Business law.

  1. Business discussions

As a new sales representative for Misco Equipment Corporation, you take a customer out to dinner. Before dinner is over, you have shaken hands on a deal to sell the customer nearly a half-million dollars’ worth of industrial equipment. In writing up the formal contract the next morning, you discover that you misfigured the equipment’s price. Your error could cost Misco $60,000. You telephone your customer and explain the situation.

– Is the “deal” you made an enforceable contract?

– Does the mistake you made permit you to get out of an enforceable contract?

– What do you think will happen in this situation?

  1. Review Questions and Problems

.- Two Basic Divisions of Property

(a) Explain the two basic divisions of property.

(b) Martin sold his house to Cheryl. Later, when he tried to take the beautiful chandelier in the dining room, which had belonged to his grandparents, with him, Cheryl objected. What is issue here? Legally, who is likely to win this dispute? Discuss

– Baliments

(a) Is a lease of a mowing tractor a bailment? Explain.

(b) A warehouse contract requires that your equipment be stored in “warehouse 314.” For its own convenience the warehouseman moves your equipment to warehouse 212, and your equipment is destroyed by a tornado that sweeps through the town. Is the warehouse liable to you for the value of the equipment? What if the equipment had been destroyed in warehouse 314? Would your answer be different? Because of these types of problems, what sort of arrangements do bailors and bailees often make regarding bailed goods?

(c) How are common carrier different from other sorts of bailees?

  1. Macroeconomic

Find a news article (include the URL) about production and give a brief summary of the article. Then relate how public policy affects economic growth, specifically in the case of the article you chose. How might these policies affect other means of production as well?

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