CAPSTONE: Legal Contracts, Torts, Negotiable Instruments, and Business

Associations
George Gorham

In regards to the legal nature and role of contracts, torts, negotiable instruments, and
business associations, I learned this material during my Business Law course at ICCI. The
course was taught by Sonia Bush and the size of the class was fifteen people. We would often
just do basic lectures during class time and at one point a guest speaker, Kel Thompson, came by
to talk about the legal nature of time shares. Tests and written assignments were assigned and
completed for this course; however, the sample that I have chosen to use is one of the tests about
corporate law.
Most of the questions on the corporate law test that I took relate to the legal requirements
of running a business in Cayman. The test time was about two hours in total and required a
considerable amount of definition based answers. The reason I chose this particular test is
because it covers some very important areas of corporate law, which include annual requirements
like corporate liability protection, registration, shareholders and appointing directors. All of
these requirements relate to the corporate structure of business association.
My class in business law helped me to appreciate the benefits of laws and regulations that
are put in place by businesses, countries, and world organizations. Without contractual
obligations and rights clearly stated, mutual obligations would be unclear and stronger entities
would be able to take advantage of weaker ones, and such scenarios make it more difficult to
conduct business. When written contracts are involved in an agreement, it is much easier for a
third party to intervene and provide arbitration when parties to the contract fall into dispute.
Resolutions can then be reached by using the document, not hearsay, as the foundation on which
arbitration decisions can be made. A well designed contract will also generally provide a way in
which any involved party can exit the contract, for whatever reason, without breaching the
agreement. In short, my Business Law class has been a great foundation for me to take into my
personal and professional life.