Sole Proprietorships and
Partnerships
Chapter 17
1
Choice of Business Organization
o
o
Persons wishing to start a new business should be
aware of the advantages and disadvantages of
alternative business forms.
Considerations include:
n
n
n
n
n
n
Ease and
6/16/15
Chapter 12
Torts
I.
The Basis of Tort Law
a. Tort: a civil wrong that unfairly causes someone else to suffer loss or harm and resulting in legal
liability for the person committing the tort
b. Tort law is designed to compensate those who have suff
BUSINESS LAW 301: LEGAL ENVIRONMENT OF BUSINESS
Summer 2015
MTWR 8:00-9:30 a.m. (HBB 402)
Instructor: Somer Chyz, JD
Email:
[email protected]
Office:
628 Stokely Management Center
Office Hours: Monday thru Wednesday, 9:45 -11:00 a.m.; other times by appointme
6/25/15
Chapter 28
Investor Protection & Corporate Governance
I.
The Securities and Exchange Commission (SEC)
a. An independent regulatory agency created via the Securities and Exchange Act of 1934
b. Administers the 1934 Act, and the Securities Act of 19
The Court System
Courts interpret laws (from all primary sources) and apply them to specific cases filed in
the courts.
Judicial review is the power of both federal and state courts to determine the
constitutionality of statutes, administrative rules, a
Business Law 301 Exam 1 Terminology
Chapter 1: Law and Legal Reasoning
Administrative Agency- A federal, state, or local government agency established to
perform a specific function. Administrative agencies are authorized by legislative acts to
make and e
Business and Its Legal
Environment
Chapter 1
1
Assignments for Wed. 8/29
o
o
Read Question 1-10: A Question of Ethics (pg.
27). This summarizes a famous English criminal
case and raises interesting ethical questions.
Exercise: For practice in locating dif
Chapter 9
Contract law provides stability, predictability and certainty for buyers and sellers in the marketplace by
giving parties confidence that their contractual agreements can be enforced.
Contracts may be created by written words or through oral ag
6/24/15
Chapter 19
Corporations
I.
The Nature of Corporations
a. Corporation: legal entity created and recognized by state law
b. Shareholders = owners (via purchase of shares of stock)
i. May be natural persons
ii. May be other businesses
c. Corporate au
6/30/15
Chapter 21
Employment Law (Relationships)
I.
Employment at Will
a. Either party may terminate the employment relationship at any time for any reason, except:
i. If termination would result in breach of employment contract
1. Some states find an im
July 1, 2015
Chapter 24
Consumer Protection
I.
Deceptive Advertising
a. Federal Trade Commission: created via the Federal Trade Commission Act; seeks to prevent
unfair and deceptive trade practices, including deceptive advertising
b. Deceptive Advertising
June 29, 2015
Chapter 27
Antitrust Law
I.
The Sherman Antitrust Act
a. A response to what was seen as a reduction in competition in the American marketplace
b. Act criminalizes agreements that wrongfully restrict trade (Section 1) and the misuse of
monopo
Business Law 301
Reading 4 Notes
Mediation- method of settling disputes outside of court by using the services of a
neutral third party, called a mediator.
Arbitration- Settling a dispute by submitting it to a disinterested third party who renders
a decis
Chapter 6: Administrative Law
I.
THE PRACTICAL SIGNIFICANCE OF ADMINISTRATIVE LAW Unlike
statutory law, administrative law is created by administrative agencies, not by
legislatures. When Congress or a state legislator enacts legislation, it typically
ado
Study Guide BUAD361 Exam 2 Spring 2016
Ch. 15 Entry strategies and alliances
Turnkeys- the contractor handles every
detail of the project for a foreign client,
including the training of operating
personnel. At completion of the contract,
the foreign clien
Heavy on formation questions
1. The United States Constitution is the supreme law of the land. A) True (Article 6)
2. The state governments retain all powers not specifically delegated to the federal
government A) True
a. Federal form: 2 sovereigns: Fed a
BULW 301 Chapter 9
Contract Formation
Overview of Contract law
- Contract law
o Provides stability, predictability, & certainty for buyers & sellers in marketplace by giving
parties confidence that their contractual agreements can be enforced
o Contracts
6/23/15
Chapter 17
Sole Proprietorships, Franchises & Partnerships
I.
Sole Proprietorships
a. Owner = Business
b. Advantages
i. Owner receives all profits
ii. Uncomplicated to form
iii. Increased flexibility
c. Disadvantages
i. Owner incurs all losses/lia
Business Law 301
Reading 5 (Ch. 4) Notes
Ethics- study of what constitutes right or wrong behavior
Business ethics- looks at the decisions businesses make or have to make and whether
those decisions are right or wrong
Triple bottom line- idea that investo
June 1, 2015
Chapter 1
Law and Legal Reasoning/Sources of American Law
I.
Sources of American Law
a. Primary vs Secondary Sources of Law
i. Primary
1. US Constitution & State Constitutions
2. Statutory law
3. Regulations
4. Case Law/Common Law
ii. Seconda
June 15, 2015
Chapter 11
Sales and Lease Contracts
I.
The Scope of Articles 2 (Sales) and 2A (Leases) of the UCC
a. Article 2 of the UCC governs contracts for the sale of goods
i. Common law requirements for contract (offer, acceptance, consideration) are
June 17, 2015
Chapter 13
Strict Liability & Product Liability
I.
Strict Liability
a. Strict Liability: when a person is legally liable for damages caused by his acts or omissions
regardless of fault; applies to:
b. Abnormally dangerous activities: those t
6/18/15
Chapter 14
Intellectual Property
Intellectual Property: a legal concept, established in the United States Constitution, that refers to creations of the
mind for which exclusive rights are recognized
I.
Trademarks and Related Property
a. A recogniz
June 11, 2015
Chapter 10 Contract Performance, Breach, and Remedies
I.
VOLUNTARY CONSENT
a. Parties must GENUINELY AGREE to a contracts terms in order for the contract to be
enforceable
b. Voluntary consent negated by:
i. Mistakes
1. Mistake of material f
6/10/15
Chapter 9
Contract Formation
I.
OVERVIEW
1. What is a contract? A legally binding agreement between two or more parties who agree to perform or to
refrain from performing some act now or in the future
2. The Importance of Intent: a partys intentio
June 4, 2015
Chapter 4
Business Ethics
I.
Business Ethics
a. Ethics: the study of what constitutes right and wrong behavior; focuses on morality and the
application of moral principles in everyday life. Includes:
i. Fairness
ii. Justness
iii. Rightness/wr
June 3, 2015
Chapter 2 Cont. Chapter 3
Judicial Procedures and ADR
I.
Judicial Procedures: Following a Case Through the Court
a. Procedural Rules: provide a framework for every dispute and specify what must be done at each
stage of the litigation process
June 8, 2015
Chapter 5
Business and the Constitution
I.
The Constitutional Powers of Government
a. A Federal Form of Government: states regulate affairs within their borders through their police
powers, which derive in part from the Tenth Amendment; the p
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