Essentials of Business Law

Upon successful completion of this course, participants will be able to:

• State the ordering of the sources of law.
• Specify the meaning of full faith and credit.
• Describe the different types of dispute settlement systems.
• Specify how the concept of strict liability works.
• Specify the characteristics of intellectual property.
• Identify the statutes governing the protection of trade secrets.
• Recall the process for obtaining a patent.
• Specify the different types of crimes.
• Describe the different types of fraud crimes.
• Specify the elements of a valid contract.
• Specify when an offer has been accepted.
• Recall the requirements to prove that there was fraud in a contract.
• Recall the rules pertaining to mistakes in contracts.
• Specify when a contract is considered to be unconscionable.
• Identify the rules pertaining to the evidence of terms relating to a contract.
• Recall the rules pertaining to the assignment of contractual rights.
• Recall the criteria for when a sales contract has been formed.
• Specify the conditions under which a seller can demand the return of goods.
• Identify the criteria for when a buyer is assumed to have accepted goods.
• Recall the rules relating to express and implied warranties.
• Specify the types of warranties that a merchant provides to its buyers.
• Identify the types of delays associated with the availability of cash from a check.
• Recall the characteristics of a special indorsement.
• Specify the warranties related to negotiable instruments.
• Identify the defenses against the payment of a negotiable instrument.
• Recall how a mechanic’s lien works.
• Specify how a surety arrangement works.
• Identify the circumstances under which a lender can seize the property of a borrower.
• Recall the conditions for creating a security interest in a borrower’s personal property.
• Specify the priority of claims in a credit arrangement.
• Identify the tasks imposed on a creditors’ committee in bankruptcy proceedings.
• Recall the criteria for initiating an involuntary bankruptcy.
• Specify the priorities for fund payouts in a bankruptcy.
• Identify the criteria for an individual to qualify for a Chapter 7 bankruptcy filing.
• State the duties of a principal and agent.
• Recall when an agency agreement can be terminated.
• Specify when a principal can be held liable for the actions of an agent.
• Identify when an agent can be held liable for a contract.
• Recall the provisions of the various statutes governing labor law.
• Specify the goal of an affirmative action program.
• Identify the purpose of the federal agencies involved in labor law issues.
• Recall the reasons why someone would want to join a labor union.
• Specify how a union certification process can be shortened.
• Identify how an unfair labor practice claim can be filed.
• Recall the advantages and disadvantages of the various business types.
• Specify what a limited partner is allowed to do in a limited partnership.
• Identify the purpose of a buy-and-sell arrangement.
• Recall the purpose of an indenture agreement.
• Specify the criteria for the filing of a short-swing profit lawsuit.
• Identify the reasons for the existence of blue sky laws.
• Recall when the exemptions to the securities laws can and cannot be used to raise money.
• Specify the thresholds required for a Hart-Scott-Rodino filing.
• Identify how the failing company doctrine works.
• Recall the different types of franchising arrangements.
• Specify the requirements for blocking a proposed merger due to anticompetitive effects.
• Identify the different types of real property ownership arrangements.