BUS 311 Business Law I

Managing such a great company such as Acme Fireworks, it is my job to ensure the company success. While it is great that the owner has opportunities that could be very rewarding for the company, there are some important aspects that need to be considered. It needs to be decided if the contracts with the business will be common law or the Uniform Commercial Code(UCC). That will help determine if the owner formed the correct contract with the business by addressing the five essential elements that make up an enforceable contract. When working with fireworks especially larger displays accidents can happen that is why the owner needs to know the potential personal liabilities they could face if someone from the audience gets injured by a stray firework. Both employment and relationships types of an agency law need to be looked upon and what kind of disadvantages and advantages it could bring to Acme Fireworks.

Thesis: As a manager, I will need to examine what an enforceable contract is and what the five essential elements make up a contract. The difference between common law and a Uniform Commercial Code(UCC) and which one will be used. Discuss potential liability and types of employment relationships and why the owner should not operate as a sole proprietorship.

Common Law vs. the Uniform Commercial Code(UCC)

In this section, I will discuss what a common law and a uniform commercial code(UCC) are. Then I will explain why the contracts with the businesses will be classified as common law.

Enforceable Contract

In this section, I plan on listing the five essential elements of an enforceable contract and explain more about them in detail. Then I will analyze why and how the owner formed a contract with the businesses.

Personal Liability

This section will be dedicated to explaining what kind of personal liability that Acme Fireworks could face if a spectator is injured by a stray firework. I will discuss who would be at fault and why.

Employment Types

This section will have information regarding what an Agency law is and the different types of employment and relationships that are relevant to agency laws. The advantages and disadvantages of these types will be listed.

Business Entity

In this last section, I will discuss why the owner should not operate as a sole proprietorship and then recommend a new business entity. One recommendation I would make would be for a limited liability corporation. I will then provide a rationale to support my recommendations.

Reference:

Blankenburg, S., Plesch, D., & Wilkinson, F. (2010). Limited liability and the modern corporation in theory and in practice. Cambridge Journal of Economics. doi:doi:10.1093/cje/beq028

Misenti, N. C. (2016). PERSONAL LIABILITY FOR COMMISSION OF A TORT: A SIGNIFICANT, AND OFTEN OVERLOOKED, EXCEPTION TO LIMITED LIABILITY IN THE LLC AND CORPORATION. Southern Journal of Business and Ethics, 8. Retrieved July 30, 2018, from https://search-proquest-com.proxy-library.ashford.edu/docview/1861051634?accountid=32521.

Rogers, S. (2012). Essentials of business law. San Diego, CA: Bridgepoint Education, Inc

Upcounsel (n.d) Enforceable Contract: Everything You Need to Know retrieved from https://www.upcounsel.com/enforceable-contract