Essentials of Business Law and the Legal Environment,9780324154788

Essentials of Business Law and the Legal Environment

by ;
Edition: 8th
ISBN13: 9780324154788
ISBN10: 032415478X
Format: Hardcover
Pub. Date: 2003-06-06
Publisher(s): South-Western College/West
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Summary

This text offers complete coverage of business law and its environment in a non-technical, straightforward, and learner-friendly style. Cases are summarized by the authors and integrated throughout chapters. Legal issues and court decisions are carefully explained with a minimum of legal jargon. Most important, Essentials of Business and The Legal Environment covers all required business law topics for the CPA exam.

Table of Contents

PART I Introduction to Law and Ethics
1(44)
Introduction to Law
2(13)
Nature of Law
3(1)
Classification of Law
4(2)
Sources of Law
6(1)
Concept Review: Comparison of Civil and Criminal Law
6(3)
Concept Review: Comparison of Law and Equity
9(2)
Consumer Insight: Across the Globe: Four Major Legal Systems
11(1)
Legal Analysis
12(1)
The Law and You
13(2)
Business Ethics
15(30)
Law versus Ethics
16(1)
Ethical Theories
16(1)
Managerial Insight: The Aftermath of Bhopal
17(3)
Ethical Standards in Business
20(2)
Ethical Responsibilities of Business
22(7)
Business Ethics Cases
29(16)
Pharmakon Drug Company
29(2)
Mykon's Dilemma
31(5)
Oliver Winery, Inc.
36(2)
JLM, Inc.
38(3)
Sword Technology, Inc.
41(4)
PART II The Legal Environment of Business
45(122)
Civil Dispute Resolution
46(28)
The Court System
46(1)
The Federal Courts
47(2)
State Courts
49(1)
Jurisdiction
50(1)
Subject Matter Jurisdiction
50(3)
Concept Review: Subject Matter Jurisdiction
53(1)
Jurisdiction over the Parties
54(3)
Civil Dispute Resolution
57(1)
Civil Procedure
57(5)
The Law and You
62(2)
Alternative Dispute Resolution
64(2)
Concept Review: Comparison of Adjudication, Arbitration, and Mediation/Conciliation
66(8)
Constitutional Law
74(19)
Basic Principles
75(4)
Powers of Government
79(3)
Limitations on Government
82(1)
Concept Review: Limitations on Government
83(4)
Ethical Dilemma: Who Is Responsible for Commercial Speech?
87(6)
Administrative Law
93(15)
Operation of Administrative Agencies
94(3)
Concept Review: Administrative Rulemaking
97(3)
Limits on Administrative Agencies
100(3)
Ethical Dilemma: Should the Terminally Ill Be Asked to Await FDA Approval of Last-Chance Treatments?
103(5)
Criminal Law
108(17)
Nature of Crimes
109(1)
Classification
110(1)
Concept Review: Degrees of Mental Fault
111(1)
White-Collar Crime
112(2)
Crimes Against Business
114(3)
Defenses to Crimes
117(1)
Criminal Procedure
118(2)
The Law and You
120(1)
Concept Review: Constitutional Protection for the Criminal Defendant
121(4)
Intentional Torts
125(19)
Harm to the Person
128(2)
Harm to the Right of Dignity
130(2)
Managerial Insight: Employee References and Liability for Defamation
132(3)
Concept Review: Privacy
135(1)
Harm to Property
135(1)
Harm to Economic Interests
136(2)
Ethical Dilemma: What May One Do to Attract Clients from a Previous Employer?
138(1)
Concept Review: Intentional Torts
139(5)
Negligence and Strict Liability
144(23)
Negligence
145(1)
Breach of Duty of Care
145(5)
Ethical Dilemma: What Are the Obligations of a Bartender to His Patrons?
150(2)
Proximate Cause
152(3)
Injury
155(1)
Defenses to Negligence
156(3)
Strict Liability
159(1)
Activities Giving Rise to Strict Liability
159(2)
The Law and You
161(1)
Defenses to Strict Liability
161(6)
PART III Contracts
167(176)
Introduction to Contracts
168(15)
Development of the Law of Contracts
169(2)
Definition of Contract
171(1)
Requirements of a Contract
171(3)
Classification of Contracts
174(2)
Promissory Estoppel
176(1)
Managerial Insight: Can You Contract by Fax?
177(1)
Quasi Contracts
178(2)
Concept Review: Contracts, Promissory Estoppel, and Quasi Contracts
180(3)
Mutual Assent
183(20)
Offer
184(1)
Essentials of an Offer
184(4)
Duration of Offers
188(4)
Acceptance of Offer
192(1)
Communication of Acceptance
192(4)
Variant Acceptances
196(1)
The Law and You
197(1)
Concept Review: Offer and Acceptance
198(5)
Conduct Invalidating Assent
203(19)
Duress
203(2)
Undue Influence
205(2)
Fraud
207(4)
Nonfraudulent Misrepresentation
211(1)
Mistake
212(1)
Concept Review: Misrepresentation
212(2)
Concept Review: Conduct Invalidating Assent
214(1)
The Law and You
215(7)
Consideration
222(18)
Legal Sufficiency
222(3)
Concept Review: Consideration in Unilateral and Bilateral Contracts
225(1)
Ethical Dilemma: Should a Spouse's Promise Be Legally Binding?
226(5)
Bargained-For Exchange
231(1)
Contracts without Consideration
232(8)
Illegal Bargains
240(15)
Violations of Statutes
240(3)
Violations of Public Policy
243(6)
The Law and You
249(1)
Effect of Illegality
249(1)
Ethical Dilemma: Is It Fair to Reserve the Right to Withhold Test Scores?
250(5)
Contractual Capacity
255(13)
Minors
255(6)
Incompetent Persons
261(1)
The Law and You
262(1)
Intoxicated Persons
262(1)
Ethical Dilemma: Should a Merchant Sell to One Who Lacks Capacity?
263(5)
Contracts in Writing
268(23)
Statute of Frauds
269(1)
Contracts within the Statute of Frauds
269(6)
Concept Review: The Statute of Frauds
275(1)
Compliance with the Statute of Frauds
276(3)
Effect of Noncompliance
279(1)
Parol Evidence Rule
279(1)
The Rule
280(1)
Situations to Which the Rule Does Not Apply
281(2)
Ethical Dilemma: What's (Wrong) in a Contract?
283(1)
Supplemental Evidence
283(1)
Interpretation of Contracts
284(7)
Third Parties to Contracts
291(17)
Assignment of Rights
291(6)
Delegation of Duties
297(2)
Third-Party Beneficiary Contracts
299(9)
Performance, Breach, and Discharge
308(16)
Conditions
308(4)
Discharge by Performance
312(1)
Discharge by Breach
312(2)
Discharge by Agreement of the Parties
314(2)
Discharge by Operation of Law
316(8)
Contract Remedies
324(19)
Monetary Damages
325(7)
Remedies in Equity
332(3)
Restitution
335(1)
Limitations on Remedies
336(7)
PART IV Sales
343(104)
Introduction to Sales and Leases
344(20)
Nature of Sales and Leases
345(1)
Definitions
345(3)
Fundamental Principles of Article 2 and Article 2A
348(3)
Ethical Dilemma: What Constitutes Unconscionability in a Business?
351(1)
Formation of Sales and Lease Contracts
352(1)
Manifestation of Mutual Assent
352(5)
Consideration
357(1)
Form of the Contract
357(2)
The Law and You
359(1)
Concept Review: Contract Law Compared with Law of Sales
360(4)
Performance
364(19)
Performance by the Seller
365(5)
Performance by the Buyer
370(4)
Obligations of Both Parties
374(2)
Ethical Dilemma: Should a Buyer Refuse to Perform a Contract Because a Legal Product May Be Unsafe?
376(7)
Transfer of Title and Risk of Loss
383(17)
Transfer of Title
383(6)
Risk of Loss
389(5)
Bulk Sales
394(1)
Ethical Dilemma: Who Should Bear the Loss?
394(6)
Product Liability: Warranties and Strict Liability
400(25)
Warranties
401(1)
Types of Warranties
401(4)
Obstacle to Warranty Actions
405(4)
Concept Review: Warranties
409(1)
Strict Liability in Tort
409(1)
Requirements of Strict Liability in Tort
410(3)
Obstacles to Recovery
413(2)
Restatement (Third) of Torts: Products Liability
415(1)
Concept Review: Product Liability
416(1)
Managerial Insight: A. H. Robins: What Went Wrong?
417(1)
Ethical Dilemma: When Should a Company Order a Product Recall?
418(7)
Sales Remedies
425(22)
Remedies of the Seller
426(5)
Remedies of the Buyer
431(1)
Concept Review: Remedies of the Seller
432(5)
Contractual Provisions Affecting Remedies
437(1)
Concept Review: Remedies of the Buyer
438(1)
Consumer Insight: Warranty of Title: Who Pays Attorneys' Fees When a Dispute Arises?
439(8)
PART V Negotiable Instruments
447(98)
Form and Content
448(17)
Negotiability
449(1)
Types of Negotiable Instruments
450(2)
Formal Requirements of Negotiable Instruments
452(7)
The Law and You
459(6)
Transfer
465(16)
Negotiation
465(5)
Indorsements
470(2)
Managerial Insight: Details of $1 Million Embezzlement Case Emerge
472(4)
Concept Review: Indorsements
476(5)
Holder in Due Course
481(22)
Requirements of a Holder in Due Course
481(6)
Ethical Dilemma: What Responsibility Does a Holder Have in Negotiating Commercial Paper?
487(3)
Holder in Due Course Status
490(2)
The Preferred Position of a Holder in Due Course
492(6)
Limitations Upon Holder in Due Course Rights
498(5)
Liability of Parties
503(19)
Contractual Liability
503(1)
Signature
504(2)
Liability of Primary Parties
506(1)
Liability of Secondary Parties
507(4)
Termination of Liability
511(1)
Concept Review: Contractual Liability
511(1)
Liability Based on Warranty
512(1)
Warranties on Transfer
513(1)
Warranties on Presentment
514(4)
Ethical Dilemma: Who Gets to Pass the Buck on a Forged Indorsement?
518(4)
Bank Deposits, Collections, and Funds Transfers
522(23)
Bank Deposits and Collections
523(1)
Collection of Items
523(5)
Relationship between Payor Bank and Its Customer
528(4)
Electronic Funds Transfer
532(1)
Ethical Dilemma: Can Embezzlement Ever Be a Loan?
533(1)
Types of Electronic Funds Transfer
533(1)
Consumer Insight: Thwarting ATM Fraud
534(1)
Consumer Funds Transfer
535(2)
Wholesale Funds Transfer
537(2)
Concept Review: Parties to a Funds Transfer
539(6)
PART VI Agency
545(44)
Relationship of Principal and Agent
546(19)
Nature of Agency
547(2)
Creation of Agency
549(2)
Duties of Agent to Principal
551(3)
Duties of Principal to Agent
554(3)
Termination of Agency
557(2)
Ethical Dilemma: Is Medicaid Designed to Protect Inheritances?
559(6)
Relationship with Third Parties
565(24)
Relationship of Principal and Third Persons
566(1)
Contract Liability of the Principal
566(4)
Managerial Insight: Undisclosed Principal Working Through Agents Assembles Home for Famous Mouse, Duck, and Friends
570(5)
Ethical Dilemma: When Should an Agent's Power to Bind His Principal Terminate?
575(1)
Tort Liability of the Principal
575(6)
Criminal Liability of the Principal
581(1)
Relationship of Agent and Third Persons
581(1)
Contract Liability of Agent
581(3)
Tort Liability of Agent
584(1)
Rights of Agent against Third Person
584(5)
PART VII Business Associations
589(164)
Formation and Dissolution of General Partnerships
590(35)
Choosing a Business Association
591(1)
Factors Affecting the Choice
591(1)
Forms of Business Associations
592(3)
Concept Review: General Partnership, Limited Partnership, Limited Liability Company, and Corporation
595(1)
Formation of General Partnerships
595(1)
The Law and You
596(1)
Nature of Partnership
596(1)
Formation of a Partnership
597(8)
Dissociation and Dissolution of General Partnerships under RUPA
605(1)
Concept Review: Partnership Property Compared with Partner's Interest
605(1)
Dissociation
606(1)
Dissolution
607(3)
Dissociation without Dissolution
610(3)
Concept Review: Dissociation and Dissolution under RUPA
613(1)
Dissolution of General Partnerships under UPA
614(1)
Dissolution
614(1)
Ethical Dilemma: What Duty of Disclosure Is Owed to Incoming Partners?
615(1)
Winding Up
616(1)
Continuation after Dissolution
617(8)
Operation of General Partnerships
625(19)
Relationships among Partners
625(1)
Duties among Partners
626(3)
Ethical Dilemma: When Is an Opportunity a Partnership Opportunity?
629(1)
Rights among Partners
629(3)
Relationship between Partners and Third Parties
632(1)
Contracts of Partnership
632(4)
Torts and Crimes of Partnership
636(2)
Notice to a Partner
638(1)
Liability of Incoming Partner
638(6)
Limited Partnerships and Limited Liability Companies
644(20)
Limited Partnerships
644(7)
Concept Review: Comparison of General and Limited Partners
651(1)
Limited Liability Companies
652(4)
Concept Review: Comparison of Member-Managed and Manager-Managed LLCs
656(1)
Other Unincorporated Business Associations
657(1)
Concept Review: Liability Limitations in LLPs
658(6)
Nature and Formation of Corporations
664(23)
Nature of Corporations
665(1)
Corporate Attributes
665(1)
Classification of Corporations
666(1)
Managerial Insight: Why Delaware?
667(3)
Formation of a Corporation
670(1)
Organizing the Corporation
670(3)
Formalities of Incorporation
673(2)
Recognition or Disregard of Corporateness
675(1)
Defective Incorporation
675(3)
Piercing the Corporate Veil
678(2)
Corporate Powers
680(1)
Sources of Corporate Powers
680(1)
Ultra Vires Acts
681(1)
Liability for Torts and Crimes
681(6)
Financial Structure of Corporations
687(20)
Debt Securities
688(1)
Authority to Issue Debt Securities
688(1)
Types of Debt Securities
688(2)
Equity Securities
690(1)
Consumer Insight: Bond Ratings: What Do They Tell Us? Who Makes Them?
691(1)
Issuance of Shares
691(4)
Classes of Shares
695(1)
Concept Review: Debt and Equity Securities
696(1)
Dividends and Other Distributions
697(1)
Types of Dividends and Other Distributions
697(1)
Legal Restrictions on Dividends and Other Distributions
698(3)
Declaration and Payment of Distributions
701(1)
Liability for Improper Dividends and Distributions
702(5)
Management Structure of Corporations
707(29)
Corporate Governance
708(1)
Role of Shareholders
709(1)
Voting Rights of Shareholders
709(5)
Enforcement Rights of Shareholders
714(1)
Concept Review: Concentrations of Voting Power
715(3)
Role of Directors and Officers
718(1)
Function of the Board of Directors
719(2)
Election and Tenure of Directors
721(1)
Exercise of Directors' Functions
722(1)
Officers
723(1)
Duties of Directors and Officers
724(6)
Ethical Dilemma: Whom Does a Director Represent? What Are a Director's Duties?
730(6)
Fundamental Changes of Corporations
736(17)
Charter Amendments
737(1)
Combinations
737(7)
Ethical Dilemma: What Rights Do Minority Shareholders Have?
744(2)
Dissolution
746(1)
Concept Review: Fundamental Changes under Pre-1999 RMBCA
747(6)
PART VIII Debtor and Creditor Relations
753(64)
Secured Transactions and Suretyship
754(36)
Secured Transactions in Personal Property
755(1)
Essentials of Secured Transactions
755(1)
Classification of Collateral
756(3)
Attachment
759(3)
Concept Review: Requisites for Enforceability of Security Interests
762(1)
Perfection
762(5)
Priorities among Competing Interests
767(1)
Concept Review: Methods of Perfecting Security Interests
767(5)
Default
772(3)
Suretyship
775(1)
The Law and You
776(1)
Nature and Formation
776(1)
Ethical Dilemma: What Price Is ``Reasonable'' in Terms of Repossession?
777(2)
Rights of Surety
779(1)
Defenses of Surety and Principal Debtor
780(10)
Bankruptcy
790(27)
Federal Bankruptcy Law
791(1)
Case Administration---Chapter 3
792(1)
Creditors, the Debtor, and the Estate---Chapter 5
793(6)
Liquidation---Chapter 7
799(3)
Reorganization---Chapter 11
802(3)
Adjustment of Debts of a Family Farmer---Chapter 12
805(1)
Adjustment of Debts of Individuals---Chapter 13
806(2)
The Law and You
808(1)
Concept Review: Comparison of Bankruptcy Proceedings
809(1)
Creditors' Rights and Debtors' Relief Outside of Bankruptcy
809(1)
Creditors' Rights
809(1)
Debtors' Relief
810(7)
PART IX Regulation of Business
817(190)
Securities Regulation
818(30)
The Securities Act of 1933
820(1)
Definition of a Security
820(1)
Registration of Securities
821(2)
Exempt Securities
823(1)
Exempt Transactions for Issuers
824(3)
Exempt Transactions for Non-Issuers
827(1)
Concept Review: Exempt Transactions for Issuers under the 1933 Act
828(1)
Liability
828(2)
The Securities Exchange Act of 1934
830(2)
Disclosure
832(3)
Liability
835(1)
Concept Review: Disclosure under the 1934 Act
835(5)
Ethical Dilemma: What Information May a Corporate Employee Disclose?
840(3)
Concept Review: Civil Liability under the 1933 and 1934 Acts
843(5)
Intellectual Property
848(19)
Trade Secrets
848(3)
Trade Symbols
851(4)
Trade Names
855(1)
Copyrights
855(1)
Managerial Insight: Licensed Trademarks Beset by Pirates, Counterfeiters, and Copycats
856(4)
Ethical Dilemma: Who Holds Copyright on Lecture Notes?
860(1)
Patents
861(1)
The Law and You
862(1)
Concept Review: Intellectual Property
863(4)
Employment Law
867(24)
Labor Law
868(1)
Employment Discrimination Law
869(10)
Employee Protection
879(1)
Concept Review: Federal Employment Discrimination Laws
879(4)
Ethical Dilemma: What (Unwritten) Right to a Job Does an Employee Have?
883(1)
The Law and You
884(7)
Antitrust
891(21)
Sherman Antitrust Act
892(7)
Concept Review: Restraints of Trade under the Sherman Act
899(2)
Clayton Act
901(1)
Ethical Dilemma: When Is an Agreement Competitive?
902(2)
Robinson-Patman Act
904(2)
The Law and You
906(1)
Federal Trade Commission Act
906(6)
Accountants' Legal Liability
912(12)
Common Law
912(5)
Federal Securities Law
917(7)
Consumer Protection
924(20)
State and Federal Consumer Protection Agencies
925(4)
Consumer Purchases
929(2)
Consumer Credit Transactions
931(1)
Concept Review: Consumer Recission Rights
932(4)
Creditors' Remedies
936(1)
Ethical Dilemma: Should Some Be Protected from High-Pressure Sales?
937(1)
The Law and You
938(6)
Environmental Law
944(21)
Common Law Actions for Environmental Damage
944(1)
Nuisance
945(1)
Trespass to Land
945(1)
Strict Liability for Abnormally Dangerous Activities
946(1)
Problems Common to Private Causes of Action
946(1)
Federal Regulation of the Environment
946(1)
The National Environmental Policy Act
947(1)
The Clean Air Act
948(4)
The Clean Water Act
952(2)
Hazardous Substances
954(2)
Ethical Dilemma: Distant Concerns
956(2)
Concept Review: Major Federal Environmental Statutes
958(1)
The Law and You
959(2)
International Protection of the Ozone Layer
961(4)
International Business Law
965(18)
The International Environment
966(2)
Jurisdiction over Actions of Foreign Governments
968(2)
Transacting Business Abroad
970(2)
Ethical Dilemma: Who May Seek Economic Shelter under U.S. Trade Law?
972(5)
Forms of Multinational Enterprises
977(6)
CyberLaw
983(24)
Defamation
983(3)
Intellectual Property
986(6)
Contracts and Sales
992(1)
UCITA
993(2)
Privacy and the Internet
995(4)
Securities Regulation
999(2)
Cybercrime
1001(6)
PART X Property
1007
Introduction to Property, Property Insurance, Bailments, and Documents of Title
1008(29)
Introduction to Property and Personal Property
1009(1)
Kinds of Property
1009(1)
Concept Review: Kinds of Property
1010(2)
Transfer of Title to Personal Property
1012(3)
Property Insurance
1015(1)
The Law and You
1016(1)
Fire and Property Insurance
1016(1)
Consumer Insight: Insurance Fraud, Supposedly the Victimless Crime---Who Pays? Who Cares?
1017(2)
Nature of Insurance Contracts
1019(2)
Bailments and Documents of Title
1021(1)
Bailments
1021(4)
Concept Review: Duties in a Bailment
1025(2)
Ethical Dilemma: Who is Responsible for the Operation of Rental Property?
1027(1)
Documents of Title
1028(9)
Interests in Real Property
1037(19)
Freehold Estates
1037(2)
Leasehold Estates
1039(2)
Concept Review: Freehold Estates
1041(5)
Concurrent Ownership
1046(3)
Concept Review: Rights of Concurrent Owners
1049(1)
Nonpossessory Interests
1049(2)
The Law and You
1051(5)
Transfer and Control of Real Property
1056(18)
Transfer of Real Property
1057(1)
Contract of Sale
1057(2)
Deeds
1059(1)
Secured Transactions
1060(2)
Adverse Possession
1062(1)
Public and Private Controls
1062(1)
Zoning
1062(2)
Eminent Domain
1064(1)
Ethical Dilemma: Where Should Cities House the Disadvantaged?
1065(1)
Private Restrictions on Land Use
1066(1)
The Law and You
1067(7)
Trusts and Wills
1074
Trusts
1074(1)
Types of Trusts
1075(2)
Creation of Trusts
1077(3)
Termination of a Trust
1080(1)
Concept Review: Allocation of Principal and Income
1080(1)
Decedent's Estates
1081(1)
Wills
1081(5)
Ethical Dilemma: When Should Life Support Cease?
1086(1)
Intestate Succession
1086(1)
Administration of Estates
1087
Appendix A The Constitution of the United States 2
Appendix B Uniform Commercial Code (Selected Provisions) 1(1)
Appendix C Uniform Partnership Act 1(1)
Appendix D Revised Uniform Partnership Act (Selected Provisions) 1(1)
Appendix E Revised Model Business Corporation Act (Selected Provisions) 1(1)
Appendix F Dictionary of Legal Terms 1(1)
Index 1

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