Chuck Vs. Pete Case
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Topic #1: Chuck v. Pete and Oodles: The case of the $5 million “app”
This is an interesting case since there can be multiple dimensions to the twists and turns associated with the situation. Below are my observations:
Chuck, a minor
Even if, for a second, logistically speaking, and for the sake of argument, we assume that Chuck gave verbal consent to Pete to go-ahead with the project in question, Chuck was still 17 and hence a minor. Will the contract be considered valid and enforceable?
Accord and Satisfaction
Was there a complete Accord and Satisfaction? Chuck and Pete were apparently partying hard on the night Pete proposed the plan to Chuck. Chuck was operating under influence. He was intoxicated having consumed quite a lot of beer.
Some contract elements missing in action
Can this be regarding as a contract? Did it include all the elements of a valid contract?
Pete did make an offer which Chuck accepted.
There was a mention of consideration.
Was the assent genuine? Not too sure about that. If Chuck was intoxicated, he can opt for the insanity plea.
Whereas the objective was legal, i.e., entering into a business partnership, Im not too sure if both the parties were competent enough to make a decision.
Acceptance of the check
Heres, however, Chuck might fail to convince the court – he accepted the $50,000 check presented to him by the lawyer for Oodles. By doing this he washed away all possible irregularities or the unorthodox steps that had been taken by Pete to fulfill his dream of becoming a big-time app inventor and a name to be reckoned with in the cyber-marketplace. The very act of accepting compensation, the consideration for being a part of the entire venture may turn out to be his waterloo.
Of course, these are just my initial thoughts and impressions. I would be keenly interested in knowing what my fellow students have to say about the subject.
Topic #2: The entrepreneurs dilemma: Pete Zuckersons start-up
If I was his advisor/legal consultant, I would recommend the follow to Pete:
Invest some of the fortune
Invest at least some, say, one-fourth out of his four million dollars fortune. If he does not want to risk anything, wants to play safe, he will probably end up gaining nothing. Some initial investment needs to be done from his pocket.
I understand that Petes parents are rich and influential