The Different Aspects of Business Law - 550 Words

The Different Aspects of Business Law (Essay Sample) Content: NameProfessorSubjectDate The Different Aspects of Business Law1) When is an offer a counteroffer? What is its impact under the common law ofcontracts, as well as under the UCC?An offer becomes a counteroffer when the initial offer is rejected and revised with new terms that must be accepted by the original offerer for a contract to be made. The impact of a counteroffer is that it disqualifies/terminates original offer and renders it nonbinding. 2) What kinds of damages awards are available in torts? Under what circumstances are they available? What are the types of torts to which they apply?The damages awards available in torts are compensatory and punitive damages. Compensatory damages are awarded to compensate the plaintiff for any loss incurred as a result of the defendants negligence or breach of contract. Punitive damages are imposed to punish the defendant and discourage future similar incidences as the one that led to the dispute. Punitive damages are consider ed when the act is beyond the threshold of compensatory damages, such as acting with malice. These damage awards apply to intentional torts, property torts, dignitary, economic torts, strict liability, and negligence torts. 3) In causation under the tort of negligence, what kinds of tests are there? Be sure to illustrate your understanding with examples.The tests for causation under negligence torts include prove of the defendants acts and its direct effect on the plaintiffs loss. In other words, it must be proven that the defendants actions resulted in loss or damages on the part of the plaintiff. For instance, a contractor who has won a tender to supply goods to a business may go ahead to source for the goods before the agreed time of delivery. If the business terminates or changes the terms of the contract, the contractor can go to court to seek compensation for expenses incurred in sourcing for the undelivered goods as well as for lost time and manpower. 4) What, specific kinds of disability discrimination does the ADA prohibit? Whatkinds of disability discrimination does the ADA permit?The Americans with Disabilities Act prohibits disability discrimination in employment, participation in state and local government activities, public transportation, public accommodations, and in the use of telephone services. ADA permits disability discrimination in cases the requirements are related to the job (e.g. good eyesight for drivers), the disability does not meet job necessity (e.g. mental disabilities), and when the persons needs cannot be met with reasonable accommodation (depending on available facilities). 5) What is the Sarbanes-Oxley Act and what does it require? Identify at least oneadditional, similar law and illustrate your understanding with examples.Sarbanes-Oxley Act is a US Federal law that requires the boards and management of public companies and accounting firms to ensure accuracy and transparency in the reporting of a firms financial information. The act was intended to avoid financial scandals in the corporate sector. A similar law is Dodd-Frank Wall Street Refirm and Consumer Protection Act which seeks to promote financial stability and enhance transparency and accountability in the financial sector by eliminating bailouts. The act also protects consumers from corporate malpractices. An example is the prohibition of the use of tax payers money to bail out companies as a way of making firms accountable for their mistakes. 6) What are the two main general principles of liability that a prosecutor must satisfy in order to get a conviction against a defendant for a crime?The two main principles are actus reus and mens rea. Actus reus requires that the defendant must have voluntarily participated in the act that resulted in the crime, e.g. without coercion. The mens rea principle requires that the defendant must have acted with malicious intentions, e.g. cold murder. 7) What kinds of modern technology receive two or more types of intellectualproperty protection? Give examples of at least 2-3 kinds of modern types ofintellectual property.Modern technologies that receive more than two types of intellectual property are those that involve invention of new products and services. One example is the Microsoft Operating System, which is protected by patents prohibiting others from copying it, and its logo, which is protected by trademark rights prohibiting others from using it on any products other than those developed my Microsoft. Another example is the Coca-Cola drink, whose bottling technology and logo are protected by patent and trademark rights. 8 ) Identify and explain all the requirements for contract formation. If a legallyenforceable contract is formed, what are the consequences? When, if ever, cansomeone who enters such a contract able to escape their contractual duties?What, if any, are the consequences?The requirements for a contract include:Intention to establish legal relations, which stipulate s that both parties must be willing to enter into a binding agreement.Offer, which outlines what one party will do in return for something from another party, such as supplying 100 laptops for $ 10, 000. Acceptance, which involves the receiver of the offer accepting its terms and obligations.Consideration, which is the economic liability that each party owes the other, i.e. what each party must pay the other to fulfill the terms of the contract.Capacity, which is the ability and legal authority of the parties to make a binding agreement. For example, the persons involved must be of legal age and legal representatives of the companies or firms on whose behalf they are making the contract. The consequences of a legally enforceable contract is that both parties are bound by the terms of the contract, and any breach gives the aggrieved party the right to go to court for dispute resolution. One party can escape their contractual duties if the other party fails to meet its part of the bar gain, or learns of fraud/malicious intentions by the other party. The consequences of such a situation is that the party that breached the terms of the contract will be held liable to compensate the other party for any losses incurred or opportunities lost. 9) What kinds of legal obligations does a business owe to people who are in thebusinesss facilities? Explain.A company owes the people within its facilities the duty of care and protection of private information. Duty of care requires that the business provide a safe environment to protect people inside from injury and health hazards. Protection of private information requires that the business cannot share information given by customers as part of their business transactions, ...