Key Assignment DraftYour boss has asked you to provide a draft of the final contract that will become the document guiding the companies in the fulfilling the requirements you have presented in the previous weeks. You are to provide a white paper that includes the following:An introduction discussing what topics will be discussed and an explanation of the purpose for administering a contract. A statement of expectation, also considered the statement of work, defining the services required. A request for information using stakeholder requirements from previous phase. Select appropriate contract format (example, fixed price, cost plus expenses, etc.) and explain why the selected contract type is appropriate for this effort. Select appropriate terms you desire to incorporate from the Uniform Commercial Code. Provide the UCC designation and the title; not the complete wording in the code. The legal terms and conditions should be detailed in the UCC section. The statement of expectation should include all rules the two companies (the contract provider and the buying company) must comply with for the contract to be considered fulfilled. Students will be expected to show they understand the specific rules each company must adhere to. See Phase 5 Key Assignment Final Draft instructions for white paper organization.Please submit your assignment.For assistance with your assignment, please use your text, Web resources, and all course materials.

Cliff Hall opened Meridian Co. on January 1, 2009. At the end of the first year, the business needed additional capital. On behalf of Meridian, Cliff applied to Federal National Bank for a loan of $300,000. Based on Meridian’s financial statements, which had been prepared on a cash basis, the Federal National Bank loan officer rejected the loan as too risky. After receiving the rejection notice, Cliff instructed his accountant to prepare the financial statements on the accrual basis of accounting. When the financial statements are prepared on the accrual basis of accounting, they included $48,500 in accounts receivable and $15,650 in accounts payable. Cliff then instructed his accountant to record an additional $20,000 of accounts receivable for merchandise ordered by a customer that will not be delivered until January 5, 2010. Cliff then took the revised financial statements to a different bank, First City Bank, and applied for a $300,000 loan. On this application, Cliff indicated that he had not previously been rejected for credit. Please review the information on page 101 in your textbook and then answer the questions. Were the revisions to the financial statements correct or incorrect? Why or why not? Be sure to use detailed reasons to support your response. Was the inclusion of the $20,000 of in accounts receivable correct or incorrect? Why or why not? Be sure to use detailed reasons to support your response. Discuss the ethical and professional conduct of Cliff Hall in applying for the loan at the second bank, First City Bank.

Scenario The Friendly Dawg is a retail pet supply store owned by Dave Dawgs. Dave has worked in the store since high school and took over running the store after his father died two years ago. Originally the store sold only pet food and supplies, such as animal food, bird cages, water bowls, pet beds, and so forth. Upon taking ownership, Dave added fish tanks with fish for sale. Recently he built a kennel and cages in a former storage area in the rear of the store in order to sell live animals, such as snakes, birds, dogs, and cats. Landlord Lou came by during renovations and asked what was going on. One of Dave’s employees told Lou that The Friendly Dawg was expanding its inventory and needed the space. Landlord Lou told the employee, “Very exciting! Good luck!” A few weeks later, landlord Lou began receiving complaints from the neighboring tenant, the Sunshine Yoga studio, that the noise from the dogs and parrots was very disruptive. The signed lease between Dave Dawg’s deceased father and Lou describes the business as a pet supply store only and does not mention selling live animals. The lease specifies a rent in the amount of $500 a month. Sunshine Yoga does not have a written lease. The owner of Sunshine Yoga, Jasmine, met Lou one night in a bar two years ago where he verbally offered to rent her the space for $300 a month. Jasmine claims that landlord Lou told her that night that she could rent from him forever and that he would never evict her. Lou called Dave, asking him to quiet the animals. Dave said he would try, but the complaints from Jasmine continued. Dave also demanded that Lou improve the air-conditioning system, claiming it was too hot in the rear of the store for his animals and it was causing them to become agitated. Landlord Lou refused, claiming that air-conditioning was not meant to cool that area and it was not his job as landlord to take care of live animals. Dave stopped paying his rent, claiming that he was not obligated to do so because Lou was breaching his obligation under the lease to maintain the property in good repair. The next day, a dangerous snake escaped through the air vents and slithered into the neighboring yoga studio, frightening Jasmine, the owner, such that she had a heart attack. After recovering, Jasmine stopped paying her rent, claiming that the premises were unsafe due to the presence of wild animals. She also claimed that she has been very depressed and anxious as a result of the ongoing situation. And she contends that she has lost clients because of the noise coming from The Friendly Dawg. The Friendly Dawg has been a good tenant, enjoys a strong customer base, and pays more in rent than Sunshine Yoga. Sunshine Yoga has always been late with rent, and Jasmine constantly bothers Lou over minor issues. Directions Write two short papers—one on contract law and one on tort law. Contract Law Evaluate the potential rights, claims, defenses, obligations, and remedies for each party from the perspective of contract law. Determine whether landlord Lou has a right to evict either party. Use reliable resources, such as the textbook and other course resources, to support your evaluation. Specifically, include the following components in your evaluation: Contract between The Friendly Dawg and landlord Lou Analyze the scenario to determine whether a valid contract still exists between The Friendly Dawg and landlord Lou. Explain the elements of a valid contract, and identify which contract elements, if any, exist between The Friendly Dawg and landlord Lou. Analyze the potential rights, claims, defenses, obligations, and remedies available to both landlord Lou and The Friendly Dawg in this scenario. Support your analysis by referencing specific legal principles or laws. Contract between Sunshine Yoga and landlord Lou Analyze the scenario to determine whether a valid contract still exists between Sunshine Yoga and landlord Lou. Explain the elements of a valid contract, and identify which contract elements, if any, exist between Sunshine Yoga and landlord Lou. Analyze the potential rights, claims, defenses, obligations, and remedies available to both landlord Lou and Sunshine Yoga in this scenario. Support your analysis by referencing specific legal principles or laws. Grounds to evict Describe whether, based on your analysis of each party’s rights and obligations, landlord Lou has the grounds to evict either The Friendly Dawg or Sunshine Yoga. Support your conclusions by referencing specific legal principles or laws. Include a References section and cite your sources using APA style. Tort Law Evaluate the implications of tort law in this scenario and what legal claims Sunshine Yoga might have. Use reliable resources, such as the textbook and other course resources, to support your evaluation. Specifically, include the following components in your evaluation: Tort law: Define what tort law is and how torts may affect business practices. Relevant tort laws: Identify tort laws relevant to the scenario, specifically the incident involving the snake. Legal claims Identify what legal claims Sunshine Yoga might have against The Friendly Dawg and landlord Lou, based on those tort laws and related legal principles. Support your conclusions by referencing the applicable tort laws and related legal principles.