Acme Fireworks

2308 Words Apr 18th, 2016 10 Pages
Acme Fireworks

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Acme Fireworks
Business Contracts The business contract is considered as the common legal transactions most business people get involved to ensure the activities run smoothly. When a person understands the contract law, he/she is good to create a sound business agreement. However, the agreement would be legally enforceable in case something bad happens. As the manager of Acme Fireworks, I was requested by the owner to determine which law between common law and the Uniform Commercial Code (UCC) will govern the business. According to Sheleff, (2013), the common law controls the majority of
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The owner is trying to advance his sole proprietor business by making a contract with other businesses. The outside businesses had inquired if Acme Fireworks could sign an agreement with them on creating several fireworks displays regularly. The agreement between the two parties does not necessarily mean that they have sealed a contract. However, Acme Fireworks agreed with the other retailers that they are in a position to fulfill their request. Moreover, the parties agreed on a price per display. Therefore, it entails an implied contract with the retailers. To ensure the activities move smoothly, it would be ideal that a simple contract is drawn for each of the businesses and signed by the relevant people. According to Rogers (2012), a contract is a legally enforceable agreement. However, the following are the vital steps contained in each contract. Also, without them the contract would not be considered valid. First, an offer entails a statement by one party who is willing to make a contract under certain conditions keeping in mind that it shall be accepted. Second, acceptance gives a picture of the agreement to the terms offered. According to Rogers (2012), acceptance is considered valid when, (1) it is made by an individual to whom the offer was directed, (2) it is unequivocal, and (3) it is communicated to the offeror. Third, consideration encompasses the terms of the contracts between the parties. Therefore,

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