StudentShare solutions
Triangle menu

Contracts - Case Study Example

Not dowloaded yet

Extract of sample
Contracts

(Each song must be in the length of 1-3 minutes). It is also important to clarify how many batches of songs is Finbar expected turn over before he gets paid. This can be expressed in terms of weeks or months. (Finbar should turn over three songs to TV8 on the first week of May. Finbar will get paid every two weeks for the ten weeks that the song will be used by TV8.) This will ensure that both TV8 and Finbar will know what is expected of Finbar to avoid disputes during the duration of the contract. The second thing a performance contract must contain is the manner of compensation for Finbar. This can be a guarantee ("TV8 will pay Finbar 60 Euros every week), incentive (TV8 will pay Finbar 5% of the total contract price if ratings of the children's TV show rise by at least 2%).
In this case, Finbar had no contract with TV8. There was no written agreement between him and Jenny McSwindle. McSwindle's letter to Finbar could not be considered a contract. The letter was, at the very least, an offer to Finbar. Finbar did not expressly, and in writing, signify his assent or consent to the terms proposed by McSwindle in her letter. While it could be said that Finbar's act of sending TV8 some material was an implied assent to the contract, the same act had actually no consequence. Jenny McSwindle had sent Finbar a letter withdrawing her "offer" on April 30 but Finbar apparently, unaware of this withdrawal, sent the material on May 01. From the foregoing, it could be said that there was "no meeting of the minds" between Finbar and Jenny McSwindle. McSwindle's "offer" was not simultaneous with Finbar's "acceptance." Events which had transpired could be described only as a "negotiations" between the parties. Negotiations may or not end in a contract. In this case, it clearly did not end into a contract.
Further, there was yet no finality on several terms pertinent to the contract. McSwindle's letter left much to be desired on specifying requirements on several pertinent matters - the exact date when was Finbar was expected to turn over the songs and the duration when the songs were expected to playing. Further, Jenny McSwindle did not claim to be in acting for, and in behalf of, TV8. It is doubtful whether, in any contract she would have entered with Finbar would be binding on TV8.

2. No, Finbar is not entitled to an increased pay from 15 Euros a week to 60 Euros which was what Jenny McSwindle had originally offered to him. As previously discussed, there was no valid contract between Finbar and Jenny McSwindle. The 60 Euros a week payment which Jenny McSwindle discussed in her letter was merely an "offer" to Finbar which had not "ripened" into a contract. Finbar could obtain the 60 Euros per week only if such agreement was contained in a new agreement or contract between him and TV8 which contract should expressly contain the provision that Finbar would be getting 15 Euros a week and such sum would be increased to 60 Euros a week if, and as soon as, TV8 recover from its losses. Further, "recovery from losses" may be subject to differing interpretations. Parties may vary on what TV8 should earn in order that it could be considered to have recovered from its losses. To avoid disputes, the contract should also specify the factors to be considered to determine whether ...Show more

Summary

1. Finbar had no valid contract with TV8 so he could not claim any monies from the latter. Practical considerations in relation to performance contract are not present. At a minimum, a contract should be in writing. While an oral contract may be valid, it is very difficult to enforce such that "an oral contract is not worth the paper it is written is on." Therefore, since the terms are not in writing, then Finbar may not have a cause of action in contract to rely on.
Author : stanton95
Contracts essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the case study on your topic
"Contracts"
with a personal 20% discount.
Grab the best paper

Related Essays

Construction Contracts Law
In simple terms "An agreement enforceable by law is a contract" and "Every promise and every set of promises forming the consideration for each other is an agreement" In an agreement there is promise from both the sides and if we talk about 'Promise', it can be defined as "When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted.
8 pages (2000 words) Case Study
Metallgesellschaft
To hedge the price risk of these contracts, MGRM acquired long future positions on the New York Mercantile Exchange (NYMEX) in short-dated energy futures and entered into over-the counter (OTC) swaps. Unfortunately, the oil prices fell and MGRM was left with severe liquidity crisis and faced bankruptcy.
4 pages (1000 words) Case Study
Contracts forming
Sec. 11 of Sale of goods Act 1979 clearly specifies that "where there is an agreement to sell specific goods and subsequently the goods, without any fault on the part of the seller or buyer ,perish before the risk passes to the buyer, the said agreement is avoided."And in this case the buyer can not seek cosequential damages because the contract is void,but he
4 pages (1000 words) Case Study
Contracts Covered by the Statute of Frauds
(hereinafter referred to as "Lower Case"), in the amount of $2,500.00 at a rate of $250.00 per month on account # 9000988810. Payments by Promisor shall be paid to Lower Case on or before the first day of each month at 540 North South Street, Delinquent, TX 76555.
6 pages (1500 words) Case Study
Case 3
On their side, the agents got interested in the transaction and ended up undertaking the transactions on their behalf. The agent is under duty to do only what the principle requires them to do (Harley, 2009). He is barred from doing
1 pages (250 words) Case Study
Tillman v. Commercial Credit Loans, Inc
Contractual unconscionability is the tendency of a contract to be extremely favorable to the side or person with superior bargaining abilities. According to the case study, I consider the decision taken by the credit company to be against the majority. The
1 pages (250 words) Case Study
Cost Accounting
Having been contracted by the government implies that it had met the criteria of qualification in order to get the contracts. Since the corporation had numerous government contracts, it is expected that it is in a position to address all the necessary
2 pages (500 words) Case Study
Please read the attached file . please use simple words and write short answers
Actually, non-renewal only happens upon establishment of a good cause. Accordingly, Texas Education Agency sets out the types of contracts as well as the reasons for renewal or non-renewal of distinct contracts. Ethical violations, poor mode of giving instruction,
1 pages (250 words) Case Study
Sabor Inc Case Analysis
The new strategy aimed at standardizing the design and manufacturing process of the products in order to reduce the variety of the products in each product category. The new strategy meant that there would be no orders for specialized designs.
3 pages (750 words) Case Study
Critical Thinking Case Study
Due to the abundance of law suits, by civilians, against big companies such as pharmaceutical companies, there has been a backlog in the judicial system with cases taking years before any
1 pages (250 words) Case Study
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation