BUS 311: Business Law I
Instructor: Mark A. Cohen
October 30, 2014
Acme Fireworks Prospectus Acme Fireworks is a fireworks retailer that sells fireworks, puts on ground display fireworks, and large aerial displays fireworks. Acme Fireworks has been a sole proprietorship since it began two years ago. At this time the owner is receiving inquiries as to Acme Fireworks ability to create fireworks displays on a regular basis. CITATION Rog12 \l 1033 (Rogers, 2012). In anticipation of increased business, the owner of Acme Fireworks is in need of some information. This prospectus is going to inform the owner as to:
Whether or not the business will be governed by common law or the Uniform Commercial Code.
Analyze whether or not the owner has any actual contracts.
Explain the potential personal liability to Acme Fireworks is someone is injured by a stray firework.
Discuss different employment types while discussing the advantages and disadvantages of each type as it applies to Acme Fireworks.
And finally, give suggestions as to why Acme Fireworks should no longer be a sole proprietorship. When it comes to contracts, it is important to understand that there are two different bodies of law that come into play, the Uniform Commercial Code (UCC) and the common law of contracts. The difference between the UCC and the common law contract can make a huge difference in the outcome of a contract dispute. This could be the difference between being able to collect punitive damages, discharge or modify a contract, be able to sue under breach of contract, and whether or not there truly a legally recognizable contract after all CITATION Gun12 \l 1033 (Denton, 2012). It is important to understand the type of contract governed by each body of law. The UCC applies to the sale of goods and securities, and common law of contracts applies to contracts for services, real estate, insurance, intangible
References: BIBLIOGRAPHY l 1033 ASU. (2014). Employment Type Defin itions & Eligibility Summary. Retrieved from ASU: http://www.asu.edu Business, A. (2013, July 13). Fireworks Displays. Retrieved from Avoiding Personal Liability: http://www.allbusiness.com Denton, G. &. (2012). Thwe difference between a contract that falls undert the UCC and one that does not and why it is important to you. Retrieved from Gunderson & Denton at Law: http://www.gundersondenton.com/business/difference-contract-falls-ucc-important Phillips, C. (2014). Three Types of Business Entity. Retrieved from Small Business: http://www.smallbusiness.chron.com Rogers, S. (2012). Essentials of Bussiness Law. San Diego: Bridgepoint Education, Inc. /-.