Match each of the numbered definitions with the correct term in the following list. a. mediation b. primary market c. nexus d. secondary market e. arbitration 1. The place where a corporation sells its securities to the public. 2. The place where one member of the public sells securities to another member of the public. 3. A process in which a neutral third party meets with disputants to have them come to some form of settlement agreement. 4. A process in which a neutral third party decides a case as if he or she were a judge and jury. 5. A location’s link or tie to a sale required in order for the location to collect sales tax.
> A renter of a power tool, ignoring safety warnings, injures himself while using it. The renter later denies that he had seen or read the warnings. The company renting the tool denies any knowledge of the defects in the power tool despite being aware of t
> Should a common carrier be required to accept all goods for shipment that it is authorized to transport? Could there be grounds for refusing some shipments?
> A guest’s laptop computer is stolen from her hotel room. Should the hotel bear some responsibility for the loss?
> The law of bailments requires that the bailee extend either slight care, reasonable care, or extraordinary care—depending on the circumstances. Why does the law allow such variations?
> A car left in a parking garage is damaged and the attendant disclaims responsibility. While, in theory, the owner of the car (the bailor) would seem to have the law on his or her side, how can he or she prove the claim? In practice, will the owner be abl
> Various forms of multiple ownership of real property—such as joint tenancy, tenancy by the entirety, tenancy in common, and so on—have evolved from our English legal roots. Are these designations relevant today?
> Can a gift given causa mortis be assumed to be as freely given as a gift given inter vivos? Why or why not?
> After Balkus died intestate, included among Balkus’s possessions were bank deposit slips for a savings account owned by him. On each deposit slip was a handwritten notation, “Payable to Ann Balkus Vesley [Balkus’s sister] on P.O.D. the full amount and ot
> The transfer of real property is much more complex than the transfer of personal property. What could be done to simplify real property transactions?
> Is it ethical for direct mail marketers to include a document that resembles a check made payable to the addressee, when closer examination reveals certain conditions such as “good only toward the purchase of . . .”?
> How do significant changes made in an instrument affect the rights of the parties to it?
> Should an endorsement written in pencil be legally acceptable? Why or why not?
> The innocent endorser of a forged instrument who negotiates commercial paper is liable. Is this fair?
> The practice of floating provides an opportunity to “borrow” interest-free by cashing a check for which there are inadequate funds on deposit. If the check writer makes a deposit to cover the check in time to avoid a “bounced check” charge, is this pract
> Should the practice of writing postdated checks be illegal?
> Issuers of traveler’s checks encourage buyers to retain unused checks as a form of “emergency fund.” Who benefits from this practice and why?
> The complexity of the financial and banking system is a bit staggering. What might be done to simplify the system for consumers?
> Is it ethical for an individual to purchase numerous items on credit when he or she knows that bankruptcy is available as an option in the event of a default?
> A mere eight days after it was formally incorporated as a business, Schaefer Salt Recovery Inc. (SSR) filed a petition under Chapter 11 of the bankruptcy code. SSR’s only assets were mortgages on three properties on which foreclosure actions brought by S
> Should municipalities that are mismanaged be allowed to file for bankruptcy?
> Why are certain debts considered to be priority debts under Chapter 13 of the federal bankruptcy law?
> Why does the law require a debtor to receive individual or group credit counseling prior to be allowed to file for bankruptcy?
> Is it ethical for a broker or a financial adviser to earn commissions from investments of corporations of which the broker or financial adviser is also a director?
> Corporations have been granted freedom of speech, freedom from unreasonable searches and seizure, and due process of law. Does it make sense that a legal (as opposed to natural) person has these rights?
> How can a sole proprietor attract employees who are trustworthy?
> Persons who face unlimited liability (such as sole proprietors and partners) are allowed to purchase insurance to protect themselves from creditors and others. Should the law allow insurance to be used for this purpose?
> Is it fair that in a limited partnership, the limited partner enjoys limited liability while the general partner faces unlimited liability?
> In some states, an agent’s contracts may be voided if he or she is acting for a principal who is a minor. Is this fair to a third party with whom the contract is signed?
> Does it place an unnecessary burden on a third party to determine whether he or she is dealing with an employee who has the authority of an agent?
> Franklyn, a clerical employee of Woodbury Manufacturing Company, told Buron that he was an agent of the company and made a contract on behalf of Woodbury. Later Woodbury repudiated the contract and claimed that Franklyn had no authority to enter into a c
> Does it seem likely that a third party would be suspicious if an agent disclosed the existence but not the identity of his or her principal?
> A principal is liable for the torts and crimes committed by an agent if he or she is performing authorized duties. To what extent should the agent also be liable?
> It is often difficult for a third party to distinguish between an agent and an employee. Are there times when it is important to distinguish between the two? Should there be a clear identification system established?
> Can it be ethically justified for a manufacturer to sell a product with a warranty less than the law requires?
> How would the law distinguish between oral statements of warranty and puffing?
> Match each of the numbered definitions with the correct term in the following list. a. barren promise b. consideration c. forbearance d. gratuitous promise e. general release f. moral consideration g. past consideration h. pledge or subscription i. preex
> Match each of the numbered definitions with the correct term in the following list. a. contract of adhesion b. duress c. fraud d. intentional concealment e. misrepresentation f. mistake g. mutual agreement h. puffing i. unconscionable contract j. undue i
> Match each of the numbered definitions with the correct term in the following list. a. acceptance b. counteroffer c. invitation to trade d. lapse of time e. mailbox rule f. offeree g. offeror h. public offer i. request for a proposal j. revocation 1. A
> Match each of the numbered definitions with the correct term in the following list. a. competent party b. consideration c. divisible contract d. entire, or indivisible, contract e. executed contract f. executory contract g. express contract h. formal con
> Match each of the numbered definitions with the correct term in the following list. a. administrative agency b. executive branch c. administrative hearing d. judicial branch e. legislative branch 1. A branch of government headed by the president, a gove
> Ferguson contracted to buy a quantity of knitting yarn. After receipt he cut it and knitted it into sweaters. At this point, he discovered color variations from one piece to another. Ferguson refused to pay the agreed price, claiming that the yarn had be
> Match each of the numbered definitions with the correct term in the following list. a. commerce clause b. doctrine of preemption c. Eighth Amendment d. express powers e. Fifth Amendment f. First Amendment g. Fourth Amendment h. full faith and credit clau
> Match each of the numbered definitions with the correct term in the following list. a. advance directive b. COBRA c. disability insurance d. durable power of attorney for health care e. HIPAA f. living will g. major medical h. Medicaid i. Medicare j. sin
> Match each of the numbered definitions with the correct term in the following list. a. National Environmental Policy Act b. environmental impact statement c. Environmental Protection Agency d. Clean Air Act e. Clean Water Act f. Superfund g. public and p
> Match each of the numbered definitions with the correct term in the following list. a. conversion b. contributory negligence c. defamation d. liability e. libel f. negligence g. nuisance h. slander i. tort j. vicarious liability 1. A broad category of v
> Match each of the numbered definitions with the correct term in the following list. a. malpractice b. professional c. term insurance d. Good Samaritan e. whole life insurance 1. A form of pure life insurance with no savings feature. 2. A professional’s
> Match each of the numbered definitions with the correct term in the following list. a. product flaw b. design defect c. strict liability d. Master Settlement Agreement e. product liability f. failure to warn 1. A fault in a product that creates a hazard
> Match each of the numbered definitions with the correct term in the following list. a. Civil Rights Act of 1964 b. EEOC c. Equal Pay Act of 1963 d. Family Medical Leave Act of 1993 e. OSHA 1. A federal agency that promotes safety and health in the workp
> Match each of the numbered definitions with the correct term in the following list. a. 1099 b. employment at will c. employment contract d. employee handbook e. independent contractor f. respondeat superior g. W-2 1. An agreement that specifies that the
> Match each of the numbered definitions with the correct term in the following list. a. social media b. cyberstalking c. improper affiliation d. Equal Credit Opportunity Act e. username squatting f. concerted action g. impersonation h. intellectual proper
> Dahl, the owner of a machine shop, agreed to manufacture 22 valves for $460 each for Capobianco. When six valves were finished and shipped, Capobianco advised Dahl of his intention to cancel the contract. Dahl went on to build the remaining valves accord
> Match each of the numbered definitions with the correct term in the following list. a. defamation b. worm c. hacker d. cookie e. spam 1. A file that is embedded on the hard drive of a computer, often without a person’s knowledge, that collects and store
> Match each of the numbered definitions with the correct term in the following list. a. goodwill b. trade name c. trade secret d. brand name e. trademark 1. Specialized knowledge associated with a particular business. 2. The name and good reputation of a
> Match each of the numbered definitions with the correct term in the following list. a. beneficiary b. bequest c. codicil d. decedent e. devise f. executor g. holographic will h. inter vivos i. intestate j. personal representative k. residuary l. settlor
> Match each of the numbered definitions with the correct term in the following list. a. bailee b. bailment c. bailor d. carrier’s lien e. common carrier f. consignee g. consignor h. constructive bailment i. lien j. transient 1. A relationship concerned w
> Match each of the numbered definitions with the correct term in the following list. a. arson b. bribery c. burglary d. extortion e. felony f. forgery g. misdemeanor h. perjury i. Ponzi scheme j. white-collar crime 1. A classification of serious crimes s
> Match each of the numbered definitions with the correct term in the following list. a. bad check b. draft or bill of exchange c. cashier’s check d. certified check e. check f. drawee g. drawer h. holder i. maker j. negotiability k. payee l. postdated che
> Match each of the numbered definitions with the correct term in the following list. a. assets b. bankruptcy c. creditor d. debtor e. default f. insolvency g. involuntary filing h. liabilities i. liquidation j. means test k. priority debt l. reorganizatio
> Match each of the numbered definitions with the correct term in the following list. a. articles of incorporation b. corporation c. duty of care d. duty of loyalty e. partnership f. joint venture g. limited liability company h. limited partnership i. sole
> Match each of the numbered definitions with the correct term in the following list. a. disclaimer b. express warranty c. full warranty d. implied warranty e. limited warranty f. product liability g. custom of the marketplace h. warranty of fitness for a
> Match each of the numbered definitions with the correct term in the following list. a. conditional sales contract b. contract for labor and materials c. contract to sell d. insolvency e. reserve amount f. sale on approval g. sale or return h. title i. st
> Laclede Gas Company purchased propane gas from Amoco Oil Company and sold it to various residential subdivisions. After the contract had been in operation for some time, Amoco refused to supply any more gas. Laclede was unable to find another supplier wi
> Match each of the numbered definitions with the correct term in the following list. a. anticipatory breach b. impossibility of performance c. material alteration d. mitigation e. promissory note f. specific performance g. restraining order or injunction
> Match each of the numbered definitions with the correct term in the following list. a. assignee b. assignment c. assignor d. bankrupt e. delegation f. guarantor g. incidental beneficiary h. novation i. personal-service contract j. third-party beneficiary
> Match each of the numbered definitions with the correct term in the following list. a. administrator b. antenuptial or prenuptial agreement c. auctioneer d. executor e. guaranty f. memorandum g. parol evidence rule h. personal property i. real property j
> Match each of the numbered definitions with the correct term in the following list. a. champerty b. exculpatory clause c. franchisor d. gambling agreement e. government-granted-franchise f. interest g. monopoly power h. restraint of trade i. unlicensed t
> Match each of the numbered definitions with the correct term in the following list. a. abandonment b. age of majority c. contractual capacity d. competent party e. disaffirmance f. emancipation g. incompetence h. minor i. necessaries j. ratification 1.
> Match each of the numbered definitions with the correct term in the following list. a. code of ethics b. stakeholder c. ethics d. morals e. corporate responsibility f. values g. whistleblower 1. An individual person’s beliefs as to what is right and wro
> Using the Internet and search engines, investigate the types of health-related insurance benefits that are available to employees of local and regional employers.
> Using the Internet and search engines, investigate the Environmental Protection Agency. In what types of activities is this federal agency involved?
> In teams of three or four, check labels on various products such as chemicals, cleansers, insecticides, and herbicides. Look for warnings and EPA information. Discuss your findings.
> Using the Internet and search engines, investigate the terms and international organizations discussed in this chapter.
> Bunge, a grain dealer, contracted with Recker, a farmer, to purchase 10,000 bushels of soybeans at $3.35 per bushel. The contract did not specify where the beans were to have been grown, except that they were to be grown in the United States. As a result
> In teams of three or four, interview local small and medium size businesses to learn about the experiences of the interviewees in dealing with various aspects of international law.
> Using the Internet and search engines, investigate a case of professional liability and the basis upon which it was decided.
> Working in teams of three or four, interview local insurance agents and brokers to learn about various forms of insurance, such as life, health, automobile, fire, theft, flood, disability, renter’s, property, key person, casualty, professional liability,
> Using the Internet and search engines, navigate to the websites of several cigarette manufacturers. What warnings regarding tobacco use do these companies provide?
> Using the Internet and search engines, navigate to the web pages of your state to determine the criteria under which a worker may receive unemployment benefits.
> Using the Internet and search engines, visit a website that provides a free download to detect spyware.
> In teams of three or four, draft a federal statute that might be enacted that would address the issue of online gambling. Be certain to include who is covered and what forms of gambling are being regulated.
> Using the Internet and search engines, locate a governmental website that addresses the issue of how to obtain a patent. What information is available on this website? If you had developed or created an invention, would you find the information helpful i
> In teams of three or four, assume that you are the co-owners of a five-star restaurant located in the heart of a large city in the United States. First, draft a clause in a contract that might serve as a restrictive covenant for prospective employees who
> In teams of three or four, investigate whether your local community has a housing or landlord–tenant court. What are some of the disputes decided by this court?
> Phung orally agreed to sell a thoroughbred horse to Presti for $60,000. When Presti sent a check in payment, Phung told him that he intended to hold the check for a month for tax purposes. Phung retained possession of the horse. While the check remained
> Using the Internet and search engines, look for legal cases involving bailments and sample bailment contracts. Identify the types of bailments in such cases and contracts.
> Using the Internet and search engines, investigate Leydon v. Town of Greenwich, 257 Conn. 318 (2001), relating to the Connecticut court’s ruling on a beach access dispute. Discuss the merits of the court’s opinion.
> Working in teams of three or four, interview personnel at your local bank to describe the circumstances under which the bank might refuse to cash a check drawn on an account held at the bank.
> Using the Internet and search engines, investigate “contract of agency” and identify key terms in such a contract.
> Using the Internet and search engines, find examples of warranties that are covered by the Magnuson-Moss Warranty Act. Evaluate whether the warranty is a full or limited warranty and whether it meets the standards required by that act.
> In teams of three or four, interview owners or managers of small businesses to determine how their sales contracts address returns, delivery, and remedies for breach.
> Using the Internet and search engines, find an instrument of title, such as a bill of sale, bill of lading, or warehouse receipt.
> Using the Internet and search engines, investigate the Federal Trade Commission’s website to learn when contracts may be terminated to protect the consumer.
> In teams of three or four, interview owners or managers of small businesses to learn some typical contracts in which the firms have been involved and how they were terminated.
> Using the Internet and search engines, investigate typical regulations or legislation that governs the assignment of certain contracts. What are some types of contracts typically controlled?
> Marti, the owner of an expensive sports car, agreed in writing to sell the car to Berini. Because both parties recognized that some necessary engine repairs were needed, their contract did not specify the sales price, intending to determine the cost of r
> Use the Internet and search engines to investigate the Sherman Antitrust Act and the Robinson-Patman Act and the various prosecutions under each.
> In teams of three or four, interview several owners or managers of small businesses. Ask these individuals whether there are legal obstacles that make it more difficult for their businesses to earn a profit.
> In teams of three or four, interview several small businesses to learn some of the steps businesspersons routinely follow to avoid problems involving contracts.
> In teams of three or four, interview the owners or managers of small businesses to determine the levels of laws—federal, state, or local—to which the firm is subject. Further, ask the interviewee to provide examples.
> Using the Internet and search engines, investigate a case involving negligence.
