What is it and how is it different from common law? What is the present relationship between common law and equity? Methodology In order to provide a broader image of the principles applied by equity and the common law, secondary research was carried out. The process involved both gathering information from the internet websites and Business Law textbooks. Findings The development of English legal system […]

Resolving Ethical Business Challenges Chapter One 1. What are the potential ethical issues faced by Acme Corporation? Acme is essentially bribing buyers to purchase their products. This could backfire on them if the buyers company gets wind of it. The reaction of the company may be to fire their buyer and cut off Acme all together. This of course could be potentially fatal for Acme […]

An exemption is a clause in a contract that exempts or removes liability from one or both parties in certain circumstances. Exemption clauses are used frequently in business organization contract. These clauses apportion risk between the parties concerned and the law upholds them, assuming the parties negotiated them while drafting the contract 2. The two ways in which exemption clauses can be incorporated in a […]

TUTORIAL 2 1. Ali and Abu were neighbours. Ali had to go to Singapore for a business seminar. Before he left, he told Abu “Please look after my house”. After two weeks of being away, Ali’s house caught fire and Abu could only save a briefcase containing RM30,000. When Ali returned home, he thanked Abu for saving his briefcase and promised he would pay Abu […]

THE LAW OF BUSINESS ORGANIZATIONS CHAPTER 4 – Piercing the Corporate Veil Minne B Berkey v Third Avenue Railway Company Overview: This is a New York Court of Appeals decision in 1926 adjudicated by the legendary Justice Cardozo. In this seminal case on ‘piercing the corporate veil’, the Court of Appeals finds in favor of the Defendant, Third Avenue Railway Company. The Court holds that […]

Introduction to Business Law and Ethics Susana Silvestri Grand Canyon University BUS-340 October 17, 2010 Introduction to Business Law and Ethics Statutory interpretation was critical to the Supreme Court of Colorado’s resolution of a 2007 case, Pringle v. Valdez. Using an online source or sources, locate the Pringle decision. Then do the following: 1. Read Justice Bender’s majority opinion and prepare a case brief of […]

The American common law adopted the concept of strict liability in early 1960’s. They began to adopt the view that the sellers should bear the cost of injuries or defects in their products as they are in the best position to distinguish the risks associated with their products. The courts of modern times also provide the sellers the indisputable liability for their defective products without […]

A contract is an agreement between two or more persons, which is intended to create legally binding obligations. The word binding is used for there are some contracts which are valid but are not enforceable. But before a contract becomes binding and enforceable, it must have fulfilled essentials of a valid contract which include: that there must be an offer and acceptance; there must be […]

Business Law Answer Key This is a comprehensive key to all the questions, including some chapters which we did not cover. You are responsible only for chapters on the syllabus. Ch. 1 A. 3 B. 5 C. 1 D. 2 E. 4 1. F 2. T 3. F 4. T 5. T 6. B 7. D 8. D 9. A 10. E Ch. 3 A. […]

1. Agency is term used to refer to the relation that arises when a person (agent) acts on behalf of another (principle) whereas employment refers to a contract between two people known as the employer and employee. An independent contractor is a person or a firm that provides goods to another entity under certain terms specified in a contract but unlike an employee, they don’t […]