business law What is/are the source(s) and level(s) of law that govern the following business transactions

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Business Finance

Description

Textbook(s)

Melvin, S. & Katz, M. (2015) The Legal Environment of Business: A Managerial Approach: Theory to Practice / Edition 2

The required words count for this is 1,200 words for the whole 5 questions; you must provide at least two (2) scholarly sources. You must provide a reference and in-text citations using proper APA Format for each source used. You must provide at least two (2) scholarly sources. You must provide a reference and in-text citations using proper APA Format for each source used. References goes after each questions.

Please be sure that your responses are meeting the criteria of academic writing. Please be aware of your spelling, grammar, punctuation, references/citation, etc, should be scholarly, synthesized what you read, and created an analysis in your own words, with reference citations to the sources you consulted, should be carefully proof read for correct spelling, grammar, and sentence construction.

. When answering please be sure that you are meeting the criteria of academic writing. Please be aware of your spelling, grammar, punctuation, references/citation, etc.

What is/are the source(s) and level(s) of law that govern the following business transactions?

1. American Hardware Supply enters into an agreement with a retail home improvement chain to supply them with certain inventory (240 words count)

2. Whitney wishes to apply for a patent for a device he invented. (240 words count)

3. Marshall is considering raising money for his business by selling stock in the company.(240 words count)

4. Bio-Tech Inc. ran out of cash and cannot pay its debts as they become due. Management seeks protection from creditors. (240 words counts)

5. Barnum wishes to bring his famous horse show into town and plans to stage it in a residential area of the city.(240 words count)

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Explanation & Answer

Attached.

Running Head: LEGAL ENVIRONMENTS OF BUSINESS

Legal Environments of Business
Institution of Affiliation
Date

1

LEGAL ENVIRONMENTS OF BUSINESS

2

Business transactions require legal grounds to ensure their validity. It is vital for everyone
to have the knowledge of the sources of laws that protect contractors in business. However,
without the knowledge of the laws regarding the transactions, can lead to huge losses. This
paper, explains the laws in the business that govern various transactions undertakings.
In case of the American Hardware Supply entering into an agreement with Retain Home
Improvement Chain, to supply certain goods, forms a legal business environment. The contract
of supply of goods which its terms are laid down in the supply of goods Act 1979, subsection 1215.The laws stipulated here ensures that there is a level of certainty and security for goods
contracted.
The contract of supply of goods for sale is formed when the parties involved, according
to this Act is made in writing or by a word of mouth. Subsection 12 of the Act states that, in
order for a true sale to take place, the title of the goods must pass from one party to the other.
The transfer ensures that the other, party say the buyer can at this time enjoy quiet possession of
goods. The buyer must also ascertain that the seller possesses the title of the goods so as to
validate the sale (Marson, 2015)
Sale by description, subsection 13, where the buyer in this case Retail Home
Improvement Chain is given, and the supplier is obligated to supply satisfying quality for
correspondence. However, if the sale is privately done, the seller is not bound by the contract
unless the purpose of the goods was disclosed by the buyer (Marson, 2015).
Subsection 14, talks about the quality of the goods. The quality of the goods must comply
with the agreement. Terms regarding are variable on the basis of if the goods are new or used. In
addition, the quality has to be fitting to the purpose, free from mi...


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