MIDTERM/FINAL EXAM ASSIGNMENT
Many people make major mistakes when starting a business. They could be small mistakes that can simply slow the progress of a new business from being profitable. They could also be huge mistakes that can lead to financial ruin.
Your assignment will be to choose between the movies, “War Dogs” starring Jonah Hill and Mike Teller and “Molly’s Game”, starring Jessican Chastain and Idris Elba and complete in depth the questions that are below about each.
Your paper should be, at a minimum, 6 pages long not including the cover page. Do not space the paragraphs of text out so much to try and create 6 pages. You must have a full 6 pages of content in order for your work to be accepted. This assignment will be worth 160 points if completed as instructed. If not completed as instructed, no points will be given.
War Dogs Questions:
1. What are 3 of the major mistakes that David made when trying to start his business selling bed sheets to retirement homes? What are some of the necessary steps that David should have taken if he wanted to start a successful business? Explain in depth.
2. Are the “Federal Opportunities Business Listings” online considered “offers” or an “invitation to deal”? Define what both of these terms mean and explain in depth which term applies to the listings and why.
3. When a buyer is looking for “bids”, are those bids that are given “binding” or do they create any level of obligation on anyone?
4. Was David an employee of Efraim or were they “partners” in a joint venture? Explain fully why or why not?
5. Was Ralph, the owner of the dry-cleaning businesses, a legal partner of Efraim based on the foundation of their business dealings? Did a valid contract exist between Ralph and Efraim? Why or why not? Explain in depth.
6. Once it was discovered that the AK47 ammunition was of Chinese origin, could/should the contract have been voided? Why or why not? Explain in depth.
7. When David made his request for payment to Efraim on the AK47 ammunition deal that was halfway complete, did he have a legal right to collect? Why or why not. Explain in depth.
8. Did David even have a valid contract with Efraim for anything? Why or why not? Explain in depth.
