For the business you created this past week identify the following that you will encounter in operating your business 1 Funding o Who is the lender The funding will be done through investor funding and franchising fees which will allow the business to grow faster and expand Is the funding secured by anything and if so what The funding will be secured by existing assets of the company in other countries o 2 A common law contract o What is the basic nature of the contract and why does it fall under common law Employment contracts are a common law contract that will be frequently used in this type of business These contracts will be used to hire managers kitchen staff and others Another common law contract that will be used are real estate contracts which will be needed for all new locations 3 A contract that will fall under the UCC o What is the basic nature of the contract demonstrate why it falls under the UCC A contract that will fall under the UCC are contracts with food equipment sellers for the purchase of goods that will be used in the restaurants 4 An agency relationship o Who is the agent o For what are they an agent o Are they an employee independent contractor or gratuitous agent explain why The agent will be a law firm that will work as an independent contractor which will be in charge of helping with registering trademarks creating contracts for franchising licensing and other work They are an independent contractor because they operate independently and Fat Lady will not have control of how they operate Additionally they charge by sending the principal an invoice with the log of hours worked
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