...Final Paper – Acme Fireworks As the manager for Acme Fireworks, I have been asked to determine if common law or the Uniform Commercial Code (UCC) will govern the contracts entered into by Acme Fireworks. In addition, I am to analyze whether the five essential elements of a contract have been met. Acme Fireworks is currently licensed as a sole proprietorship. As such, I will examine any potential personal liability they may have if a spectator was to get injured during a firework display. Further, I will compare the different employment types available to Acme Fireworks. Lastly, I will analyze and recommend a new business entity that would fit the needs of Acme Fireworks going into the future. Governed by Common Law or UCC Common law “emphasizes the making of rules through court decisions” (Rogers, 2012). The court will base their decisions on prior cases with similar legal issues. The Uniform Commercial Code (UCC) is “a summary of traditional common law rules governing commercial transactions” (Rogers, 2012). Since the UCC governs contracts between businesses, I believe that the UCC would be the organization that would enforce the contracts between Acme Fireworks and the other large businesses. Five Essential Elements of a Contract A contract is formed when two or more parties come to a mutual agreement regarding the terms of the sale of goods, services rendered or any other legal transaction (Rogers, 2012). The first required element of the contract is that it is...
Words: 2902 - Pages: 12
......... 24 8. Appendices ………………………………………………………………………. 25 9. Works Cited ……………………………………………………………………….. 31 10. Contract…………………………………………………………………………… 32 2 1. Executive summary This paper will study a contract, common in business law; but more specifically, this report will analyze a credit card agreement from CIBC Visa. In studying this contract, it will show what a contract is and the legal framework that it implies. In studying the clauses of this contract, one will familiarize oneself with the legal terms and jargon that all contracts consist of. In explaining these clauses, one might be able to divide them into twelve main principles that a contracting agreement should consist of. This paper will then analyze the clauses and any potential flaws or problems, and later suggest changes that should be applied. These can be considerable change, for instance, adding or removing clauses or can be simply a small change, such as changing a few words in a clause or fixing a spelling error. This report will then move on to challenge the legal reasoning of the contract and finally explain the legal corrective measures that are identified at the end of this paper. All of these things will be tied into the general foundation of business law and how they all...
Words: 6856 - Pages: 28
...Legal Risk and Opportunity in Employment Business Law/Law531 University of Phoenix May 5, 2010 As business managers or business owners, it is required to know the laws that will protect the employer and employee too. Employment laws must be fully understood in order to identify when someone’s action will cause legal matters that will harm to the company. Legal Encounter 1: Pat vs. NewCorp The legal principals related to this encounter are, what does the policy hand book states, what is employment at will, and was Freedom of Speech violated. Pat would be the plaintiff because of wrongful discharge by NewCorp. NewCorp did not follow the employee policy hand book when terminating Pat as a manager. NewCorp will be the only defendant in this case because Pat’s manager is a representative of NewCorp. Terminating Pat without following the employee handbook was not the correct action that should have been taken. According to the employee policy handbook, Pat should have been written up and given a plan to correct his wrong actions as a manager. If Pat did not correct his wrong actions as a manager within a specific and reasonable amount of time, then NewCorp would have the rights to terminate Pat from his position as a manager. According to Moynihan, K, (2005)“Focuses on the ruling of the Vermont Supreme Court that a contract provision allowing an employer to terminate an at-will employee with or without cause does not insulate the employer...
Words: 1251 - Pages: 6
...eighteen-year-old students who learn about the different climates, countries, and cultures of the world, along with leadership and team skills. The program also hosts birthday parties and provides training for kids on its indoor climbing walls. ------------------------------------------------- Spencer Chesman developed iGourmet, a Web-based company aimed at food enthusiasts from around the world. Customers learn about foods and related products through the photos and narrative on the site, and place orders that come with a 100 percent guaranteed return policy. iGourmet also developed a special foam-lined shipping chest that keeps its perishable items cool for up to 48 hours. That feature has contributed to the company’s 75 percent repeat business rate....
Words: 880 - Pages: 4
...When working in teams, is trust assumed or do team members have to earn trust? It depends on the person when it comes to trust. Personally someone has to prove to me that I can trust them. For example when working in a group I trust the members by how they contribute to the project. Trust plays a big role in interpersonal relationships as well. To have a strong interpersonal relationship with other one has to trust others first. For example in the article I have researched it states is a phenomenon in organizational settings. For a group to work well together there must be trust among everyone. Consider how trust is lost when working in teams and how to keep trust among team members? Trust can be lost in several ways when working in a team. For example, a team member may not show up to a meeting on time. Also, the team member might not do their part of a task or complete their task with minimal effort. Another factor that could affect trust could be getting tasks completed late. In order to keep trust among tea members several things have to be done. One of the important things is to complete the tasks that are assigned in an efficient and timely manner. Also, showing up to meeting at the appropriate time and doing the best possible work that one can complete. Trust and having a strong interpersonal relationship with teams is something that helps the team work together...
Words: 253 - Pages: 2
...affirmative action affects diversity today. II. Benefits of a diverse workforce A. How a diverse workplace is a more productive workplace. B. How creating a diverse workplace can improve the bottom line. III. Implementing diversity training A. The positive aspects of implementing diversity and sensitivity training. B. The negative aspects of not implementing diversity training. IV. Diversity during the recession A. How the recession has impacted diversity programs. B. How the recession has impacted minorities. In the years following the Civil Rights movement human resources personnel has had to alter from the old ways of recruitment and selection. This paper will show how government legislation and the evolving mindset in America have opened the doors to racial and ethnic diversity in the workplace and what impact it has had on the success of employees and companies and the strategies companies can use to promote and increase diversity. Before the Civil Rights movement, the majority of employed people in the United States were Caucasian and minority groups had a very difficult time obtaining lucrative employment because of racial...
Words: 2221 - Pages: 9
...CONTRACT REVIEW ASSIGNMENT Instructor: Barb Eccles Business Law 3051-FA Matthias Majerczyk Due Date: Tuesday, November-27-2012 BigCo Agreement for Exchange of Confidential Information 2) Most people who have positions in a corporation are employees under the legal entity. So, therefore Really Smart Guy is the Vice-President and an employee of BigCo Limited. BigCo can use confidential draft patent application and some confidential information to compete with III. This is according to paragraph 4, “BigCo can use III’s ideas, concepts, know-how and techniques for its own business activities to compete with III, only if III’s Information is retained in the memories of BigCo’s employees who have had access to the Information under the BigCo Confidentiality Agreement.” BigCo was also given a draft business plan. BigCo cannot use the business plan to compete with III according to paragraph 4, “nothing gives the BigCo the right to disclose, publish or disseminate the business plans of III” 3) BigCo can terminate its agreement with III by providing a one month’s written notice BigCo. III’s and BigCo’s obligations for disclosing information will extend beyond the termination and will remain in effect until fulfilled. The Survival clause is really weird and it conflicts with the Confidentiality Period on paragraph 3. How can you say that it will extend for two years following the initial date of disclosure, then the survival clause states that any terms of the agreement will extend...
Words: 1120 - Pages: 5
...provides means for training to be better compliant under EEOC standards. The website also addresses current events and issues that people may be seeking based on current trends. The main scrolling image contains news story links as well as a link front and center for an article titled “The EEOC and the Enforcement Protections for LGBT Workers.” Such an article may not have been as relevant or sought after a decade ago, but recent societal movements definitely create necessity to review laws in place that affect different cultures and people. In the question-and-answer portion of the EEOC website that applies to small businesses, the second paragraph states that the laws dictated and upheld by the EEOC as a whole apply only to “private employers, state and local government employers, and educational institutions that employ 15 or more individuals.” The text is quick to point out, however, that these very minute businesses may still fall under state and local laws, so as not to let small business owners presume...
Words: 972 - Pages: 4
...FACTS: Luke is an employee of ABC Company and is involved in the division that deals with recently purchased land. ABC has just acquired a new piece of land with plans to build an adult entertainment retail store, which is located quite close to where Luke’s brother, Owen, lives. Because of the new land acquisition, property values surrounding this land will significantly decrease in the future. Luke and the rest of ABC Company are aware of this, but ABC does not have plans to announce this news for another month. A week ago, however, Owen reached out to Luke about wanting to sell his house as he had received an offer to sell it at a decent price. Owen is still debating with himself whether to sell it or not, but he has not made a decision yet. ISSUE: Luke is a loyal employee and does not want to risk a breach of confidentiality with ABC, but he is also genuinely concerned about the well being of his brother. Selling the house now would mean potentially higher profits for Owen. A dilemma exists about whether or not Luke should tell his brother about the upcoming building of the adult entertainment store, which would decrease the property value of the house he is trying to sell versus disrespecting ABC Company and their confidentiality agreement. Should Luke protect his brother and advise him to not sell his house or should he respect ABC Company and keep the information to himself until it is publically announced? It is clear there is an ethical dilemma in this situation:...
Words: 1899 - Pages: 8
...Business Law Term Paper Topics Posted on March 6, 2012 by EssayShark Students find term paper writing a boring and challenging task. The most complicated part of the writing process is choosing the best one among good business law term paper topics. Luckily, the business law sphere is full of different topics and ideas. Business topics include the formation of a company, employee and commerce relations, regulations of insurance. Once you narrow down the topic, you find there is a lot of information on it. Business Law Term Paper Topics on Contract Law The contract business law sphere can be broken down into different categories, so the writer’s choices are quite varied. It is possible to write about breach of contract and its peculiarities. You can include as a part of your paper the case of Sondra Locke and Warner Brothers. Business Law Term Paper Topics on Tort Law Tort law is one more field of business law, including a lot of subcategories, for example: Falls and slips at work. Accidents because of work vehicles. Noisy and polluted working places. The level of care of the workers. One of the bright example of business tort law is a case of Ford Motor Company and Grimshaw. Business Law Term Paper Topics on Intellectual Property Law It is one of the most common law areas nowadays, although it was non-existent several decades ago. Students adore such business law term paper topics, such as trade secrets, trademark infringement and laws on copyrights. There...
Words: 381 - Pages: 2
...Business Entities, Laws, and Regulations Paper LAW/421 Business Entities, Laws, and Regulations Paper According to Melvin (2011) all business ventures operates as a legalized form of business entity. When owners and managers of a business have knowledge of the structure, advantages and risk that each form of business entity involved then business for this particular group, will more effective at concentrating on business opportunities and taking advantage of them while limiting potential liability. These paper will giving examples of three different scenarios where owner have specific plans for each business and of these examples the fallowing step will be touch: a) the business entity that represents the best choice for each business, taking control, taxation, and liability issues into consideration; (b) identify laws and regulations each particular business must consider in starting the business; and (c) identify risks against which each particular business must protect itself. Restaurant/Bar Business Scenario Restaurant/bar business: Lou and Jose plan to open a sports bar and restaurant where customers socialize and watch sporting events on large-screen TVs that hang around the bar. They do not have much money, but they do have Miriam, a wealthy investor who does not have time to participate actively in the business, but wants to provide capital to start the business in return for a percentage ownership. According to Melvin (2011) Limited Liability Partnership...
Words: 978 - Pages: 4
...Business Entities, Laws and Regulation Paper Earnestine Pearson BUS/415 April 23, 2012 Tony Cardillo A entrepreneur according to Cheeseman, 2010, “is a person who forms and operates a business” (p. 250). In opening and starting a business, an individual will have to decide what type of business to form, and if he, she, or they is qualified to do. Individuals must also be able to determine the different forms of business organizations. These forms include: sole proprietorship, general partnership, limited partnership, limited liability partnership, and corporation. According to Cheeseman, 2010, “the selection of business forms has many factors to depend on. Factors including the ease of cost of formation, the capital requirements of the business, the flexibility of management decisions, government restrictions, personal liability, tax consideration, and the like” (p,250). In this paper, I will also discuss three scenarios: Business Professional Practices, the Extermination Business, and the Construction scenario. I will discuss the business entity of each scenario, the taxation of each scenario, taking charge, liability issues that each business must consider, identify the laws and regulations, and risk associated with each scenario. Professional Practice This scenario is about two friends Akiva and Tara who wants to open a birth clinic together. They have both completed all of their educational and experimental requirements of becoming obstetricians. Before they...
Words: 1058 - Pages: 5
...Business Entities, Laws and Regulations Paper The following paper will discuss two hypothetical businesses and the organizational structure that presents the best choice for each business with consideration for control, taxation, and liability issues. It will address the laws, regulations and risks each business must face. The paper will also include a discussion of a hypothetical situation in which a hiring manager must choose an applicant while considering laws, regulations, and the risks against which the business must protect itself when making the decision. Professional Practice Akiva and Tara are newly licensed as obstetricians and want to open a birth clinic together. They will need to take out a large loan to finance their start-up costs. Akiva and Tara would be best served by creating a limited liability partnership (LLP) to organize their business. By forming the LLP, the partners protect themselves from liability beyond their initial capital contribution should the partnership fail or face a lawsuit (Cheeseman, 2010). Members of an LLP are also not personally liable for the malpractice of one partner, and states require LLPs to carry substantial liability insurance in exchange for this limited liability. The limited liability protects Akiva and Tara from being held personally liable for the loan they will take out should the business become insolvent. Forming an LLP ensures that Akiva and Tara retain control of their business because they are the only shareholders...
Words: 1097 - Pages: 5
...Business Entities, Laws, and Regulations Paper David Bell BUS 415 March 12, 2012 Eric Nord Business Entities, Laws, and Regulations Paper Starting a business is not an easy task, regardless of what type of business that is being started. It would be foolish to be naive of the amount of work that has to be put into create a successful business. To step into the business world on the right foot, it is imperative to create a well designed business plan. This business plan must cover all areas including the companies plan to protect against lawsuits. The law can affect a company just as much as it can affect each member of the company. With a well designed business plan, the company will be better able to prevent legal situations. Restaurant/Bar For Lou and Jose, opening a sports will be no easy task. They do not have the money themselves, but fortunately have the services of Miriam. Miriam is a wealthy investor who does not have time to become active in the company but is a willing investor. The type of business that best fits their sports bar would be a partnership. “A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business (" Partnerships," 2012). Lou, Jose, and Miriam make up the partnership, but Lou and Jose will have control of the direction of the business. Miriam is just apart of the business...
Words: 947 - Pages: 4
...Business Entities, Laws, and Regulations Paper University Of Phoenix Business Entities, Laws, and Regulations Paper Successful management of a business entity is dependent on understanding industry structure, taxation, laws, regulations, risks, motivation, and a business plan. The business structure will affect profits, business liability, and taxes. A sole proprietorship, an LLC, or corporation, requires research and planning to determine which structure is right for a business. Equally important is development of a good business plan. The business plan will provide industry insight to important aspects of a business. Understanding local, state, and federal business laws and regulations will assist in identifying risks and provide information to protect or minimize the outcome of litigation or failure. Lou and Jose are planning to open a sports bar and restaurant but they lack the startup cash to do so. A wealthy investor named Miriam, has agreed to provide working capital to fund the startup and establishment of the business. In return for investing her money into the business, she wants a percentage of the company. The structure that is appropriate for the business is a member-managed LLC with Lou and Jose as the designated manager and Miriam as the non-manager. Lou and Jose will manage day-to-day business, whereas, Miriam has no control, unless otherwise provided in the operating agreement (Cheeseman, 2010). An LLC (limited Liability Company) is a tax chameleon, which...
Words: 1795 - Pages: 8
