Trinity University Mike v Mens Sana Inc Legal Analysis

Question Description

This answer needs to be in IRAC format. (See attachment)Please use the IRAC format for your response. There is a 700-word limit for this assignment.

Leo is a manufacturer of electric guitars who annually produces a new line of limited-edition guitars for sale in music shops. The guitars are so popular that they sell out every year. Jimi is a well-known guitar player who plans to open on online store selling guitars. Jimi has always liked Leo’s guitars and uses them for his own gigs. He knows Leo’s guitars are popular among other guitar players, too, and wants to distribute an exclusive line of Leo’s guitars through his online store. Jimi calls Leo and says, I am thinking of opening an online music store. I know how popular your guitars are, and I would like to purchase your entire output of guitars for next year so I can sell them exclusively through my store. If you agree, I will pay you $750 per guitar. Are you interested? Leo responds, Ive been doing this a long time, and I may retire before next year. I dont know how many guitars I will manufacture next year; I may close up my shop. But I like the terms you are offering, so if I am still in business next year, you have a deal. Jimi responds, Great! Jimi follows up his conversation with Leo with a signed letter memorializing the terms of their agreement. Leo never responds to the letter. Two months later, Leo informs Jimi that he received a better offer for his guitars from a different music store, and he will not perform his agreement with Jimi. Jimi sues Leo for breach of contract. Will he prevail?

Notes on the solution:

The Rule of Law this problem falls under the Universal Commercial Code. Lookup UCC 2-201. Not a common law problem.

Spend the most time discussing:

Merchants

Statue of Frauds

UCC

If merchant, theres an exception to stay of frauds. 2-201

Written confirmatory memo

Facts that trigger consideration:

Its not a definite purpose

What happens when a party leaves the door open for no Offer.

Analyze the consideration is illusory

Leo leaves the door open to not perform the contract.

Is it governed by UCC or common law.

Formation:

Offer

Consideration

Statute of Frauds

UCC Requires contract to be in writing.

UCC Sale of goods 500 or more

Signed by/ the defendant

Merchant confirmatory offer

Leo bascially says if I feel like it Ill do it.

5 headings

Governing Law

Contract Formation

Offer

Acceptance

+Consideration +

+Statute of Frauds +

Merchant

Analyze whether Leos constitutes an offer

Analysis of 2-201 should take up bulk.

If you reach the conclusion there is no contract, if a court would disagree this is how it would go…

+Good faith

+Best efforts

Parties will use these to save the contract.

Illusory contract

Implied terms that a court might infer

No need to discuss remedies

Jimmis statement to Leo is an invitation to offer.

Bulk of answer consideration and statue of frauds

If you conclude there is no consideration-

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