law 421 contemporary business law week 4 DQ
The Uniform Commercial Code “UCC” applies only to sales contracts that are agreements for the sale of goods. The UCC defines goods as that which is (1) tangible (i.e., has a physical existence such as a laptop computer), and (2) moveable from place to place. This means that real estate contracts or employment contracts are not covered by the UCC. While many sales contracts involve the sale of goods to a consumer, Article 2 also contains special provisions that apply only in transactions between merchants. Class when you think of a “merchant” what are your initial thoughts. Is it a seasoned business person? Does it include your neighbor that has yard sales every other weekend? How does your understanding of a “merchant” compare to the definition in chapter 8?
Based on our week 3 materials we already know that contract law is based on common law. Contracts are necessary because they allow our society to conduct business and protect rights with a rule of law that is applied to everyone. Therefore in light of the fact that we already have contract law why is it necessary to have the UCC? What is the function of the UCC?
Class based on this chapter do you believe that there are any benefits to forming a general partnership as opposed to being a sole proprietorship? What is the difference between a general partnership and a limited partnership?
The best choice of business entity is primarily driven by the risk, tax, and operational objectives of the owner(s) and the type of business operations contemplated. Choosing a business entity is an important part of business planning for both start-up entrepreneurs and the managers of a business supervising the launch of an additional venture that supplements an existing business. Each form of entity has its attendant advantages and drawbacks and a variety of legal consequences for the owners, known as principals, of the business. In choosing a business entity what factors should a business owner consider? In your post please list one type of business and choose the best business structure for that business based on the factors that should be considered when forming a business structure.
Class what are the pros and cons of a sole proprietorship? Pretend that you are a new business owner in the catering industry. Your business provides pies and cakes for special occasions. Would you choose the sole proprietorship business structure for your business?
What is a business trust and why is it important?
Class if you had to choose between a LLC or LLP what entity would you choose and why?
The Food, Drug and Cosmetic Act (FDCA) is the federal statute that created the Food and Drug Administration (FDA) to regulate testing, manufacturing, and distribution of foods, medications (including over-the-counter medication and prescription drugs), medical devices, and cosmetics. Do you think that the FDA is fulfilling its purpose? What does the function of the FDA fit within the context of our US Constitution?
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