Theory to Practice: Big Time Maker, Answer Questions

Theory to Practice: Big Time Maker
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1] At what point, if ever, did the parties have a contract?
To determine whether a contract one must determine that there is mutual assent between the parties where is an offer and then an acceptance of the offer (Melvin, 2011). There was a contract after the manager sent an email addressed to Chou, identifying the details of the distribution agreement. Chou accepted this contract believing that this then replaced the earlier contract draft. Chou subsequently sent a reply to BTT affirming the details after having received $ 25, 000.
2] What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract?
The objective intent of contract presents the meeting of minds, and the assent was explicitly expressed verbally, with the $ 25,000 paid in lieu of the exclusive negotiation rights. Chou received communication form the manager of BTT an agent of the company, with the communication including the distribution agreement and the price.
3] Does the fact that the parties were communicating by e-mail have any impact on your analysis in Questions 1 and 2 (above)?
Contracts are products of mutual assent, unless there are no material differences in meaning. One needs to infer the manifestation of mutual assent from the exchange and consideration. In this case, both parties recognized the existence of a contract and the email communication does not affect the decisions and fax messages were also used.
4] What role does the statute of frauds play in this contract?
A contract is within the statute of fraud if there is a requirement that it should be in writing to be enforceable and the courts then rely on contractual performance when there is no writing or signature when there is a statute of frauds for contracts (Adamson, 2012). A contract to buy and sell goods for a price of $ 500 is a contract wit...