Businesses engaged in the selling of goods often enter into sales contracts with buyers. These contracts are formed when a business agrees to supply goods to the buyer by a certain time, and the buyer agrees to pay money in exchange. Sales contracts are legal documents, and when a party breaches the contract, the breaching party can face negative consequences.
Ohio companies and individuals can face many situations that require the creation of formal contracts. Real estate contracts for the purchase of a home, construction management contracts for the development of a new structure or project, sale contracts for purchases and other business contracts are a regular part of life in our society. Most of the time, such agreements are honored and followed through without issue. Other times, however, problems can arise.
Many Ohio residents are likely to have been fans of the hit T.V. show "Friends." Although the show ended in 2004, the actors on the show continue to earn money for residuals when the show earns money from sales, projects or reruns. In 2008, actress Lisa Kudrow, who played Phoebe on the show, was sued by her former manager for $50,000 in fees from residuals. The lawsuit recently ended with a verdict in favor of the manager for $1.6 million for past and future economic losses.
In Ohio and every other oil-producing state, oil companies have promised private and public landowners millions in royalties for the right to drill, frack or otherwise remove petroleum from their property. However, a study from ProPublica claims that many of the companies reneged on their promises once an agreement was signed. Considering that the promised royalties were one of the main reasons landowners allowed the oil extraction in the first place, the group found this systematic underpayment especially difficult for landowners to bear, particularly considering that many states' laws work in the energy giants' favor.
It may seem like our culture has an insatiable appetite for reality television shows. New concepts seem to appear on network and cable alike with relative frequency. But, many people may not think about the behind the scenes work that goes into creating and producing a reality show.
The Cincinnati-based retail giant Macy's is embroiled in a contract dispute over goods bearing the name of Martha Stewart. Macy's says that it has a long-standing contract with Ms. Stewart for exclusive rights to sell the goods. However, J.C. Penney wants to sell the line of goods designed by the famed entrepreneur. Earlier this month, JCP reportedly began selling the line of home products, including cookware, bedding and more that were designed by Ms. Stewart as the contract litigation proceeds in court.