© Cavico & Mujtaba, 2008 Business Law for the Entrepreneur and Manager Frank Cavico and Bahaudin G. Mujtaba Chapter 17 – Conclusion and Case Problems

© Cavico & Mujtaba, 2008 Business Law for the Entrepreneur and Manager (Frank Cavico & Bahaudin g. Mujtaba, 2008; ILEAD Academy, LLC) Table of Contents – Chapter Titles Chapter 1 – Introduction to Law and the Legal System Chapter 2 – Torts and Business Chapter 3 – Products Liability Chapter 4 – Contract Law Chapter 5 – Sales Law and the Uniform Commercial Code Chapter 6 – Agency and Employment Law Chapter 7 – Business Organizations Chapter 8 – Commercial Paper and Banking Transactions Chapter 9 – Creditors and debtors – Rights and Responsibilities Chapter 10 – Internet Law Chapter 11 – Intellectual Property Law Chapter 12 – Real Property Law Chapter 13 – International Business Law Chapter 14 – Liability of Accountants and Other Professionals Chapter 15 – Wills and Trusts Chapter 16 – Personal Property, Gifts, and Bailment Chapter 17 – Conclusion and Case Problems

© Cavico & Mujtaba, 2008 Today’s entrepreneurs, managers, and their employees are impacted by law each day; and almost all human activity is affected by the law. In the business world, when contemplating a business transaction or decision, an entrepreneur or manager not only must consider the physical, financial, personnel, and managerial aspects, but also the legal ramifications. Moreover, as the business and entrepreneurial “world” is now a truly diverse workplace, an entrepreneur or manager must be cognizant of laws impacting his/her employees, suppliers, and customers.

© Cavico & Mujtaba, 2008 Book Conclusion Business Law for the Entrepreneur and Manager introduced the reader to fundamental principles of the laws regulating business as well as their practical application in the United States. The various chapters covered such topics as the law and the basic legal principles impacting entrepreneurs and managers; the foundational business laws that entrepreneurs and managers in the United States must become aware of and understand, as well as other important legal topics such as constitutional law, administrative law, torts, products liability, crimes, contract law, sales and agency laws, commercial paper, various forms of business organizations, and debtors and creditors laws. The study of this legal material will be very beneficial to all current and prospective entrepreneurs and managers.

© Cavico & Mujtaba, 2008 Photo of Venice on the Cover The authors of this book selected a picture of Venice for the cover of this book – a picture showing the “hustle and bustle” of this beautiful and unique city, a World Heritage site – for a decided reason, and not “merely” because the city is a major world attraction and tourist destination. Yes, today, the city’s activity is predominantly tourist-oriented; but for many years through the Middle Ages and the Renaissance, Venice was known as the premier international business, banking, shipping, and trade center in the world – the trans-shipment point for the “spices” and other valuable items from the Middle East, Turkey, and India to Europe.

© Cavico & Mujtaba, 2008 The commercial paper and negotiable instrument law that the reader has learned from this book was brought to the Western nations by the Venetians, who learned this very useful body of business law from the Arabs with whom the Venetians traded extensively. All people from all places did business in Venice; and all under the protection of Venetian law. Regardless of their city, nation, race, and religion, the laws of Venice were impartially applied to all people. Venice grew and prospered, as did its people, and so too the city’s global business, trading, and investment partners.

© Cavico & Mujtaba, 2008 Conclusion The application and scope of laws and legal systems in the United States and in international business arena have become extremely important considerations for success, performance, and efficiency in today’s business environment. Operating in the competitive “marketplace” means that laws are applicable even where there are no clear boundaries, no distinct legal territories, or no effective enforcement mechanisms. The manager and entrepreneur must be cognizant of the existence, nature, score, and reach of a wide variety of laws

© Cavico & Mujtaba, 2008 Guidelines for Analyzing Cases The following are some suggestions for answering the upcoming case problems and dilemmas: –Notice that the decision is usually one word. –The Rule of Law is always expressed in a complete sentence, which means a predicate must be used. Consequently, “Minor’s Contracts” or “Offers to Contract” are not rules of law. –The Rule of Law is a principle of law, which is found herein in the chapters of the book. It need not be stated word-for-word; the writer may phrase it differently; but it must “speak” about the law. For example, the sentence “Susan was a minor and therefore can disaffirm the contract” is not a Rule of Law, but rather a conclusion which properly belongs in the Application section. Another example, the sentence, “As there was not a valid offer, no contract was formed,” also belongs in the Application. –The Application is where you “tie” the matter together. Sometimes, when your Rule of Law is not too specific for the case, you will find it necessary to bring legal rules into the Application section. This is what the writer did in the following Manser v. Susan case, suggested answer No. 2b. –Be precise. For example, the Rule of Law stated in Junior v. Sam is a precise formulation. The Rule of Law, “A valid contract requires an offer and an acceptance,” although correct, is too general to fully resolve the problem. –Multiple Issues – Case problems may contain more than one issue or legal question to resolve. For example, the Susan v. Manser case requires a discussion of general rules of law and exceptions to rules.

© Cavico & Mujtaba, 2008 Reference 1.Cavico, F. & Mujtaba, B. G., (2008). Business Law for the Entrepreneur and Manager. ILEAD Academy Publications; Davie, Florida, USA. ISBN: Cavico, F. and Mujtaba, B. G. (2008). Legal Challenges for the Global Manager and Entrepreneur. Kendal Hunt Publishing; United States.