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Module 1 Discussion

What are the underlying reasons for the law to continue to make distinctions between real and personal property, intangible and tangible property?

MBA535 Module 2 Discussion

Module 2 Discussion

Under the common law, from the 1500s until today, the law has allowed past property owners to place limitations on the uses of real property in the future through the use of covenants (promises) as set forth in real property deeds as well as use of the fee defeasible estates (i.e. “To John Doe, so long as the property is used as a tobacco farm”) and the evolution of zoning statutes and practice. Thomas Jefferson argued vehemently that no past owner of real property (dead or alive) should be allowed to restrict a future owner of real property concerning its present use; however, the Virginia State Legislature disagreed with him and land use limitation continues today. Jefferson described this practice as “Allowing the dead to control the lands of the living.”

Was Jefferson right, or should we maintain the practice of allowing past property owners to place land use limitations in deeds of lands sold or gifted? Further, should the government be allowed to determine how a private property owner uses his/her respective land?

MBA535 Module 3 Discussion

Module 3 Discussion

Consider the differences between the bilateral contract and the unilateral contract. In the bilateral contract, we have the offeror willing to exchange a promise for another promise (“I promise to pay you $1500.00, if you promise to paint my house on or before Saturday.”). In the unilateral contract, the offeror is insisting on performance for a promise (“If you complete painting my house before Saturday, I will pay you $1500.00).

Why does the law make such a distinction and why would a party to a contract choose one type over another?

MBA535 Module 4 Discussion

Module 4 Discussion

Imagine that you are at a flea market and you are looking through a table full of old books or every type. You discover what you believe to be a first edition of Mark Twains’ Huckleberry Finn, although you are not certain. The price on the book is $5.00 and you gladly pay it without question. Neither you nor the seller discuss the book in any way as you purchased the book. Afterwards, you have the book appraised by an expert antique book export, who informs you that the book is worth at least $10,000.00.

In this exchange, you have provided $5.00 in consideration for an item worth circa $10,000.00 when sold in the correct market. Could the flea market bookseller properly seek to have the sale set aside due to inadequate consideration? What is the flea market bookseller knew it was an original, but had no idea of the true worth and thought that $5.00 was a reasonable price? Will the law consider the issue of adequacy of consideration in this instance?

MBA535 Module 5 Discussion

Module 5 Discussion

You are an avid collector and painter of watercolors. You enjoy visiting all of the local and regional art galleries and, routinely, you purchase works of copies of the masters. One evening, at a local gallery, you make an offer to purchase what you are told is an autographed print of a locally famous watercolor artist. The painting is framed in glare-free argon gas glass. You pay $500.00 for the print and glass.

The next evening the gallery director calls you and frantically explains that you actually purchased an original work by the artist, not the autographed print you thought you purchased. The original painting, in your possession, is worth at least $10,000.00. The gallery director asks that you return the painting, but also informs you that there exists no more autographed prints to sell to you. When you hesitate to return the painting without receiving at least the autographed print, the gallery director threatens you by stating that if you do not return the painting, she will inform all of the art galleries in the state of your refusal and ask that none of the galleries sell to you in the future.

In this transaction, how does the law of unilateral and mutual mistake apply. What about the notion of fraud? The gallery provided you with an express guarantee of authenticity of the autographed print and frame. Did the gallery provide what it guaranteed? What about the element of duress? Is the gallery director potentially liable to the defense of duress if you agree to rescind the contract and return the painting (and hopefully receive a return of the monies you paid).

MBA535 Module 6 Discussion

Module 6 Discussion

American corporations vary in numerous and varied degrees from corporations of other countries. For example, in Japan, the government limits the highest wages a corporate officer may receive based as a multiple of what the lowest wage earner in the corporation receives. At one point, the highest paid employee of a Japanese corporation could receive only sixty (60) times the wage of the lowest paid employee of the corporation.

Is this a wise regulation, or does this somehow limit the competitiveness of Japanese corporations? Do you think that Japanese corporations in general may be less competitive in the world’s marketplace than American corporations because of these renumeration (wage) restrictions? What about the common scenario in which a board of directors in a major corporation chooses to provide bonuses and/or raises to corporate executive officers despite the corporation failing to have a profitable year? What about a board providing bonuses and/or raises to top executives in years in which the corporation was forced to lay off?

MBA535 Module 7 Discussion

Module 7 Discussion

Second only to the sole proprietorship, the partnership is among the oldest of business entities to develop. By the time of the development and implementation of the English Common Law in the 16th Century, the law of business partnerships was already highly developed. This was the case despite the fact that a majority of partnership business owners were illiterate.

In businesses that involve numerous members of the same family, the preferred business choice of conduct is the partnership. What advantages may occur for the family members by conducting business in this form? Can you think of any potential problems that may occur when family members conduct business in the form of a partnership? Would the other business entities of sole proprietorship or incorporation fare any better? Explain your reasons.

MBA535 Module 8 Discussion

Module 8 Discussion

What new and innovative mechanisms, laws, or practices could corporate America put in place to address the corporate misconduct that we often find in the news? Can you think of any protective practices that the corporation could include to better protect against deceptive and destructive business practices of bad corporate officers?