Premium Essay

Law/421 Case Study

In: Other Topics

Submitted By HRGIBSON1
Words 982
Pages 4
Case Scenario: Big Time Toymaker

Case Scenario: Big Time Toymaker
Was There a Contract
In the scenario regarding Big Time Toymaker (BTT) and the inventor Chou BTT did grant Chou a binding option to enter into a contract at a later date. This binding contract is known as an option contract and offered the inventor $25 thousand to keep an offer open in exchange for exclusive negotiation rights during a period of time not to exceed 90 days. Essentially this option means that Big Time Toymaker purchased the rights to negotiate a distribution agreement for Chou’s invention. In this option contract prior to the end of the 90 day period if BTT and Chou could not reach an agreement on distribution then Chou would be free to enter into a contract with other business distributors while keeping the $25 thousand. This option contract is in fact a valid and enforceable contract between the two parties.
Facts that weight in favor of or against Chou
There are several factors that if considered weigh in favor of Chou. When Big Time Toymaker paid Chou $25 thousand for exclusive negotiation rights for his invention, Chou had a reasonable expectation that the toy company had the intent of reaching a distribution agreement. The meeting held between BTT and Chou concluded with an oral agreement and was followed up with an e-mail from the company’s manager solidifying the expectation of intent as well as specifying key terms within the agreement. Big Time Toymakers also sent Chou a fax requesting a draft for a distribution agreement contract, to which Chou immediately responded. Lastly, there was a significant amount of time spent by both parties acting under a contract.
When considering the factors that weigh in favor of Chou, one must also take into consideration the factors that work against him. Big Time Toymakers and Chou both agreed...

Similar Documents

Free Essay

Law 421 Final Exam Answers

...LAW 421 Final Exam Are you preparing for Law 421 Final Exam? Do you feel that you are not polished enough to pass the first time out? Are you confused about the question pattern? If you are going to pay attention to the bellow information, you will have a clear change of succeeding. As Michael Jorden said “If you're trying to achieve, there will be roadblocks. I've had them; everybody has had them. But obstacles don't have to stop you. If you run into a wall, don't turn around and give up. Figure out how to climb it, go through it, or work around it.” And here we will help you out to figure out everything that would help you to cross any hurdle of this exam. To be true the test isn’t tough enough if you prepare yourself from the beginning. Law 421 is an essential part of the higher education and to gain good grades one has to put it some efforts. With our help you won’t go through any hassle and headache that other’s goes through when this exam comes knocking, Preparation is everything, and with our courses and strategies you would have a good chance to top whenever you take Law 421 final exam. Review Our Course Work and Notes The first thing that you would want to do is to review all coursework. Here we provide you with the entire course of Law 421 final exam. All in separate weeks. The role rendered by the hearing officer is an extremely minute, but essential concept that should be primarily known to the students. In addition, the LAW 421 Final Exam is beneficial for......

Words: 679 - Pages: 3

Premium Essay

Corporate Compliance

...National Tax Journal Vol 49 no. 3 (September 1996) pp. 421-35 CORPORATE TAX COMPLIANCE AND FINANCIAL REPORTING CORPORATE TAX COMPLIANCE AND FINANCIAL REPORTING LILLIAN F. MILLS * Abstract - The tax law provides varying opportunities for tax planning, and firms have competing incentives to consider in planning a tax reporting strategy, including financial reporting effects. I present preliminary results that Internal Revenue Service audit adjustments increase in the excess of book income over taxable income. This is evidence that firms incur additional costs for reporting higher book income than taxable income. I also investigate the relationship between compliance costs and taxes paid. Existing descriptive research emphasizes the social cost burden of such compliance costs. Preliminary results indicate that firms that spend more on tax research and planning report lower tax expense. results that proposed Internal Revenue Service (IRS) audit adjustments increase as the excess of book income over taxable income increases. This is evidence that firms incur additional costs for reporting higher financial statement income than taxable income. I also investigate how the level of conformity varies as the relative incentives for book income versus tax savings change. Tax regimes that require more conformity between book and tax accounting will likely induce higher tax payments than those firms whose incentives to maintain high book income are the greatest. In addition,......

Words: 7692 - Pages: 31

Free Essay

Declining Biodiversity

...Decline in Biodiversity Deanna Garrett ENV497 Chad Goings July 15, 2013 Decline in Biodiversity Biodiversity is important in ecosystems because every life form works together in order for them to function. When these ecosystems are disrupted or altered, or even lacks biodiversity, it poses major threats to all the life forms in it, whether it happens quickly or over a long period of time. When we lack biodiversity, our ecosystems become unstable, which in turn makes them more vulnerable to disasters and they cannot contribute to our well being. Although policy makers may be faced with challenges, many considerations need to be taken into account to preserve biodiversity and to protect these areas so that these ecosystems can function properly and prosper. When we hear the word ‘biodiversity’, it pretty much explains itself.  It is the amount of variation of life forms within a given biome, ecosystem, species, or even the entire plant. Many considerations need to be taken into account to preserve biodiversity and to protect these areas so that these ecosystems can function properly and prosper. With respect to the ecosystem and biodiversity, we need to remember that once our natural resources run out and when most ecosystems are destroyed, it is very hard to restore it to what it was. We need to consider our well being, as well as all the other organisms that we share the earth with. We use biodiversity all the time, whether it is direct or indirect. In order for us......

Words: 1786 - Pages: 8

Premium Essay

Role and Function of Law

...Functions of Law By: Bobby Gilliam January 21, 2012 Law/421 According to The Legal Business Environment, Melvin, S. P. (2011), "The term law has been defined in a variety of ways throughout recorded history. A generally accepted generic definition of the law is a body of rules of action or conduct prescribed by controlling authority, and having legal binding force." Law serves many purposes and functions including protecting the rights of all individuals within and citizens outside of the country. In addition the law establishes the rules and procedural guidelines that both the government and citizens must adhere to. Law is a very diverse and complex subject. So much in fact, that to become affluent in all areas of law might take a lifetime. As a result, many who decide to study law choose a specific field of study and specialize in one or two areas of the law. Law can be divided into three distinct categories: statutory, administrative, and common law. The law can be broken down even further into very specific categories that serve very specific purposes. Criminal, civil, procedural, public, private, and substantive law all have a unique function and specific role. However, all of these areas of law work in unison to provide the citizens of The United States of America with rights, liberties, and protections from each other and their government. Each of these areas of law is defined below: Statutory law refers to the written law,......

Words: 743 - Pages: 3

Premium Essay

Role and Functions of Law

...Functions Of Law University Of Phoenix LAW/421 Anthony Ellis Law is cast-off in many forms and ways throughout the economy. Many of the industries use law in order to ensure that they stay in obedience. With start law where different situations, it's used in society to function. Many individuals may use the law in their work environment and not even notice they are. I will be discussing the role of law in organizations as well as society and how I have used the role of the law in my past employment. In business law, it is often used in large organization / industries in order to confirm that the organization stays in compliance with all federal and state laws. Large industries usually keep what is called "in-house" counsel they are part of the payroll as a position of vice president or a general counsel. Depending on the size of the organization the general counsel they may have one attorney to advise then with all business ventures or any legal documentation that will come across the desk. These attorneys will dedicate themselves with significant amount of their, professional time in order to advise the organization on issues such as formation, labor, and employment laws, regulatory agency compliance, legal transactions, and rational property and other legal issues that are relevant to the organization operations. All of these lawyers focus on groups and hardly perform any other task. In society law, it is mainly used in two forms either in criminal or civil law.......

Words: 796 - Pages: 4

Premium Essay

Role and Functions of Law Paper

...05/15/2012 LAW/421 Role and Functions of Law Paper Creating and running a business is no simple feat. There are so many things that you need to do to get a business up and running. There are many little details that have to be worked out to have an office or store. It can be so difficult to know how to cover all these areas. Once you have a solid business plan and have an idea of how to open an office or store, you have to consider the different laws that are in place. So many people underestimate what it takes to open and run a small business. Not only do they have to know the industry and how to manage a business in a particular economy, but you have to understand the laws that protect you and other companies in your industry and investors. Respecting and appreciating the role of law in business is very important. Some companies try and work around it, or avoid it causing major strain and headache for the owners and even employees. If you can understand the laws and appreciate what they’re trying to do, it will make your job and life much easier. A lot of small businesses run into issues with labor laws or advertising laws. This is because many people assume they know how these laws and rules should work, but don’t know all the details. Especially in smaller startup companies, advertising laws can really hit a company hard. Often times, they’re so eager to get the business rolling, it seems like they’ll say just about anything to get business. In businesses that have......

Words: 770 - Pages: 4

Free Essay

Law 421 Week 5 Article

...Week Five Article Review University of Phoenix Contemporary Business Law LAW/421 Valentine Castillo April 29, 2013 University of Phoenix Material Article Review Format Guide MEMORANDUM UNIVERSITY OF PHOENIX DATE: April 29, 2013 TO: Valentine Castillo FROM: RE: Sarbanes-Oxley Act: Was the ‘one-size-fits-all’ approach justified? Nogler, G., & Inwon, J. (2011, May/June). Sarbanes-Oxley Act: Was the ’one-size-fits-all’ approach justified? Journal of Corporate Accounting & Finance (Wiley), 22(4), 65-76. ARTICLE SYNOPSIS The article discusses whether the Sarbanes-Oxley Act and the subsequence laws were the correct solution for the problems that arose from the Enron and WorldCom bankruptcies. The article illustrates how the different rules and legislature affect different size business, and the ramifications that resulted for companies that must follow the Sarbanes-Oxley Act. The authors of the article also conducted a study on whether or not fraud of the financial statements was in direct correlation of businesses filing bankruptcy (Nogler & Inwon, 2011, p. 68) like in the cases of Enron and WorldCom. The results found that the larger the company that filed bankruptcy the more likely that securities fraud litigation and general overstatement of the revenue and assets of the company occurred (Nogler & Inwon, 2011). LEGAL ISSUE Legal issues were rampant in the......

Words: 557 - Pages: 3

Premium Essay

Business Law Functions

...The Roles and Functions of Law Cathi Stark LAW/421 December 23, 2013 John Koenig The Roles and Functions of Law The purpose of this paper is to inform about the roles and functions of the law. It will also show and define the function and roles of law as they apply to business and society. There will also be examples from real life experiences of the writer, myself. This week in class we were instructed to review the Commerce Powers from chapter two in our text book. There was a case review within the chapter that specifically outlines some of the roles and functions of the law. This case, Cipollone v. Liggett Group, Inc., et al., 505 U.S. 504 (1992), will be referenced through this paper. The basic function and roles of the law in business and society is for the benefits of the people and the protection of their rights. Laws are created to ensure we are safe and protected in all aspects of our lives, both personal and professional. In business, laws are designed to regulate activity at the local, state and federal levels. In case of Cipollone v. Liggett there is discussion of statute and enactment of laws. This case is based on a suit that Cipollone took against the cigarette manufactures, Liggett for the death of his mother. The study states that “Congress chose specifically to regulate a certain type of advertising (tobacco), federal law is supreme to any state law that attempts to regulate that same category of advertising.” (Melvin, 2011, p. 33) The......

Words: 776 - Pages: 4

Free Essay

Does the Uk Have a Constitution?

...reasonable doubt. Actus reus being the guilty act, whereas mens rea is the guilty mind, both of which are required in order to find criminal liability. In order to answer this problem question it must first be considered whether Pablo (P) is liable for any non-fatal offences against the person (OAP). The various offences and their definitions are contained in the Offences Against the Person Act 1861. Pablo and Rose – Pulling hair. The first offence to consider in respect of P is common law battery under section 39 of the Criminal Justice Act 1988. Battery is a summary only offence and carries a maximum penalty of six months or a £5000 fine, or both. P’s motive of jealousy appears to be the significant factor motivating his actions however this is irrelevant to his actions in law. P intentionally: Venna imposed unlawful force: Collins v Wilcock on Rose (R) by pulling her hair. R did not give P permission to assault her, therefore the contact was both physical: Ireland and unlawful. Previous case law has clarified unlawful force to be even the slightest touch R v Brown . The mens rea for this offence is satisfied by either intention or subjective recklessness. With reference to the problem question, the actus reus was the direct physical contact of P with R when he pulls her hair, but it is clear there was no harm done to R’s body. Pablo and Rose – Cutting hair. Secondly, when P severs R’s hair this could constitute an offence of Actual Bodily Harm (ABH) contrary to......

Words: 1741 - Pages: 7

Premium Essay


...Does your career plan include a world of lifelong success? Program of Professional Studies THE CERTIFIED GENERAL ACCOUNTANTS ASSOCIATION OF BRITISH COLUMBIA We see more than numbers. Choose a career that places you on the path to lifelong success. It’s all about opportunity. Accounting professionals can work in any sector, anywhere in the world. And when you choose CGA, you’ll gain the leadership, problem-solving and technical skills that are sought after by organizations in the private, public and not-for-profit sectors. The CGA Program of Professional Studies gives you the tools to succeed in business, no matter where your career takes you. You’ll enter the workforce with the applied knowledge and demonstrated expertise that employers want, including specialized technical knowledge, sectorspecific competencies, problem-solving skills and the ethical integrity to lead. CGA’s competency-based curriculum is simply your best way to prepare for a rewarding career in financial management. Flexible study options and the freedom to choose the career you want CGA is all about choice. You choose the professional-studies path and real-world experience that best match your career goals and interests. We give you the skills and freedom to work in any type of organization, in any industry, at any level of management. With a CGA designation, your opportunities—both professional and personal, at home and around the world—are limitless. Take your place as a highly......

Words: 4906 - Pages: 20

Free Essay

The Role and Function of Law

...The Role and Functions of Law LAW/421 6/14/2015 Dr. William Anderson . My student smiled nervously over her order pad as she waited for my table to finish ordering. She was a nice young girl whom I had been teaching for a few months through a university that provided student visas to people who were pursuing studies in English-as-a-second-language. Part of the requirement, however, was that students only work for the school itself and not obtain jobs outside their academic institution. The next day she came into the class as usual and though I taught her the rest of the semester, we never discussed her secret work life. I knew better than to say anything. One year before (at a different job) an agent from Homeland Security had visited my office. The reason for the visit was that one of our F-1-Visa Students had failed to report to class to class for a month. I didn't have to see the nine-millimeter tucked under her jacket to know that our business had changed since the terrorist attack on the World Trade Center in 2001 The Law and Business: Commerce Powers In a more general way, the role of law in business can be greater appreciated when analyzing the Commerce Clause whose application is wide and profound both in intrastate and interstate commerce. Congress has broad powers to regulate business. These powers are derived from the Commerce Clause. The importance of these powers is so profound that even......

Words: 828 - Pages: 4

Free Essay

Addressing Legal and Ethic Issues

...Ann Tracy Law/421 8/6/2012 Boni Cherelle Some of the legal disputes in international transactions with Cad Max and Gentura the different laws, because laws are different from state to state and country to country. If you are in one part of the country and deal with someone outside the country there are so many legal issues that both parties need to get lawyers involved to make sure that everyone is getting there fair deal in this. What is legal in one part of the world or country is not necessary legal in the other part u are dealing with. When conserving to take legal actions against a foreign business partner that’s based in another country it is very important to remeber about their customers and their local cultures. They also have to follow their laws as they would if they have to follow ours if they came over here if we brake a rule or a law there than we would have to get punished for it the same way they would get punished if they broke any of our rules and laws. One factor is that Gentura in its financial best interest could violate their non-disclosure agreement then this could lead to someone to potentially sell Cad Max information. That would be easy to sale to their competors to sale to the one that will pay the most for it. Since there is so much completion out there it would not take much for someone to find someone to get a hold of some kind of information so they can use it against the company. In most cases if a......

Words: 674 - Pages: 3

Premium Essay

Role and Functions of Law

...Role and Functions of Law Travis Martin LAW/421 Bernice Jenkins Role and Functions of Law The successful operation of business and society depends heavy heavily upon the function and role of law. Regulating behavior in respect to the general society is the primary purpose of law. Law establishes a protection of guidelines for mankind, animals, and the environment regarding safety issues and concerns. The term “law” has a variety of meanings for defining and describing it throughout history. However, a general acceptable definition of law is a body of rules for the action, conduct, or behavior prescribed by a controlling power of authority with legal binding force (Black’s Law Dictionary, 2013). Law can also take the form of a written code arranged and prescribed by an elected legislative body of judicial decisions, and actions of government agencies. In American law, the current state of law concern itself with common characteristics that create duties, obligations, and rights reflecting acceptable views of a given society (Melvin, 2011). The following contents of this paper cover the functions and role of law in business and society. It also discusses the functions and role of business law in the automotive industry. It is important to indicate that originally, law dealt with the concern of problems and issues regarding ownership of property. Today’s modern legal doctrines deal with complex system of principles and protections for law that provides......

Words: 1006 - Pages: 5

Premium Essay

Get Online Help with Ur Assignment Ashford a+Material


Words: 3197 - Pages: 13

Premium Essay

Role and Functions of Law

...and Functions of Law Eduardo Aguayo LAW 421 September 18, 2014 Richard Burgoon Role and Functions of Law In the introductions of law, we study what are the purpose and the importance of this science to people and businesses. In this essay I will cover the first most important aspects of the introduction to this science discussing terms and ideas of the roles and functions of law. The term law, throughout history, has been defended in a variety of ways. The most generally definition of the law is a body of rules of action or conduct prescribed by controlling authority, and having legal binding force. Law may be set down in a written code as prescribed by an elected legislative body, but also takes the form of judicial decisions and actions of government agencies. While there are many sources of American law, the common characteristic of the current state of law is that it creates duties, obligations, and rights that reflect accepted views of a given society. Jurisprudence could almost be defined as the science and philosophy of law. Jurisprudence may be divided into three branches: analytical, sociological, and theoretical. The analytical branch articulates axioms, defines terms, and prescribes the methods that best enable one to view the legal order as an internally consistent, logical system. The sociological branch examines the actual effects of the law within society and the influence of social phenomena on the substantive and procedural aspects of law. The......

Words: 1348 - Pages: 6