Please look into the following fact patterns and answer the following 10 questions of contract concepts.
Fact Pattern:
Ralph Products LP owns all rights in the cartoon character Ralph–a short, frumpy, bespectacled, eight-year-old whom life never goes quite right. For reasons that no one can fathom, anything with a likeness of Ralph on it sells like hotcakes. Ralph LP has been making millions by licensing the trademark rights to use this character to different companies who manufacture and then market products bearing Ralph’s likeness.
Merchandisers Extraordinaire, Inc., your employer, would like to enter into a license agreement with Ralph Products LP. Your employer has agreed to certain terms and would like you to assist in translating the business terms into contract concepts. For each question presented, choose the BEST contract concept(s) that captures the parties’ intent:
Representations and warranty
Covenant
Right
Condition
– Condition to an obligation and the related obligation (on-going or walk-away?)
– Condition to discretionary authority and the related discretionary authority
– Condition to a declaration and the related declaration
Discretionary authority
Declaration
Textbook:
Drafting Contracts: How & Why Lawyers Do What They Do , Second Edition (Aspen Coursebook) 2nd Edition, Tina L. Stark.
ISBN: 978-0735594777
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