User Account

All Pages

Essential elements of an enforceable contract

Assignment Help Business Management
Reference no: EM13924989

You are the manager of Acme Fireworks, a fireworks retailer who sells fireworks, puts on ground display fireworks, and large aerial display fireworks. The company started in the owner's garage two years ago and now has 15 employees that you manage. The company started as a sole proprietorship, and the owner has never changed the entity. The owner has informed you that the company has received inquiries from several large businesses wondering if the company could create several fireworks displays on a regular basis. The owner told the inquirers that the company could fill such display orders, and a price per display was agreed upon. It was discussed that most of the cost for a fireworks display is for skilled labor, insurance, and the actual service of setting off the fireworks. No other details were discussed. The owner is anticipating that new employees will need to be hired, but he is worried that if the large orders for fireworks displays do not continue, the company will not have the funds to pay the new employees. The owner is now considering changing the business entity, but he does not know what entity to form or how to form it.

The owner has asked you to do the following:

  • Determine if the contracts with the businesses will be governed by common law or the Uniform Commercial Code (UCC), and explain why.
  • Analyze whether the owner formed a contract with the businesses, and apply the five essential elements of an enforceable contract.
  • Explain the potential personal liability to Acme Fireworks if a spectator is injured by a stray firework from a fireworks display.
  • Discuss the different employment types and relationships relevant to agency law, and analyze the advantages and disadvantages of each type specific to Acme Fireworks.
  • Explain why Acme Fireworks should not operate as a sole proprietorship. Recommend a new business entity, and provide rationale to support your recommendation.

For each task, be sure to analyze the relevant law, apply the facts to the law, and make a conclusion.

Reference no: EM13924989

Questions Cloud

Discuss relevance of the portfolio approach to credit risk : Discuss the relevance of the portfolio approach to credit risk management given the fact that the banks and financial institutions themselves are borrowers with high levels of leverage.
Part of assessing the writing situation : Review your reading about the writing situation, and write a 100-200 word essay-style response. Consider the following questions as a guide for constructing your response: What part of assessing the writing situation, finding your subject, definin..
Almond corporation : Almond Corporation, organized on January 3, 2013, had pretax accounting income of $14 million and taxable income of $20 million for the year ended December 31, 2013. The 2013 tax rate is 35%
Explain how the credit portfolio study would facilitate : Explain how the credit portfolio study would facilitate or assist the liquidity management of the financial institution or bank.
Essential elements of an enforceable contract : Determine if the contracts with the businesses will be governed by common law or the Uniform Commercial Code (UCC), and explain why. Analyze whether the owner formed a contract with the businesses, and apply the five essential elements of an enforc..
Compare the calculated price with the current market price : Based on your above calculations, compare the calculated price with the current market price and indicate whether is the stock price overvalued, undervalued, or at equilibrium? Explain.
Explain how the credit portfolio approach is reflected : Hypothetical Bank Ltd's credit portfolio comprises only two customers. Explain how the credit portfolio approach is reflected in the calculation of regulatory and economic capital.
Society played important role in how people are wearing fur : The society has played an important role in how people are wearing fur. In the 1970's and 1980's it was very common for women to wear mink fur coats every day.
Nancy is single and has been planning : Explain to Nancy why (generally) her check was not for $4,000.

Reviews

Write a Review

Business Management Questions & Answers

  Illustrate what must gross investment be in each economy do

Suppose capital depreciates at 10 percent a year. Economy has a 1.000 units while economy b has 2,000 units of capital. Illustrate what must gross investment be in each economy to keep stock constant?

  Utilize this information when assuming a leadership position

Utilizing the assessment instrument in the Northouse text, complete the Style Questionnaire. Then, write a paper to evaluate and explain your score. In detail, describe what you have learned from completing this questionnaire, and how you will utiliz..

  Are successful entrepreneurs born with certain traitsthere

are successful entrepreneurs born with certain traits?there are many successful entrepreneurs such as bill gates warren

  Are customers important element in the external environment

Contemporary best-selling management books often argue that customers are the most important element in the external environment. Do you agree? In what company situations might this statement be untrue?

  Foster effective communication in business

Explain the elements that foster effective communication in business.

  Creating a training program for supervisors

Presume you are in charge of creating a training program for supervisors in administering discipline in the organization. Prepare a 700 to 1050 word paper that focuses on the main principles of disciplinary action you would stress in this session.

  Distribution of household income in the united states

What are the details why this distribution exists? Would it be fair to define the distribution of household income in the United States as unfair? Why or why not? And

  Global leadership behaviorsthere has been a substantial

global leadership behaviorsthere has been a substantial amount of research that has demonstrated what is expected of

  Merger, acquisition, and international strategies

Choose two (2) public corporations in an industry with which you are familiar - one (1) that has acquired another company and operates internationally and one (1) that does not have a history of mergers and acquisitions and operates solely within ..

  Discounted cash flows

Explain why is discounted cash flows better for making tactical decisions.

  Solve the equation

Solve the equation

  Scope and dimensions of these customer service activities

Think about some examples of companies with good and bad customer service histories, and discuss the scope and dimensions of these customer service activities

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd