1. Molly has developed a unique formula for sunscreen. She is unsure whether to patent it or protect it as a trade secret. A. What are some of the main differences between a patent and a trade secret? B. Should Molly protect her invention as a trade secret rather than getting a patent? Why or why not? C. What must the owner of a trade secret do to protect its secret information? D. How does an owner of a trade secret protect it from begin disclosed by its employees? 2. Sam is a friend of Karen, the owner of a small grocery mart. Every day Sam stops by the grocery mart, chats with Karen, and usually buys some candy bars. le pays her and then leaves. One day, Sam was in a hurry so he grabbed a $1 candy bar, waved it at Karen without saying anyzhing and rushed out with the candy bar. A. Is there a contract? B. List and apply these facts to each key element necessary to make a contract. Explain fully. C. If a contract is created, how would it be classified in terms of formation, performance and enforceability? 3. Resource Supply, Inc. ("RSI") entered into a contract with Circle Engineering Company ("CEC") for CEC to design and build an all weather communications system for RSl's field operations that functions in all types of weather. CEC builds the system, but it functions effectively only in good weather. A. Is this a breach of the contract on the part of CEC? B. Is the contract substantially completed? Why or why not? Explain. C. What remedies does RSI have against CEC? 4. Michael wants to form a business to provide graphic design services. He is unsure whether to form a limited liability company or a partnership. A. What are the benefits of forming a limited liability company? B. If Michael decides to form a partnership, he will have to find at least one other person tojoin it. What are the benefits of forming a partnership? C. What are the disadvantages of forming a partnership? D. Should Michael form a limited liability company or a partnership? Explain fully. 5. Astro Corporation orders office equipment from Beta LLC which has an unperfected security interest in the equipment until it is paid for. Meanwhile Astro takes out a loan from Capital Credit, Inc. which is subject to a perfected security interest in Astro's building and equipment. Astro files for bankruptcy under Chapter 7. A. If the bankruptcy is granted, in what order will Astro's creditors be paid? B. What debts cannot be discharged in a Chapter 7 bankruptcy