Business law

Running head: BUSINESS LAW 1
Student’s Name
Institutional Affiliations
Question 1
a. The legal issue in this case revolves around liability. Andrea is liable for Jonathan’s acts
while in the line of duty since the relationship between a principal and agent falls under
vicarious liability. According to Reynolds (2008), “A principal may be determined to be
bound by the acts of the agent based upon principles of actual authority or apparent
authority”. Vicarious liability applies regardless of the fact that Jonathan was acting
outside the scope of his authority. This means that the insurance contract procured by
Jonathan without Andrea’s approval is valid unless the insurance company was aware of
Andrea’s repudiation.
b. The contract will be null and void because Jonathan abused his power by deciding to
beyond the scope of his authority as an agent. The terms of the agency agreement are
unequivocally clear; Jonathan was to make only those purchases that exceeded $25,000.
He disregarded this agreement when he purchased the vehicle for $24,000. Under
employment contract, “a principle is at will to dissolve an agency agreement if the agent acts
beyond his job description” (Reynolds, 2008). He also disregarded the shipment condition
requiring him to ferry the vehicle through a flatbed. Therefore, Jonathan breached the
terms of the agency contract meaning that Andrea reserves the right to terminate the
Question 2
a. Under common law properties, a person who finds lost property can assert an original
claim (Nervi, 2003). After finding the watch, the law recognizes Joe as the legal owner.
However, Joe entered into an implied contract where he gave up his ownership rights
after submitting it to the City authorities. He therefore has no legal claim over the watch
b. Copyright is a form of protection that safeguards creative work. It protects the original
work of ingenuity from being copied. The most common challenge for copyright
protection is counterfeiting. On the other hand, patents involve the protection of
inventions, designs, and processes. Therefore, copyrights protect authorship while patents
protect scientific innovation.
Question 3
a. The law of contract is clear in its description of the rights and liability of parties privy to
a contract. A valid contract requires Serna to accept Toyota’s offer and pay consideration
(Nervi, 2013). Therefore, the contract between them would be enforced once the money
is paid, which is within two days. Meanwhile, Toyota will bear the risk since there is no
enforceable contract.
b. Serena will bear the risk of the damage that occurred when the car was damaged during
transit. Her liability to this loss is because Toyota would only be held liable for the
damage in court if the damage happened to the original car that Serena wanted to
purchase. Therefore, her new preference as a result this is referred as a counter-offer
meaning where Toyota will not bear the risk of the damage to the red car.
Question 4
a. The purpose of registration is to provide sufficient information and reduce chances of
deceit, fraud or misrepresentation. This way, an investor will understand the security
offered and any ensuing contract will be fair to all parties privy to it.
b. The purpose of a loan guarantor is to ascertain the debtor’s credit worthiness. Since
Owen had his father as a guarantor, the creditor did not require any chattel since the
guarantor would pay
Reynold, Q. (2006). The Status of Agency Workers: A Question of Legal Principle. Industrial
Law Journal, 35(3), pp.320-323.
Nervi, A. (2013). Common Goods and the Role of the Contract. European Review of Contract
Law, 9(4).

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