Reference no: EM132219164

Pretend you are the owner of a Barbecue Resturant.

Now that you've come up with an idea for a business (Barbecue Resturant) and have described its potential ethical concerns as well as viable alternative dispute resolution possibilities for your business, it's time to start thinking about legal protections for your business. Fundamentally, a business owner has to think of what type of contractual obligations he or she will enter into to protect the business, maximize profits and contribute to an ethical and responsible business culture. For Discussion Topic #2, you'll take your business through the elements of a valid contract to see how these important aspects of business activity play out.

Think again of the type of people with whom your business would interact (employees, suppliers, customers, etc.). What types of contracts would your business enter into with these groups? Would it possibly be an employment contract? Would it be a contract of sale for your goods or services? A contract to buy or lease something to better your business? Think creatively for this topic and be specific about the contracts your business engages in and how each of the four elements of a valid contract could be explored in your business.

Answer the following four questions below (in one or two paragraphs total).

(1) What would an agreement look like with the people with whom your business deals? Describe specifically the offer, its terms and conditions (if applicable), whether advertisements or bids are used; also describe what an acceptance would look like. Would it have to be in a specific form? Would the nature of your business allow the provisions of UCC 2-207 (recall, that's the provision that says for certain contracts for the sale of goods, the mirror image rule doesn't necessarily apply).   

(2) What type of consideration would be part of the contract you're describing? Would it be the promise of money for the promise of a good or service? Is it a promise for an act? Be specific here after you've reviewed the concepts concerning consideration from the book and the PowerPoint slides.

(3) Do you see any problems with capacity of the parties in your business' contract(s)? For example, if you sell items intended for children, to whom would your offers of sale be directed? If notion of capacity are brought up in your business' contracts, what specifically are they? Can the contracts be protected from disaffirmance? Are severable parts of your business' contracts preferable?

(4) Is the object of your business' contract(s) legal and not against public policy? Briefly discuss what are the objects of your contracts and whether there would be any concerns about them not being allowed to be the subject of valid contracts.