Your final project is to “Invent a Product” and then draft a contract to sell the product.
LAW001 Business Law 1
Week 1 Forum
“Invent a Product”
Your final project is to “Invent a Product” and then draft a contract to sell the product. See details about the final project (Links to an external site.). This final project is worth 10% of your final grade, andis not due until the last few weeks of the semester
For both our on campus and our online classes, please do the following:
1. Using your own, very creative imaginations, create a product. Make it as inventive as possible. It does not have to be either “practical or profitable”.
2. Now, post your product in this discussion forum. Say how you decided upon it, why it might be useful, successful, popular, and etc.
3. Once you have posted your product, then come back to the forum and post two other posts to other students and comment upon their product, giving them ideas and suggestions.
The purpose of this forum is to get everyone going on the project, in a fun way.
LAW001 Business Law 1
Week 2 Forum
Recent Breach of Contract Cases’
What is the most recent breach of contract cases have you heard about in the media? What part of that lawsuits represents compensatory damages? What part consequential damages? What part punitive damages, if any? Do the amounts seem fair based on the facts of the case? Were other remedies granted? Does their award seem fair?
LAW001 Business Law 1
Week 3 Forum
Offers v. Preliminary Negotiations”
Discuss current catalogs, advertisements, classified advertisements, and direct mail advertisements that you have received or seen and say which ones are offers and which ones represent preliminary negotiations.
VALIDITY OF PARTICULAR KINDS OF OFFERS
A. Offer made in jest: An offer which the offeree knows or should know is made in jest is not a valid offer. Thus even if it is “accepted,” no contract is created.
B. Preliminary negotiations: If a party who desires to contract solicits bids, this solicitation is not an offer, and cannot be accepted. Instead, it merely serves as a basis for preliminary negotiations. (Example: A says, “I would like to sell my house for at least $100,000.” This is almost certainly a solicitation of bids, rather than an offer, so B cannot “accept” by saying, “Here’s my check for $100,000.”)
C. Advertisements: Most advertisements appearing in newspapers, store windows, etc., are not offers to sell. This is because they do not contain sufficient words of commitment to sell. (Example: A circular stating, “Men’s jackets, $26 each,” would not be an offer to sell jackets at that price, because it is too vague regarding quantity, duration, etc.)
1. Specific terms: But if the advertisement contains specific words of commitment, especially a promise to sell a particular number of units, then it may be an offer. (Example: “100 men’s jackets at $26 apiece, first come first served starting Saturday,” is so specific that it probably is an offer.)
2. Words of commitment: Look for words of commitment — these suggest an offer. (Example: “Send three box tops plus $1.95 for your free cotton T-shirt,” is an offer even though it is also an advertisement; this is because the advertiser is committing himself to take certain action in response to the consumer’s action.)
D. Auctions: When an item is put up for auction, this is usually not an offer, but is rather a solicitation of offers (bids) from the audience. So unless the sale is expressly said to be “without reserve,” the auctioneer may withdraw the goods from the sale even after the start of bidding. See UCC §2-328(3)
LAW001 Business Law 1
Week 4 Forum
Subjective Intent”
Is it fair for a court to hold that parties are bound in contract even though one of the parties claims that it did not intend to form a contract? Generally, should the courts give more weight to subjective intent in determining whether a contract has been formed? Why or why not.
Review this Links to an external site.article before posting a reply.
LAW001 Business Law 1
Week 5 Forum
Online Transactions
What is the current state of technology for protecting online transactions? How can a party be assured that the negotiation and transmission of a contract online is secure? How can the performance of a contract be monitored online?
Here is an article to consider in your discussionLinks to an external site..
LAW001 Business Law 1
Week 6 Forum
The Fraud Disease”
Read the following:
Understanding the fraud disease: As described by J.K Loebbecke, M.M. Eining, and J.J. Willingham, Jr., in “Auditors’ experience with material irregularities: Frequency, nature, and detectability” (Auditing: A Journal of Practice & Theory, Fall 1989), the fraud recipe contains three ingredients: incentive, opportunity, and attitude/rationalization.
The first ingredient, incentive, addresses whether executives have a reason to commit accounting fraud. Common reasons include compensation factors (stock options, bonus targets), strong pressure to perform, and expectations analysts place on the company. Putting pressure on executives certainly is a good motivator, but it is important to recognize when the pressure becomes so intense that people resort to fraud to make the numbers.
The second ingredient is the opportunity to commit accounting fraud. The main deterrent to opportunity is strong internal controls, the focus of section 404 of the Sarbanes-Oxley Act. Controls should address routine transaction processing and asset safeguarding, as well as estimates and assumptions used in preparing the financial statements. If section 404 work improves internal controls, the side benefit should be a reduced risk of accounting fraud.
The third ingredient in the fraud recipe is attitude/rationalization. In other words, can someone with a reason to commit fraud and the opportunity to do so explain away such behavior? Is the fraud okay because it saved jobs? Is it okay because it happened only once and will be corrected in the future? Is it okay because the CEO said “make the numbers or else”
Executives should view the organization through this lens of incentive, opportunity, and attitude/rationalization. In addition, the appendix to SAS 99, “Management Antifraud Programs and Controls,” may be a helpful resource to those seeking to understand and prevent fraud (see http://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-00316.pdf (Links to an external site.) ) Conducting regular, honest assessments of the organization’s fraud risks can go a long way toward preventing fraud.
http://abogado.pbworks.com/w/page/106550535/sarbanes-fraud
Now discuss the following:
1. What are the three ingredients of fraud?
2 How do they apply to every day business?
3. Do you think there is less fraud now that we have the Sarbanes Oxley law in force?
4. How can we improve the “fraud disease” – any thoughts or suggestions?
LAW001 Business Law 1
Week 7 Forum
Open Source Licensing
Forum Discussion – Open Source Licensing – Read the recent case on this issueLinks to an external site., and then discuss your thoughts on the pros and cons of this case. Was it a good decision? Why or why not. If you were the judge how would you have decided?
LAW001 Business Law 1
Week 13 Forum
Krispy Kreme sued for not having real fruit in its doughnuts.
Please review the following complaintLinks to an external site.. Do you think Saidian will win this case, at least on the breach of warranty claims?
LAW001 Business Law 1
Week 14 Forum
Class Action Lawsuit Against Jeep
Forum Discussion.
Back in June, actor Anton Yelchin’s died when his Jeep rolled backwards and pinned him against his driveway. His death prompted a class action lawsuit against Jeep. Please read the complaintLinks to an external site. and discuss the merits of the claims asserted.
LAW001 Business Law 1
Week 15 Forum
Legal Ethics
After reading thisLinks to an external site. article, discuss whether Minnesota needs to change its law with respecting to writing bad checks.
LAW001 Business Law 1
Week 16 Forum
What you learned?
What surprises or problems did you encounter? What new things did you learn? What tips of advice would you give to new students taking the class?
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