Business Law Paper
Contract Breach Analysis
An oral agreement was made among several parties to pool their money and open a consulting company. The individuals had to first form a joint company. However, one individual was not able to provide his share of the funding at the time of the company formation and was subsequently pushed out of the deal by the others, who formed the company without him. The man then sued the owners.
In response to the lawsuit, the defendants argued that the plaintiff had no documentation to support a cause of action. The court then had to decide whether the plaintiff’s complaint and statement of fact could support a breach of contract claim when no contract seemed to exist. Furthermore, the court considered the idea that a theory of quasi-contract could maintain a cause of action that could consist of the theft of ownership opportunity and/or breach of fiduciary duty
Write a 1,400 to 1,500-word analysis of the potential contract issues involved in this situation. Remember, you must identity and discuss the elements of the rule for each issue that you identify using an IRAC analysis.
Include the following in the analysis:
Determine the legal issues presented in the scenario.
Analyze the elements that make up a contract. Does the situation presented contain all the elements? If not, what is missing?
Examine the business form (joint company). Does this affect any of the legal issues? Why or why not?
Discuss the challenges of an oral agreement versus a written contract both in general and within the context of this situation.
Determine potential remedies to this contract dispute.
Research and locate some similar cases. What was the outcome?
Determine the legally supported conclusions based on the legal issues.
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