Over the weekend, Marvin Harrison Jr. made headlines for two reasons: he was sued by Fanatics and he declined to attend the NFLPA Rookie Premiere. We examined the complaint on Sunday, even with what appear to be arbitrary and disproportionate redactions. The next thing to mention is this. Fanatics have taken a daring and dangerous step.
Adherents must have complete confidence that their beliefs are accurate. You’ll lose this one, and good luck making and keeping friends with other participants.
Other businesses that Fanatics is competing with will say, even if Fanatics wins, “Be careful doing business with Fanatics. They’ll sue you.”
It is reasonable to assume that Fanatics is quite confident in their position and that Harrison is mistaken based only on the fact that the case was filed. However, because the “Binding Term Sheet” that forms the basis of the lawsuit is missing, it is impossible to determine whether or not all important terms have been reduced to writing and signed.
Many agreements begin as term sheets and conclude with lengthy written contracts. As long as the term sheet includes all relevant provisions, a contract may be signed prior to the long-form contract.
