Business Law Essay The Law of Contracts Essay

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Assignment #1
This Assignment is worth 10% of your final mark. Complete this assignment once you have finished the second module – The Law of Contracts.
FACT SITUATION:
Walter, got off the telephone, turned to his wife and said " Great News. I have just been hired as General Manager of the Calgary Hoofer Football Team. They want me for a 4 year contract and will pay $350,000 per year so I accepted." This means we can buy the new house, the new car and the children can have whatever they want." Walter immediately phoned his best friend Joe and offered to buy Joe’s house which Joe had been trying to sell for 2 years. They agreed on a price of $200,000 and that the deal would close on Mar. 1, 1999 when Joe and his family would move out of the house. Walter was so happy he wrote a note to Joe telling Joe what a great friend he was and that he and his family would be able to move in on the 1st. Walter’s 14 year old daughter, Bertha, was so excited about her father’s good news, that she ran down to the local "All Terrain Vehicle Superstore" and signed a contract for a new, bright red ATV. The monthly payments were only $150. and she could easily afford this out of her allowance. She paid a deposit of $500 and drove away with her new machine. Walter’s wife, Wanda, decided that she could finally afford to help some members of her family that were in need and phoned her older sister and promised to send her $10,000. "Remember when we were young" she said to her older sister. "You used to loan me your bicycle and the $10,000 is simply my way of saying thank you."
Walter decided that since everyone else in his family was enjoying his money, that he would buy himself a new car. He went to the Mercedes dealer and picked out a car on the lot. After discussing the car with a salesperson, he negotiated a price of $42,600. for the car. He told the salesperson he would come in the next day with the cash and sign the agreement. The next day, he showed up with $42,600 cash. The salesperson had prepared the contract which he and Walter signed. Unfortunately for the salesperson her math skills were weak and the total price on the contract was incorrectly stated as $40,600. Walter noticed this, but didn’t say anything and just handed over the $40,600 and drove away in his new Mercedes.
Walter also decided to buy himself a new fur coat. He had wanted an mink coat all his life so he went to a local store which specialized in fur coats. He found the coat he wanted and asked the salesperson if it was mink. The salesperson said he would check with the manager. The manager said " mink, rabbit, otter – they’re all the same. I don’t have time to check every coat in the store." The salesperson told Walter that the coat must be mink so Walter bought to wear with his new car. Walter’s son, Waldo, 17 years old was away on a skiing trip when his dad got the job. He was so excited when his parents phoned him that he decided to go night skiing to celebrate. While skiing down the hill he ran into a snow-grooming machine and broke both of his legs. He had purchased the ticket to ski that night, without reading the warning on the back which stated "Fun Mountain Ski Resort is not responsible for any injuries suffered to any skier while skiing on Fun Mountain."
One week later, Walter received another phone call from the football club and he was informed that the club had to cancel his contract because they had no money and would likely have to go bankrupt. Walter told his family and said they should all cancel what they were doing. Walter, in the meantime had discovered that his mink coat was in fact rabbit fur.
The family was so busy worrying that they forget to cancel a dinner reservation which they had at a local restaurant. They had booked the entire restaurant for the evening to celebrate their good fortune and had planned on inviting 40 guests.
Explain the legal position of each party in this situation, including the position of those who had agreements with the family. Justify your answer by reference to the legal principles involved. Your answer should be no longer than 2 typed pages. Point form is acceptable. To answer, you may find it easier if you consider each legal problem as who could sue who and then, applying legal principles, give the outcome.

Assignment #2

You have finally graduated from college and have decided to start your own small restaurant and bar business with your best friend, Wendy. You have found a great location which you will rent, in a cool neighbourhood. Wendy, unfortunately, graduated from another institute of higher learning and doesn’t have a clue about business.

Before you make any decisions about the business, you have to explain to Wendy what is required in order to get this business up and running.

1. Explain to her which form of business organization you should choose and why you would choose this form.

2. Explain to her the licenses or permits which you will need from the city and the province, if any. Also explain to her the inspections which must be done of the premises you are renting before you can open the business.

3. How do you make sure you can use the name “Wicked Wendy’s Bar & Deli”?

If you are resident in Alberta, the following websites will be of some help. If you are not an Alberta resident, check for similar websites in your jurisdiction.

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