131–140 of 237 posts
What if the investor doesn't immediately respond to the e-mail? Wouldn't that be sort of like the "partial yes" free option from the article, where they could wait until terms are (or are not) more favorable but still have a seemingly valid claim on an initial agreement?
Perhaps there should be a time limit, or the start-up can have the option of sending a second e-mail withdrawing the initial one?
Earlier quoted context omitted.
When I was first dating the woman who became my wife, we decided to take a vacation together and split the expenses. We worked up a budget and did a pretty good job of sticking to it, until our car had a minor issue and we had some extra expenses (an extra meal at a restaurant, etc.) When we did the numbers at the end of the trip, it turned out that I overpaid by a bit, and she wrote me a check for that amount. When…
> she wrote me a check for that amount. When I cashed it a week later, she got very upset with me, because she forgot about it and already slated the money for something else You bastard! She forgot and you cashed it anyway! haha.
Earlier quoted context omitted.
I would say, 1. something with a trigger like Bump, 2. which then pops up an Etherpad-style collaboratively-edited text field, 3. with MMO trade-dialog style 3-phase mutual-assent commit, 4. that leads to a copy being saved on both your phones, to a public-but-anonymous URL both parties can cite, and also forwarded to any other parties which either of you please--for example, your lawyers.
Build in SHA256 signing and you have something rock solid.
The investor should reply "I confirm I'm in for for " otherwise the investor could say it said yes to the wrong text message/mail, and that's it's all a misunderstanding yada yada yada
Hard to do that if you have to answer something explicit.
This protocol causes a valid and enforceable contract to be formed. In fact, the constraints imposed by the protocol are almost exactly what you might learn about contracts in the first year of law school. A contract is composed of a 1) reasonably specific offer, 2) acceptance of that offer, and 3) some consideration between the parties. By forbidding vague offers, PG is assuring that obviously questionable or unenfo…
Why not do something creative like have the investor sign a dollar bill (of any denomination) and give it to the founders? Every founder comes prepared with some cash in their wallet, and then when you confirm a deal the founders ask the investors to sign the dollar bill with a Sharpie/pen. On it would be some sort of short-hand for the deal valuation... Cash is more ubiquitous than phones - even impromptu, it's high…
Other than that, I really like your idea.
You should probably clarify that this is not intended a legal contract and violations will be dealt with socially (if that is indeed what you intend).