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Report Sample on Business Law

Report: Business Law

Table of Contents

  • Question 1: business structure and relationship: 2
  • Question 2: contract law: 3
  • Question 3: tort of negligence: 3
  • Question 4: bankruptcy: 4
  • Question 5: contract and insurance law: 5
  • Bibliography :7

Question 1: business structure and relationship:

According to scenario, Fred who is operating the car dealership business he needs special types of agents who is sales agent and would engage in his business. There are several types of agents such as general agent, special agent, subagents along with servants however special agents are involved to operate this kind of business (2012books, 2020).  In this case, the agent should entered in actual agency agreements where both principal and agent s involved n the process. This sis normally a written contract that is responsible to deal with the relationship in between them (Stephanie Reid, 2020). 

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Ratification of agents: ratification o and agents is involved with in the cause of formation of the agents. In case of American jurisdiction the ratification of agent is considered as the crucial part which helps to lead the business. Based on the scenario, the business perspective is car dealing business where ratification of agents is based on the principal person of the business who ratifies that means approves and adopts those acts which has already been used through his name or behalf of another person who is known as the agents therefore ratification identifies the actual authority of the act through which it can control the relationship of the principal and agent of a business (eaa, 2016). 

Concepts of agent based on apparent authority:

Based on the Australian agency law, apparent authority is related to the policies of the agency laws. Therefore, through the apparent authority the situation is referred where a third part is associated to understand the actvties of the agents to maintain the authority accts. Therefore through this concept it means that principal is closely linked with the activities of the agents which can express through the actual authority. Therefore apparent authority is the power of agents’ behalf of the principal, to accomplish the particular act (law.cornell, 2020). 

Related Report Sample: business proposalFonterra
 

Based on the legal documents, a fiduciary relationship is depended on the special trusts, confidences, reliance’s along with influences of one party by another who has the duty of fiduciary concepts to act for the advantages of the other parties. Therefore fiduciary relationship is considered as the agreements based on legal contexts such as will, contracts, trusts etc. 

On the other hand, there are two types of duties which are linked with fiduciary relationship that is known as duty of care and duty of loyalty. Care is a particular duty of fiduciary relationship that helps to maintain the clarity and objectives (upcounsel, 2020). 

Elements of partnership:

Based on the partnership agreement, there are following types of elements in generally observed within the partnership relation. The elements are as follows: 

  • Contract for partnership
  • Carrying on the business
  • Associations of 2 or more persons
  • Mutual agency
  • Sharing of profits. 

Based on the partnership act of Australian government above mentioned elements are very common to continue the business with partnership facilities. Al these elements are helpful to resolve the disputes among the partners based on this agreement (alloysilverstein, 2018)

 

Question 2: contract law:

Based on the case scenario, it is observed that common law is related to the contract of the both parties. In this case, all the services are governed through the common law and their contracts which is one of the important aspects for the formation of common law contract. There are different types of mutual acceptance and offers are observed in between the contract law and common law. Therefore, it is observed that the legal purpose of the contract is considered as the capacity for the entry within the contract law (courses.lumenlearning, 2020).

Based on the principles of contract law, the main parties are promisor and promisee. In accordance with there are sometimes a third party which has the advantages of the contract therefore each party has the different obligations with the terms of the contracts (Kadian-Baumeyer, 2020). Based on the given case scenario, there are three types of parties are available in the contracts of the booking ticket in the flight. As per the scenario, Byron is the promisee who can book the flight ticket through the third party agent, known as Fly right website. This is that kind of agent which can get the advantages in terms of getting commissions for providing the online shopping channels to the flight company and achieves the benefits. On the other hand, BreezyJet is the promisor that helps Byron to book his ticket. 

Basically a contract is formed while both parties are legally intend to bind by their promises and they should clearly agreed regarding to their promise. In this case, a valid element is required to maintain by both parties. Based on the given scenario in the assignment, the contract is made by the promisor and beneficiary parties. It observes that the flying company Breezy Jet promises to the beneficiary party like Fly right website to provide them a commission from the airlines after selling of each fare. Additionally this company charges directly an amount to the consumers after each payment by their credit cards. Therefore the contract is made in between these technological activities to buy the ticket of each flight. Though this is type of verbal agreement of the contract, however the website can take the charge of using their online shopping site. 

 

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Question 3: tort of negligence:

Based on the concept of US law, law of tort is very crucial fact where dusty of care is one of the important concepts. Therefore based on the description of US law, duty of care is considered as the duty to take care from causing another individuals injury or loss. In case of tort law, a duty of care which is a legal obligation that can be imposed on an individual where the requiring standard of reasonable care is acted. Based on this law this could foreseeable affects others therefore the first element must be recognized to carry on with an achievements of intelligence (definitions.uslegal, 2020). 

Based on the tort law of negligence, there are different types of facts which are considered as the standard proof of the evidences that means the facts are related to the negligence case which is successful in the US law. Therefore breach of standard s the second types of elements of the tort where risk of injury is known as unreasonable risks of harm full factors of the standards. 

In case of different circumstances violation of statue is responsible to establish the “breach of duty of care” and it is known as the legal theory such as “negligence per se” (courses.lumenlearning, 2020). 

The purpose of awarding damages in negligence cases: in case of tort, award of damages are used as a goal of legal remedy of the damages while an individual claims under the tort. Therefore in case of tort, damages are normally awarded to restore the claimant while the individual hold his or her position within the tort not happened. In case of this law, damages are as an award, and counted through the amount of money which is paid to an individual one as compensation in order to fulfill the loss or injury.  There are several types of damages for which the award is required in negligence case (courses.lumenlearning, 2020). 

There are mainly three types of standards which is associated with the proof of a negligence case. The essential inquiry in each negligence case is whether the litigant went about as a sensible individual would have in comparable conditions. On the other hand, negligence is usually proven based on two or three types of evidence based facts such as direct or circumstantial facts. Therefore clear and convincing facts are considered as the stands of the may apply on the proof of negligence (injury.findlaw, 2018).  

Yes soft drink manufacturer will be held the liability in future regarding to the obesity related illness under the tort. Based on the review of the law, it is observed that “The Third Restatement of Torts” is responsible for 3 types of defects in the products where manufacturing agents are linked. In this case, first factor is the manufacturing company is liable for the injury if there are defects in the production. The second step is product quality defects and the final step is lack of warning to the consumers about their products. Therefore if all these are observed in the cold drink manufacturing companies therefore they will be under tort of negligence (Kaplan, 2014). 

Question 4: bankruptcy:

Based on the current scenario, describes in the report Sushi needs to take time and lend money to overcome all owes of the creditors which are used to set up her business. Therefore with the help of lending money from the renowned bank by mortgaging the property, she needs to provide all the money to the creditors and she sent back the lending money from his salary to the bank. 

There are following types of rights are observed in Starstuck finance company which includes property rights, finance rights, cosigner rights etc. based on the given case scenario, Sushi needs to take a huge amount of loan amount to start the own business therefore, she needs to lend the money from the chosen organization and as a result she used Starstuck finance company. They used to enforcement of security and recovery the assets by applying the rights of property where all the equipments are covered by the interest of personal property security (pinsentmasons, 2011). 

Based on the laws under bankrupt constitution, it is observed that Sushi cannot pay contributors from her income as there is one of the arrangements of a bankruptcy is that the account holder may not gain some other reprobate adjusts while under the court’s oversight. On the other hand, based on the chapter 7 of bankrupt laws, it is more atrocious case while all the negotiations are stopped for her bankrupt condition and since Sushi will exchange all non-absolved advantages for pay banks. If based on the laws of bankruptcy provides the second chance to sushi she has to take the proper decisions to get a chance to pay the creditors (debt, 2020). 

Based on the given scenario, while sushi s under chapter 7 of bankrupt condition, then bankruptcy trustee is allowed to sell all the nonexempt property and utilize to precede the payment process of the creditors of Sushi. Therefore it is possible to take the car while sushi was to become bankrupt.  On the other hand, the trustee at first identifies the value of the car and selling the car on that amount where the age and condition of the car is main facet to get the right amount (Michon, 2020). 

 Related Report Sample: business proposalFonterra

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Question 5: contract and insurance law:

Based on the idea of the contract of insurance, it is observed that a proposal form is considered as that kind of form which will fulfilled by the policyholders while applying for the insurance. This is an important document as it discussed about the detailed information regarding to the risks for insuring amount and claim history and driving experiences. The form mentioned a declaration that maintains the relation in between the insurer and the insured, which is based on trust (exidelife, 2020). 

Based on the principles of insurance law, if the question is ambiguous in nature and the insured person will try to response it honestly therefore the court will interpret it and take necessary steps against the insurer who have been responsible to make it in such nature. In the event that an inquiry in a proposition structure is vague it will be translated against the individual who drafted it, for the most part the backup plan. It is entrenched that the court will consider how the inquiry would be deciphered by a sensible safeguarded. All the more shockingly, an ongoing choice has proposed that the protector’s abstract comprehension of the inquiry is immaterial – the only thing that is in any way important is the target development of it (Russell, 2009).

Undue influence is known as the manipulation of the individual one based on its dependant and there is different types of ways through which undue influence has shown up. In case of contract law, this is most common activities where more powerful party has influence to get its possible outcomes as per the agreements. It has pandemic used in financial market based on its size and basic favor (KENTON, 2020). 

In contract law, common mistake is that a type of mistakes which is shared by both parities which is basic in nature and directly affects the contract papers of both parties. On the other hand, there are 3 types of common mistakes in which mutual mistake in one of them. Mutual mistake happens when the two gatherings to an understanding are misinformed about a similar material certainty inside the details of their understanding. That way the two gatherings are experiencing some miscommunication. Despite the fact that the two gatherings are mixed up, they are in assent, so the business deal contract is voidable. There must be a material reality for a shared misstep to be void (hg, 2020).

Oral contract is very easy to enforce in front of court where people has different types of believes. In maximum cases people are wary about the oral contract as they trust that verbal agreement is tough to work out. However there are enough evidences that the court will work out based on this agreements. Based on the US states, there is one key exception is the “Statute of Frauds”. Though it is hard to prove as this is verbally noted in between the parties, but court of law is legally enforceable to work out on it (upcounsel, 2020).

 

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Bibliography

2012books. (2020). Introduction to Agency and the Types of Agents. Retrieved jun 2, 2020, from https://2012books.lardbucket.org/: https://2012books.lardbucket.org/books/the-legal-environment-and-business-law-master-of-accountancy-edition/s28-01-introduction-to-agency-and-the.html#:~:text=The%20five%20types%20of%20agents,and%20servant%20(or%20employee).

alloysilverstein. (2018, aug 27). 6 Elements of a Good Business Partnership. Retrieved jun 2, 2020, from https://alloysilverstein.com/: https://alloysilverstein.com/6-elements-good-business-partnership/

courses.lumenlearning. (2020). Common Law and Uniform Commercial Code Contracts. Retrieved jun 2, 2020, from https://courses.lumenlearning.com/: https://courses.lumenlearning.com/workwithinthelaw/chapter/formation-and-types-of-contracts/

courses.lumenlearning. (2020). GENERAL LAW OF TORTS. Retrieved jun 2, 2020, from https://courses.lumenlearning.com/: https://courses.lumenlearning.com/suny-monroe-law101/chapter/general-law-of-torts/

courses.lumenlearning. (2020). Tort Law. Retrieved jun 2, 2020, from https://courses.lumenlearning.com/: https://courses.lumenlearning.com/wmopen-introbusiness/chapter/tort-law-liability-and-damages/#:~:text=When%20someone%20pursues%20a%20claim,had%20the%20tort%20not%20occurred.

debt. (2020). What is Bankruptcy? Retrieved jun 2, 2020, from https://www.debt.org/: https://www.debt.org/bankruptcy/

definitions.uslegal. (2020). Duty of Care Law and Legal Definition. Retrieved jun 2, 2020, from https://definitions.uslegal.com/: https://definitions.uslegal.com/d/duty-of-care/#:~:text=In%20tort%20law%2C%20a%20duty,with%20an%20action%20in%20negligence.

eaa. (2016). formaton of agency. Retrieved jun 2, 2020, from https://www.eaa.org.hk/: https://www.eaa.org.hk/en-us/Information-Centre/Publications/Agency-Law/-3-Formation-of-agency

exidelife. (2020). Importance of a Proposal Form and the Declarations Made Therein. Retrieved jun 2, 2020, from https://www.exidelife.in/: https://www.exidelife.in/knowledge-centre/blogs-and-articles/importance-of-a-proposal-form-and-the-declarations-made-therein#:~:text=When%20applying%20for%20insurance%2C%20a,the%20insurability%20of%20an%20individual.

hg. (2020). 3 Common Mistakes in Contract Law & How to Prevent Them. Retrieved jun 2, 2020, from https://www.hg.org/: https://www.hg.org/legal-articles/3-common-mistakes-in-contract-law-and-how-to-prevent-them-43434

Hoyes, J. D. (2020). Will I Lose My Inheritance in a Bankruptcy? Retrieved jun 2, 2020, from https://www.hoyes.com/: https://www.hoyes.com/blog/will-i-lose-my-inheritance-in-a-bankruptcy/

injury.findlaw. (2018, nov 29). Proof in a Negligence Case. Retrieved jun 2, 2020, from https://injury.findlaw.com/: https://injury.findlaw.com/accident-injury-law/proof-in-a-negligence-case.html

Kadian-Baumeyer, K. (2020). Parties to a Contract: Promisor, Promisee & Beneficiary. Retrieved jun 2, 2020, from https://study.com/: https://study.com/academy/lesson/parties-to-a-contract-promisor-promisee-beneficiary.html#:~:text=There%20are%20at%20least%20two,responsibility%20for%20the%20contract’s%20performance.

Kaplan, C. (2014). Big Soda: Too Sweet to Fail? FORDHAM URB. L.J , 1268-1316.

KENTON, W. (2020). Undue Influence. Retrieved jun 2, 2020, from https://www.investopedia.com/: https://www.investopedia.com/terms/u/undue-influence.asp

law.cornell. (2020). Apparent Authority. Retrieved jun 2, 2020, from https://www.law.cornell.edu/: https://www.law.cornell.edu/wex/apparent_authority

Michon, K. (2020). What happens to my paid off car in a Chapter 7 Bankruptcy filing? Retrieved jun 2, 2020, from https://www.thebankruptcysite.org/: https://www.thebankruptcysite.org/legal-advice/bankruptcy/bankruptcy-planning/what-happens-paid-off-car-chapter-7-bankruptcy-fili

pinsentmasons. (2011, aug 30). Security in finance transactions. Retrieved jun 2, 2020, from https://www.pinsentmasons.com/: https://www.pinsentmasons.com/out-law/guides/security-in-finance-transactions

Russell, J. T. (2009, oct 9). Insurance: Questions Asked In Proposal Forms. Retrieved jun 2, 2020, from https://www.mondaq.com/: https://www.mondaq.com/uk/insurance-laws-and-products/87442/insurance-questions-asked-in-proposal-forms#:~:text=If%20a%20question%20in%20a,drafted%20it%2C%20usually%20the%20insurer.&text=Where%20a%20question%20is%20ambiguous,this%20means%20against%20the%2

Stephanie Reid. (2020). Types of Agency Agreements. Retrieved jun 2, 2020, from https://legalbeagle.com/: https://legalbeagle.com/8065325-types-agency-agreements.html

upcounsel. (2020). Do Verbal Agreements Hold Up In Court: Everything You Need to Know. Retrieved jun 2, 2020, from https://www.upcounsel.com/: https://www.upcounsel.com/do-verbal-agreements-hold-up-in-court#:~:text=Oral%20contracts%20can%20be%20enforced,however%2C%20is%20one%20major%20exception.

upcounsel. (2020). Fiduciary Relationship Meaning: Everything You Need to Know. Retrieved jun 2, 2020, from https://www.upcounsel.com/: https://www.upcounsel.com/fiduciary-relationship-meaning

 

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