Business Law Research Paper
Law
Business Law.
.
March 21, 2005
Every year business and individuals file for bankruptcy it has almost become common practice to do so. Bankruptcy is a legal procedure that begins when an individual or business that can't pay their debts to creditors. Sadly enough, there were as many bankruptcy cases filed in federal courts, as there were all other cases. The American bankruptcy law almost encourages debtors who are unable to pay their debts to file for bankruptcy. Is filing bankruptcy a good thing or a bad thing?
Bankruptcy law allows for business to continue operating depending on what chapter of bankruptcy they file for and how far in debt they are in. Businesses have to consider want chapter to file under chapter 7 or …show more content…
The core of most contracts is mutual promises. (In Legal terminology, Consideration") "Consideration a promise doesn't always constitute a valid contract. Each party must provide some sort of value to form a valid contract. The thing value, known as consideration, can be money, an object, a promise a service, or the giving up rights to do something." (Bagley, Constance E. 2002 P. 196,197) Contracts are enforceable by the courts. If one of the parties meets the terms of the contract, and the other party doesn't, this is considered to be a breach of a contract. The party that didn't breach the contract could receive some sort of relief from the court such as money. Contracts help structure …show more content…
In 1971 Ford decided to manufacture the Ford Pinto car in Two years instead of the normal Three years it takes to produce a car. The Pinto failed most safety concerns. If the Pinto was hit from behind the car would explode. Ford had an ethical dilemma should they sell the car knowing that the dangers of this vehicle. "Ford engineers estimated that cost of technical improvements that would prevent the gas tanks from exploding was about $11 per vehicle. Ford estimated that that there was about 180 deaths a year caused by fire or rollovers. "NHTSA in 1971 concluded that for every time that somebody is killed the cost is about $200,725.00 per death. "(William, H. Shaw 2002 P. 78-79) If this case was to take place today the manufacture would have been held liable for manufacture defects, and Design Defects and I believe that they would have had to pay a lot more than the $200,725.00 per death caused by this car. For every situation Liability might fall on somebody else. So the next time you purchase a product buy at your own
Business Law.
.
March 21, 2005
Every year business and individuals file for bankruptcy it has almost become common practice to do so. Bankruptcy is a legal procedure that begins when an individual or business that can't pay their debts to creditors. Sadly enough, there were as many bankruptcy cases filed in federal courts, as there were all other cases. The American bankruptcy law almost encourages debtors who are unable to pay their debts to file for bankruptcy. Is filing bankruptcy a good thing or a bad thing?
Bankruptcy law allows for business to continue operating depending on what chapter of bankruptcy they file for and how far in debt they are in. Businesses have to consider want chapter to file under chapter 7 or …show more content…
The core of most contracts is mutual promises. (In Legal terminology, Consideration") "Consideration a promise doesn't always constitute a valid contract. Each party must provide some sort of value to form a valid contract. The thing value, known as consideration, can be money, an object, a promise a service, or the giving up rights to do something." (Bagley, Constance E. 2002 P. 196,197) Contracts are enforceable by the courts. If one of the parties meets the terms of the contract, and the other party doesn't, this is considered to be a breach of a contract. The party that didn't breach the contract could receive some sort of relief from the court such as money. Contracts help structure …show more content…
In 1971 Ford decided to manufacture the Ford Pinto car in Two years instead of the normal Three years it takes to produce a car. The Pinto failed most safety concerns. If the Pinto was hit from behind the car would explode. Ford had an ethical dilemma should they sell the car knowing that the dangers of this vehicle. "Ford engineers estimated that cost of technical improvements that would prevent the gas tanks from exploding was about $11 per vehicle. Ford estimated that that there was about 180 deaths a year caused by fire or rollovers. "NHTSA in 1971 concluded that for every time that somebody is killed the cost is about $200,725.00 per death. "(William, H. Shaw 2002 P. 78-79) If this case was to take place today the manufacture would have been held liable for manufacture defects, and Design Defects and I believe that they would have had to pay a lot more than the $200,725.00 per death caused by this car. For every situation Liability might fall on somebody else. So the next time you purchase a product buy at your own