The Commerce presentation act 1968. So at the very beginning, a basic question in customer protection: who is the customer? The idea of
Words: 3411 - Pages: 14
