Business Contracts and Legal Risks

A contract is defined as, “a legally enforceable exchange of promises or an exchange of a promise for an act that assures that parties to the agreement that their promises will be enforceable (Kubasek 2015).” Contracts are essential for businesses to conduct business with one another. Before delving too far into the Muscadine grape case, it is also important to note that a sale is the, “passing of title to goods from buyer to seller for a price (Kubasek 2015)” and that a good is considered, “tangible personal property (Kubasek 2015).” Muscadine grapes and their by-products are the goods in question. When considering any legal case it is important to first consider the facts and the issues that are being considered.

Wally, business owner of Windy City Watches is located in downtown Chicago, IL. Business is booming and Wally needs to buy a large quantity of Rolek watches which sell for $50 apiece. He calls Randy Rolek, the wholesaler located in Milwaukee WI. They discuss terms on the phone for a while before coming to an agreement in which Wally offers to buy 100 watches for $25 each. Randy sends over an order form in which Wally states that he is agreeing to purchase watches from Randy for $25 each, but does not include the quantity in which he will buy. Randy sends 50 watches the following week with a note included stating that he has sent 50 watches and will send the other remaining 50 watches within a few days but includes the bill for the full

The same stakeholders were involved in this issue. The decision made was to apply all U.S. safety standards to all sales. One believes we should not sell products even where there were lower safety standards or none. This was the best decision because once again it protected our customers, and possibly avoided chances of lawsuits. The company may take a slight loss of profit, but at the same time it keeps our reputation with foreign countries in high standing positions.

Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three additional weeks to come up with the money. Bernie agrees but only if Vivian puts down a deposit. Vivian agrees and Bernie drafts an agreement stated the sale will must take place no later than March 31st. Vivian reads and signs the agreement and

If the rule applied is based on the risk utility analysis, the defendant may be liable for a design defect even if the product complied with all the existing levels of technological advances at the time the design was done. The plaintiff should then use evidence based on the risk-utility factors to establish a design defect and a prima facie case. The trial court must permit the jury to consider whether the risks of injury outweighed the utility of the product’s design so that it can be rendered defective.

People who do business as a sole proprietor or in a partnership are liable for the torts committed by them and for torts committed by the business and its agents. The best way to avoid tort liability is to set establish their business as a corporation or a limited liability company. A corporation or limited liability company will act as its own entity for all intent and purposes. When it becomes it own entity you will have to separate your finances from that of the business. Remember that it does not matter what type of business organization you select,

?As a general rule, parents are not liable for the contracts entered into by their minor children? (Kubasek et al., 2016, p. 226). Cercel and Scurtu advised civil law regulates that there is "limited legal capacity of minors between 14 and 18 years of age" given the assumed insufficient psychological magnitude to exercise legal rights (Cercel, S., & Scurtu, S., 2015). Despite the fact that my son was turning 18 soon and irrespective of Marshall?s awareness to my son?s age, my son was only 17 and was not authorized to act on my behalf.

the disclaimer was also found substantively unconscionable. The court held that assuming a buyer of a standardized mass produced product from an industry seller would make that purchase without any enforceable performance standards is patently unreasonable. Id. at 491. The court further found that the use of a disclaimer to prevent a buyer from reasonably relying on the performance representations of a product further calls into question the commercial reasonableness of the agreement. Id. The one-sided result in A & M Produce Co. would have been the businessman being forced to pay for machinery that never worked. When taken in consideration with the procedural unconscionability of the agreement, the unreasonable reallocation of risk resulting in the one-sided outcome was found to outweigh any justification the manufacturer could have given, and was therefore substantively unconscionable. Id. at

As firms attempt to internationalize, they may be tempted to locate their facilities where product liability laws are lax in testing new products. Describe some examples in which this motivation is the driving force behind international expansion.

This is in reference to the ‘Contractual Agreement’ between Department of Veterans Affairs and The Vault IIV/The Mitchell Group Inc. dated 02/07/2014, the term of which is about to end on 03/11/2016. With the current contract coming to an end we will need to establish a new contract or an extension of the expiring contract. A month to month storage only option may be available at a fee of $5,500.00/mo. Please contact Albert Mitchell, President to discuss this matter.

I work in a restaurant environment. As one can imagine, there are numberous health and safety, and therefore legal, risks which must be considered at all times. This particularly true when rolling out new processes and proceedures. Recently, the restranunt I work for switched the physical way the menure items are brought to the guest to tray service (meaning eveything is brought to the guests table on a large, black, oval tray). However, quickly after implimentation it became apparent there was not enough consideration given to risk regarding the tray service. Problems with the new trays include:

Contracts, business, and laws are three simple little words, but when put together they have a substantial impact on our everyday lives. Below we will discuss three case studies. The first case is between Chris, Matt, and Ian vs. Donald Margolin, who was injured when he used an aftershave lotion that he bought off the internet called Funny Face. The second case is between Sam, his landlord, and a national chain store. Sam is being accused of conducting business from his apartment and going back on a verbal promise. In the last case is two lifelong friends who decided to join in a partnership and open up a sporting goods shop. Therefore, before the appropriate court can proceed with the first case, the court should take into several considerations around the rules of jurisdiction, alternative dispute resolution (ADR), and whether or not corporation/or corporate offices can be held for the criminal or potential act. In the second case before the court can rule the court should determine the various elements of a valid contract, if a quasi-contract exists, a promissory estoppel, and the rights an obligation of a tenant would prevail on Sam 's claims. Finally, in the third case between Jeb and Josh, they should determine the type of business entity that will overall protect their business and personal needs.

As the makers of children’s toys, Mattel has the ultimate responsibility to ensure that every toy is made within the tightest of safety standards. With the case of the Mattel toy recall, the company acted within the spectrum of their code of conduct that was titled Global Manufacturing Principles. Once the problem was identified, Mattel quickly addressed the issue, by automatically issuing the product recall and conducted a special investigation. The findings from the investigation led to other issues being found in Mattel toys. Once again, Mattel quickly responded with more product recalls, and a deeper investigation into the reasoning behind the faults. Through these actions Mattel did act in a socially responsible and ethical manner.

Introduction: In this assignment I will go over a few legal terms in relation to contract law. I will also talk about a few precedents that help explain the law.

I hereby confirm that this assignment is my own work. I have identified and acknowledged all sources used in this assignment and have referenced according to the Harvard referencing system. I have read and understood the Plagiarism and Collusion section provided with the assignment brief and understood the consequences of plagiarising.