ADM 3360 Lecture Notes - Lecture 9: Contract, Condition Precedent, Condition Subsequent

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crimsonlocust15

8 Dec 2018

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Individuals are creating unqualified willingness to enter into agreement on the terms of the offer. You either agree or don"t agree with the promise of offer. Counteroffer the other person does the acceptance of the counteroffer. Communication of the acceptance must be complete need to get confirmation that other party received your acceptance prove that someone received your acceptance. Stocks time it sent to time you receive acceptance supercomputers are doing other transactions with the money. Communication how is contract formed verbally either a response or conduct who said what and how do you prove it. Carlill vs. carbolic smoke ball unilateral contract fact that there is a reward creates obligation when other party fulfills the obligations. Is the price paid for a promise fair market value if you buy a car for a dollar that"s a donation not a contract does not apply contract law. Gratuitous promise promise for which there is no consideration.

Related Questions

1.(Please Note: There may be more than one correct answer)

If Peggy says to Larry, "I'll give you $50 if you stand on your head for one hour":

	a.	Larry must verbalize his assent in order to render effective acceptance.
	b.	The statement can form the basis for a unilateral contract.
	c.	Larry must stand on his head to accept Peggy's offer.
	d.	Peggy and Larry have created a contigent cont

2. An acceptance is effective as soon as it is dispatched if the offeree uses:

	a.	any reasonable means of communication.
	b.	only a stipulated means of communication.
	c.	only an authorized means of communication.
	d.	an authorized as well as the stipulated means of communication.

3.Under the UCC, an order requesting "prompt" shipment of goods:

	a.	impliedly invites acceptance only by a prompt promise to ship.
	b.	invites acceptance by either a prompt promise to ship or by prompt shipment of goods.
	c.	requires acceptance via writing within a "reasonable" time frame.
	d.	impliedly invites acceptance only by a prompt shipment of goods.

4. (Please Note: There may be more than one correct answer)

On February 21, 2012, Stateville College President Erhlich sent a letter to Lt Governor Alfred E. Neuman asking Neuman to speak at theStateville College commencement on the topic "Do Brains and Politics Mix?" On February 24, Neuman responded in a fax, "I'll speak if you will pay a $50,000 speaking fee." On February 25, President Erhlich heard Neuman say something unintelligent on the morning news program and sent an email to Neuman which said "I revoke my offer for you to speak at commencement." Ten minutes later, Neumanchecked his email on his smartphone, and five minutes after that Neuman called Erhlich and said, "I've changed my mind. I accept your offer and I'll be glad to speak for free." Which of the following is a correct statement of the law?

	a.	Neuman's fax was a counter-offer which terminated Ehrlich's offer.
	b.	If Neuman's February 24 fax can be viewed as an inquiry rather than a counter-offer, and Ehrlich had received Neuman's call before Neuman received Ehrlich's email, Ehrlich would have been bound to a contract with Neuman despite his attempt to revoke because his revocation would only have been efffective when received by Neuman.
	c.	Under these circumstances, Ehrlich had no right to revoke his offer at any time before receiving Neuman's call.
	d.	Even if Neuman had phoned to accept before reading Erhlich's email, no contract would have formed because the February 25 email was not effective to revoke the offer made on February 21.

5. Browse wrap agreements are:

	a.	in paper form.
	b.	viewed by some courts as voidable.
	c.	per se illegal.
	d.	viewed by some courts as illegal.

purplehippopotamus358

NEED 10 PAPER

You are the manager of Acme Fireworks. The company started in the ownerï¿½s garage two years ago and now has 15 employees that you manage. The company started as a sole proprietor, and the owner has never changed the entity. The company makes and sells fireworks. The owner has informed you that the company has received inquiries from several large retailers about the companyï¿½s ability to fill large orders on a regular basis. The owner told the retailers that the company could fill such orders, and a price per unit was agreed upon. No other details were discussed. The owner is anticipating that new employees will need to be hired but is worried that if the large orders 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 does not know what entity to form or how to form it.

The owner has asked you to do the following:

Explain potential personal liability for injuries to consumers caused by the product.
Analyze whether the owner formed a contract with the retailers applying the five elements as discussed from Week Two to the hypothetical facts.
Analyze how different employment types could be used with application of hypothetical facts.
Recommend a new business entity. Provide a 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. OUTLINE BELOW

Introduction

Provide a brief overview of the content contained within the proposal.
Thesis: Transition from the current sole proprietorship to a Limited Liability Company (LLC) is the most seamless and logical progression based on the projected business model.

Assessed Product Risk and Personal Liability

Discuss the inherent risks associated with firework manufacturing and shipping.
Note the variations/correlations in personal and business liabilities due to perceived negligence resulting in consumer/employee injury.
Potential liabilities resulting from defective merchandise.
Contract Viability
Review the five elements of a contract from the information provided.
1. Offer
2. Acceptance
3. Consideration
4. Legality
5. Capacity
Provide recommendation of contract viability/probability

Recruiting and Compensation

Employment Types
1. Full-time
2. Part-time
3. Casual
4. Daily/weekly hire
5. Probationary
Determine the best option to increase productivity while minimizing prolonged or unexpected expenses
Business Entity
Discuss the different business entities available
1. Sole Proprietor
2. Partnership
3. Corporation
4. Limited Liability Company
Compare and contrast benefits of an LLC v. other archetypes
Conclusion
Review all previously discussed information and develop a coherent vision
Discuss aforementioned vision as it relates to thesis statement
CHAPTER 5: Understanding and Choosing a Legal Structure. (2012). Women's Small Business Start-Up Kit (9781413317220), 149-186.
Pakroo, P. H. (2014). CHAPTER 1: Choosing a Legal Structure. Small Business Start-Up Kit, 7-28.

greycrocodile249

Assignment Please read the instructions carefully. You need to write 6 sentences for each article which includes what i have given in instructions.

Instructions

For the two articles below:

Write a few sentences explaining how the article is relevant to Verizon or Sprint Mobile. How and why would you expect it to affect stock prices, and whether they were affected in the way you expected (do this in terms of expected future earnings). Because traders buy or sell stocks immediately as new information becomes available, stock prices respond rapidly. Be sure to include the date of the article. You should be able to distinguish whether the news was relevant to only one of your stocks, your industry, or the whole market by noting the relative price changes - if only one of your stocks went up while the market was down, the news affected only your stock; if both your stocks moved differently from the market, the news probably affected your industry as a whole; if your stocks moved in tandem with the market, the news probably broadly affected the whole economy. You should also be able to explain why the news affected just one company, the industry, or the whole market. The articles selected should be balanced chronologically and topically.

Below are stock prices from Nov 16^th through 19th

Verizon Communications Inc. VZ (U.S.: NYSE)							Sprint Corp. S (U.S.: NYSE)
		Time	close	S&P 500			Time			Close	S&P 500
NOV	16	4:03PM EST	45.04	1.49	16	4:00PM EST.		4.21	1.49
	17	4:00	45.08	-0.13%	17	4:03		4.4	-0.13%
	18	4:05	45.38	1.62%	18	4:00		3.99	1.62%
	19	4:00	45.76	-0.11%	19	4:00		4.05	-0.11%
	20					20

1.Sprint Promotion Sends Investors Running

The carrier should be more focused on improving profitability and free-cash-flow generation.

Updated Nov. 19, 2015 1:15 p.m. ET

Sprint (S: NYSE)
By Evercore ISI ($3.99, Nov. 19, 2015)After days of hinting at a âbig announcement,â Sprint released new pricing plans which offer a 50% discount to plans from T-Mobile US, Verizon Communications and AT&T -- while also covering up to $650 of switching costs.

If a 50% discount from Sprint (ticker: S) sounds familiar, thatâs because it is essentially the same as the companyâs earlier âcut your bill in halfâ promotion -- though, notably, this time it extends to T-Mobile ( TMUS ) customers as well as those from Verizon ( VZ ) and AT&T ( T). And, while this may drive some uptick in subscriber attraction, we note: 1) we believe the most cost-sensitive subscribers likely took advantage of this offer the first time around; 2) we do not agree with Sprintâs contention that transitioning subscribers are likely to opt for higher data plans versus the discounted offerings; and 3) the offer comes at a time when Sprint should be more focused on improving profitability and free-cash-flow generation (and is somewhat contradictory to other recent initiatives such as increasing unlimited pricing by $10 and attempting to cut $2.5 billion in annual costs from its budget). It is this last point -- on the impact to profitability -- that appears to have upset investors the most, sending Sprint shares down 9.3% Wednesday.

Prior to (and on) Sprintâs fiscal-second-quarter call, the company announced that it would seek to cut $2.5 billion in costs. We saw these costs cuts, along with Sprintâs decision to not participate in the 600 megahertz (MHz) auction, to use off-balance-sheet financing, and raise its unlimited pricing by $10, as evidence that Sprint was attempting to improve its cash flow position. However, as part of this current promotion, Sprint is offering up to $650 in reimbursements for early termination fees (ETFs) and other fees (provided you turn your phone in). Because we believe that the most cost-sensitive subscribers may have already taken advantage of this offer the first time around, the corresponding increase in subscriber traction may not be enough to offset the negative implications to profitability and free cash flow.

Sprint sees potential upside from more data, same price. The emphasis of the promotion is to cut your bill in half. Despite this, Sprint believes subscribers are likely to opt for the same nominal value plans, but twice the data. We do not agree. If Sprintâs intention was to see customers double their data, the pitch should have been âdouble your data,â not âtake 50% off.â

Customers can trial the offer for 28 days. If they are not satisfied, and have purchased a device through Sprint, they can return the device with no restocking fee. Importantly, the offer is for activations from Nov. 20 through Jan. 6 and the promotional pricing will run for 24 months. While the offer is available to new Sprint customers, current Sprint subscribers can get a free [Apple (AAPL)] iPad with one year of free service, if they sign a two-year contract. Sprint expects the iPad offer to reduce churn (as customers with more devices become âstickierâ).

Based on our last published model, our discounted-cash-flow-driven year-end 2016 price target is $4. [We rate Sprint at Hold.]

-- Jonathan Schildkraut
-- Justin Ages

The companies mentioned in Hot Research are subjects of research reports issued recently by investment firms. Their opinions in no way represent those of Barrons.com or Dow Jones & Company, Inc. Some of the reportsâ issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed. Share prices at the time the report was issued and the date of the report are in parentheses.

7:39 am ET
Nov 19, 2015

2.The Morning Download: Ford CEO Says

Steve Rosenbush

CONNECT

Good morning. Ford Motor Co. CEO Mark Fields says that wireless updates for vehicle software have more or less arrived. Thatâs going to lead to big changes in the way people build and use cars, which are bound to adopt more characteristics of mobile phones. CIO Journalâs Rachael King has the story.

Ford launched Sync Connect with the 2017 Ford Escape at the LA Auto Show this week. The platform lets drivers unlock or start the vehicles from their smartphones. âSync Connect will serve as the platform to offer over-the-air updates allowing us to go beyond the infotainment system such as updating other parts of the vehicle like the engine or driver-assist technologies,â said Mr. Fields, speaking at a press event Wednesday in San Francisco.

Wireless updates mean that phones donât have to be brought into the shop or replaced every time that the operating system is brought up to date, or that a security patch is available. And of course, they facilitate the use of apps and the development of ecosystems. Now, the automobile, which until now has more or less remained the same during its long life cycle, is about to become much more dynamic.

Macquarie taps Barclays BCS -4.34% IT Executive as CIO. Justin Raoul Moffitt, an 18-year IT veteran with Barclays, steps in as CIO at Macquarie starting in February 2016, a company spokesman said.

Verizon Communications Inc. VZ (U.S.: NYSE)							Sprint Corp. S (U.S.: NYSE)
		Time	close	S&P 500			Time			Close	S&P 500
NOV	16	4:03PM EST	45.04	1.49	16	4:00PM EST.		4.21	1.49
	17	4:00	45.08	-0.13%	17	4:03		4.4	-0.13%
	18	4:05	45.38	1.62%	18	4:00		3.99	1.62%
	19	4:00	45.76	-0.11%	19	4:00		4.05	-0.11%
	20	4:00	45.39	0.38	20	4:00		3.83	0.38
	21					21

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ADM 3360 Lecture Notes - Lecture 9: Contract, Condition Precedent, Condition Subsequent

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