Part I: License Agreement:
This License Agreement is entered into between ABC, LLC, a California limited liability company ("Company"), and XYZ, Inc. a Nevada corporation ("Customer") (collectively, the "Parties," or individually, a "Party"). This License Agreement is effective as of the date of last signature ("Effective Date").
Submit your responses to the following:
1. What are the four requirements of a valid contract? Explain each requirement and why it is important.
2. Who are the parties to this License Agreement? Is this a unilateral or bilateral contract? Is this a formal or informal contract? Is this an express, implied or quasi contract? Is this an executory or an executed contract? Thoroughly explain your reasoning behind each answer.
3. What is the difference between an offeror and offeree? Who is the offeror in this License Agreement and who is the offeree?
4. What are the three elements to an effective offer? How does an offer end?
5. What is acceptance of a contract? What are the requirements of a valid acceptance? How would you be able to determine if this License Agreement has been accepted?
6. What language should be included with this License Agreement if one Party intends to sign the License Agreement and fax it back to the other Party? Is this language included in the License Agreement? If so, provide the section number and a summary of the language.
7. What is consideration? What type consideration is provided for under this License Agreement (i.e. a benefit or a detriment)? What are the Parties to the License Agreement promising to each other? What is the essence of their bargain? Do you think the consideration is adequate? Why or why not?
8. For purposes of this question only, assume Monica Justice is only 12 years old. She is a very ambitious 12 years old, however, and has formed her own corporation - XYZ, Inc. Is her acceptance of this License Agreement valid? Why or why not? What if Monica told Jeffery Thomas of ABC, LLC that she was 21? Is her acceptance valid? Would a court allow Monica to disaffirm the License Agreement?
9. For purposes of this question only, assume Jeffrey Thomas was determined to be incompetent 1 month after signing this License Agreement. What would a court of law hold as to the validity of this License Agreement?
10. For purposes of this question only, assume the software licensed under this License Agreement allowed the licensee (i.e. the Customer) to hack into federal banking systems. After successfully using the Services to hack into the U.S. Federal Bank, Monica Justice fled the country without paying the Fees due under Section 5 of the License Agreement. Would the License Agreement be upheld by a court of law? Why or why not?
PART II
Directions: Have you ever signed an agreement? What type of agreement was it? Were you the offeror or the offeree? What was the consideration under the agreement? Did both parties fully perform under the agreement? Please apply APA format with in text citing, reference list, and double-space. Limit your word count to 400 words. Please visit the Academic Resource Center for help with APA format.