Week Four Activities
Directions: All references and citations should be from the book The Legal Environment of Business by Cross & Miller, 11th edition, 2021. Please separate each activity and each activity should be around 275 words. Chapters covered are 14, 15, 16, 17, & 18.
Activity 4.1: Sales Contracts
For the first paragraph:
Discuss why it is necessary to have separate set of laws (UCC-2) for the sale of goods, instead of just using regular contract law.
For the second paragraph:
What are some common breaches that might occur in a UCC-2 transaction? Discuss the major remedies to a party under UCC-2 when the other party has breached.
For the third paragraph:
Discuss whether the Statute of Frauds is still/should be a vibrant part of the law. What is it trying to prevent or control? Why do the exceptions to the Statute of Frauds exist and are they effective in that regard? What additional exceptions, if any, would you suggest?
Activity 4.2: Credit and Debt
For the first paragraph:
Discuss the pros and cons of a business taking on debt.
What benefits to the business may occur?
What adverse effects may occur in a business taking on debt?
Should there be laws limiting the amount of debt a business may take on? Why/not?
For the second paragraph:
Is it ethical to run up large amounts of debt and then file bankruptcy?
Should bankruptcy be a remedy in that case?
What if you are diagnosed with terminal cancer and simply plan on dying before you have to repay the obligations?
Why are student loans not eligible to be discharged in bankruptcy?
What is it about students borrowing money to further their education that makes such a loan non-dischargeable?
For the third paragraph:
Discuss one of the Business Case Problems 15-1 to 15-9 beginning on p. 347:
Answer the question(s) posed in the problem you choose.
Back up you answer with concepts from Chapter 15.
