Nature Of Agency Video

1484 Words6 Pages
Contract Creation and Management The Nature of Agency video continues the story of a business relationship between Quick Takes Video and Non-Linear Pro. Quick Takes, dissatisfied with the current video editing software owned initiates contact with a salesperson from Non-Linear Pro to discuss a software product that Quick Takes believes may be a solution for updating their present equipment. The first meeting between the two companies becomes the basis of a subsequent law suit by which both parties dispute the terms of agreement in the use of the software product. The issue is one that involves determining if a contract is formed. Additionally the definition of agencies within a small business must be examined to determine if the actions of a Quick Takes employee may in fact validated the terms of a contract. Elements of a Contract In determining if a contract has been formed between two parties, the elements of a contract are examined to determine its enforceability. For a contract to be enforceable, the following four basic requirements must be met: agreement, consideration, conceptual capacity, and lawful object (Cheeseman, 2010, p. 154). During the initial meeting Non-Linear Pro (offeror) made an offer to an owner of Quick Takes (offeree) the use of an editing software on a one-month trial basis. Quick Takes accepted the offer with the understanding that the trial would cost the equivalent of leasing the product. This exchange constituted a bilateral agreement
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