...Legal Underpinnings of Business Law BUS 670 Legal Underpinnings of Business Law Breach of contract is when a business contract creates an obligation that is to be full filled by people or companies that enter into an agreement. By law a party’s failure to complete the bargain which is under contract is known as a breach of contract. With regard to the specifics of the contract a breach can happen when a party fails to perform on time or does not perform at all according to the terms of the agreement. Breach of contract is categorized as material or immaterial to determine the appropriate legal solution or remedy for the breach (Retures 2012). Compensatory damages put the non-breaching party in the position that they had been if the breach had not happened. Punitive damages are payments that the breaching parties have to pay. Above and beyond the point that would fully compensate the non –breaching party. Punitive damages are meant to punish a wrongful party for a wrongful act and is rarely is used for business contract settling. Specific performance is used when damages are inadequate as a legal remedy. The non – breaching party may seek an alternative remedy which is specific performance. Specific performance is known for describing as the breaching party court ordered performance of duty under the contract. Specific performance might be used as a remedy for breach of contract if the matter is rare or unique. Damages would not suffice to place the non-breaching party...
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...Legal Underpinnings of Business Law Anthony Bourdain BUS 670 Professor Pat Riley May 23, 2016 Business ownership is formed around the concept of what the business owner(s) have in mind with regard to personal benefits and limitations. As with any type of business venture or partnership, there are financial advantages and disadvantages of normal day-to-day operations that can lead to court actions as a result of specified liabilities involved. In the matrix provided below, comparisons and contrasts of personal liability exposure associated with sole proprietorship, general partnership, limited partnership (LP), corporations, and limited liability companies (LLC) in a lawsuit for breach of contract is shown using Tinker’s Home Security Service brand. This paper will identify the underpinnings of business law and how business owners can prevent and in most cases avoid the possibilities of litigation from coming to fruition. Tinker’s Home Security Service is set up as a sole proprietorship meaning that the business is owned and operated by a single business owner. Many owners looking to startup a business consider this approach because of its simplicity, independence and affordability. Authors Hopson and Hopson (2014) mentions how a sole proprietorship is least demanding to frame and upkeep. (Hopson & Hopson, 2014, p. 47). Less downtime and maintenance will only help improve productivity thus leading to positive financial gains. The downside to this business type is...
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...Running Head: LEGAL UNDERPINNINGS OF BUSINESS LAW Legal Underpinnings of Business Law BUS 670: Legal Environment Instructor: January 2, 2014 This assignment will fall on the presumption that I own a business, and it falls into one of the five different categories and company names as follows Tinker’s Home Security Service (sole proprietorship), Tinker & Tailor’s Home Security Service (general partnership), Tinker & Tailor’s Home Security Service (LP), Tinker & Tailor’s Home Security Service, Inc. (corporation), Tinker & Tailor’s Home Security Service, LLC (LLC). Furthermore, this assignment will focus on the fact the businesses are being sued for breach of contract and from there I will list each business and compare and contrast my liability exposure as the owner of the business in the lawsuit. Next for each of the business entities I will analyze how I might limit my liability exposure as the owner. Lastly, this assignment will cover the best business organizational form in the business; I previously described, which will include my personal liability exposure, management, taxation, and the ease of formation of said business. Compare and Contrast my personal liability exposure | Liability Exposure as Owner | Limiting Factors | Tinker’s Home Security Service | Sole Proprietorship | "The sole proprietorship is not recognized as a separate entity from its owner; as a consequence, the debts of the business are deemed to be the personal...
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...Discussion of cartoon * Humour * Both sides Conclusion Federal law bans smoking in all Australian Commonwealth government buildings, public transport, airports and international and domestic flights. All states are also subject to the plain packaging laws and health warnings of cigarettes and the cost of cigarettes has markedly increased to persuade people not to smoke. There are also varying laws across the states relating to smoking. For Victoria, smoking is banned in all restaurants and bars and enclosed spaces but has been allowed in public spaces. This issue arose in the media when a councillor on the Melbourne City Council sought to have smoking banned in all public spaces. The Age editorial (February 1 2013) ‘Smoke-free should not mean an outright ban’sets out its argument against banning smoking in public spaces is a dispassionate and logical way. What is most apparent about the editorial in its refusal to outline what smoking might do if inhaled by passers-by suggesting that the emotional and medical arguments about smoking are ‘done and dusted’ and most people accept that smoking is bad for health. Instead, the article puts forward the argument that smoking in public spaces in ‘unenforceable’. This gives its argument substance and causes the reader to ponder how such a law could be enforceable, given that any space which is not private is public.Where could people smoke this ‘legal’ substance. Further, There might even be some sympathy evoked by describing...
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...Legal Underpinnings of Business Law Shawn Akey BUS670 Dr. Callaway September 22, 2014 Legal Underpinnings of Business Law During this week, the reading talked about the foundations of business law, including constitutional law as it applies to business, and a comparison of several common business organizational forms. Additionally, various ethical theories were introduced in order to provide perspective to various business outcomes. This paper will deliberate over a scenario raised during the course, concerning a case study on the Tinker & Tailor Home Security Service business and their current legal issues. Along with discussing the scenario, an explanation of each facet of it, as well as provide examples of each as they pertain to the real world will be included. The scenario focused on in this discussion is the creation of a matrix that lists each business, and compares and contrast personal liability exposure as an owner as a result of the lawsuit. For each business entity, analyze how the liability exposure might be limited as an owner. Examine the best business organizational form for the business that might be owned someday in a personal manner. The overall goal will be to show that through the proper manipulation of various legal aspects, exposure to and protection from legal suit can be minimized. The following quote from Jack Kingston sets the stage for the discussion on legal woes of the Tinker & Tailor Home Security business, “Frivolous lawsuits are...
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...(whoever she takes care of), other employees and Greg. Brad is the owner so his interest is a profit and that his business is ran efficiently. Eddie is the general manger his interest is to one keep his job and to help his brother. Greg is the one receiving the extra money so that’s basically his interest. Jane is the one who can lose her job which means she can’t take care of herself and her family. Employment-at-will is a legal rule that developed in the nineteenth century, giving employer’s unfettered power to “dismiss their employees at will for good cause, for no cause, or even for cause morally wrong, without being thereby guilty of a legal wrong.”1 The economic philosophy of laissez-faire provided theoretical support for employment-at-will. Its legal underpinnings consisted mainly of “freedom of contract,” the idea that individuals are free to choose how to dispose of what they own, including their labor, as they see fit, and that the voluntary contractual promises they make are legitimately enforceable. (Halbert & Ingulli, 2015) federal civil rights laws created remedies against employers who fire workers because of their race, national origin, color, religion, sex, age, or disability.4 In the 1970s and 1980s, federal and state statutes included protection from retaliation for employees who report violations of environmental or workplace safety laws, for example. (Halbert & Ingulli, 2015) Whistleblower Protection Enhancement Act (WPEA), passed in a rare bipartisan...
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...------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- Law, Ethic, and Corporate Governance LEG 500 ------------------------------------------------- Dr. William Stone ------------------------------------------------- 8 August 2015 Employment-At-Will Doctrine One such concept that is slowly creeping into the mainstream consciousness is the At-Will Employment Doctrine. Unfortunately, unlike some of the other legal concepts that make this transition, much of what people know about the At-Will Employment Doctrine is learned secondhand from unreliable sources, or whatever limited real world experiences a person may have as an employer or employee. Although an overwhelming majority of Americans are someone’s employer or employee, the At-Will Employment Doctrine never has, and probably never will, garner the same amount of mainstream attention as other more sensationalistic and popular legal concepts and topics like freedom of speech, abortion or...
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...overcome these issues are discussed. Overall, the paper is structured into three main sections. To begin, a short outline of different approaches used in addressing equality and diversity will be considered. The first main section highlights the role of the stakeholders in promoting equality and diversity in the workplace. The second section evaluates numerous challenges preventing the promotion of equality in practice. The third section is dedicated to the discussion regarding potential solutions for the issues uncovered in the previous section. Finally, a brief summary section is presented which concludes this paper. 2. HR approaches in addressing equality and diversity The debate of equality and diversity is driven by dichotomous underpinning. According to Williams and Adam-Smith...
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...1 Introduction Dated back to Code of Hammurabi some 4,000 years ago, business ethics is a social science, whose main aim is to define and examine the responsibilities of businesses and their agents as a part of the general moral environment of a given society. The products of this field of research are sets of rules and codes of conducts, which serve as a means of protection from the possible infringements of moral codes as a result from the general activities and responsibilities of a firm to its stakeholders (e.g. generating profits for shareholders and taxes to the government). This paper will briefly explain the foundations and the growing importance of business ethics in today’s economy. Finally, it will describe several contemporary issues of research and practice. 2 The Rationale behind Business Ethics In its simplest sense, the field of business ethics represents the meeting point between ethics and business, where business decisions and their implementation are evaluated in terms of the “right” (moral) and “wrong” (immoral). However, ethical decision-making is far from being simple, as is involves much greater complexity and debate (Trevino & Brown, 2004) than other ethical fields, even complicated ones such as bioethics. The main reason for this confusion is not only the themes of business ethics, but the difficulty to recognize the relevance of ethics to the business decision in question. For example, corporate governance standards are closely related to ethics...
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...Contract Law – Question 3 Within law, a contract aims to provide a legally binding agreement between two or more parties, mutually agreeing to the formal requirements provided within the article. The theoretically underpinnings of the contract as stated in the question are regarded as ‘monumental in attaining the perspective that will allow for substantial understanding of the basis of contract law’. However, there may be at times situations where no agreement may be reached due to certain legal factors restricting a resolution, these barriers known as the vitiating elements of a contract. It has been often mistaken that even if the essentials of a contract are present, one or more vitiating elements can cause the agreement to become invalid, thus rendering it unenforceable. Andrew Phang (2005) argues that the need to achieve a balance between fairness and certainty in contract law means that contracts may over the course of time become better constructed due to these vitiating factors. These elements; inequality, misinterpretation, illegality and mistakes, have the power to affect law and in most instances lead to contract invalidation. An important piece of statute law relating to contracts is The Contracts Review Act (NSW) 1980 which defines the basic outlines of a contract whilst highlighting scenarios were a contract may become void. In common law, when the offer and acceptance of a contract is affected by mistake, the contact becomes void and the defence is open to...
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...Legal Underpinning of Business Law Gregory Wright BUS 670 Legal Environment Andrew Stave Monday April 15, 2013 In this paper I will discuss business structure and organization and how liability differs between each organizational form. My business Tinker’s Home Security Service is being sued by one of my clients for breach of contract. The lawsuit derives from the fact that one of our clients’ property was burglarized and they are stating that we failed to dispatch authorities to their property after the alarm had been triggered. There are different ramifications depending upon how I chose to structure this business and in the next section I will briefly discuss each of them. The various forms of organization are established by state law. There are a wide variety of business organizations recognized by the states. For example, a popular form of organization is the Limited Liability Company (LLC). The LLC is a state designation. At the federal level, an LLC is considered a partnership. If the LLC so chooses, it can be request to be considered as a corporation at the federal level. There a total of six forms of business organizations; Sole proprietors are unincorporated businesses. They are also called independent contractors, consultants, or freelancers. There are no forms you need...
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...set of principles of conduct. Usually has a religious underpinning, which is logical. Business Ethics: Moral principles and values applied to situations arising in a business setting. In other words, the fairness, rightness, or wrongness, if you will, of an action. If you have ever seen the movie “Wall Street” with Michael Douglass, you probably recall his character Gordon Gekko, who basically espoused that “Greed is Good.” You might question his approach to ethics. Than again, maybe you wouldn’t! Unfortunately, companies have conflicting duties: to make a profit, to work efficiently, and still stay within the law or suffer dramatic consequences. As you might imagine, it is sometimes like putting a square peg into a round circle. For example, a company can make a higher profit if it uses overseas labor or raw materials, but what about the legality and ethics of such a decision? It would seem in recent years there has been an emphasis on the bottom line, rightly or wrongly. Legal versus Ethical Questions generally asked by companies: Is the proposed action: profitable? If so, is it: Legal? Ethical? Notice the ordering. Legal Behavior: many actions are clearly legal or illegal, but many items also fall into a gray area. While legal compliance is achieved, i.e., a minimum accepted standard...
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...‘English law is based on an objective theory of contract. The commercial advantage of this approach is that it promotes certainty and predictability in the resolution of contractual disputes. Also as a matter of principle, it is not unfair to impute to the parties to a contract or a potential contact an intention that in the event of a dispute a neutral judge should decide the case applying an objective standard of reasonableness.’ Discuss whether an objective approach is satisfactory and the extent to which English law is committed to that approach in relation to the finding of offer and acceptance. Word count = 1378 As societies have advanced, trade has become an essential element needed in order to continue the expansion and development of a society, demanding increasing importance as new technologies and materials are discovered and wanted. Subsequently, the legal contracts used to bind an agreement find themselves under greater scrutiny as each separate party strives to ensure the best deal in an environment where the bottom line of a business appears to be all important; especially so when regarding the multi-billion deals that now take place everyday across the world’s markets. Therefore the importance and validity of a contract between two parties will always be an area of importance and consequently potential conflict between them. However, it is also in the interests of all parties involved, including the courts, to avoid contractual disputes due to the large legal...
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...“What is Business Ethics?” Essay Posted on July 5, 2012 1 Introduction Dated back to Code of Hammurabi some 4,000 years ago, business ethics is a social science, whose main aim is to define and examine the responsibilities of businesses and their agents as a part of the general moral environment of a given society. The products of this field of research are sets of rules and codes of conducts, which serve as a means of protection from the possible infringements of moral codes as a result from the general activities and responsibilities of a firm to its stakeholders (e.g. generating profits for shareholders and taxes to the government). This paper will briefly explain the foundations and the growing importance of business ethics in today’s economy. Finally, it will describe several contemporary issues of research and practice. 2 The Rationale behind Business Ethics In its simplest sense, the field of business ethics represents the meeting point between ethics and business, where business decisions and their implementation are evaluated in terms of the “right” (moral) and “wrong” (immoral). However, ethical decision-making is far from being simple, as is involves much greater complexity and debate (Trevino & Brown, 2004) than other ethical fields, even complicated ones such as bioethics. The main reason for this confusion is not only the themes of business ethics, but the difficulty to recognize the relevance of ethics to the business decision in question. For example,...
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...operations; specify the ethical theory that best supports your decision. According to the text the employment-at-will doctrine is a legal rule that developed in the nineteenth century, giving employers unfettered power to “dismiss their employees at will for good cause, for no cause, or even for cause morally wrong, without being thereby guilty of a legal wrong. Its legal underpinnings consisted mainly of “freedom of Contract,” the idea that individuals are free to choose how to dispose of what they own, including their labor, as they see fit, and that the voluntary contractual promise they make are legitimately enforceable. There are exceptions to the rule. Those include that employers are not allowed to use the at-will law to intimidate or coerce employees. This came about during the time of unions being formed in the mid 30s. The use of unions helped to protect employees from being fired. Other exceptions include civil rights laws. These laws protect individuals from being fired because of race, national origin, color, religion, sex, age, or disability. Thirdly, the exception is retaliation for employees that report wrong doing within the organizations. One of the major ones is Sarbanes-Oxley (SOX). The first scenario that I want to discuss is number 3. Bill has been using his company-issued BlackBerry to run his own business on the side. At this point I would venture to say that Bill is giving the employer a reason to fire him assuming that the company has...
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