Evaluate the Necessary Elements of A Bona Fide Contract Competency Evaluate the necessary elements of a bona fide contract. Instructions You have just b

Evaluate the Necessary Elements of A Bona Fide Contract Competency

Evaluate the necessary elements of a bona fide contract.

Instructions

You have just been hired by T&G Consulting and given your first assignment. The nationally renowned performer Cyndy Singer, who is a client of the firm, has made arrangements to give a concert at a premier concert venue, Best Artists Theater. A tentative agreement related to the performance has been drafted and given to you for review. While final approval of the agreement will have to be obtained from T&G Consulting’s Legal Department, you have been asked to provide a preliminary review of the agreement to make sure that it properly reflects the intent of the parties, and to see if the basic elements of a contract are present. (You can assume, for purposes of this exercise, that the parties have the capacity to enter into a contract.)

Please review the agreement and give justification and explanation as to whether the agreement contains the necessary elements of a valid contract. For this review, you are to reflect on and address the following sets of questions:

There are certain requirements for the formation of a contact:
What is the first required element of contract formation?
The second element that must be present for the formation of a contract is consideration. Examine the contract and identify the element of consideration. Describe the details of the consideration that appear in the agreement.
Mutual agreement (sometimes referred to as “mutual assent”) is reflected in the agreement. Please answer the following questions:
How is mutual agreement reflected in the contract?
Why might it be more difficult to establish the existence of mutual agreement in an oral contract?
Can you think of other pros and cons of written versus oral contracts? Please explain.
As it turns out, the other party has failed to perform its obligations under the contract, and your client now wishes to terminate the agreement.
How is a contract concluded or terminated? Please explain this to your client.
Explain to your client how each party can be discharged from their liabilities.
Explain the difference between a minor breach and a material breach to your client. ARTIST PERFORMANCE CONTRACT
This contract (the “Agreement”) is made on February 1, 2017 between Best Artists Theater
(“BAT”) and Cyndy Singer (“Performer”) for the hiring of Performer to present a concert (the
“Show”) at BAT, located at 100 Main St., Anytown, U.S.A.
BAT and Performer (collectively, “the parties”) agree as follows:
1. Date, Time and Location of Show. The Show will be presented at BAT, 100 Main St.,
Anytown, U.S.A., on April 1, 2017 at 8:00 pm.
2. Show Description. Performer will present a set of her hit recordings. The duration of
the Show will be a minimum of 90 minutes, with one 10 minute intermission.
3. Payment. Performer will be compensated in the amount of Fifty Thousand Dollars
($50,000), payable by cashier’s or certified check. A non-refundable 25% deposit of this
amount ($12,500) shall be due upon the execution of this Agreement. The remaining
75% ($37,500) is due no later than 5:00 pm on April 1, 2017.
4. Cancellation. If Performer has not been compensated in full, under the terms of this
Agreement, by 5:00 pm on April 1, 2017, the Show may be cancelled at the discretion of
Performer, with no further obligation of Performer. If BAT cancels the Show on or
before March 30, 2017, BAT will not be responsible for the remaining 75% ($37,500) of
Performer’s compensation. If BAT cancels the show after March 30, 2017, BAT is
required to pay Performer the full amount of Performer’s compensation as set forth in this
Agreement.
5. Sound Check. BAT shall make the Theater available to Performer, her musicians and
technical support for a sound check and rehearsal at least one week prior to the Show,
and again at 5:00 pm on the day of the Show.
6. Ticket Sales. Tickets for the Show shall be managed, priced and sold at the sole
discretion of BAT. BAT represents that it will employ a professional advertising
company for promotional endeavors beginning six weeks prior to the show, in an effort to
ensure Performer appears before as many fans as possible.
7. Indemnification. BAT agrees to indemnify and hold Performer harmless for any claims
of property damage or bodily injury caused by any attendee of the Show.
The Agreement between the parties is set forth above in its entirety and is entered into as of
the day and year first written above.
BEST ARTISTS THEATER
CYNDY SINGER
__________________________
Signature
Date
_________________
Signature
Date
Printed Name and Title: ____________________

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