What are your rights related to the contract?

Business Law for Commercial Transactions Week 2 Assignment 1

Assignment 1: Discussion Questions

The discussion assignment provides a forum for discussing relevant topics for this week based on the course competencies covered. To support your work, use the textbook, lectures and scholarly outside sources. As in all assignments, cite your sources in your work and provide references for the citations in APA format. Post the answers to both parts in one discussion post and do not attach documents.

The discussion assignment consists of two parts.Select one of the two questions for Part 1 and answer Part 2.By Saturday, May 21, 2016, submit your answers to Part 1 and Part 2 to this Discussion Area. Start reviewing and responding to your classmates as early in the week as possible. You should review and critique the work of other students in as outlined in the rubric by Wednesday, May 25, 2016.

Discussion Question Part I

Select ONEof the scenarios below and explain the best solution.

Scenario 1 – Accountant’s Liability

Martha Bennett, CPA, was hired to prepare audited financial statements for Feed Poor Children (FPC), a nonprofit organization that provided hope, food and other resources to those in need in all 50 states and internationally. The president of FPC was embezzling funds and family members often took boxes of food for themselves; however, the president falsified the records that Bennett used in her audit. Regions Bank authorized a loan to FPC for $200,000 based on Bennett’s certified financials. The embezzlement was discovered and FPC defaulted on the loan. Afraid the bad publicity would affect donors, the board members wanted to keep the embezzlement quiet.

  • What arguments can Regions Bank make in an effort to recover the loss from Bennett?
  • What arguments can Bennett make in her defense?
  • Should the board members try to keep the embezzlement quiet? Why or why not?

Scenario 2 – Corporations and Criminal Liability

“Officers and directors, as well as the corporation itself, may be criminally accountable for business regulatory offenses” (Twomey & Jennings, 2014, p. 1091).

Locate a business that has been convicted of a criminal offense. The Department of Justice is a good place to start your research. Provide the following information.

  • Name of company
  • Illegal acts committed and criminal charges filed
  • Outcome, including fines and other punishments
  • Were any individuals charged and convicted? If so, please explain.

Discussion Question Part II

Consider the business you created in Week 1. In two to three paragraphs, address the following topics.

  • Select one of the products or services your company will provide. What type of warranty will you provide (express, implied, disclaimed)? Explain.
  • Identify something you need to purchase for your business that costs at least $1,000. The purchase may consist of multiple items as long as the value meets the minimum requirements. You are responsible for making the shipping arrangements to have a trucker pick up your purchase at the seller’s warehouse and deliver to you place of business. Which delivery and shipping term(s) apply to the shipment? Select a trucking company, locate their contract terms regarding the limit of liability for damages. What amount is the trucking company liable for in the even your goods are damaged?
  • Assume you purchased specially made steel articles in the shape of your company’s logo to give out at a conference in five weeks. Because the items are being manufactured specifically for your company, you paid 50% of the $15,000 purchase price up front. The supplier notifies you 10 days before the conference that the shipment will be delayed because the goods were loaded on a truck that was destroyed in an accident involving a train. What are your rights related to the contract?
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