Business Law Assignment | Online Homework Help

Please see the attachment for detailed instructions about the final exam. There are 16 short answer questions and 2 essay questions. Please answer ALL questions. Please remember to cite all your sources. Regarding the citation format, you can use the format you are most comfortable with (MLA, APA, Chicago, etc.). Make sure the citation format is consistent throughout your paper. Use your best judgment in deciding the length of each answer. The length of each answer might vary. Once completed, please upload a pdf version of your work to Moodle.

Business Law
Dr. Michael P. Barry
Exam
Instructions
Answer the following exam questions on separate paper. Be thorough in defining terms, and provide an example where appropriate.
1. Fred owns a sole proprietorship and decides to turn it into a corporation. He will take his company public to raise money. Explain all the steps Fred will need to go through to do this, including the steps of the initial public offering. Explain, Discuss.
2. The WTO is a treaty between countries. If a country ratifies these treaties, the laws of the WTO become domestic law in that country. Name and explain the big three laws/principles of the WTO to which all member countries agree to adhere to. Explain, Discuss.
3. The government wishes to slow international trade in the country. What kinds of laws and trade policy instruments can it use to do this? Name and explain each one and how they would slow trade.
4. Country A is not a member of the World Trade Organization, but wants to join. Explain the steps of accession for Country A to finally become a member of the WTO. Explain, Discuss
5. My friend Joe works at a drug company, and he heard that in a week, the drug company is going to approval for its newest blockbuster drug to cure cancer. Before the world knows about this, Joe tells me. I tell my brother Jim. Then Jim goes and buys lots of stock in this drug company. A week later, the world learns of the drug approval, and the stock price increases by 200%. Jim is a millionaire from his trades. The SEC learns of this and investigates. Who might be in legal trouble? How would we decide? Explain why.
6. Explain the Administrative Procedures Act (administrative law). What does it require, and why?
7. Explain the Sarbanes-Oxley Law and its significance.
8. Explain a proxy war that occurs before a shareholders meeting. Make an example and explain. Why to these occur, what is their function. Explain.
9. US companies that operate in Russia complain that the Russian government taxes them at a higher rate than they tax domestic Russian companies. What legal recourse does the US company have to dispute this? Explain and Discuss.
10. Explain how a TRQ works in international trade law.
11. If a MacDonald’s restaurant in Guangzhou operates as a franchisee of corporate MacDonald’s of the US, what happens if an old lady slips on the floor in the restaurant and breaks her leg. She wants to sue for negligence. What must she prove? Who will have to pay her? Explain.
12. Explain what the concept of Promissory estoppel means. Provide an example to illustrate. Explain.
13. Define a “Covenant not to compete.” Explain.
14. Define Caveat emptor. Explain.
15. Define Specific performance. Explain.
16. Define implied warranty of merchantability. Explain.
Part B Essay Questions
1. Assume Jinan University and an American Professor signed a contract for a summer business arrangement. In the contract, the professor promised to teach for the summer in Guangzhou, and in return, Jinan University promised to pay the professor $1 million. In preparation for the arrival of the professor, Jinan paid $20,000 for a fancy Guangzhou apartment for the professor. Jinan also bought $2,000 plane tickets, $500 in weekend tours, and $200 in equipment for the professor.
In addition, Jinan spent $12,000 in advertising, showing possible students that the professor was coming to teach. 500 students saw the advertising. Each paid $20,000 to Jinan to enroll. The students gave up the opportunity to attend a different program in Guangzhou. The other program would have cost each student $30,000.
All of the students fly to Guangzhou, spending $2,500 on airfare. Each also paid $10,000 for excellent apartments near the university. The university was ready to go.
Then the night before classes start, the professor calls and says he decided not to come. In the above story, who can sue whom? What will each party argue in each case? What legal concepts are involved from our class? Discuss how much (if anything) different parties would pay. Explain. Be thorough.
2. For $300,000, Michael agreed to build a new home for Ashton, who is very picky. Michael built the home to Ashton’s specifications with one exception: the faucets and flooring in the upstairs bathroom were not exactly what Ashton specified. That was a mistake on Michael’s part, but he did not intentionally fail to follow the specifications. When Ashton saw the bathroom, she went ballistic and told Michael that she would not pay Michael anything for the house. It will take $300 to put in the correct faucets and flooring. Michael responded that he is willing to pay $300 to put Ashton in the position she would have been in had the correct faucets and flooring been used, but that is all he is willing to pay. Analyze the legal issues at stake here and who would win any lawsuit and why.