All six elements are present in the above case, therefore, the company should be held accountable for paying the tuition. I have learned through this critical analysis paper the importance of understanding the basic concepts of an oral contract, in order to understand the essentials of business law. I will be able to use what I have learned in this course to show the essentials of business law process within a company. I have realized the importance of knowing what is required in an oral contract and now recognize the legal enforcement elements of every contract. This paper has shown me that corporations and individuals can use these elements to legally enforce the oral contracts that are made on a daily basis.
One of the main objectives of the simulation was addressing some of the potential legal and ethic issues resulting from such a partnership. While developing a contract that meet each company needs and offered protection to property rights and potential disputes. In working through the simulation some of the issues involved with working with foreign business are the legal system. An organization dealing with legal issue in a foreign court run the tendency of the case reviewed quickly resulting in facts being overlooked. Another issue is the difference is two countries law what is able to stand-up as proof
For Pharma to survive and become viable it was obvious that some decisions had to be made, but was the sale of the assets in the best interest of the corporation, or was it in the best interest of Adams and Barker? One can only conclude that the directors violated all their duties of financial interests, care and rational belief and were not acting with best information and, thus, cannot be shielded by the business judgment rule. 7. What type of lawsuit, derivative or direct, would be filed by Cornelius
The documents were prepared internally and this was a potential problem because they could have been altered by anyone within the company. When documentation such as delivery receipts are obtained from an independent source outside the company, it provides a greater assurance of reliability for the auditor. Grant Thornton should have used the delivery receipts as a basis but further obtained other forms prepared by external entities such as the Form 9540-1 prepared by the USDA official, and the notification form that the customs broker prepared. These forms are slightly more difficult to alter because a third party indirectly related to the company prepares them. Grant Thornton should have cross-referenced these forms and looked for any discrepancies.
Addressing International Legal and Ethical Issues Simulation Erik Larson Law/421 February 17th, 2013 Eric Nord Addressing International Legal and Ethical Issues Simulation Strategy and tact are both required when a profitable endeavor is wanted while conducting international business. When conducting international business, legal issues are bound to arise, but must be resolved in order to retain the relationship between organizations. How a company deals with these legal issues is what can set a successful company apart from the rest of the field. When entering into an agreement with a company in another country, legal documents must be drafted to protect each company’s interest. In a business context, dispute resolution is not simply
It does matter how small or big a business transaction is the law makes available a way for everyone to understand his or her duties and obligations. Corporations depend on the meanings of law to safeguard their business transactions while handling business relations. Legal counsel, arbitrary contracts, order, safety, establishing a good relationship with consumers, vendors, etc. are a few functions of business law (ehow.com,
A defendant must be represented; however, they do not have the right to choose which counsel they will receive. The attorney must be knowledgeable and competent, but there cannot be any preferential treatment of one lawyer over another based on reputation or perceived abilities of counsel. As long as the attorney has proven to be effective in representing the case, the defendant must be represented by them. Defendants may be able to show just cause about preferring to self-represent, but again, they must show a clear understanding in making the decision to refuse counsel for their case (Tomkovicz, 2002). There are many other limitations of right to counsel, they include the period that is referred to as “noncritical stages”.
However, Block argument that dissolution of the firm releases him from any liability in malpractice occurring after dissolution, but dissolution does not discharge anyone from obligations previous to the dissolution, only to obligations happen after the dissolution. His argument can be effective if he is in normal business relationships between partnerships and third persons. However, the court stated that the relationship between a law partnership and its clients is not a normal business relationship; it is a trust relationship and requires a high degree of reliability and good
Role and Functions of Law Law 421 July 16, 2012 Dr. Stephen Loro The role and function of law in business and society is essential due in part because legal matters influence how both business and society operate. Understanding law and its purpose allows us as individuals in society and perhaps in our role in business to organize, prepare and plan our course of action. One of the fundamentals associated with law as we know it is the United States Constitution. In addition to the Constitution each individual state has an established Constitution; each has a part or purpose in the legal practices that govern us in society and in business. According to the textbook the Constitution has three functions the first being to set up a structure for the federal government and rules for modifying the constitution, second provide powers for branches of the government and third to grant protections and liberties for United States Citizens from illegal or unlawful government practices.
Managing the Functional Areas of Business MGT 521 Managing the Functional Areas of Business The role of a manager in the functional areas of business is dictated by which level of management they are currently in, either executive, middle or front line. Regardless of tier, the manager has to be able to do his job as well as be able to step in and help out wherever he is needed outside of his defined job role. The manager needs to be able to be flexible, able to delegate and multitask effectively while leading his team toward achieving the company’s goals. This much holds true for all managers in the hierarchy of a company. After that, the manager’s role varies greatly according to their level: executive, middle or front line manager.