INSTRUCTIONS This paper must be 7–10 pages in length (not including the title page, abstract, and bibliography), in current APA format, with 1-inch margins, double-spaced, and in 12-point Times New Ro

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INSTRUCTIONS

This paper must be 7–10 pages in length (not including the title page, abstract, and bibliography), in current APA format, with 1-inch margins, double-spaced, and in 12-point Times New Roman font.

This paper must include citations to at least 8 scholarly and academic sources supporting and/or illustrating your positions. The paper must include a title page, abstract, and bibliography in current APA format. Please see the Research Project GradingRubric for additional information.These papers are exercises in the application of the material covered in the course to realistic, legal scenarios. You will be provided a prompt for each research project, and your paper should thoroughly answer the questions presented in that prompt.

Note: Your assignment will be checked for originality via the Turnitin plagiarism tool.

RESEARCH PROJECT:CONTRACTS PROMPT

You have a client named Takem’s Appliances and Electronics, LLC, owned and operated by Tommy Takem. Takem’s is located in a rural area of Southwest Virginia, and the majority of its customers are poorer residents of the Appalachian regions of Virginia, Tennessee, Kentucky, and West Virginia. Since his business is located in a rural area where there is little competition, Tommy tends to charge about 10–20% more than most other retail outlets.

Tommy recently came up with an idea for expanding his business. He decided to begin selling his appliances and electronics door-to-door in the above described regions. Until recently, it had been working great. He hired some great salespeople who really know how to “apply the pressure and turn up the heat.” Further, since he is providing a service to these folks by bringing the goods to their homes, he charges about 30% more than he would if the customers came to the store. Obviously, the salespeople do not mention this fact to the customers.

Further, since many of the customers are poor, relatively uneducated and unsophisticated, and have poor credit, the vast majority of the sales are financed by Takem’s. The salespeople get the customers to sign a bill of sale, a security agreement, and a negotiable promissory note. When these documents are processed back at the office, the clerk then files a financing statement covering the goods sold to the customer in the appropriate state office. For this, Takem’s charges a 15% application fee and the maximum rate of interest allowed by law. The default rate is high, but through a combination of collections, repossessions, fees and charges, higher prices, and markups, etc., Takem’s is doing very well.

Recently, Tommy received a letter from a disgruntled customer named Sally Walker (an elderly widow lady who lives alone in the hills of Southwest Virginia—her children and grandchildren have all moved out of the area.) She has fallen behind on her payments on her new laptop computer, and Tommy had started collection efforts. He had not yet referred it to a lawyer. The letter is very well written (which would be unexpected since Sally is not very well educated.) It indicates that her granddaughter, who recently graduated with an MS in Accounting from Liberty University Online helped her with it. It argues that the entire deal is unconscionable and therefore unenforceable. Further, it asserts that Sally has paid enough for the computer and will not be paying any more. Finally, it threatens to sue for punitive damages and write letters to the editors of various local papers throughout the region if Takem’s pushes the matter further.

Tommy is very upset. He wants to know whether the argument in the letter has any merit. Should he take the threats in the letter seriously or should he just proceed with collections? In other words, is his business model legal? Further, he wants to know what he could do to protect himself in the future. Would setting up a financing company that he also owns and selling the notes to the financing company such that the financing company becomes a holder in due course help? Finally, he wants to know what you think about his business model—regardless of whether you conclude that it is legal, is it moral/ethical?

INSTRUCTIONS This paper must be 7–10 pages in length (not including the title page, abstract, and bibliography), in current APA format, with 1-inch margins, double-spaced, and in 12-point Times New Ro
Criteria Ratings Points Introduction 20 to >17.0 pts Advanced Very clear statement of the answers to the questions provided in the prompt. Very clear overview of the paper’s contents. 17 to >16.0 pts Proficient Clear statement of the answers to the questions provided in the prompt. Clear overview of the paper’s contents. 16 to >0.0 pts Developing Somewhat clear statement of the answers to the questions provided in the prompt. Somewhat clear overview of the paper’s contents. 0 pts Not Present No clear statement of the answer to the questions provided in the prompt, or no clear overview of the paper’s contents. 20 pts Key Components 80 to >73.0 pts Advanced All issues are properly treated and answered. Thorough analysis. All answers properly supported by good, scholarly, academic, legal, and Biblical sources. 73 to >66.0 pts Proficient Most issues are treated and answered. Fairly thorough analysis. Most answers properly supported by good, scholarly, academic, legal, and Biblical sources. 66 to >0.0 pts Developing Some issues are properly treated and answered. Some analysis. Some answers properly supported by good, scholarly, academic, legal, and Biblical sources. 0 pts Not Present No issues are properly treated and answered, or no analysis, or no answers properly supported by good, scholarly, academic, legal, and biblical sources. 80 pts Conclusion 20 to >17.0 pts Advanced Conclusion offers a very good summary of answers to the issues raised in the prompt and treated in the paper. 17 to >16.0 pts Proficient Conclusion offers a good summary of answers to the issues raised in the prompt and treated in the paper. 16 to >0.0 pts Developing Conclusion offers some summary of answers to the issues raised in the prompt and treated in the paper. 0 pts Not Present Conclusion offers no summary of answers to the issues raised in the prompt and treated. 20 pts Material/ Sources 34 to >30.0 pts Advanced Paper and the bibliography contain at least 8 scholarly, academic, legal, and/or Biblical Sources. Materials are all properly cited and quoted in current APA style. 30 to >28.0 pts Proficient Paper and the bibliography contain at least 6 scholarly, academic, legal, and/or Biblical sources. Materials are mostly cited and quoted in current APA style. 28 to >0.0 pts Developing Paper and the bibliography contain some scholarly, academic, legal, and/or Biblical sources. Some materials are cited and quoted in current APA style. 0 pts Not Present Paper and bibliography contain no scholarly, academic, legal, and/or biblical sources, or no materials are cited and quoted in current APA style. 34 pts Research Project Grading Rubric | ACCT511_D02_202130 Criteria Ratings Points Organization 33 to >29.0 pts Advanced Transitions between all paragraphs and sections are clear. Proper headings are used. Treatment of the topic is logically oriented. The paper is well organized. The entire paper has a logical flow. 29 to >27.0 pts Proficient Transitions between most paragraphs and sections are mostly clear. Proper headings are used. Treatment of the topic is mostly logically oriented. The paper is mostly well organized. Most of paper has a logical flow. 27 to >0.0 pts Developing Transitions between some paragraphs and sections are somewhat clear. Some proper headings are used. Treatment of the topic is somewhat logically oriented. The paper is somewhat well organized. Some of paper has a logical flow. 0 pts Not Present No transitions between paragraphs or sections, or no proper headings, or treatment of the topic is not logically oriented, or the paper is not well organized, or none of paper has a logical flow. 33 pts Style 33 to >29.0 pts Advanced The entire paper uses current APA format correctly. The paper is without any spelling, grammatical, or typographical errors. The word choice throughout is appropriate for graduate-level writing. 29 to >27.0 pts Proficient Most of the paper uses current APA format correctly. Most of the paper is without spelling, grammatical, or typographical errors. Most of the word choice is appropriate for graduate- level writing. 27 to >0.0 pts Developing Some of the paper uses current APA format correctly. The paper has some spelling, grammatical, or typographical errors. Some of the word choice is appropriate for graduate-level writing. 0 pts Not Present The paper does not use APA citation format or the paper has several spelling, grammatical, or typographical errors, or the word choice is not appropriate for graduate- level writing. 33 pts Total Points: 220 Research Project Grading Rubric | ACCT511_D02_202130

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