Business Law Problems - 2690 Words

1. What are the four elements of a valid contract? A contract is an agreement between parties, with terms and conditions that describe the agreement that constitutes a legal obligation (All Business). A valid contract requires four elements and these are: a. Mutual agreement Ââ€" there must be a meeting of the minds between parties. There should be an offer and an acceptance. There should be an agreement to enter into the contract b. Consideration - meaning that every party is conferring a benefit on the other party or himself sustaining a recognizable detriment, such as a reduction of the partys alternative courses of action where the party would otherwise be free to act with respect to the subject matter without any limitation†¦show more content†¦Cost of contracting will be lower which will definitely impact businesses. Another impact of electronic contracting is the impact on government regulations. With the advent of this new kind of contracting, governments would also have to update their regulations to adapt to electronic contracting. In order for electronic contracting to work, the necessary support and infrastructure should also be implemented. There should be firmer and specific laws to regulate these kinds of transactions. 2. What are the potential pitfalls you see with electronic contracting? One major pitfall of electronic contracting is the potential legal impact that can ensure from such negotiation. Currently, not all states have an electronic contracting law. As such, these contracts may not be recognized by everybody. Also, the admissibility of evidence of an electronic record or signature may be unconstitutional; contracting parties should consider adding clauses expressly providing for the admissibility of the constituent electronic records (Reid Priest). Another pitfall that could ensure from electronic contracting is the huge possibility of fraud and mistake which is minimized in traditional contracts. Also, ecommerce information has the potential of being used improperly. Assignment Name: Unit 4 Discussion Board 1. Is the International Court of Justice the first worldShow MoreRelatedThe Major Sub Areas Of Finance1156 Words   |  5 Pagesfinancial decisions in the business context. The major subareas of finance are investments, financial management, financial institutions, market, and international finance. Risk is a potential future negative impact to value and or cash flow. It is often discussed in terms of probability of loss and the expected magnitude of the loss. 2. What are the three basic forms of business ownership? What are the advantages and disadvantages to each? The three forms of business ownership are sole proprietorshipRead MoreBusiness Organization Business Forms Sole Proprietorship This is the easiest and simplest form of700 Words   |  3 PagesBusiness Organization Business Forms Sole Proprietorship This is the easiest and simplest form of business ownership. The sole proprietorship is a business organization that is owned and operated by a single person (Astrachan, Shanker, 2003). Betty can choose to be a sole trader and the individual owner of the coffeehouse. The business will be unincorporated and Betty will be personally liable for any debts, losses or legal action. On the other hand she will keep all the profits and will also beRead MoreEssay Entrepreneurship1567 Words   |  7 PagesDescribe the term Entrepreneurship and the challenges of starting a small business Entrepreneurship is the dream of a lifetime for most individuals. 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What does answer to this question suggest that entrepreneurs do before they start a firm? In general, entrepreneurs tend to overestimate their knowledge of the laws that pertain to starting a new firm. Before entrepreneurs start a firm, they should seek for lawyer to get some legal advice, get sources and information about the business, refer to book, or search the information thru the internetRead MoreThe Never Ending Struggle For Companies1668 Words   |  7 Pagesprimary one being the conservation of money that would previously go towards nurses’ paychecks, and which can now be used in other areas to address the hospital’s crucial needs. Yet the consequences of neglecting to take charge in our reaction to this problem can be severe. If we, as the hospital leaders, fail to properly address this issue regarding nurse paychecks in both a fair and professional manner, then we may find ourselves suffering the consequences instilled by the legal system. 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Corporations generally find it easier to raise capital. d. Corporations enjoy unlimited liability. e. Statements