The most important federal anti-discrimination laws are:
Title VII of the Civil Rights Act of 1964.
The Age Discrimination in Employment Act.
The Equal Pay Act.
The Americans with Disabilities Act.
Corporations Merger, Consolidation, and Termination
1: Merger and Consolidation
Corporations can grow and expand by:
Purchase of another corporations assets.
Purchases of a controlling interest in another corporation
Common law actions intended to limit restraints on trade and regulate economic competition.
Embodied almost entirely in:
The Sherman Antitrust Act of 1890.
The Clayton Act of 1914.
1: The Sherman Antitrust Act
Limited Liability Companies
and Limited Partnerships
Limited liability companies are relatively new creatures of state statute.
An LLC is a hybrid entity that combines the limited liability of a corporation and the tax
Administrative Law is the rules, orders, and decisions of federal, state, and local government
agencies established to perform a specific function.
1: Agency Creation and Powers
The study of Administrative
Definition: Property consists of legally protected rights and interests a person has in anything
with an ascertainable value that is subject to ownership.
Difference Between Real and Personal Pr
1: The Nature of Real Property
Real property is immovable and includes:
Trees and vegetation.
Subsurface (mineral) rights.
2: Ownership Interests
in Real Property
Ownership interests are
Agency Formation and Duties
Agency=Principal and Agent.
Agency is the most common and most important legal relationship.
Understanding agency is crucial to understanding the legal environment of business.
1: Deceptive Advertising
Areas of Consumer Law Regulated by Statutes:
Labeling and Packaging.
Consumer Health and Safety.
State Consumer Protection.
Anyone who rents housing to the public for commercial purposes subjects herself to various
state and federal Landlord-Tenant laws.
Owner of the property is the LESSOR and Tenant is LESSEE; the con
Wills, Trusts, and Elder Law
Will provides for a Testamentary disposition of property.
A will is the final declaration of how a person desires to have his or her property
disposed of after death.
Testate (One who dies after having
Liability of Accountants
and Other Professionals
1: Common Law Liability
Under the common law, professionals may be liable to clients for:
Breach of contract.
Liability for Breach of Contract
Insurance is a contractual arrangement for transferring and allocating risk.
Prediction concerning potential loss based on known and unknown factors.
Involves the transfer of certain risks fro
UCC Article 9 governs transactions when personal property is put up as collateral for debt.
Corporations Formation and Financing
1: The Nature of the Corporation
A corporation is a creature of statute, an artificial person.
Most states follow the Model Business Corporation Act (MBCA) or the RMBCA, that are
model corporation laws.
Labor and Employment Law
Historically, employment law was governed by the common law doctrine of employment at
will where either employer or employee could terminate the relationship at any time, for any
Corporations Directors, Officers, and Shareholders
1: The Role of Directors
Every corporation is governed by a board of directors that are elected by the shareholders.
Individual directors are not agents of corporation, only the board itse
Special Business Forms
Partnerships are governed both by common law and by statutory laws.
Agency Concepts and Partnership Law:
Each partner is deemed to be an agent of the other.
There may be imputation of l
Body of law - formed as a result of international customs, treaties, and organizations that governs relations among or between nations.
Law of a particular nat
1: Bankruptcy Proceedings
Article I, Section 8 of the U.S. Constitution. Federal jurisdiction.
Bankruptcy Reform Act of 1978, amended by Reform Act of 1994.
Federal court under U.S. district court, can appeal to district co
Checks, the Banking System,
Checks and electronic fund transfers (EFTs) are governed by Articles 3 and 4 of the UCC.
Article 3: covers all negotiable instruments, including checks.
Article 4: establishes a framework
There are two kinds of liability associated with negotiable instruments:
1: Signature Liability
Relates to signatures on instruments.
Signers of negot
Agency: Liability to Third Parties and Termination
Is Principal liable for contracts entered into by his Agent?
Is Agent liable for contracts entered into for Principal?
When is a third party liable to Principal and to Agent?
Entrepreneurs wishing to start a new business must be aware of advantages and disadvantages
of various business entities for their endeavor. Consider:
Ease of creation.
Law for Small Businesses
1: The Importance
of Legal Counsel
Those with the desire to start their own business need to be sure to cover the options and legal
requirements thoroughly with respect to issues such as:
Finding an Attorney.
Corporations Investor Protection and Online Securities Offerings
Historical Background: stock market crash of 1929 showed the need for:
More disclosure from issuers.
Prohibition of deceptive, unfair and manipulative practices i
Ethics and Business
1: Business Ethics
Ethics is the study of right and wrong behavior; whether an action is fair, right or just.
In business, ethical decisions are the application of moral and ethical principles to the
The principal sources of environmental law are:
Common Law Actions.
State and Local Regulation.
1: Common Law Actions
Person liable if they use their property in a manner that u
Sales and Lease Warranties
A warranty is an assurance of fact upon which a party may rely.
Warranty of Title.
Implied Warranty of Merchantability.
Implied Warranty of Fitness for a Particular Purpose.