1) How can an offeror revoke an offer? 

 2) What are the three major components of a contract?

  3) What is an implied-in-fact contract?

  4) What is a negotiable instrument?

  5) What is a BFOQ?

  6) What are the three levels of a corporation and what are their functions?

 7) Negligence contains four elements, what are they and what do they mean?

 8) What are the protected classes under Title VII of the Civil Rights Act of 1964?

1) Assume that you are a webpage designer. One of your customers asks you to make a blog for their website. They state that they will pay you $5,000 to complete the blog page. You agree to create the blog for $5,000.Have you formed a contract and if so, what kind? What problems might you or your customer have should there be a dispute about this transaction?

2) Describe the four major categories of intellectual property? What do each of these four protect and give an example of each? 

3) List five types of business organizations and describe their structure? What liability do the owners have for each?

1.    The revocation of an offer means termination or cancellation of an offer. The offer may be revoked by the offeror before it has been accepted by the offeree. Thus, before the offer has been accepted, it can be revoked anytime but not later than that. The revocation of the offer must be communicated to the offeree. It may be communicated through direct notice of revocation from the offeror himself. It may be revoked through indirect notice, through a person other than the offeror himself. It is required that the offeror puts his revocation in the course of transmission before the offeree's acceptance is so put/placed.

2.    In order to constitute a valid offer, three elements must be present namely, an offer, the acceptance of the same offer and consideration. The offer by a party and the acceptance of such offer by another party to who the offer was made, creates an agreement between the parties. The acceptance must be clear and unconditional. It means that the acceptance must be made to the offer as such and no additional condition can be put by the offeree while making acceptance. If a condition is put forward, it becomes a counter offer. In order to legally enforce such agreement, a lawful consideration must be present. Consideration may be defined something in return. In the contract, each party must bring something of value the table, which must be lawful.

3.    A contract which is entered into through the implied conduct of the parties rather than explicit words, is called implied in-fact contracts. These contracts create an obligation between the parties based on the facts of the situation. For example: if A hires B to babysit his baby every Friday and pays her on Saturday morning every time for three weeks. If on fourth Friday, A refuses to pay B stating that there was no formal contract, then in case, the court shall infer from the circumstances that there was implied in-fact contract between A and B and A is liable to pay B.

4.    A negotiable instrument may be defined as a document signed between the parties whereby a party promises to pay a sum of money to another party (specified). These are transferable in nature and it allows the holder to encash the instrument or to use it in the manner which is appropriate for the transaction. Cheque, money orders, promissory notes are some of the examples of negotiable instruments.

5.    BFOQ stands for Bona Fide Occupational Qualifications. These are the employment qualifications which the employer is permitted to consider in the hiring and recruiting of employees. These qualifications are considered necessary for the operation of a particular business. For example, for driving hob, the employer shall consider the driving skills, the eye-sight etc of the candidate while hiring.

6.    The organization may be divided into three levels- top level, middle-level and front-line management. Top-level managers including executive team are indulged in the management of the whole organization and derive strategic plans for the whole organization. Middle-level managers are the intermediate leadership which are subordinate to top management. Example: operational supervisor. Their role is to design and implement effective group work, support cooperative behaviour etc. The Front-line management hire, assess the performance, provide feedback, delegate the functional tasks etc.

7.    To prove the case of negligence, the plaintiff must prove the presence of 4 elements, namely- duty, breach, damages, cause. There was a duty on the part of defendant, the defendant committed breach of such duty, the plaintiff has suffered loss or damages due to such breach and the breach is the direct or proximate cause of the damages/injury suffered by the plaintiff.

8.    Title VII of the Civil Rights Act of 1964 protects discrimination based on race, colour, religion, sex, national origin. It also protects the people with disability, physical or mental. Recently the judgement of the court has provided that "Sex" in Title VII includes sexual orientation of a person also. Thus, discrimination with a person on the basis of his sexual preferences or orientation is also prohibited.

1.    In this case, the customer asked to make a blog for his website and to pay $5000 to complete the blog page. It was agreed. Thus, it forms a contract. The contract is the contract of work. In such contract one party promises to perform work for another and in return the other party promises to pay a certain sum of money for the work done. If there is dispute in the transaction, it might be related to the work done or the payment of price. The parties may decide in advance that at the event of dispute, they might consider an arbitrator for effective and timely resolution of the dispute.

2.    The primary types of intellectual property are patent, trademarks, copyrights, trade secrets. Patents are used to protect the inventive ideas, trademark is used to protect the words, sounds, designs, smells, phrases, symbols, colour schemes, copyright is used to protect the manner of the expression of ideas(original work of authorship), trade secrets are required to protect the systems, devices, proprietary procedures, which are confidential and exclusive to the company using them.

3.    Sole-proprietorship involves autonomy over the business. The owner of the business manages the business. The owner has the personal liability towards the company's debts. Partnership includes sharing of losses and profit among the partners and they also have personal liability towards the debts of the firm. The company form of business have the ownership and management in different hands. The company is a separate legal entity, distinct from its members and the liability of the members is limited to the value of holdings they have. Limited liability company provides limited liability features of the company and the tax efficiencies of the partnership. Cooperatives are owned and operated for the benefit of those who are using its services.