Total no more than 5 pages (1,250 words).
Answer five (5) of the seven (7) questions that AKIN, SASHA, and JATA have based on the Fact Situation below. 5 points per question. Maximum 1 page (250 words) per answer. Analyze and summarize the law as it relates to the facts.
All answers are found in the textbook/MindTap and my online videos/lectures. No external research is required. However, external research is acceptable. McGill guide citations, either in text or footnote citations are fine.
There is a BONUS OPTION:
Bonus Option 1 – Do 6 of the 7 questions – extra 5 points
AKIN is an investment advisor for a large financial institution. AKIN finds a gap in the market and has an idea for a new type of product. AKIN wants to create his own business to develop and sell his product. To obtain capital, AKIN uses part of his own money, along with contributions from his spouse, JATA, who herself owns a start-up technology company. AKIN wants to run the day to day operations and lead the business. SASHA wants to be involved but wants some oversight on AKIN’s behaviour. Other directors include MARKO, RITA, DAPHNE, and HAN. RITA is especially concerned that she may be sued for overseeing AKIN’s new venture.
AKIN quits his job to focus on the business, but at the start, the business does not earn any revenue. To earn income, AKIN works as a freelance consultant. AKIN is hired by WONG’s firm to do some research and to draft a report. However, both he and WONG do not want this relationship to become permanent.
AKIN goes to the bank (BANK of BANKNESS) and wants to get a loan. BANK of BANKNESS wants to take security in his personal house and his investments and have someone guarantee the loan. AKIN’s spouse, JATA, signs the loan, not realizing what she signed.
AKIN wants to protect his idea and product, so that no one else can create or manufacturer it. He wants to protect the name of the firm, (AKCO), the logo, the product itself, the look and feel of the product, and all of the marketing material. AKIN has hired QI, an expert designer and engineer, to design the product. AKIN is concerned that with everything going on in the world, he needs to protect himself, his business and QI should something happen.
AKIN uses some of the start up funds to hire an external firm to market the product and search for sites for a production facility. He hires an agency, MARKETPROP Inc., to create some promotional materials and a search agency to look for a property to lease or purchase. However, MARKETPROP Inc. goes beyond their mandate and signs a lease on behalf of AKIN.
AKIN needs to get additional financing, so he asks a few friends to invest. OMURA and BETHANY both want to invest, but AKIN wants to keep control, especially on important matters to the business. As such he wants more power for each business decision than OMURA, BETHANY, JATA, and other potential investors.
AKIN wants to sell his product to the public. He has several orders and wants to ensure that he is paying his suppliers. AKIN claims that his product is better than anything currently on the market, and compares his product to other firms. AKIN’s product will be sold mainly online, but he sources materials from contractors in the United States and overseas. These companies want assurances that AKIN is a legitimate business and will pay for his order. AKIN also wants assurances that suppliers are legitimate and will deliver the correct materials.
AKIN’s business starts to do very well, but he needs to work with another firm (BIG GIANT Ltd.) to co-develop an enhancement to his product. BIG GIANT Ltd. a large multinational corporation, starts to take advantage of their size and changes prices of the product to reflect their near monopoly.
AKIN, JATA, and SASHA are all very excited about their entrepreneurial adventures, but have a few legal questions.
Questions: (Choose 5 of the 7)
- AKIN is considering incorporating. Assist AKIN with creating types of shares (their typical rights and privileges) and preventing liability issues for the new directors AKIN, Omura, and Bethany. Would a unanimous shareholders agreement make sense for AKIN, Omura and Bethany?
- Help AKIN and JATA. Compare letters of credit with bills of lading and general security agreements and discuss the requirements that this type of financing arrangement involves. How does the PPSA resolve conflicts when more than one debtor claims a security interest in the same collateral of the debtor? What risks does JATA face by signing a loan she did not intend to sign?
- AKIN wants to ensure MARKETPROP markets and sells the product properly. If AKIN’s products are designed for children, how can he effectively manage its exposure to legal risks? Using Nikka Traders, Inc. v Gizella Pastry Ltd, as a case example, what is a condition of ‘fitness for purpose’ applied to a contract for the manufacture of goods for resale?
- Help AKIN protect is online business. Describe how the provinces and/or the federal government typically regulates online/ecommerce sales.
- Help AKIN protect his IP. Identify the elements that determine the patentability of AKIN’s product, and the pros and cons of patenting, should AKIN not want to patent the invention yet.
- AKIN wants to protect the jingles, songs and slogans MARKETPROP creates. Identify and describe the copyright and trademark issues AKIN faces.
- Help SASHA. Explain how a low level employee may pursue an action for constructive dismissal and any benefits that may flow to that employee as a result. Include a comparison of BFOR and undue hardship.
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