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Business Law I BUS206

Running Head: "STEVENS V. QUINN BUS 206: Milestone Two Case Study "Stevens v. Quinn' Matt Culbertson Southern New Hampshire University "STEVENS V. QUINN A. Analyze the elements of this case to determine whether a valid contract exists between Sam and the chain store. Support your response by identifying the elements of a valid contract. At first glance, it appears as though there is an oral agreement/contract between Stevens and the chain store. In order to verify that, let's look at the four elements of a contract: agreement, consideration, contractual competency, and legal object. First, there needs to be an agreement. In this case, the agreement is from the chain store offering to sell Sam's product exclusively. The next element is consideration. The consideration here is in exchange for selling his product in their store, Sam will ship them 1,000 units (it is of note that there was no timeline given in this case study, not is there any financial advance/compensation). The third element is contractual competency, which is basically that both parties posses the mental capacity/well- being to establish and execute a contract -- which is evident herein. Finally, in order to be a valid contract, there must be legal object. Given the information available, there does not appear to be any legal object, as all that has been established was a verbal agreement took place, but there is no evidence of any compensation, advance payment, nor any written correspondence (email or otherwise) prior to the chain store's letter of demand. Since that vital piece of information is missing, I must judge that this is not a valid contract. B. Assume there is not a valid contract between Sam and the chain store. Analyze the elements of a quasi-contract and a promissory estoppel to determine whether the chain store would prevail on a claim of either. Why or why not? Include support for your analysis. A quasi-contract must be imposed by the court. In order for the court to make that judgement, they would have to prove that Sam received some type of compensation. For instance, if the chain store had advanced Sam money to build and ship 1,000 units, then the court would likely require him to deliver the product. Since it is not mentioned in the case study, we "STEVENS V. QUINN have to assume that Sam benefitted in no way, thus a quasi-contract ruling could not be imposed To determine if a promissory estoppel exists, we have to examine whether the contract was bilateral or unilateral. Bilateral is basically a promise for a promise, and unilateral is a promise for an act. In this case, the chain store promised to sell the product in the case that Sam acted by producing/shipping 1,000 units. In other words, the chain store basically said, "when you complete your part, we'll do ours." In a promissory estoppel, the promisor (chain store) would have to know that Sam relied on their offer, Sam would have to shown reliance, and in order to