Law 421 Week 4 Individual

Theory to Practice

LAW/421

Theory to Practice

A contract is an agreement a court of law will recognize. An agreement may result in a binding contract whether it is an oral or written agreement between parties (Melvin, 2011, p. 126). Contracts are put in place to protect both parties on either end of the agreement. A big time Toymaker (BTT) was interested in a new game invented by Chou. BTT entered into an agreement with Chou for exclusive rights to his inventory for a 90-day period at the cost of 25,000 (Melvin, 2011, p. 155). This paper will discuss some pros and cons of a contract, if and when a contract should apply to a situation, and some remedies for a breach of contract.

Contract

BTT and Chou made an exclusive negotiation agreement for a 90-day period....