Business Law: Exam

This is a take-home exam. The exam is to be handed out on July 26, 201 2 and returned on July 31, 2012 on the final exam time. The group leader will assign each group member a question and each group member will answer the question and return the answer to the group leader. The group leader will grade each member in terms of cooperation and totality of the answer. The group leader will submit a final draft on exam date (July 31, 2012). The final draft must be done In a professional manner.

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Please underline or bold-type important terms, laws and phrases. Note, there is no correct answer. The purpose of this exam is for the student to understand the elements of each subject area of the law. When answering the question, discuss the elements of each law. Be sure to underline or bold type the elements of each law. All of the questions must be answered and each question Is worth 10 points. 100 points. A. Contracts John, age 16, goes to the Internet to purchase some computer software. John locates Ace Inc. Computer Software web site.

Ace has the software John wants and John places the order by identifying himself and orders two types of software and agrees to pay the price listed on the website. Ace then sends John a letter accepting the offer. When the software arrives at John’s place,John refuses to accept and refuses delivery. After placing the order, John found the same software at a cheaper price. Applying “common law contract principles” was there proper formation of the contract? Was there proper proof of the contract? Are there problems with conditions and performance? Is there a breach?

What are the available remedies? B. Contracts Arm, a merchant, receives a brochure from Amoco regarding some merchandise that is sold in Arm’s business. Arm then sends in a purchase order ordering 25 nits of merchandise (which exceeds $500. 00 in value). Amoco upon receipt of the order, sends a letter of confirmation containing additional Information which states that the price did not Include shipping and Insurance costs and that the shipping costs and insurance would be added on to the total contract price. Furthermore, Ammo delegates the obligation of shipping the merchandise to Coco.

While the goods were in transit, the truck was hijacked and all the merchandise, including Arm’s order. Applying “common law contract principles” are there Party issues? Formation Issues? Proof Issues? Performance Issues? Breach and Discharge issues? What are the available remedies? Arthur is in immediate need of cash. Arthur was involved with an accident where the other party was at fault. Arthur has a pending suit against the other party. The suit has been filed. Arthur goes too finance company and the finance company agrees to lend Arthur $10,000. 00 and to use the suit as collateral.

They prepare a financial statement containing all the relevant information. However, the finance company does not file the financial statement with the Recorders Office. Arthur then goes to another finance company and the second finance company using the same tit loans Arthur $20,000. 00. Furthermore, the second finance company states in the financial statement that “any property purchased by Arthur with said funds shall be used as collateral to satisfy the loan. Arthur purchases a new car with the funds. The second finance company files the financial statement with the Recorder’s Office.

Arthur then sells the new car to Henry for a reasonable price. Please discuss the relevant topics in terms of collateral, attachment, perfection, priority and exemptions. D Bankruptcy. Henry has Just graduated from college. After graduation, Henry finds gainful employment. Henry accumulated student loans totaling $45,000. 00 and also has a number of credit cards with a total of outstanding debts being $25,000. 00. In addition, Henry purchases a new car and also buys a home. Henry is involved in a car accident and is unable to work.

Henry incurs mounting medical bills and is unable to pay his debts. Henry contemplates filing a bankruptcy. Henry stops paying his house note, becomes in serious arrears in all of his debts. Henry transfers his car to his brother for a nominal amount. Henry runs all of his credit cards to the maximum. Henry rents a storage unit under another name to hide some valuable assets. Discuss the above in terms of voluntary/involuntary bankruptcy, what chapter might he be eligible for, estate, trustee, exemptions, distribution, discharge and reaffirmation.

Also, be sure to include the “means test”. E. Property What is the definition of “real property”? What rights accrue to the owner of “real property”? List and explain the various types of “property ownership”? F. Unfair Competition MAC was a famous entertainer. MAC estate is owned by his surviving spouse, Mary. Mary has formed MAC, Incorporated, and the major asset of the MAC Inc is the MAC name. Mary did some research on the life and times of MAC and published the article n the MAC Inc. Magazine. A local newspaper reprinted the article in total in their paper.

Also, a local business is selling tee shirts under the MAC name (with his pitcher In addition, the business alleges that MAC Inc. Is nothing but a criminal enterprise. G. Tort Arthur has Just graduated from CUBS. Arthur has a number of employment opportunities. Arthur decides to discontinue his relationship with Wilma. Wilma become very upset. In retaliation, Wilma goes to Urethra’s Backbone account and places information on the account that Arthur was caught cheating on an exam, was rested for drunk driving and had misappropriated another students work and turned it in for a grade..

All of which is untrue. Also, Wilma placed some pitchers of Arthur that were extremely embarrassing and when the pitchers were taken, the pitchers were never intended to go public. Potential employers review Urethra’s Backbone account and decide not to employ him. Discuss H. Property Question H should read “What is the basic requirement when transferring “real property”? What are the requirements when transferring “real property” (DIR)? What is a “mortgage”? What are the various types of a “mortgage”? Remember there are 8. L.

Crimes Congress passes the “Child On Line Protection Act”, which essentially states that it is a crime to put “obscene material” on the internet with intent to place said obscene material on the internet. Obscene materials is not clearly defined. Oscar, places a “pornographic movie” on the internet which is easily accessible for a fee. Oscar is arrested for violating the “Child On Line Protection Act”. In answering the question discuss the elements of a crime with special emphasis on “constitutional limitations”. J. Bankruptcy Discuss the elements of Bankruptcy.