BUSINESS LAW

 

 

FINAL EXAMINATION                                                                      Kathryn S. Williams

 

1.

Super Sal was the manager of a surf shop in Hampton, New Hampshire. He ran the shop, did all the advertising and spilt the summer’s profits with his boss. His boss lent him some money to get him through the season before the spilt of profits. He signed a promissory note for the loan which stated that he would pay his boss at the end of the season.  He hired helpful Harry to assist him with various tasks. The policy of the company, set by the boss, was that no one under the age of twenty-one could rent a surf board without an adult with them. Sal did not like the policy as it cut down on his business and profits. The insurance policy that covered the risks for the surf shop stated that it would not pay any claim for injury for a minor who was not accompanied by an adult. All renters signed an agreement stating that they understood that surfing was dangerous and that they would not hold the surf shop responsible for any injury they suffered while surfing. Sal rented a surf board to Clumsy Cassie who was twenty years old. Harry assisted Cassie and accompanied her as she tried surfing for the first time. A large wave hit Cassie and caused the surf board to hit her in the head. Harry tried to help her but while swimming in with her, he failed to notice another large wave and when that wave hit, both Cassie and Harry suffered injury. Discuss all legal issues.

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2.

Lucy and Lou decide to open a business manufacturing swimming pool filters. Lou does all the work but Lucy contributes money. The business bought a computer that Lucy uses at home and the company financed the purchase of the computer with a bank who used the computer as collateral. Pool Party, Inc entered into an agreement to buy thirty swimming pool filters. The filters were supposed to be delivered by May 1st but upon delivery on June 1st, Pool Party noticed that only 29 filters were delivered. After the installation of one of the swimming pool filters by Pool Party, a child’s hair got stuck in the filter and as a result, the child drowned. The child was two years old and swimming in the pool unsupervised. The family sues Lucy, Lou and Pool Party. Lucy files bankruptcy. Discuss all legal issues.
 

3.

Describe the requirements of negotiability under Article III.

4.

Discuss some of the differences between Article II and ordinary contract law and discuss why such changes were made.
 

5.

Describe the differences among corporations, LLCs and limited partnerships.
 

6.

Describe four (4) kinds of intellectual property.

7.

Describe some laws governing employment.

8.

Discuss one thing that happened during this course, either to you personally or something that happened in the news, and describe how your view of the event was altered by what you have learned in this course.

 

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