The Glass Fireworks Company

- The UCC defines goods as something that you can touch and can be moved for the contract of sale.

A contract is an agreement between two or more parties which in Scotland does not need to take a specific form, as a spoken agreement is still equally as enforceable as a written contract in certain circumstances such as in most social and domestic arrangements. A contract creates a legally binding bond between the parties involved. Contracts are made everyday sometimes without even realising it from buying a coffee to buying a house.

A contract is a promise between two or more parties that the law recognizes as binding by providing a remedy in the event of breach. In order for a promise to be enforceable it must be supported by consideration. Consideration can be defined as a bargained for exchange between the promisor and promisee; a promise can not be considered a contract without consideration. Common law states also require mutual assent to exist for a contract to be enforceable, this means that there must be an offer and an acceptance of said offer. For example, if a promise is made between two consenting people and one of those

Generally in contract writing, there are six basic contract elements (The Law Handbook, 2010). The first is that both parties must have the capacity to enter a contract. There must be an offer and then acceptance. There needs to be

A contract is an agreement that creates obligations that are enforceable by the law. A contract can either be written or spoken. There are elements to a contract that make it valid and binding. This is defined as a clear manifestation of willingness to enter an agreement made by another person with full understanding that their assent to the bargain is an invitation and is concluded. As to whether there was an offer in this case, yes there is an offer. When the salesman offered the buyers time for a test drive and they finally chose and agreed to buy the blue car it was a clear offer.

A contract in its essence according to Davitt is “a union of two or more persons, originating in their mutual promises enforceable in law, for the reordering of their relations of title, duty and claim regarding something to be done or not to be done.” Id. at 273. The tricky part concerns what a mutual promise enforceable in law entails. As stated above, there are many difference schools of thought about what fills in the gaps of promises and what is enforceable by law.

A contract is an exchange of promises or a promise in exchange for performance, for breach of which the law gives a remedy, per Restatement 2nd of Contracts §1. For the contract to be valid there has to be mutual assent, parties mutually agree upon the same specific thing. Per Restatement 2nd of Contracts §54, there are two types of contracts: unilateral, where acceptance is by performance, and bilateral, where there is an exchange of mutual promises and both of the parties have the rights and duties.

Offer – to form a contract there must be an offer by one party. It is a definite and clear statement of willingness to be bound on stated terms without further consultations. Offer can be in written or oral form but it is not effective if it is not being communicated to the offeree.

Various liabilities can arise while manufacturing and selling fireworks. Potential personal liabilities can also arise if a customer is injured while using the fireworks and can often be devastating to the owner of a business, especially if the owner is not protected by an appropriate business structure/entity (Rogers, 2012). Hence, in order to expand the business, one of the best precautions would be to change the business from a sole proprietorship to a Limited Liability Company (LLC) (Miller, 2015). Moreover, while transitioning into a larger business, the company would have to hire additional employees or independent contractors so as to keep up with an increase in demand for the products, which leads to the necessity of having a valid contract in place to ensure that every transaction and business dealing is carried out legally (Miller, 2015). Hence, the purpose of this paper will be to provide advice to Acme Fireworks’ owner as the manager on different issues ranging from common law and UCC requirements of business contracts, the essential elements of a contract, personal potential liability in case of injury, the different types of employment and the most appropriate business structure for the company.

The offer and acceptance model is flawed- only an agreement is necessary. In order to fully comprehend this statement, we must first establish what constitutes and offer and what constitutes acceptance. “An offer is a statement by one party of willingness to enter into a contract on stated terms, provided that these terms are, in turn, accepted by the party to whom the offer is addressed”. Acceptance is “…an unqualified expression of ascent to the terms proposed by the offeror”. The “Offer and acceptance model” is based on the court’s adopt the “mirror image” rule of contractual formation. Applying the definitions stated above, we can take this to mean that there must be a clear and unequivocal offer which must be matched by an equally

As mentioned in “The Legal Environment of Business” by Don Mayer, Daniel M. Warner, George J. Siedel, and Jethro K. Lieberman, a contract can be defined as a legally binding agreement. The requirements of a contract include an agreement meaning tan offer that has been accepted, consideration which is something of value, legal purpose defined as the requirement that the consideration matter be legal, proper form which is the requirement that certain contracts be in writing, and two or more competent parties. When a contract is formed it must be established whether the contract bilateral or unilateral.

for it to qualify as a proper contract in the eyes of the law: offer

Acme Fireworks is a reputable fire work company that falls under the form of retailer. In order to gain consumers and sell their products they must put out ground display’s of their fireworks as well as a variety of aerial fireworks, especially their larger products. This company started out as a small family owned business in the back of a man’s garage and as he grew and drew in more consumers he is now a managing fifteen employees that help him operate his business. The company has been a sole proprietorship and the owner has never changed his entity, meaning no partnerships or shareholders. The owner has received numerous inquiries from surrounding businesses if his company would be able to create more personalized fireworks for them on a more regular basis.

The first element of a valid contract would have to be the offer. You can’t have an contract with a having something to offer to another partner. An offer is when one party

Contractual agreement has always been viewed in terms of offer and acceptance. The universal principle to contract law has always been parties may get into an agreement in whichever way they deem fit and they are subject to certain terms as they choose. As far as legal requirements vital to their formation are binding contracts may be formed. Moreover a binding agreement may be manifested in terms of writing or in verbal form.