Implementing a New Business Structure

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Implementing a New Business Structure at Acme Fireworks Timothy Taylor BUS311 Business Law I Beverly Rudnick September 28, 2015 Implementing a New Business Structure at Acme Fireworks As the operational needs of a business change, the business must change with it. During expansion, it must evaluate its position and its future potential and make decisions as to the structure and operations of the company, current and future obligations, its risks, the kind of workforce that is necessary, and how to implement this body of people for maximum effectiveness and profits. Acme Fireworks is no different. Acme Fireworks is a fireworks retailer and display company that has grown from humble beginnings in a garage to 15…show more content…
An offer is an invitation or proposition to engage in business for mutual benefit. While no specific legal language is required to make the contract valid, the language that is presented must be specifically chosen to convey the intent of the proposal (Rogers, 2012). Second, there must be an acceptance. As Craig Smith says it, acceptance is a "manifestation of willingness to be bound by the terms of an offer" (Smith, 2015). Acceptance exists any time someone agrees to engage in business under the terms proposed. The third aspect is consideration. Consideration comes in many forms, but includes the exchange of mutual values (Rogers, 2012). The buyer provides consideration to contracts generally by exchanging money, what most sellers want from the transaction and the cornerstone of all business activity. The seller provides consideration in the form of goods or services that the buyer is willing to buy (Rogers, 2012). The next essential element of contracts is legality. To be recognized and enforceable, the elements and terms of the contract must be legal and cannot be based upon the performance of illegal activity (TFD, 2015). Finally, a valid agreement requires capacity. To enter a contract, one must be at least 18 years old, of sound mind, and competent to perform his or her duties, including an understanding of one's future obligations (TFD, 2015). While a preliminary version of mutual consideration has been discussed, no

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