Big Time Toymaker V. Chou Essay example

All the FASB, SEC and EITF provide related information to the case. Despite we must consider the main data. Two contracts, one for

-The Issue: were all the elements of a contract present to make the contract enforceable?

20) With regard to consideration in a sales contract, the UCC differs from the common law in that

A writing is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this paragraph beyond the quantity of goods shown in such writing” UCC § 2-201. Other terms including price, delivery date and place should be included in the contract. The contract must be signed by both parties in the event in suing for damages.

breach of express and implied contracts based on the theory of promoter liability. The courts

36. Principle of Law: The transaction between Browne and Houlihan was just under negotiation process and not form the contract. Browne did not acknowledge Houlihan’s e-mail and did not reply to accept Houlihan’s request, so he sold the television set to another. Houlihan then purchased a new set more expensive than Browne’s set. Both of them didn’t break the contract because there’s no contract between them. Therefore Houlihan had no legal basis to sue Browne for $1,000.

           For arguments sake, even if the email constituted an agreement and both parties responded, there are many factors that support the defense.    The main argument could be that there were no follow up questions regarding what had been documented in the email.  Chou offered after the email was sent out to draft and memorializes the agreement, which he later faxed before the 90-day deadline.  We live in a digital environment where electronic signatures are now valid forms of authorization and agreements. Therefore, not only is the digital responses considered valid, but money exchanging hands between both parties further substantiates the agreement and understanding between mutual parties.

Toy Story is the groundbreaking 1995 motion picture developed by Disney and Pixar and directed by John Lasseter. The film was so revolutionary not only because it was the first feature length animation to be created completely by CGI (Computer Generated Imagery) but also, also the film was more rounded in all respects. The characters not only looked more sophisticated and three-dimensional but their personalities were also more human and fewer cartoons like. The film uses a constructed text in order to put across a theme of two very different characters learning to work together beyond their rivalries to rise above a common enemy and work towards a common goal. The film uses characters and imagery very cleverly to

b."When it is claimed or appears to the court that the contract or any clause thereof may be unconscionable the parties shall be afforded a reasonable opportunity to present evidence as to its commercial setting, purpose, and effect to aid the court in making the determination" (What Is the Uniform Commercial Code (UCC)? n.a).

Describing and analyzing torts, crimes, and contract law will be very beneficial to any person involved in law. Providing a real-life or hypothetical examples of five kinds of intentional torts will be explained. Knowing the difference between a tort and crime is important and whether its possible for a violation to be both a crime and a tort. The conclusion will consist of the concept of “voluntary consent” as it relates to contract law and what impact does mistakes have on contract enforcement.

A contract is an agreement that creates obligations that are enforceable by the law. A contract can either be written or spoken. There are elements to a contract that make it valid and binding. This is defined as a clear manifestation of willingness to enter an agreement made by another person with full understanding that their assent to the bargain is an invitation and is concluded. As to whether there was an offer in this case, yes there is an offer. When the salesman offered the buyers time for a test drive and they finally chose and agreed to buy the blue car it was a clear offer.

Part 2 What facts may weigh in favor or against Chou in terms of the parties objective intent to contract? The written confirmation through email from Big Time Toymaker confirms that a distribution contract was entered into via oral agreement prior to any specified deadline. Big Time Toymaker also sent, by fax, a request for a draft of distribution agreement, to which Chou immediately responded. These factors would weigh heavily against any claim that there was no contract, neither implied nor executed. One could argue that the limitations of time elapsed during discussions. While this might be argued convincingly, the email 3 days prior to the termination date clearly implies that Big Time Toymaker was serious in their intent. To deny that there was an oral agreement would be falsifying the record.

The relevant rules are every simple contract must be supported by consideration, a promise to fulfil the terms of a contract is not always good consideration, and the rule that an agreement that is commercial in character can amount to a binding contract

ANSWERS TO QUESTION 1 OF CONTRACTS EXAM Exam 5003 – AThe letter sent by B was an offer. An offer may be defined as a communication, having sufficient definiteness to eliminate the need for further negotiation, and creating the impression of manifest intent to enter into a K. An offer may be made to the general public, as in a mass mailing or advertisement, or to an individual. The letter was sufficiently definite. It provided the description of the product, a price, and a quantity. The quantity, while not particular, first created the impression of a great many pieces available. Second, it operated as an offer for a requirement K by UCC 2306. Such a requirement K need not be explicit in the quantity; it is

The author argues that the operation of Belize test should be understood as: A term has to be fit in either of the traditional test, but before the implication, it has to be checked by Belize that is in congruence with the reasonable interpretation of the contract as a whole. However, there are some fears that the role of necessity has been trumped by reasonableness in Belize that will consequently lead to the court making the contract for the parties. The preliminary issue is how should we understand “necessity”. Some say it is necessary to make the contract work. Some others propose that it is meant to give effect to the intention of the parties. To uphold the principle of freedom of contract, the court must give effect to what the contractual parties intended therefore the court does not inquire into the subjective intention of the either party. In Liverpool City Council and Philips both stress the importance of necessity. Yet we should be careful in both cases they did not nevertheless totally eliminated the role of reasonableness. The difficult here lies in how the court could