Contract and Agency Business Law Case Study Example | Topics and Well Written Essays - 250 words

Contract and Agency Business Law - Case Study Example The above are the elements required of a contract and they were all present. However, despite the fact that the elements of the contract were fulfilled, there was no written agreement between the two parties and there is no even records of the existing agreement of the contract between the employees and the executive of ABC and hence and hence no formal legal binding of the contract (Adamson, 38). If there is no formal legal binding which is usually in a form of evidence of the terms of the contract with the agreement by parties being indicated through signatures, then the contract can be considered to be non-existent (Andrews, 37). The employees therefore without producing any formal evidence of the contract between them and the executives of the ABC company will lose the case and the executives who act as the agents/ representatives of the company win and the company gets to keep all the money from the sale of the company without sharing it with their former