You have been asked to advise television series writer John Smithson with respect to the option and purchase agreement he is entering into with Studio X for the sale of a feature film screenplay entitled "A Christmas Litter," about a veterinarian and an animal rescue volunteer who fall in love when they deliver a litter of puppies at the local shelter on Christmas eve during a severe winter storm. Smithson has received the attached deal terms Studio X. He has asked you to review the Deal Terms and provide answers to the following questions.

(1) Mr. Smithson wants to make sure that he does not sell Studio X the following rights in "A Christmas Litter": (i) the right to produce copies of / publish the original screenplay; (ii) the right to create NFTs based on portions of the original screenplay; (iii) the right to make sequels; (iv) the right to create a podcast or radio show based on the screenplay; and (v) the right to make a stage adaptation of the Work. Are those rights reserved under the current Deal Terms? If not, how would you recommend changing the Deal Terms (by revising one of the current terms, adding another section or both)?

(2) Can Mr. Smithson receive any additional monies if Studio X enters into an agreement with a third party for the development or production of "A Christmas Litter" during the option term? What is the term for this kind of arrangement? How do you propose Mr. Smithson revise the Deal Terms to include this term?

(3) How can Mr. Smithson ensure that he gets the rights in "A Christmas Litter" back if Studio X does not use them within a certain time? What is the name of a term like this? How long do you think Mr. Smithson should allow for the production of the movie before he gets back those rights he has sold to Studio X?

(4) Identify five additional "standard" or "boilerplate" contract terms that Mr. Smithson should make sure appear in the final agreement and explain why they are important.

(5) Mr. Smithson wants to know if the purchase price being offered by Studio X is fair. Please evaluate the purchase price and make a recommendation as to whether Mr. Smithson should accept or reject it. Consider the way the purchase price is structured as well as the amount.

(6) Do you have any recommendations regarding the Option Period and renewal provision? Consider length, renewals and option renewal fees.