WEEK 4 DISCUSSION
Week 1 Project
Part 1: Debtor-creditor
I thinly the Porter Cable’s case provide detailed meaning of debtor-creditor. I agree that Porters Cable is not liable for personal expenses because the company’s policy don’t track personal travel details. This indicates that the company is not liable for personal expenses of Mrs. Ima Krimanel. I think that Mrs. Ima Krimanel is responsible for paying the personal expenses. The liability of the cardholder is also limited under Lending Act, 15 U.S.C. § 1601. This indicates that Mrs. Ima Krimanel will pay for the travel expenses and the company has no liability in this case. The analysis also reveals that the travel expenses were actual, implied, or apparent authority. This is not covered by the company CITATION Ric171 \l 1033 (Chapo, 2017).
Part 2: Discussion
My business is to sell decoration pieces online. The business will require insurance policy because it is a home-based web service. Most of my work is managed alone so I will face business risks. Insurance policy will allow me to secure my business because challenges will expose me to liability. In case of IT-based home business I need to meet needs of the clients from home. I could be liable if the products received by the clients are damaged or broken CITATION Sti18 \l 1033 (Stimmel, 2018). I could also be liable if the broken products cause injury to thee buyers. For covering these expenses I would insure my each product with the amount of $500. This will allow clients to sign the promissory note and make payment later when they receive the product. This indicates that the payment will be in due and client will be liable to pay it later CITATION Leg17 \l 1033 (Legal, 2017). The insurance for each product will assure that client will pay the amount within the desired time.
BIBLIOGRAPHY Chapo, R. (2017). Liability Insurance for Your Online Business . Retrieved 07 21, 2019, from https://www.socalinternetlawyer.com/liability-insurance-for-your-online-business/
Legal. (2017). Is a Promissory Note Legally Binding? . Retrieved 07 21, 2019, from https://help.legalnature.com/articles/is-a-promissory-note-legally-binding
Stimmel. (2018). Promissory Notes - The Basics . Retrieved 07 21, 2019, from https://www.stimmel-law.com/en/articles/promissory-notes-basics
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