...Australian Commercial law Name Institution Course Date Question 1 Introduction This is a case emanating from the corporations Act 2001 where the authorized financial advisor acted unprofessionally according to the Australian corporations Act. The breach of law led this financial advisor to jail. The judge issued his verdict basing on the provisions in the corporations Act 2001 to safeguard the plaintiffs from the negative impacts caused by the financial advisor Mr. weaver who gave false information to his clients. Motives of the financial advisor (Mr. Weaver) From the case, we are informed that Mr. Weaver (the defendant) pleaded guilty for 3 counts of failing to have a reasonable basis for the advice he gave and one count of making a false or misleading statement. He admitted that the advice he offered to his clients did not have a reasonable basis thus, it is as if he offered blind advice that affected the clients negatively. The clients followed his advice presuming that he is a trusted professional who has extensive knowledge in matters of financial investments. The defendant Mr. Weaver did not have any ulterior motive by giving this false advice but seems he acted this way due to assumptions. He did not take time to analyze the underlying facts so as to come up with credible advice that would benefits his clients; thus, he acted carelessly. Legal tools used by Judge Wall QC In making his ruling, judge Wall capitalized on section 1041E of the Australian corporations...
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...Role and Functions of Law LAW / 421 July 18, 2012 Role and Functions of Law Law has a vital and important role in our society. Law is somehow rules created and applied by the government system for peace and order in the society. Law is intended to be interpreted and applied as correctly it was intended to, reasonable and just. Every law has its purpose, and there are many laws for every situation. This also applies to business. There are many laws addressed for the business environment and for every situation in it. The purpose of this laws in business, are intended to ensure that all business related issues and situations are running properly, without affecting their businesses and customers, and/or any consequences in between. In the case of companies, laws are addressed for them to comply correctly and properly with the function and purpose of their business, employees and customers. There are also in the business environment, the labor area, laws that are intended to protect the employees and their right as workers. And there are also many laws addressed to protect and ensure the best interest for the customers. But in business and more importantly addressed to companies, there are laws that prevents them to dominated markets too aggressively and/or completely, or controlling it at all. These laws are mostly as monopoly’s laws, which are addressed directly to prevent any monopoly action or state from any company. These normally are intended for bigger or larger...
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...the UCC and UCITA acts are, and the reasons why the acts were created. Discuss the differences between the Article 2 of the UCC and the UCITA. Determine the distinction between selling a product and licensing that product legally. Discuss the reasoning for drafters to propose a separate and distinct uniform act. UCC and UCITA Act UCC stands for Uniform Commercial Code, and that is a code that addresses the majority of aspects of commercial law. (No Author, 2011) UCITA stands for Uniform Computer Information Transactions Act, and that code is to regulate transactions in computer information products. But before the UCC and the UCITA act there was the Interstate Commerce Act of 1887. The act was put in place to normalize railroads that saturated the states boundaries. (U.S. News, 2012) Even though each one of the acts are different and provide different provisions, they all have something in common, they all create a better way to provide uniformity in commercial law between states. The Uniform Computer Information Transaction (UCITA) act started out as an amendment to article 2 of the Uniform Commercial Code (UCC), but there were so many disagreements with the amendment, that it was decided to rename it the UCITA and to keep it moving as a separate act, and it was approved in February 2000. (Andersen, Raymakers, & Reichenthal, 2001) The difference between selling a product and licensing a product is when you are selling a product it is a product that has gone...
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...Business Models and Systems Terilyn L. Blue BUS 210 June 8, 2012 Tony Sines, MBA/TM Business Models and Systems The three components of business are: Business Commerce, Business Occupation, and Business Organization. Business Commerce is the process through which people produce exchange and trade goods and services. Business Occupation is the acquired set of specialized skills and the abilities that allows people to create valuable goods and service. Business Organization is the system of task and authority relationship which coordinates and controls the interactions between people so that they work towards a common goal. When you put all these factors together you get a business system, which is the combination of business, commerce, occupations, and organizations that produces and distributes the goods and services that create value for people in society. In my area there is a business that operates as a pharmacy. It is owned and operated under a franchise name. The owners are in a partnership with various members of the family, making it a family owned business. The owners of this business decided they wanted to be able to serve the community in various ways. The shelves are stocked with quality low priced items that everyone in the community can afford. The service is on a more personal level. Mr. Woods purchases his supplies from the local market in Alabama where his says he get a great deal to pass onto his customers. There are times when Mr. Woods have...
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...Uniform Commercial Code: Article 2 Sales Transactions over the Internet Introduction The Uniform Commercial Code (UCC) generally refers to the main set of regulations and laws that were primarily established to harmonize and standardize sales and commercial transactions in the United States. The primary reason for standardizing the state laws regarding the conduct of sale and transactions is that, often in today’s society, those transactions and sales tend to extend beyond the jurisdiction of a given state. For instance, a particular product may be manufactured in California, warehoused in Arizona, sold in Texas and delivered in Michigan. Consequently, the use of the UCC has not only ensured uniformity of the state laws regulating commercial transactions but has also allowed the states to achieve the necessary flexibility required to meet their local transaction demands (Benjamin and Jane,1998). The history of the UCC dates back to the 1940s when top American legal scholars began to draft a uniform law regulating commercial transactions that was intended to be adopted into the code of statutes of all of the states in America. Although the content of the UCC is generally the same in all the states that have adopted it, some states have however undertaken minimal structural adjustments to conform to the local state customs. The implementation of the UCC has enabled people from various states to freely make their commercial contracts without the different terms and conditions...
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...that was offered by Dr. Vranich because they entered into an oral modification of their written contract. Under Montana law, a written contract can be altered in writing or by an executed oral agreement therefore making their alteration legally binding. Dr. Vranich acted extremely unethical in raising the defense that the contract was not in writing because he was aware of the oral alteration he entered with Dr. Winkel and the only cause for this case was due to a disagreement among the two parties. Cheeseman, Henry (). Business Law: Legal Environment, Online Commerce, Business Ethics, and International Issues [7] (VitalSource Bookshelf), Retrieved from http://online.vitalsource.com/books/9781256088080/id/ch09lev1sec11 10.7 In this case, Peter Andrus would win because he did not accept the terms of the policy two months prior to the expiration. Although Durick sued Andrus to recover the premiums on the $48,000 policy, these details were never agreed upon and are therefore not legally binding. An agreement is the manifestation by two or more people through a contract that requires an offer and an acceptance. The acceptance in this case existed in the beginning of the contract but not two months prior to its expiration when Durick notified Andrus of the new terms. Therefore, Durick will not recover the premiums of the policy. Cheeseman, Henry (). Business Law: Legal Environment, Online Commerce, Business Ethics, and International Issues [7] (VitalSource Bookshelf), Retrieved...
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...Create a flowchart of the three branches of government and associate two (2) Uniform Commercial Code (UCC) clauses for each branch of government. Designate the relationships among the governmental branches. In an accompanying document, exemplify the types of powers of each branch of government and include these items: • Taxing and spending powers • Limits on both federal and state governmental actions • Due process • Equal protection In a three to four (3-4) page flowchart, include the following: 1. Organize all three (3) branches of government in a flowchart format. 2. Designate two (2) UCC clauses that align with each branch. 3. Illustrate the interactivity among the branches of government in the flowchart. 4. In a separate document, exemplify the types of powers of each branch of government. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length. The specific course learning outcomes associated with this assignment are: • Explain the functions of law, the nature of crimes and torts, and the structure of the U.S. legal system, including...
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...patent prosecution and protection) Costs Marketing streams (such as agreements with doctors, pharmacies, and hospitals to promote or utilize the drugs, and then making sure that the doctors legally and properly utilize the drugs) Significant legal barrier What are the possible ethical dilemmas present in this example? There are possible issues here with trade agreements, which are illegal under the Sherman AntiTrust Act. Also, there is an issue with costs--since companies are directly refusing to compete, the buyers lose out and as such an unfair agreement has taken place.Dimitry Alexander Kaplun40281.1716250347 Expert Type | Attorney | Category: | Business Law | Pos. Feedback: | 98.5 % | Accepts: | 1005 | Answered: | 4/13/2010 | Experience: Run my own successful business/contract law practice Ask this Expert a...
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...Schools and Colleges, Association of Independent Schools and Colleges who have been approved by the Florida State Board of Independent Colleges and Universities, and Canadian Schools who have been approved by their provincial educational bodies. 2. The accounting education program must consist of 36 semester hours of upper division accounting courses including coverage of tax, auditing, financial, and cost accounting. The business education program must consist of 39 semester hours of upper division general business courses with some exceptions. One micro-economics, one macro-economics, one statistics, one business law, and one introduction to computers course may be lower division. As part of the general business hours, applicants are required to have a total of six semester hours of business law courses which must cover contracts, torts, and the Uniform Commercial Code. Excess upper division accounting courses may be used to meet the General Business requirement. Elementary accounting classes are never acceptable for credit. Courses for non-accounting majors and any MBA courses that are equivalent to elementary accounting are not accepted for this requirement. Examination Dates April - May July - August October - November January -...
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...Mattie I agree with you this is a very tough situation to be in. On one hand I would want very much so to continue to watch and participate in this families walk with the Lord but on the other hand I would not want to continue business with someone who is dishonest and misleading. I also agree with your decision to not do business with Dan however I don’t feel like I would wait until legal action was filed. I would actually go to Dan and explain this situation and educate him as to why I could no longer do business with him and then let the chips fall where they may. I agree that eventually this situation may have to be settled with legal action. I think you make great points as far as the legal aspects. Another way that you could look at this particular situation is based on honesty. Just by going on what we have to read Dan was not being honest with his supplier. He was not paying him on time and he allowed a minor to sign a binding contract. An article on the online library states. As a CEO or manager you have to be incredibly honest to gain the respect of your staff and to ensure that they will be honest with you ( Osteryoung, p.1 ) Dan being the manager or CEO of his business did need to be honest with his supplier to ensure a good business relationship. You can also look at this situation from a honesty standpoint at scripture. The bible says in Proverbs 19:5 A false witness shall not be unpunished; and he that uttereth lies shall not escape. Dan was dishonest with his...
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...LAW/421 October 27, 2014 Richard Simon Role and Functions of Law Without law there would be no order in our everyday lives. The law is intended to create order where there would otherwise be chaos, to set boundaries to keep this order and to protect people against wrong doing. The law is a guide to what is and is not acceptable behavior both in society and in business practices. The law allows people to embrace freedom and justice and live within a fair society. Business law deals with the creation of new businesses and the issues that arise within current businesses (Business Law). The law allows government rule that is intended to allow society and businesses to operate effectively and efficiently. According to Melvin law is “a body of rules of action or conduct prescribed by controlling authority, and having legal binding force” (Melvin, 2011). The law aids individuals, businesses and the government in normal everyday operations and in more perilous times. The law is meant to be enforced and reinforced when they are not followed. The law affects the way that businesses are formed and structured. Once business is up and running the law continues to regulate business practices to ensure that rules are being followed and everyone is treated fairly from the employees to the consumers to the suppliers and so forth. According to the law there are certain standards of practice that must be adhered to in business. The law not only helps structure...
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...WEEK 3 Research Paper The United States has several laws that are intended to further fair, balanced, and competitive business practices. Do you think that such laws are effective? Competition Law I do believe that the competition law is effective because it helps businesses because it can protect the company’s position in the marketplace due to anticompetitive mergers and business practices. This enables markets to work more for the interest of the consumer and in return expand their profits. Businesses that practice unfairly, like offering discounts at a predatory level, abusing a position, unfair trading conditions or involving themselves in an anti-competitive behavior will face a fine based on their annual turnover. What they are doing is exposing themselves to damaging actions. In an open market you have aggressive competition by both the individuals and the businesses. The benefits of lower prices, high quality and greater innovation. So you need to be able to stay up to date with the laws policies. Some of the benefits of the competition law are for starters enables you to identify and new changes and opportunities and you business. Also helps you in return to make sure that you are complying with the latest rules. Some other benefits are trademark policies. One could be looking at infringement by unfair use of the rights the trademark is attached to. Trade defamation is another example as to how this law protects a business. This charge can either be civil or...
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...insurance, and the actual service of setting off the fireworks. No other details were discussed. The owner is anticipating that new employees will need to be hired, but he is worried that if the large orders for fireworks displays do not continue, the company will not have the funds to pay the new employees. The owner is now considering changing the business entity, but he does not know what entity to form or how to form it. The owner has asked you to do the following: Determine if the contracts with the businesses will be governed by common law or the Uniform Commercial Code (UCC), and explain why. Analyze whether the owner formed a contract with the businesses, and apply the five essential elements of an enforceable contract. Explain the potential personal liability to Acme Fireworks if a spectator is injured by a stray firework from a fireworks display. Discuss the different employment types and relationships relevant to agency law, and analyze the advantages and disadvantages of each type specific to Acme Fireworks. Explain why Acme Fireworks should not operate as a sole proprietorship. Recommend a new business entity, and provide rationale to...
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...Case Brief Ashleigh Diehl MANGT 525 Commercial Law and Project Procurement Professor William H Volz Case Name: Jones v Star Credit Corp Court Delivering Opinion: Supreme Court, Special Term, Nassau County Citation No. 59 Misc 2d 189 (1969) Facts: On August 31st, 1965, the Jones’ (welfare recipients) purchased a home freezer unit from a Shop at Home Services, Inc representative for the price of $900. After taxes and time credit charges, credit life insurance, and credit property insurance were added to the price, the total came to $1234.80. At the time of the trial, the Jones’ had paid $619.88 and still owed $819.81. The retail price of the freezer was also determined at trial to be $300. The defendant argues that the contract on June 15th, 1966 is a financing contract and not a sales contract. The finance agreement states” Refinance of Freezer A/x #6766 and Food A/c #56788”. This agreement requests for refinancing and signed by the seller (Star Credit Corp) and purchaser (Jones’) The June 15th, 1966 contract is exactly the same as the original Aug 31st, 1965 contract and constitutes a novation and replacement of the original contract. Plaintiff/Appellant’s Contention [Clifton Jones et al.]: That they have amply compensated the defendant for the purchase of the freezer unit. Defendant/Appellee’s Contention [Star Credit Corp.]: That the June 15th, 1966 contract was a financing agreement and not a sales contract. Issue: Was the plaintiff taken...
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...Addressing International Legal and Ethical Issues Michael Walker LAW/421 November 18, 2014 Professor Dustin White Addressing International Legal and Ethical Issues This paper will discuss some of the issues big businesses most consider when engaging in business internationally as learned from the International Legal and Ethical Issues simulation. We will examine the most frequently asked questions regarding what’s legal and ethical in our chosen country to best serve and protect all parties from potential lawsuits. There are many issues involved in resolving legal disputes in internationally. One must consider selecting local counsel, who knows the rules, policies, and regulations as it relates to the location of the breach of contract. Choosing a law firm known for international experience may be the difference in winning or losing a contract dispute. Selecting adequate law clauses that all parties agree to base business on is important and crucial to a business like CadMex and Gentura. Because Candorean regulations for technology import contracts would be the best fit because all parties’ interest are protected. This form of legal action works best when partnering within another country. Employment issues, business image, and culture are other practical considerations when taking legal actions against a foreign business. Factors that could go against CadMex’s decision to grant sublicensing agreements could be the time and cost associated with making products...
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