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Week 4 Big Time Toy Maker

In: Business and Management

Submitted By espi60
Words 393
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Big Time Toy Maker
Could BTT avoid this contract under the doctrine of mistake? Explain. Would either party have any other defenses that would allow the contract to be avoided?
Chou could take BTT to court for breach of contract. When BTT paid Chou $2,500 for, and Chou gave BTT exclusive negotiation rights for 90 days, they both mutually assented to a legally binding agreement. Under the Uniform Commercial Code (UCC), if the contract of the sale of goods is $500, or more, and any lease transactions for the sale of $1000, or more, the statute the statute of frauds apply (Melvin, 2011). The $2,500 Chao received met this requirement.
When BTT sent Chou an email 3 days before the expiration of the 90 day agreement, which included the price, time frames, and the obligations of both parties, it signified to Chao that BTT still intends to do business with Chao, and meets all the requirement for a contract. Chao's intentions were to draft the contract as agreed upon, but Chao made a unilateral mistake, he had an erroneous belief that the email between BTT and Chao, with all the terms already in it, plus the mutual assent of the two parties, was the actual contract. Thirty days passed before BTT, requested the distribution agreement contract from Chao, by fax. Up to this point, Chao thought he already had an agreement through the email. By BTT sending the fax, it signifies to Chao that the BTT wishes to proceed with the business transaction. Chao sends the draft immediately thinking that he has a binding deal with BTT.
Because BTT assumed new management, they are still obligated to meet their intended obligation to Chao. For 90 days, Chao, withheld other possibilities with other vendors, and suffered a loss when BTT said they do not wish to proceed with the agreed upon terms. Under the interpretation rules for written contract, the parole evidence rule...

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