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Family Movie Video Club Brief

Family Movie Video Club Brief - of offer to Home Folks...

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Family Movie Video Club v. Home Folks, Inc. Issue Did Family Movie Video Club and Home Folks, Inc have a contract after the destruction of subject matter? Rule Revocation - the right to terminate by revoking an offer. Destruction of subject matter - when the matter of a proposed contract is destroyed without knowledge and fault of either party, the offer is terminated. Contract - 1)offer 2)acceptance of offer 3)consideration to support each party's promise. Between parties who have 1) capacity to contact and must be 2) legal. 1) Offer - This is it- if you agree to these terms, we have a contract. Must be present intent to contract. 2)Terms must be definite and clear. Firm offer - Merchant offeror makes written offer to buy or sell goods, giving assurances that the offer will be held open. Application Home Folks argues that FMVC made an offer to buy the property and request that Home Folks abandon the lease before it was set to expire. FMVC accepted the offer by sending specific terms
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Unformatted text preview: of offer, to Home Folks staring the guide, time frame and payment amount to be made to Home Folks. Home Folks argues that they signed the contract before FMVC was able to use the rights of revocation, therefore Home Folks will give the property to FMVC and FMVC will pay the promised 35,000. FMVC agrees that there was a contract with Home Folks, and the terms of acceptance included the property of Home Folks. Since the property of Home Folks was destroyed before the terms of the contract was fulfilled, FMVC and Home Folks can't keep each other's promise. Home Folks promised a property that is now burned and unable to fulfill the contract terms. Conclusion No a contract between Home Folks and FMVC does not exist, because upon the Destruction of subject matter which in this case of the property of Home Folks which burned down, a contract no longer exists....
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