Acme Fireworks

A contract is formed when an offer by one party is accepted by the other party. The owner of Acme fireworks is trying to get his business off the ground and is attempting to make a contract with larger retailers something his business has never done. A contract does not exist simply because there is an agreement between people. Once you decide to establish a business, a primary consideration is the type of business entity to form. Tax and liability issues, director and ownership concerns, as well as state and federal obligations pertaining to the type of entity should be considered when making your determination. Personal and personnel needs and the needs of your particular type of business should also be considered. Domestic LLCs may be managed by one or more managers or one or more members. In addition to filing the applicable documents with the Secretary of State, an operating agreement among the members as to the affairs of the LLC and the conduct of its business is required. The LLC does not file the operating agreement with the Secretary of State but maintains it at the office where the LLC’s records are kept.

To ensure the owner of Acme Fireworks is going to grow his company in the correct way, he must know what regulations his business will be governed by. It will either be governed by common law or the Uniformed Commercial Code (UCC). It is in the best interests of the company, the UCC will govern all Acme Fireworks contracts. The UCC is “an attempt to unify state laws affecting commerce into a single code that all states could adopt to make interstate commerce easier and more efficient” (Rogers, 2012, Unit III). For the betterment of the company, the UCC is the best option for Acme Fireworks. The main reason that makes the UCC a better option is that it is very similar to common law, but with additional features that make the UCC easier to understand and work with.

The other element of agreement is acceptance. An acceptance must be made on the same term as the offer and can only made by the person who the offer is addressed to. Meanwhile, an acceptance must be made while the offer is still in existence and it must be made in an acceptable form which means that the acceptance must be made in the same manner of the offer was offered. Lastly, the acceptance is effective when communicated.

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

The proprietor of Acme Fireworks was approached by several companies inquiring as to whether they could contract for commissions of fireworks displays for periodic events for their business functions. “An offer is a manifestation of willingness to enter into a bargain, which creates in the offeree the power of acceptance” (Smith, 2012). In this case, the proprietor was offered a contract that included regular deliveries of product for functions on the part of the inquirers.

An agreement between two or more competent parties for goods or services is typically referred to as a contract; and those contracts typically are governed by contract law. There are two general sets of law that govern contracts; the common law of contracts and the Uniform Commercial Code (UCC). These two sets of law have similarities and differences; however the provisions of the UCC usually take precedence over the common law of contracts. (Cheeseman, pg. 171). The common law of contracts was developed from state court decisions and precedent established by those court decisions as applied to other cases. (Cheeseman pg. 170) Although the majority of the law comes from state court decisions, there is a small portion that is based on

Common law contract applies where there is a binding agreement between two or more parties. The Uniform Commercial Code contract does not involve private dealings between civilians. Contracts under the UCC involve gap filling provisions where parties leave a gap in the contract while common law contract does not allow

Its my job to ascertain if the contracts with the businesses will be gonverened by common law or Uniformed Commercial Code (UCC) and expalin my the reasoning. When examining the overall

There are various kinds of contracts which arise within the business world today; contracts are an essential component to a business’s livelihood. Although a contract is an agreement, not all agreements are valid contractual obligations. In order for any contract to be an official and legally binding agreement, there are essential requirements which must first be fulfilled. Because contracts are vital to the organization and its success, it is important that the organization has an inclusive understanding of the inner workings of business

Another element of a valid contract is consideration moving to the contract. In order for a valid contract to exist, both parties must agree to some type of valuable obligation

Contracts are an integral part of business and everyday life, and are fundamental to construction as the industry relies on the formation of contracts for business agreements. “Contracts are based on the idea of a bargain, where each side must put something into the bargain. A contract may be defined as 'an agreement which is binding on the parties’” (Galbraith, 1998, pg78). There are a number of key components which must be present in the formation of such contracts.

Fireworks displays are beautiful and exciting, but they are also very dangerous. The operator of a fireworks display has a duty to fireworks are done in a safe way that does not injure spectators CITATION All13 \l 1033 (Business, 2013). To successfully sue a promoter of a firework display, it must be shown that the promoter failed to keep spectators at a reasonable safe distance CITATION All13 \l 1033 (Business, 2013). In order to sue the operator of a firework display it must be shown that the spectator was injured by the discharge of a fireworks or firework that did not explode properly CITATION All13 \l 1033 (Business, 2013). Should an injury occur negligence by the operator is presumed, as the operator is in sole control of firing the fireworks. Essentially, Acme Fireworks is going to want any such liabilities to be the responsibility of the company and not result in personal liability.

whether the parties have engaged in the process of offer and acceptance that incorporates to an agreement;

A contract is an agreement of obligations which are enforced by the law, there are four elements of creating a contract (offer, consideration, intention to create legal relations and acceptance) what is an offer? In contract law, an offer is an assurance in receiving, performance by another party. An offer can also be terminated under some conditions, there must be an objective of intent by the offeror which is the person who offers the contract, and then the offeree will induce the contract and accept if happy with the terms, the offeree is the person who accepts the offeror. An offer must be clear and must not be vague. What is consideration in contract law? Consideration is an important part for the formation of the contract a

Contract law is a fundamental concept of relational contract theory, contracts play an important role in business and has always been an important topic for discussion in sociology, economy, commercial studies, and other sciences, though the term “contract” can have various meanings, it is most often used to denote methods of conducting exchanges, it implies planning the bargain with careful forecasting of its potential consequences and also the use of legal sanctions to ensure the success of the exchange or compensate for its failure. However, contract should not be equaled to the exchange procedure itself. It also should not be applied exclusively to written agreements and documents that accompany the transaction.