Business Law

Assignment #1

Ch1 – Q2

A good lawyer should have much more knowledge of current laws then the average small business owner. Having this knowledge available could mean the difference between writing a contract successfully with no problems and incorrectly writing it causing potential loss in the future.

Ch2 – Q2

A) In the common law system we look to the role stare decisis to predict the outcome of a dispute.

B) In civil law, the Civil Code is looked at to find the predicted outcome of a dispute.

Ch3 – Q2

Questions of fact are questions regarding the details of an event such as the place and time of an incident. Questions of law are questions regarding to the rules and laws that apply in that certain situation.

The difference between these 2 types of questions is significant because they bring 2 different types of details to a situation, not only the straight facts of the situation but as well the lawful obligations of the members involved.

Ch3 – Q20

Negotiation is when the decision making is left in the hands of the disputing parties to work out for themselves. The advantages of negotiation are that it is very inexpensive (possibly free) and you have a significant amount of control over the situation. The disadvantages are both parties have to be willing to reason as well as the negotiation can be unbalanced due to inexperience or power.

Mediation is when a neutral third party assists the parties in coming to a resolution on their own. The advantages of mediation is having an un-biased third party member can make things smoother especially one with experience in problem solving. The disadvantages, similar to negotiation, require both parties to cooperate and be willing to reason. Many times when a wrongdoing takes place this can cause a problem.

Arbitration is when a third party makes a binding decision in the matter under dispute. The advantages to arbitrations is that it can take the arguing and complexity out of a situation...