Acme Fireworks Business Analysis
BUS 311 Business Law
Mr. David MacKusick
25 March 2015
ACME FIREWORKS BUSINESS ANALYSIS 2
Acme Fireworks has received offers for fireworks displays that it hopes to take up after completing an assessment of the potential for sustained contracting. The main reason is that these contracts have an implication on costs and an ability to maintain extra employees hired in the business. The obligations also pose a threat to the type of ownership that the owner has maintained over the years. The business has mainly been a sole proprietorship. However, if the business wants to expand by taking on the bigger business, it has to rethink the type of ownership to make it a better company. The aim of the paper will be to assess the law governing the contracts, analyze the conditions necessary for the contract to be legally binding, potential liabilities for the injuries during performance of contract, types of employment relationships available to the employer and the kind of ownership that should be adopted before accepting the contracts.
Outline of the Paper
The paper has been divided into a number of sections in order to complete the assessment. The sections are given below:
i. Governance by Uniform Commercial Code (UCC)
The section addresses what kind of law governs the type of contract being established and the implications for the party. It also gives support for the reason that the laws can govern this type of contract.
ACME FIREWORKS BUSINESS ANALYSIS 3
ii. Analysis of Contract Formation
The section looks at the requirements for a contract to be legally binding. Five aspects namely, competent parties to form the contract, subject matter of the contract, lawful Consideration, mutual agreement /acceptance and