Investors and entrepreneurs must be aware of specific legal structures and laws that apply to their respective business operations, contracts, and human resource (HR) relations. Proper knowledge of such requirements can inform effective organizational decisions, options, and objectives. Existing laws should be guide issues such as liabilities, employment types, and contracts. The case of ACME Fireworks shows clearly that business owners should be aware of their potential liabilities and applicable guidelines in order to achieve their potential.
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Since the growth and expansion of ACME Fireworks have resulted in new contracts that are governed by common law, the owner should consider the five elements of an enforceable contract, monitor the potential liability of the business, embrace better employment types, and change the firm to a partnership in order to remain profitable and sustainable.
Final Paper Proposal
Analysis of the Targeted Business Contracts
The presented case study indicates that the business of ACME Fireworks revolves around selling large aerial and ground display fireworks. The organization is expected to offer exemplary services to several businesses on a regular basis (Steingold, 2017). The final paper will use this background information to explain how and why the owner of this sole proprietorship business should examine these proposed contracts using existing laws.
Nature of the Contract
This section of the paper will describe why common law should govern the identified contracts and not the Uniform Commercial Code (UCC). This is true because common law is what dictates the way businesses pursue or form contracts to offer intangible services and assets (Zubair, Bashir, Abrar, Baig, & Hassan, 2015). The discussion will also explain why UCC is only applicable to contractual transactions associated with tangible objects, including buildings, parcels of land, and cars.
This part of the final paper will use appropriate legal facts and arguments to explain why ACME Fireworks’ owner formed a contract with the businesses. The five key elements of an enforceable contract will also be applied in this section in order to make the presented arguments more informative and meaningful (Saha & Kumar, 2017). These attributes include mutual acceptance, voluntary acceptance, consideration, the existence of competent parties, and a legal purpose.
The type of a business entity dictates the potential or nature of personal liability. Since the targeted contracts are aimed at creating several fireworks displays regularly, there is a possibility of a spectator being wounded by a stray firework (Bridge, 2017). Using relevant law, the proposed paper will go further to explain why the small business will have personal liability for any accident or injury reported whenever providing the identified fireworks display services.
Employment Types: Advantages and Disadvantages
Agency law is a field that informs different types of employment contracts between persons and business entities. A detailed examination of the goals and nature of ACME Fireworks reveals that the small business firm can pursue these types of employment: trainees and apprentices, fixed contracts, casual, full-time, or part-time (O’Brien, Powers, & Wesner, 2018). The intended paper will use agency law to analyze these employment types and examine their unique disadvantages and advantages in an attempt to support the goals of ACME Fireworks and eventually deliver positive results.
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A New Business Entity
According to the studied case study, ACME Fireworks has been operating as a sole proprietorship for two years. The proposed discussion will examine the unique challenges associated with this form of business entity and why it might not be appropriate as the small firm plans to expand its offerings and meet the changing demands of the identified customers (Steingold, 2017). The paper will go further to propose partnership as a better option or alternative if this company is to achieve its objectives, support the needs of every employee, and remain profitable in the industry.
Recommendation and Rationale
In this part of the final paper, the partnership will be presented as an evidence-based model that can be proposed for ACME Fireworks. This decision will be supported using various arguments, including the desire to minimize personal liability, the introduction of superior ideas, and the possibility of expanding its operations (O’Brien et al., 2018). The discussion will present numerous insights and benefits of partnership in order to encourage the owner of ACME Fireworks to embrace this form of business entity and eventually promote organizational performance.
The above outline has highlighted the major areas and issues that will be elaborated on in the proposed final discussion. If ACME Fireworks is to offer quality and reliable services to the identified businesses successfully, there is a need for its owner to embrace a superior model, consider appropriate employment agreements or types, and implement the most appropriate strategies to minimize liability. The completed discussion will offer numerous ideas, insights, and suggestions that can empower different stakeholders to achieve their potential and eventually make ACME Fireworks a leading player in its business segment. The final paper will present such concepts in accordance with the provisions of different laws and requirements that govern business contracts in the country.
Bridge, M. (2017). Good faith, the common law, and the CISG. Uniform Law Review, 22(1), 98-115. Web.
O’Brien, C. N., Powers, R. E., & Wesner, T. L. (2018). Benchmarking and accreditation goals support the value of an undergraduate business law core course. Journal of Legal Studies Education, 35(1), 171-189.
Saha, S., & Kumar, P. (2017). Influence of participation in decision making on job satisfaction, group learning, and group commitment: Empirical study of public sector undertakings in India. Asian Academy of Management Journal, 22(1), 79-101. Web.
Steingold, F. S. (2017). Legal guide for starting & running a small business (15th ed.). Berkeley, CA: Nolo.
Zubair, A., Bashir, M., Abrar, M., Baig, S. A., & Hassan, S. Y. (2015). Employee’s participation in decision making and manager’s encouragement of creativity: The mediating role of climate for creativity and change. Journal of Service Science and Management, 8, 306-321. Web.