Business Law J Questions

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Business Law J Questions

Q1:

Civil litigation and arbitration (one of the forms of alternative dispute resolution) are similar in the approach that they use to resolve legal disputes. In both proceedings, each party to the dispute presents its evidence to an independent third party that decides how the dispute will be resolved. Arbitration is less formal than civil litigation and is often less time-consuming and less expensive than civil litigation, but civil litigation often results in larger damage awards than arbitration.

If you had a substantial damage claim against a large corporation, would you give up the prospect of a large damage recovery through civil litigation for a quicker and cheaper but smaller recovery through arbitration? Provide your rationale.

Your journal entry must be at least 200 words in length. No references or citations are necessary.

Q2:

The Constitution of the United States created our system of federal government and allocated the powers of government among the three branches of government; it protects certain individual and business rights against interference by the government. In the grand scheme of things, the Constitution is important, but does the Constitution affect your daily business life? How does it, and should it?

Your journal entry must be at least 200 words in length. No references or citations are necessary.

Q3:

How important are contracts in your business life? Do you enter into informal contracts without even thinking? Explain your responses.
Your journal entry must be at least 200 words in length. No references or citations are necessary.

Q4:

We all enter into contracts without reading and understanding all of the terms of the contract, but who has time to read and understand pages of small print, or who can afford to hire a lawyer every time they get a new cell phone or buy a car? Have you ever entered into a contract without really understanding all of your obligations involved in the contract? You might say that you have not done that, but think whether you really understand all of the terms of the contract for your cell phone service, your cable or satellite television service, the loan for your car, or your lease or mortgage. Is there anything each of us can do to avoid entering into contracts that we do not understand without missing out on things we need and want?
Your journal entry must be at least 200 words in length. No references or citations are necessary.

Q5:
One of the reasons that the statute of frauds requires that certain contracts be in writing is because proof of the contract (and the terms within) is easier than if the contract is verbal, but written contracts are sometimes several pages long and contain legal terms that may mean something that most of us do not understand. If you were entering into a contract, would you rather have a written contract that was several pages long and that you might have to spend some time reading to understand or a verbal contract that you and the other party have discussed and that you understand from that discussion? Why? Would the content of the contract make a difference?
Your journal entry must be at least 200 words in length. No references or citations are necessary.
Q6:
Have you ever bought something, paid for it, and arranged to have it delivered to you at a later date? That is a fairly typical transaction, and, under the Uniform Commercial Code (UCC), a delivery contract is created. However, it is a little complicated to determine when you become the complete owner of the thing purchased.
First, when the contract is made and the purchase price is paid, the title to the item purchased is transferred to you, the purchaser. The UCC says that title is ownership, so you become the owner when the contract is signed and the purchase price is paid. However, only when the item purchased is actually delivered to you does the risk of loss pass to you. Why is that two-step process (i.e., [1] title is transferred to you when the purchase price is paid, and [2] then risk of loss is transferred to you when the good is delivered to the purchaser) necessary or helpful?
Your journal entry must be at least 200 words in length. No references or citations are necessary.

Q7:

Have you ever had an opportunity to appoint an agent? A power of attorney is an agency in which a principal gives an agent the authority to perform some legal act on behalf of the principal. What should you consider in appointing an agent in a power of attorney?
Your journal entry must be at least 200 words in length. No references or citations are necessary.

Q8:

Forming a corporation for a new business means giving up some of your control over the operation of that business. If you were going to start a new business, would you be willing to give some of your control over to that business to gain the benefits offered by corporations? Why, or why not?
Your journal entry must be at least 200 words in length. No references or citations are necessary.