Big Time Toymaker Case Scenario LAW/421 1. At what point‚ if ever‚ did the parties have a contract? I do not think the two parties involved ever had a contract. In the scenario‚ the parties reached an agreement only three days before the end of a 90-day deadline set in the original negotiation contract. In the original negotiation contract‚ it states that there would be no distribution contract unless it was in writing. When the BTT manager sent the e-mail to Chou‚ he mentioned the terms
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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 writing
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My Life and Statute of Frauds In 1677‚ the English Parliament passed the Statute of Frauds. It is a state statute under which certain types of contracts must be in writing to be enforceable. The primary purpose of the Statute of Frauds is to ensure that there is reliable evidence of the contracts and terms‚ and it is to prevent the possibility of a nonexistent agreement between two parties being "proved" by perjury or Fraud. There are 5 categories to which the contracts must to fall within the
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The statute of fraud is defined as‚ “a law that requires that certain contracts be in writing‚ and that those contracts be signed by the parties who are to be bound by the contract”. [1] The policy that underpins the Statue of Frauds was established during the reign of King Charles II through a statutory enactment requiring a written record for specified types of contracts. [2] These specified types of contracts could not be enforced unless a memorandum of it is written and signed by the party to
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Coast. There is no date set forth in the e-mails for delivery. When the steel arrives‚ Little rejects shipment‚ claiming the steel was shipped too late. When West Coast sues Little for breach of contract‚ Little also raises the defense of the Statute of Frauds. Who wins‚ and why?
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n 17 July 1998‚ a conference of 160 States established the first treaty-based permanent international criminal court. The treaty adopted during that conference is known as the Rome Statute of the International Criminal Court. Among other things‚ it sets out the crimes falling within the jurisdiction of the ICC‚ the rules of procedure and the mechanisms for States to cooperate with the ICC. The countries which have accepted these rules are known as States Parties and are represented in the Assembly
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Case Scenario: Big Time Toymaker Thomas G. Harrington III LAW 421 May‚ 5‚ 2014 University of Phoenix Case Scenario: Big Time Toymaker 1. At what point‚ if ever‚ did the parties have a contract? Our textbook defines a contract as “a promise or a set of promises enforceable by law” (). A contract does not necessarily has to be in writing. A contract can be oral and enforceable. Big Time Toymaker and Chou took part in an oral contract. Big Time Toy Maker and Chou held a meeting where an
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Big Time Toymaker At what point‚ if ever‚ did the parties have a contract? Chou and BTT had a contract at the point they agreed to all the terms. By including the obligations of the parties and the terms of the agreement‚ the manager showed objective intent. A written contract was not necessary since this was a contract primarily dealing with services to distribute the game‚ not a production contract or a sales contract. Had it involved a goods contract to buy or sell‚ which under the Statutes
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1. What are the various capital-budgeting tools currently used by leading firms? Define each‚ and discuss the accept/reject criterion for each. Which one is “best‚” and why is it best? 2. Evaluate the capital-budgeting criteria of Euroland Foods on page 326. Their “Minimum Acceptable IRR” criterion is wrong. Why? Also‚ why is their criteria not a complete set of criteria with which to evaluate projects? 3. Evaluate the “Minimum Acceptable IRR” returns that Euroland uses for different types
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Case Scenario: Big Time Toymaker Case Scenario: Big Time Toymaker 1. At what point‚ if ever‚ did the parties have a contract? While both parties did have an oral agreement they did not have a contract in place. In the case scenario they also agreed to have Chou memorialize their agreement. In the original negotiating contract it stated that a distribution agreement or contract must be in writing. Although Chou received an email from a BTT manager he assumed that BTT wanted to draft the agreement
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