Essay Sample on Some Legal Aspects of Contracts

Explain what the parties could have done differently to protect their rights and avoid this dispute.

There are certain things that the parties could have done differently for them to avoid the dispute. The idea behind recognizing the implied-in-fact contract is having individual working on good faith with the expectation that they will have to be compensated for the work that they do. Therefore, if both parties understood this law, it could have assisted the plaintiff and the defendant in knowing what was mainly expected when individuals were offering services or property. In the case involving Taco Bell, the implied in fact contract existed since Wrench LLC had offered a marketing service to the Taco Bell organization. When Wrench LLC expected that Taco Bell would pay it, Taco Bell failed to make any payment. To avoid the dispute, Taco Bell needed to pay Wrench Bell for the services that it had gotten from Wrench through using the amount of money which was made as a result of the marketing idea.

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Explain how a properly written contract could have been utilized for the licensing and use of the intellectual property to prevent the issue, and provide terms you would recommend being included in such a contract.

To avoid the issue in the case involving Taco Bell vs. Wrench LLC, there would have been a well-written contract which would have been used in licensing as well as using the intellectual property in preventing dispute. There should have been a valid and written contract which would act to transfer all the legal rights of the organizations (Afori, 2008). The terms that I would recommend to be included in the written contract would be the material ownership, liability, and the scope of the work to be performed.

Identify and explain each of the elements that would have been necessary to form a valid contract

One of the features of a valid contract is offer and acceptance. The initial stages in the creation of a contract are an offer by one party and have its acceptance by the other party. When the offer becomes accepted, it is considered as an agreement. The other critical element of a contract is the parties' mutual consent. While constituting a valid contract, then both parties should agree upon a similar thing, at the same time and in a similar sense. The other element of a valid contract is having the intention of creating a legal obligation. The agreement should develop legal obligation besides the offer and acceptance. Both parties should have the plan to appear in the court of law whenever the other partner fails to meet their promises. The other critical element of a valid contract is the right object. The object of the agreement should be lawful. It should not be unlawful, fraudulent, immoral or be opposing to the public policy.

References

Afori, O. F. (2008). Implied license: an emerging new standard in copyright law. Santa Clara Computer & High Tech. LJ, 25, 275.

Anschell, J. H., Hodulik, J. B., & Rohrer, A. S. (2003). The Whole Enchilada: Wrench LLC v. Taco Bell Corp. and Idea Submission Claims. Comm. Law., 21, 1.

Burk, D. L. (2004). Intellectual property and the firm. The university of Chicago Law Review, 3-20.

Moll, D. K. (2000). Reasonable Expectations v. Implied-in-Fact Contracts: Is the Shareholder Oppression Doctrine Needed. BCL Rev., 42, 989.