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2 Feb 2018

The Uniform Commercial Code governs sales contracts. Other contracts are governed primarily by contract common law. Identify a situation where the UCC differs from contract common law. Why do you think that difference exists?

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Keith Leannon
Keith LeannonLv2
4 Feb 2018

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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.

Insurance law is largely based on the law of contracts. However we don't call it an insurance contract...what do we call it? What are the essential terms of this insurance arrangement? In other words why do people get insurance? What do we call the consideration given by the insured party in exchange for insurance? What is an insurable interest? When does one need to establish an insurable interest in a life insurance policy? In a property insurrance policy? What is an incontestability clause? What is a coinsurance clause? What is the difference between Whole life insurance and Term life insurance? What is a cash surrender value?

Chapter 5: Title Transfer Question

A: Why is it important to transfer title to real estate using awritten document--the deed? Answer A:

Question B: What purpose does the general warranty deed serve inthe transfer of title process? Answer B:

Question C: What purpose does a special warranty deed serve inthe transfer of title process? Answer C:

Question D: Under what circumstances would someone who is in themarket for a home consider using the special warranty deed? AnswerD:

Question E(i): Which deed is better (preferred)? Answer E(i):Question E(ii): Which deed provides a greater level of protection?Answer E(ii):

Question F(i): When should a home owner consider the use of aquitclaim deed? Answer F(i): Question F(ii): Under whatcircumstances should an individual seek legal advise to use aquitclaim deed? Answer F(ii):

Chapter 7: Contracts and the Statute of Frauds (Mandatory)Contracts are the essential part of all real estate transactionsand no real estate can be transferred without the use of a writtencontract to prevent fraudulent practices and to be enforceable in acourt of law. All real estate transactions are subject to thestatue of frauds law. The law stems from British common law and wasfirst established in 1677. (This chapter’s primary purpose is thediscussion of a basic generic contract and later on in the coursewe will add the necessary elements for real estatetransactions.)

Question A(i): Please, state the five elements of a genericlegally binding contract. Answer A(i): 1) 2) 3) 4) 5) QuestionA(ii): Please, outline the five elements of a generic legallybinding contract. Answer A(ii):

1)

2)

3)

4)

5)

Question A(iii): Please, briefly discuss the five elements of ageneric legally binding contract. Answer A(iii):

1)

2)

3)

4)

5)

Question B:Which element of the contract do you consider themost important as related to real estate? Answer B:

Question C: Justify your statement in Question B. Answer C:

Question D(i): What is your opinion of the Statue of Frauds?Answer D(i):

Question D(ii): Does the Statue of Frauds slow down the contractprocess? Answer D(ii):

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