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Name Professor Course Date Question 1 Sole proprietorship is among the various forms of business organizations in which sole proprietor is responsible for all the activities in the business. Sole proprietorship is comprehensible to set up and operate. The legal formalities required are few…
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Download file to see previous pages... The sole trader has full control over the assets of the business and has absolute powers of making key decisions concerning the business. The proprietor is motivated since the trader enjoys all the gains in the business. The sole trader is able to keep secrets of the business regarding vital business information. The owner can make decisions as quickly as possible; hence, opportunities are not lost due to delays in decision-making. The owner can easily change the legal structure of the business in case of growth or even dissolve the business. Furthermore, this form of business is not subject to the payments of corporate tax. This would increase the profits due to reduced payments. However, sole proprietorship involves unlimited liability to the owner. In case, the business has exceeding debts, personal property utilized in settling the liability. The proprietor is responsible for running of business throughout thus, can experience fatigue due to boredom and monotony. Hence, the proprietor can avoid partnership to maintain control. Eva can use of ploughed back profits and borrowings from financial institutions to expand the capital. Question 2 Don can set aside the contract under the following defenses against the formation of contracts: Duress and undue influence. In jurisprudence, duress is referred to as a condition where an individual performs an act due to violence, a threat or any other pressure against the person in question. Duress is the pressure that is exerted on a person to induce him to perform an act that he could not otherwise perform under ordinary situation. Similarly, coercion used lures a one to act or not in a manner that he would not or act. Duress constitutes going against a person’s will, possibility of legal defense and justification of the commission of an unlawful act Undue influence in jurisprudence is an equitable doctrine where one party takes advantage of its positional power over the other, making free will bargaining impossible. Don can seek presumed undue influence since their relationship with Evan may fall in the class of relationships, which as a matter of law may facilitate the presumption of undue influence. Failure of this is not the end. The actual undue influence allows an innocent party to set aside the contract, in the absence of presumed undue influence provided there is evidence that the power was imbalanced when signing the contract. Don can seek rescission as a remedy. Rescission is an unbiased remedy that unwinds the contract between the parties. Rescission ensures that the parties to a contract restore their positions as was before they entered the contract. A person seeking rescission must therefore, agree to return all the benefits that he or she has received from the contract. Question 3 The furniture in this case is not treated as part of the sales. This is pursuant to the exclusion clause. An exclusion clause is an expression in a contract that seeks to restrict the rights of the parties involved to the contract. The exclusion clause can only operate if the terms are incorporated in the contract by signature, as in this case, either by notice or by previous course of dealings. If the clause, in written on the document that has been signed by all the parties, then the clause is considered part and parcel of the contract. Incorporation by notice demands that an exclusion clause shall have been incorporated in the contract if the party relying on it had taken reasonable procedures to create ...Download file to see next pagesRead More
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