Case Scenario: Big Time Toymaker LAW/421 Case Scenario: Big Time Toymaker Big Time Toymaker (BTT) develops, manufactures, and distributes board games and other toys in North America, Chou is the inventor of a new strategy game he calls Strat. BTT had an interest in distributing Strat and entered into an agreement with Chou, offering him $25,000 in exchange for exclusive negotiation rights for a 90-day period. This agreement stipulated that no distribution contract existed unless it was in
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Case Scenario: Big Time Toymaker Ryan Sherrett LAW/421 June 10, 2013 Faculty: Mark Rorem Case Scenario: Big Time Toymaker 1. At what point, if ever, did the parties have a contract? The contract was established at the in-person meeting where the distribution agreement details were agreed upon. The fact that Chou was going to reiterate the details in writing is not required. The manager emailing the same agreed upon details confirms BTT's agreement of the terms. 2. What facts may
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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
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contracts to be in writing. In this case, the statue of fraud provision is met if the writing includes quantity, signature of party, and language that would allow a reasonable person to conclude both parties intend to form a contract. The e-mail that stating the price, the language showing intent to contract, and the e-mail signature could satisfy the statue of fraud. 5) BTT could try to avoid the contract under doctrine of mistake, but they may not have a great case. They could try to state that
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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
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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
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Big Time Toymaker LAW/421 Big Time Toymaker This paper will discuss the Case Scenario: Big Time Toymaker along with the related questions and answers. Big Time Toymaker (BTT) is a company that specializes in board games and other toys. Their organization covers all aspects of this industry including developing, manufacturing, and distribution of board games and other toys. In this particular case scenario Big Time Toymaker was interested in a specific new strategy game called
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Case Scenario: Big Time Toymaker Students Name LAW/421 Date Due Instructors Name Big Time Toymaker (BTT) is a company that develops, manufactures, and distributes board games and other toys to the U.S, Mexico, and Canada. Chou is the inventor of a new strategy game he named Strat. Big Time Toymaker and Chou entered into an agreement whereby Chou would receive $25,000 in exchange for exclusive negotiation rights for a 90-day period. The agreement stipulated that no distribution contract existed
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BIG TIME TOYMAKER - CASE SCENARIO 2 Big Time Toymaker - Case Scenario Upon completion of required reading of “Theory to Practice” scenario, I confidently can report that the two parties never prepared a written contract. A written contract was supposed to be created for a deal between Big Time Toymaker (BTT) a company, which develops, manufactures, and distributes board games and other toys in North American and Chou who invented a new strategy game Strat. A contract was in process even the details
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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
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