Identify four kinds of agreements that lack consideration.
> Distinguish between the two basic kinds of commercial paper: promises to pay (notes) and orders to pay (checks and drafts).
> Distinguish between voluntary filing and involuntary filing in bankruptcy.
> Explain the conditions under which individuals and businesses become insolvent and default on their loans.
> Identify organizational forms that are not business entities.
> Describe limited liability companies.
> Identify the business organizational forms available in the United States whose purpose is to earn a profit.
> Differentiate between the principal–agent and employer–employee relationship.
> Explain how an agency may be terminated.
> Jackson, a widow who was desperate for money, sold land to her brother, Seymour, for $275. Later Seymour found valuable timber on the land and sold some of it for $2,353. When Jackson realized that the property was worth much more than she had originally
> Discuss the four ways in which an agency may be created.
> Classify the two major kinds of agents.
> Describe the principal–agent relationship.
> Explain the provisions of the Magnuson-Moss Warranty Act.
> Identify the three kinds of implied warranties.
> Identify the four kinds of express warranties.
> Identify the various provisions of the law that protect consumers and third parties who suffer physical injuries or financial losses.
> Discuss auction sales and conditional sales.
> Describe the special requirements of contracts for labor and materials.
> Discuss the difference between entire and divisible contracts.
> Without first obtaining the required marriage license, Evelyn and Joseph Carabetta were married in a religious ceremony. Thereafter, they lived together as husband and wife. They raised four children, all of whose birth certificates listed Joseph Carabet
> Identify the classifications of sales contracts, including oral, written, express, and implied.
> Distinguish between a contract for sale and a contract to sell.
> Discuss the concept of title in relation to the law of sales.
> Describe the passage of title to fungible goods.
> Discuss sales by persons with possession of, but not title to, goods.
> Define conditional sales and identify the two types of conditions found in contracts for conditional sales.
> Explain when title to goods passes.
> Distinguish between the two main types of property, and indicate which one is subject to the law of sales.
> Explain how title and certificates of title relate to the concept of ownership.
> Discuss the remedies for breach of contract, and provide examples of situations that would be appropriate for each remedy.
> William Storey Sr. promised his nephew, William Storey II, that he would pay him $5,000 if his nephew avoided drinking, using tobacco, swearing, and playing cards and billiards for money until he became 21 years old. The nephew agreed to the offer and ke
> Identify the circumstances under which a contract would be terminated by operation of law.
> Describe when termination by alteration occurs.
> Explain termination by impossibility of performance.
> Identify seven ways in which a contract may be terminated.
> Provide examples of contracts that may be assigned by a court of law.
> Explain the legal concept of delegation of duties.
> Identify three kinds of contracts that may not be assigned.
> Interpret the legal concept of assignment of rights.
> Identify two instances in which a contract may involve third parties.
> Discuss the Statute of Frauds.
> Esposito hired Excel Construction Company to repair a porch roof for $625 while she was out of town on vacation. All terms of the agreement were specified in a written contract, but the agreement failed to specify whether it was the front or rear porch t
> Explain how the parol evidence rule affects the addition of supplementary provisions to a written contract.
> Describe the requirement of proper form of contracts, and name instances when contracts (a) should not be in writing, (b) should be in writing, and (c) must be in writing.
> Explain the provisions of two major laws governing illegal restraint of trade: the Sherman Antitrust Act and the Robinson-Patman Act.
> Identify four kinds of agreements that are in violation of public policy.
> Identify four kinds of agreements that are in violation of statutes.
> Assess the legal status of contracts made by persons who are incompetent.
> Explain what is meant by contractual capacity and define competent parties.
> Define the term general release.
> Define unconscionable contracts.
> While in the custody of the New Castle Youth Development Center (YDC), 17-year-old Betts suffered a tragic spinal cord injury while attempting to make a tackle during a football game. Following the injury, Betts sued YDC and several of its staff members,
> Define undue influence and explain its impact upon the validity of a contract.
> Explain the concept of mistake in the eyes of the law.
> Explain misrepresentation and how it differs from fraud.
> List seven ways in which a lack of a meeting of the minds may cause defective agreements.
> Identify the three ways in which an offer may be terminated.
> Explain and provide examples of the two requirements for a valid acceptance.
> Identify the first step in reaching agreement and forming a valid contract.
> Describe the enforceability of contracts in terms of valid, void, and voidable contracts.
> Identify the six elements of an enforceable contract.
> Explain the purpose of a contract.
> The IRS filed a lawsuit against Stern to collect unpaid income taxes, penalties, and interest that had amassed over 10 years. In response, Stern petitioned the court to disallow the IRS from collecting his tax debt, arguing that discrepancies existed bet
> Distinguish between agreements and contracts.
> Identify the sources of contract law.
> Describe the nature of a contract.
> Discuss how the Internal Revenue Service administers the collection of income taxes pursuant to the Sixteenth Amendment.
> Discuss the current state of constitutional law with respect to the Second Amendment.
> Explain the legal concept of liability and provide examples.
> Identify some of the major legal areas that impact health care.
> Identify other environmental issues for which there is growing concern.
> Identify several factors that influence the changing global climate.
> Identify several types of pollution that are of great concern to society.
> Rensch left two diamond rings for cleaning at Riddle’s Mall in Rapid City, South Dakota. Riddle’s had advertised free ring cleaning to the public. When Rensch returned for the rings, he found that a clerk had mistakenly given them to another customer. Th
> Describe the theories of law under which private citizens may sue persons and businesses that harm the environment.
> Describe how the government regulates businesses in relation to the environment.
> Explain how the federal government regulates itself in the area of environmental protection.
> Discuss the international legal environment and state how trade sanctions and embargoes, export and import controls, and boycotts are utilized by governments to achieve economic and political ends.
> Discuss the doctrine of comity.
> Define international law and identify its major sources.
> Discuss global business and cite reasons for the increased need for international law.
> Describe how the National Highway Traffic Safety Administration is responsible for the safety of automobiles sold in the United States.
> Identify examples of consumer products regulated by the Consumer Product Safety Commission.
> Describe three ways in which the federal and state governments reduce unreasonable risk of injury and death associated with consumer products.
> Katz was convicted in federal court under an indictment charging him with transmitting wagering information by telephone from Los Angeles to Miami and Boston, in violation of a federal statute prohibiting gambling. At the trial, the federal prosecutor wa
> Explain the difference between express and implied powers; describe the process used to amend the U.S. Constitution; and explain judicial review and the doctrine of preemption.
> Identify the kinds of businesses that can be charged with product liability.
> Identify some typical policies contained in an employee handbook.
> List some typical clauses in an employment contract.
> Discuss how legal disputes can be settled online using alternative dispute resolution.
> Identify the copyright issues associated with selling music and other forms of entertainment online.
> Identify six key settings in which the law applies to conducting business on the Web.
> Discuss emerging issues related to social media and business interaction
> Discuss the ways in which social media speech can affect business including defamation, intellectual property infringement and deceptive advertising.
> Identify crimes associated with social media
> Discuss how privacy issues in social media may be affected by business considerations in employment and use in civil cases.
> Morton Salt Company, a large producer of table salt, had an established price scale for its product based on the quantity of salt ordered in a 12-month period. Thus, a firm that ordered a substantial quantity of salt paid less per package than a store th
> Identify categories of legal issues related to social media.
> Identify the parties to an agency agreement and describe the relationship of the parties.
> Explain the effect of warranties offered after a transaction has been completed.
