Business Law: Necessary Or Implied Literal Contract?

Going into this negotiation as the VP of operations my goal was to primarily succeed in buying the restaurant. Prior to starting the negotiation, i identified several certain non monetary concessions that could be made to sweeten the deal such as paying a percentage of travel expenses, and also allowing the restaurant owner

Wally, business owner of Windy City Watches is located in downtown Chicago, IL. Business is booming and Wally needs to buy a large quantity of Rolek watches which sell for $50 apiece. He calls Randy Rolek, the wholesaler located in Milwaukee WI. They discuss terms on the phone for a while before coming to an agreement in which Wally offers to buy 100 watches for $25 each. Randy sends over an order form in which Wally states that he is agreeing to purchase watches from Randy for $25 each, but does not include the quantity in which he will buy. Randy sends 50 watches the following week with a note included stating that he has sent 50 watches and will send the other remaining 50 watches within a few days but includes the bill for the full

Gregory, a comedy writer, entered into a contract with Wessel, a comedian. The contract provided that Gregory would provide Wessel with a 15 minute monologue for his upcoming appearance on the comedy Hour and that Wessel would pay Gregory $250. All Performers on the comedy Hour make $500 per appearance. As Gregory knows, the last time Wessel appeared on the Comedy Hour he was asked to make special guest appearances at three local comedy clubs using the same monologue. Wessel earned a total of $750 for the three performances. Shortly before Wessel was scheduled to appear on the comedy Hour, Gregory informed Wessel that he was unable to provide the monologue. As a result, Wessel was forced to cancel his appearance. Wessel sued for breach of contract and requested damages of $1,250. What will result? Issue, -

case brief---Gregory, a comedy writer, entered into a contract with Wessel, a comedian. The contract provided that Gregory would provide Wessel with a 15 minute monologue for his upcoming appearance on the comedy hour and Wessel will pay $250 to Gregory. All performers could make $500 per appearance on the comedy hour. and when Wessel was scheduled to aper on the comedy hour, Gregory informed him that he was unable to provide the monologue, because last time Wessel was asked to make special guest appearances at three local comedy clubs performance during the comedy hour. and Wessel bought lawsuit to Gregory for beach of contract and request damages of $1250.

Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three additional weeks to come up with the money. Bernie agrees but only if Vivian puts down a deposit. Vivian agrees and Bernie drafts an agreement stated the sale will must take place no later than March 31st. Vivian reads and signs the agreement and

In this case scenario, Greg negotiated an agreement with the Atlanta Braves baseball team, to pitch for the team for 5 years in exchange for $25,000,000. The agreement is never put into writing. On the day before the baseball season was to start, the Savannah Savages baseball team offered Greg $26,000,000 to pitch for them and Greg accepted their offer. The Braves sued Greg for breach of contract and the parties agreed to arbitration.

There are six elements to determine if there is a legally binding contract between the offeror (Elvis Eggplant) and offeree (Mr. Manfredi). Elements for a legally binding contract are intention, agreement, consideration, legal capacity, genuine consent and legality of objects. Based on the information given in this case Mr. Manfredi and Elvis Eggplant have entered into a legally binding contract. Both parties had the intention to agree for a legally binding commercial contract. Mr. Manfredi accepted the offer from Elvis and paid money to buy the café.

To summarize the case of Kim v. Son, Jinsoo Kim invested in two of Stephen Son’s corporations, which eventually failed, and Kim lost his money. Son felt bad, he and Kim got together and became very intoxicated and signed a “contract” in blood, stating that Son promised to pay Kim the money he lost and Kim agreed not to sue him. As it turned out, when Son sobered up he refused to keep his promise to pay Kim, so Kim filed a lawsuit based on this bloody contract. The judge declared the contract void due to lack of consideration (Beatty, Samuelson, Bredeson, 2013).

The prior medical practice agreed the noncompete clause could be waived and bought-out in exchange for a payment of $195,000.00. In December 2010, Dr. Stout desired to become an employee of the Practice. Dr. Stout believed the noncompete clause would “curtail[]” his “employability” with the Practice. Therefore, Dr. Stout obtained a loan from the Practice to buy-out the noncompete clause. Dr. Stout signed both a written agreement and a promissory note in which he agreed to repay the loan to the Practice. Thereafter the Practice caused $195,000.00 to be paid to Dr. Stout’s prior medical practice on

There would legally be a contract between Ed and Fran in this situation. In terms of formation, the contract was formed though an offer by Fran in the course of business to offer candy for a certain price amount. Ed and Fran also had prior dealings and therefore could not say that he was unaware of the contract and that Fran expected to be paid as she always was in the previous dealings. This is a unilateral contract whereas Fran offers a product for an amount of money and acceptance is shown by Ed’s action in accepting the candy. In terms of performance, Ed took advantage of the services offered by Fran, “even though he could have rejected them and had reason to know that” Fran “offered them expecting compensation” (Advanced Business law and

Part 1 - At what point, if ever, did the parties have a contract? A contract was reached as an agreement when Big Time Toymaker paid Chou $25,000 in exchange for an agreement to have exclusive negotiation rights for 90 days. Even though the negotiation agreement was limited and specified no distribution contract unless formally in writing, there was an oral and implied agreement three days before the 90 day deadline. This oral and implied contract was also followed by written correspondence from Big Time Toymaker in an email from Big Time Toymaker's manager to Chou confirming this agreement.

The four elements of a valid contract are offer and acceptance, meeting of the minds, consideration and competent parties. The contract must cover a legal purpose or objective as well (Binder, 2012). The objective theory of contracts holds that contract formation is dependent on what is communicated, rather than what is thought by one of the parties (Barnes, 2008).

The initial proposal’s agreement is the binding contract between Uhrhahn Construction to perform construction projects for Lamar and Joan Hopkins. The Hopkinses oral request for additional work involving changes were not made in writing as stated in the proposal’s agreement. However, Uhrhahn Construction performed the additional work and outline the additional cost in the invoices. The Hopkinses are the requesting party that made several oral changes, and additional to the contract, thus making an implied-in-fact to the contract. The Hopkinses furthermore paid for some additional work, but failed to pay for all work included in their oral request. An implied contract was indeed entered by both parties through oral agreement and the Hopkinses are obligated to pay for

Contractual agreements are supposed to be consensual, and freely entered into by the parties involved. Therefore, ‘before a court enforces a relationship as a contract, the courts must have a reasonably certain basis in fact to justify binding the parties to each other.’ (St. John’s Law Scholarship Repository, no date). Resolution of whether a contract was intended to be legally binding is not determined by what the parties themselves thought or intended. Rather, a more objective stance is taken by the courts. This is known as the objective theory of contract, and essentially enables ‘the courts to look at external evidence (what the parties said and did at the time)’ (Poole, 2006, p. 34), as to objectively indicate the parties’ intentions

Before unilateral contracts come into place, contract law is about a promise for a promise. Cases such as Carlill v Carbonic Smoke Ball Co. have shown how the contract law has adapted to accommodate this form of contract. Judges seek to identify consideration and acceptance in unilateral contracts whilst managing to achieve a balance between protecting reasonable expectation of an honest man and retaining respect for the sanctity of contract.