It's An Old Hollywood Tale That The Legendary Louis B. Mayer
1232 Words5 Pages
There 's an old Hollywood tale that the legendary Louis B. Mayer once said "“A verbal agreement ain 't worth the paper it’s printed on.” This may not be totally true but as recent case demonstrates regarding the rightful ownership of an application known as Snapchat, the words of Mr. Mayer reinforce a bit of vintage wisdom that contracting parties should always put their agreements in writing. Louie Mayer wasn 't entirely correct as a verbal agreement in lieu of a written contract is still generally binding and, no matter how brief, is still a contract. In fact, most binding legal agreements can be oral agreements.
In 2011, Three Stanford undergraduates started developing an online application which, in a chat setting, allows one computer user to send visual media like pictures to other computer users. After a short period of time the pictures become unavailable. Reggie Brown was basically the catalyst and the idea 's originator, Robert Murphy handled the technical programming aspect, and Evan Spiegel pushed the project forward. It doesn 't sound like much but today the value of this company is in the tens of billions of dollars.
Upon discussing the idea, the three young men then decided to proceed and allegedly formalized their agreement with nothing more than a handshake. From this point on, as the project moved forward in development, they failed to set forth and sufficiently detail, in writing, any of their agreements and resolutions regarding any essential terms of