week 5 bus final

Topics: Contract, Law, Business law Pages: 6 (1451 words) Published: January 31, 2015


ACME FIREWORKS

Acme Fireworks
Acme Fireworks businesses choices allow the business to grow or will it dictate the demise of the future of Acme Fireworks Company? Is there a choice to be unsuccessful or just what the rest of the business world already knows. This will be a collaboration of how and why different laws and decisions affect a business. The company is going to explore protecting itself, or going to make a poor legal decision that could either cost the company its business license. Also what it means to be a sole business operator, partnership or corporation. In Business the most important thing understands a contract; this will be an everyday experience. Legally understanding what is enforceable and what you are liable for in the contract in case something does need to be addressed. These Contracts can be governed by common law or by UCC (Uniform Commercial Code). Normally, contracts are governed and enforced by the law in the state in which the agreement was made but depending on the subject matter of the agreement such as property lease and sales of goods thus a contract may be govern by either one or two types of state law, called: The common Law and The Uniform Commercial Code (UCC). These state laws cover anything from buildings, torts, and criminal laws, these cases have been decided on over the years by a judge. The UCC covers the sales of goods this was the standard to help uniform the fifty states in commercial law. This was an article of common law; if the UCC does cover every contract the common law will cover it. This contract (Acme Firework) will be under the UCC because it is a standardized collection of guidelines that govern the law of commercial transactions. The UCC is applicable because it covers bulk sales and secured transactions of commercial transactions (UCC ,n.d.). In order to have a contract an offer must be made then an acceptance of that offer also a sufficient consideration to make the contact valid. These five essential elements make a contract legal. Is the intent to create legal transaction that is generally presumed that the contracting parties must have the intention to create a legal binding contract. If the parties signed a contract for business related activities, then in case the other party fails to fulfill the contractual provision then the other party will be able to sue the other party. The offer is expression that allows the person or business to do something for someone or business it is an invitation but should be stated for a limited amount of time or a deadline to not allow thing to go unanswered. It must be answered not a silent answer. Acceptance is nothing more than an agreement to the contract verbally or written. However negotiations may take place this is when you may have a period of counter offers. Consideration is period that is bargained for exchange between the parties in which a contract is made. This can be something of some value that is passed from one party to the other for the benefit received typically money, goods or services. Capacity is the authority or ability to make contracts. Anyone who is below 18 years old (minors) and lunatics (people who are mentally disabled) do not have the capacity to enter into contracts. Any contracts which are made by an individual who is lacking in legal are voidable. The party who needs the protection can seek to avoid the contractual liability(Rogers 2012) The exception to this rule is when the parties enter into a contract for necessaries. The legal term necessities have been used to mean the goods or services that are suitable to the condition of life or actual requirements at the sale and delivery. Consent is when entering into a contract, there must be the element of free will and proper understanding of what each of the parties is doing this the consent of each party involved. Acme Fireworks does have not yet have a legal binding contract with either of the several large...

References: Contracts and the Law - FindLaw. (n.d.). Retrieved November 1, 2014.
Introduction to Contracts and Consideration. (n.d.). Retrieved November 3, 2014.
Rogers, S. (2012). Essentials of Business Law. San Diego, CA: Bridgepoint Education, Inc.
Statutes & Constitution :View Statutes : Online Sunshine. (2014, November 2). Retrieved November 2, 2014.
Uniform Commercial Code. (n.d.). Retrieved November 3, 2014.
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