Op 3: Contracts: Law531

Submitted By jimmesse
Words: 1093
Pages: 5

Option 3: Contracts
Jimmesse A. Patterson
December 17, 2012
Leslie Ann Dunn

Option 3: Contracts
A contract is an agreement enforceable by law or equity. It is a set of promises and if breeched the law gives remedies and/or performance of which the law in some way recognizes a duty. In the video there was a formation of a contract. Non Linear Pro offered Quick Take Video to use their equipment on a trial basis. However, neither Non Linear Pro nor Quick Take Video were very clear on the terms of the contract, Quick Take Video agreed to use the equipment for a one month trial period. When dealing with businesses and services a clear and concise contract must always be present. In this case they had a verbal agreement. The agreement was vague and lacked specific terms of the lease.
When forming a contract there must be several things present, one is the offer. The party that makes the offer is the offeror, Non Linear Pro. The party who accepts the offer is the offeree, Quick Take Video. The offeror stated in the video that they would allow the offeree to use their equipment on a trial run, not giving any specifics on the time length on the trial run. The offeree stated they would use the equipment for a month. Another thing that must be present is the acceptance of the offer. Quick Take Video stated they would use their equipment for a month. So they accepted the offer for a month. They should have a contract, and the contract should clearly state as follows.
Non Linear Pro is offering Quick Take Video top-of-the-line editing equipment on a one month trial basis. Upon arrival of the editing equipment Non Linear Pro will provide appropriate training to the existing editing staff. The training will be two days in length and consist of an introduction to the editing system, hands on tutorials, and special editing workshops. This will allow for the editing employees to become familiar with system and to ask any questions they may have dealing with any issues. After two days of training the one month trial will go into effect. If at the time of training Quick Take Video finds that the editing system is not to its standards of a more rapid editing process compared to the current process Non Linear Pro will not start the one month trial and remove the editing system after two days of full training. If Quick Take Video finds the editing system to be more rapid than the current process they currently use during the two day training, and go into the third day without stating any issues, they will agree to start the one month trial.
During the one month trial Quick Take Video will be responsible for the monetary value of shipping and handling and the pro rate cost Non Linear Pro charges of a one year lease. Non Linear Pro leases out their editing systems on a yearly bases. In the event that an agreement was made through a sales representative of Non Linear Pro, of less than a year, the lease will be prorated upon the approval of the Manager of Sales for Non Linear Pro. Payment of the lease must be rendered upon the start of the one month trial period which starts the day after the two day training. Upon the third day of the possession of the editing equipment payment must be rendered. In the event that payment is not rendered on the third day of possession a late fee of 1% will be assessed and payment will be accepted up to the fifth day of possession with no further penalties. If on the sixth day payment is not rendered for the one month trial period the late fee will go to 2% and not exceed 2%. Then payment will be accepted up until the tenth day. If on the tenth day payment is not rendered, Quick Take Video must return immediately the equipment and take on all the fees of shipping the equipment back to Non Linear Pro. If the equipment is not postmarked and sent back by the tenth day Quick Take Video will be responsible for the cost of the entire one year lease.