You are an entrepreneur who has developed a new kind of electric beard trimmer t

Question

You are an entrepreneur who has developed a new kind of electric beard trimmer that trims beards more closely and more quickly than other trimmers on the market. SuperShaver, Inc. is an experienced manufacturer of facial shaving products and learns about your new invention from a trade show. SuperShaver is interested in contracting for the intellectual property rights to your shaver. A representative of SuperShaver wants to offer you a percentage of the profits and is willing to agree to a deal right now with an oral agreement. Assuming the terms are reasonably fair, evaluate the positive and negative contractual implications of accepting SuperShaver’s oral offer. You are an entrepreneur who has developed a new kind of electric beard trimmer that trims beards more closely and more quickly than other trimmers on the market. SuperShaver, Inc. is an experienced manufacturer of facial shaving products and learns about your new invention from a trade show. SuperShaver is interested in contracting for the intellectual property rights to your shaver. A representative of SuperShaver wants to offer you a percentage of the profits and is willing to agree to a deal right now with an oral agreement. Assuming the terms are reasonably fair, evaluate the positive and negative contractual implications of accepting SuperShaver’s oral offer. You are an entrepreneur who has developed a new kind of electric beard trimmer that trims beards more closely and more quickly than other trimmers on the market. SuperShaver, Inc. is an experienced manufacturer of facial shaving products and learns about your new invention from a trade show. SuperShaver is interested in contracting for the intellectual property rights to your shaver. A representative of SuperShaver wants to offer you a percentage of the profits and is willing to agree to a deal right now with an oral agreement. Assuming the terms are reasonably fair, evaluate the positive and negative contractual implications of accepting SuperShaver’s oral offer. You are an entrepreneur who has developed a new kind of electric beard trimmer that trims beards more closely and more quickly than other trimmers on the market. SuperShaver, Inc. is an experienced manufacturer of facial shaving products and learns about your new invention from a trade show. SuperShaver is interested in contracting for the intellectual property rights to your shaver. A representative of SuperShaver wants to offer you a percentage of the profits and is willing to agree to a deal right now with an oral agreement. Assuming the terms are reasonably fair, evaluate the positive and negative contractual implications of accepting SuperShaver’s oral offer. You are an entrepreneur who has developed a new kind of electric beard trimmer that trims beards more closely and more quickly than other trimmers on the market. SuperShaver, Inc. is an experienced manufacturer of facial shaving products and learns about your new invention from a trade show. SuperShaver is interested in contracting for the intellectual property rights to your shaver. A representative of SuperShaver wants to offer you a percentage of the profits and is willing to agree to a deal right now with an oral agreement. Assuming the terms are reasonably fair, evaluate the positive and negative contractual implications of accepting SuperShaver’s oral offer. You are an entrepreneur who has developed a new kind of electric beard trimmer that trims beards more closely and more quickly than other trimmers on the market. SuperShaver, Inc. is an experienced manufacturer of facial shaving products and learns about your new invention from a trade show. SuperShaver is interested in contracting for the intellectual property rights to your shaver. A representative of SuperShaver wants to offer you a percentage of the profits and is willing to agree to a deal right now with an oral agreement. Assuming the terms are reasonably fair, evaluate the positive and negative contractual implications of accepting SuperShaver’s oral offer.

Explanation / Answer

Positive contractual implications of accepting an oral offer:

Oral offer is a spoken offer agreement. In future this may be documented on whatever the terms were discussed during the oral offer.

1. Oral offer is as valid as a written offer. In this case Super shaver Inc. being a renowned manufacturer may not change the terms later

2. Since this is a great opportunity we can agree on the terms orally and then later document it.

3. Oral contract is legally obliged

Negative contractual implications of accepting an oral offer

1. Missing out on details when documenting

2. Changes in terms and conditions to the initial discussion

3. Change in person with whom the initial discussion was done and henceforth change in the total agreement

4. Valid in court only for certain time period.

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