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Acme Fireworks: Business Law

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Acme Fireworks
Margaret E. Bridges
Brian Lahargoue
BUS 311 Business Law 1

Growing Acme Fireworks There is much to consider when expanding a business. How will you make, market, and distribute your product. Are you willing to take full liability for your product and understanding the legalities of what happens if your product is defective? Once that has been established, it’s important to make sure that your business dealings are in order. The strength of the contract and what all it entails. Knowing that the legal document is important more so when things tend to go downhill. Above all is deciding which type of business entity the company will select especially if the company starts out small and looks to …show more content…

I missed it by 3 months and was unable to file suit against the manufacturer (Day, 2014). Another import issues are the contracts. There are 5 basic elements to a contract: Offer, acceptance, Consideration, Legality and Capacity (Rogers, 2012). Other retailers stated to the owner of Acme Fireworks that they wanted a certain amount of orders filled on a regular bases for an undisclosed time frame and a price was agreed upon, this is the acceptance and offer portion of the contract. The offeror, which in this case are the large retailers, makes an offer which once accepted by Acme Fireworks, creates a binding contract. Acceptance must be in some way agreed by all participants; it may be verbal, symbolical, oral or written. The came from the retailers, they had a want from Acme to manufacture a product for them at a certain cost (Stim, 2010). Consideration is another element of a contract and what consideration brings to the table ask the whys and what’s: Why are we entering the contract and are you receiving? In this case Acme gets more money by being able to produce its products and grow their brand and the other retailers receive fireworks from Acme. However in this instance the owner of Acme may have taken on a task bigger than himself. This is a company with only 15 workers and to fill the orders with the new retailers, more employees need to be hired. Not only do they need to be hired, but they

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