ASSIGNMENT #2 CONTRACT LAW AND BUSINESS FORMS 40 marks

CONTRACT LAW (10 MARKS)

The business is mainly about Eco-Friendly Products that offer reusable products.

You and your partner will imagine a situation in which your business could be sued for breach of contract. Please answer the following questions in writing in your web page:

1. Describe the breach of contract. Your answer should identify:
   1. What the contract is about, and who the parties to the contract are be specific
   2. How the contract has been breached- be specific (2 marks)
2. Explain whether your claim would be for breach of a condition or breach of a warranty and explain your reasoning. (2 marks)
3. Identify and explain the remedy (or remedies) that the plaintiff would seek in this situation. Be specific. (2 marks)
4. Identify and describe 2 different clauses that you could include in your contract to reduce or even eliminate the risks related to being sued for breach of contract. For each, explain how the clause reduces the risks ( 4 marks).

BUSINESS FORMS (10 MARKS)

You and your partner will answer the following questions in writing in your web page:

1. Assume that when you started your business, you decided to operate as a sole proprietorship (with one of you as the owner and one of you as an employee). Provide 2 reasons why this was the right choice. (2 marks)
2. What is the major disadvantage to using this form of business, that might lead you to consider other options? (1 mark)
3. If you were to switch to a different business form as your business grows, which would you choose? Provide two reasons for this choice. Also describe one disadvantage or risk related to your chosen business form. (4 marks)

• Please note in order to answer this, you must understand each of the different business forms, who is permitted to form them, and the pros and cons of each

1. What are the consequences for you, as a business owner, if the business in its new form is not able to pay a debt? Are your personal assets protected? Explain. (3 marks)