Business Law Case

In the business world, people need to comprehend the business law and legal work that applies for all their business activities. Each decision that many industries makes must be considered from a legal point of view in order to ensure that it avoids severe lawsuits and satisfies the law. It is, especially, essential for people to understand the law applications that goes into a situation because there are many cases where there are various laws included in the matter. Because of those various laws, companies or parties are capable are able to get out of harsh punishments or consequences. For the most part, companies and people should improve in their law reasoning skills to help assist their future lawsuits and place themselves in the best
Contracts need to have an actual agreement, in which there must be an offer and acceptance. The offer must be serious, definite, and communicated. Reyhan, who offered part of his Taco Bell business, did not give Kevin any information of how much of the business he is buying or when he can sign a contract that guarantees his co-ownership. Also, it is required to take account of the fact that Kevin is a minor. When someone is a minor, he or she can disaffirm a contract, in which, Kevin informed Reyhan he does not want to go through with the contract. Reyhan, by law, is required to let Kevin legally avoid the contractual obligation even though Kevin signed a paper that stated that he wanted to buy part of the Taco Bell
Karen has to pay $600 to Sunny by July 1; however, she is unable to get the money on time. She informed Sunny that she has only $550. Karen also reminded him that she give him the authority to use her Nintendo numerous times as a kid and Sunny would say that he will owe her one day for being nice. In this problem, Sunny will have a successful lawsuit because according to the contract they’ve made, it is a liquidated debt. A liquidated debt cannot allow an accord and satisfaction. If Karen is unable to pay the full price to Sunny, she must either pay a lesser amount with a value or have Sunny write down that he allows her to pay at a lesser amount. However, she did not seek either of these solutions. She cannot use a favor she did for Sunny in the past as a value because it is a past consideration, which does not have a bargain for exchange. In addition, the contract satisfies the statute of fraud because under the Uniform Commercial Code, contracts with goods at $500 or more has to be done in writing. The video game console was more than 600 and Sunny has a written contract as evidence. Therefore, Karen is bind to pay the full price to