Cengage Advantage Books: Law for Business

by Ashcroft, John D.; Ashcroft, Janet

• ISBN13: 9780324381573
• ISBN10: 0324381573
• Edition: 16th
• Format: Paperback
• Copyright: 2007-07-12
• Publisher: South-Western College/West

Summary

LAW FOR BUSINESS offers a practical approach to law that emphasizes current, relevant topics you need to succeed in contemporary business. Cases throughout the text highlight issues such as trademark infringement, computer tampering, pollution, agency, and employment-at-will. Plus, timely coverage of business ethics and the law gives you new insight into recent corporate scandals and indictments. Ashcroft and Ashcroft use short chapters, a four-color design, real-world examples and applications, and integrated learning objectives to make business law approachable and engaging for all students.

Table of Contents

Preface	p. ix
The Legal System and the Legal Environment of Business	p. 1
Introduction to Law	p. 2
Objectives of Law	p. 3
Roots of Our Legal System	p. 3
The Common Law	p. 3
Equity	p. 3
Sources of Law	p. 4
Civil versus Criminal Law	p. 6
Tort Law	p. 7
Ethics	p. 8
Questions	p. 10
Courts and Court Procedure	p. 11
Function of the Courts	p. 11
Jurisdiction of Courts	p. 12
Classification of Courts	p. 12
Court Officers	p. 17
Procedure in Courts of Record	p. 18
Procedure in Small Claims Court	p. 19
Questions	p. 20
Business Torts and Crimes	p. 21
Torts	p. 21
Crimes	p. 27
Types of Business Crimes	p. 27
Questions	p. 33
Case Problems	p. 34
Government Regulation of Business	p. 37
Purpose of Regulation	p. 38
Administrative Agencies	p. 38
Antitrust	p. 40
Environmental Protection	p. 41
Questions	p. 44
Contracts	p. 45
Nature and Classes of Contracts	p. 46
Requirements for a Contract	p. 47
Contracts Contrasted with Agreements	p. 47
Classification of Contracts	p. 48
Questions	p. 52
Case Problems	p. 53
Offer and Acceptance	p. 55
Requirements of a Valid Offer	p. 56
Invitations to Make Offers	p. 57
Duration of the Offer	p. 59
The Acceptance	p. 60
Counteroffers	p. 61
Inquiries Not Constituting Rejection	p. 62
Manner of Acceptance	p. 62
Questions	p. 63
Case Problems	p. 63
Capacity to Contract	p. 65
Minors	p. 66
Mentally Incompetent Persons	p. 69
Intoxicated Persons	p. 71
Convicts	p. 71
Questions	p. 71
Case Problems	p. 72
Consideration	p. 74
Nature of Consideration	p. 74
Adequacy of Consideration	p. 75
Exceptions to Requirement of Consideration	p. 79
Questions	p. 80
Case Problems	p. 81
Defective Agreements	p. 83
Mistakes	p. 83
Mistakes That Invalidate Contracts	p. 84
Mistakes That Do Not Invalidate Contracts	p. 86
Fraud	p. 88
Duress	p. 90
Undue Influence	p. 91
Remedies for Breach of Contract Because of Fraud, Duress, or Undue Influence	p. 92
Questions	p. 93
Case Problems	p. 94
Illegal Agreements	p. 96
Contracts Prohibited by Statute	p. 97
Contracts Contrary to Public Policy	p. 102
Questions	p. 103
Case Problems	p. 104
Written Contracts	p. 106
Reasons for Written Contracts	p. 106
Statute of Frauds	p. 107
Note Or Memorandum	p. 110
Other Written Contracts	p. 111
Parol Evidence Rule	p. 112
Questions	p. 112
Case Problems	p. 113
Third Parties and Contracts	p. 115
Involving a Third Party	p. 115
Technicalities of an Assignment	p. 119
Joint, Several, and Joint and Several Contracts	p. 121
Questions	p. 123
Case Problems	p. 123
Termination of Contracts	p. 125
Methods by Which Contracts Are Terminated	p. 125
Remedies for Breach of Contract	p. 131
Malpractice	p. 133
Questions	p. 134
Case Problems	p. 134
Summary Cases	p. 137
Personal Property	p. 141
Nature of Personal Property	p. 142
Personal Property	p. 142
Methods of Acquiring Personal Property	p. 144
Bailments	p. 147
The Bailment Agreement	p. 148
Delivery and Acceptance	p. 148
Return of the Bailed Property	p. 149
Types of Bailments	p. 149
Conversion of Bailed Property by the Bailee	p. 151
Questions	p. 152
Case Problems	p. 152
Special Bailments	p. 155
Carriers	p. 155
Liability of Common Carriers of Goods	p. 157
Hotelkeepers	p. 163
Questions	p. 166
Case Problems	p. 166
Summary Cases	p. 169
Sales	p. 171
Sales of Personal Property	p. 172
Property Subject to Sale	p. 172
Sales and Contracts to Sell	p. 173
Sales of Goods and Contracts for Services	p. 174
Price	p. 174
Existing Goods	p. 175
Future Goods	p. 175
Bill of Sale	p. 176
Illegal Sales	p. 177
International Sales Contracts	p. 177
Questions	p. 178
Case Problems	p. 178
Formalities of a Sale	p. 180
Multiple Purchases and the Statute of Frauds	p. 181
When Proof of Oral Contract Is Permitted	p. 181
Nature of the Writing Required	p. 183
Questions	p. 185
Case Problems	p. 185
Transfer of Title and Risk in Sales Contracts	p. 187
Potential Problems in Sales Transactions	p. 188
Classification of Sales Transactions	p. 188
Ownership, Insurable Interests, and Risk of Loss in Particular Transactions	p. 189
Damage to Or Destruction of Goods	p. 192
Sales on Approval and with Right to Return	p. 193
Special Rules on Transfer of Title	p. 194
Questions	p. 197
Case Problems	p. 198
Warranties, Product Liability, and Consumer Protection	p. 200
Express Warranties	p. 201
Implied Warranties	p. 202
Full Or Limited Warranties	p. 202
Warranties of All Sellers	p. 202
Additional Warranties of Merchant	p. 204
Warranties in Particular Sales	p. 206
Exclusion and Surrender of Warranties	p. 207
Product Liability	p. 209
Identity of Parties	p. 211
Nature and Cause of Harm	p. 211
Consumer Protection	p. 212
Questions	p. 218
Case Problems	p. 218
Summary Cases	p. 221
Negotiable Instruments	p. 223
Nature of Negotiable Instruments	p. 224
History and Development	p. 224
Negotiation	p. 225
Order Paper and Bearer Paper	p. 225
Classification of Commercial Paper	p. 226
Parties to Negotiable Instruments	p. 227
Negotiation and Assignment	p. 229
Credit and Collection	p. 230
Electronic Fund Transfers	p. 230
Questions	p. 231
Case Problems	p. 232
Essentials of Negotiability	p. 234
Requirements	p. 234
Issue and Delivery	p. 239
Delivery of an Incomplete Instrument	p. 239
Dare and Place	p. 240
Questions	p. 241
Case Problems	p. 241
Promissory Notes and Drafts	p. 243
Notes	p. 243
Drafts	p. 245
Checks	p. 248
Questions	p. 253
Case Problems	p. 254
Negotiation and Discharge	p. 256
Place of Indorsement	p. 257
Multiple Payees	p. 258
Kinds of Indorsements	p. 259
Liability of Indorser	p. 261
Obligation of Negotiator of Bearer Paper	p. 261
Discharge of the Obligation	p. 262
Questions	p. 262
Case Problems	p. 263
Liabilities of Parties and Holders in Due Course	p. 265
Liability for the Face of the Paper	p. 267
Liability for Warranties	p. 271
Holders in Due Course	p. 272
Holder Through a Holder in Due Course	p. 274
Holders of Consumer Paper	p. 274
Questions	p. 276
Case Problems	p. 276
Defenses	p. 279
Classification of Defenses	p. 280
Miscellaneous Matters	p. 284
Questions	p. 284
Case Problems	p. 285
Summary Cases	p. 287
Agency and Employment	p. 291
Nature and Creation of an Agency	p. 292
Importance of Agency	p. 293
What Powers May be Delegated to an Agent?	p. 293
Who May Appoint an Agent?	p. 293
Who May Act as an Agent?	p. 294
Classification of Agents	p. 294
Additional Types of Agents	p. 295
Extent of Authority	p. 295
Creation of an Agency	p. 297
Other Employment Relationships	p. 299
Questions	p. 300
Case Problems	p. 300
Operation and Termination of an Agency	p. 303
Agent's Duties to Principal	p. 303
Principal's Duties to Agent	p. 305
Agent's Liabilities to Third Parties	p. 307
Principal's Duties and Liabilities to Third Parties	p. 308
Termination of an Agency by Acts of the Parties	p. 308
Termination by Operation of Law	p. 309
Notice of Termination	p. 310
Questions	p. 311
Case Problems	p. 311
Employer and Employee Relations	p. 314
Creation of Employer and Employee Relationship	p. 315
Duties and Liabilities of the Employer	p. 316
Common-law Defenses of the Employer	p. 317
Statutory Modification of Common Law	p. 317
Liabilities of the Employer to Third Parties	p. 319
Employee's Duties to the Employer	p. 320
Federal Social Security Act	p. 321
Questions	p. 323
Case Problems	p. 323
Employees' Rights	p. 325
Discrimination	p. 326
Testing	p. 332
Protections	p. 334
Other Sources of Rights	p. 336
Questions	p. 337
Case Problems	p. 337
Labor Legislation	p. 340
The Fair Labor Standards Act	p. 341
The National Labor Relations Act and the Labor Management Relations Act	p. 342
The Labor-Management Reporting and Disclosure Act	p. 345
Questions	p. 347
Case Problems	p. 347
Summary Cases	p. 350
Business Organization	p. 353
Introduction to Business Organization	p. 354
Sole Proprietorship	p. 354
Partnership	p. 357
Corporations	p. 360
Questions	p. 363
Case Problems	p. 363
Creation and Operation of a Partnership	p. 365
Partnership Agreements	p. 365
Partnership Firm Name	p. 367
Partner's Interest in Partnership Property	p. 368
Duties of Partners	p. 368
Rights of Partners	p. 370
Liabilities of Partners	p. 372
Nature of Partnership Liabilities	p. 373
Authority of a Partner	p. 374
Sharing of Profits and Losses	p. 374
Questions	p. 374
Case Problems	p. 375
Dissolution of a Partnership	p. 378
Dissolution by Acts of the Parties	p. 379
Dissolution by Court Decree	p. 380
Dissolution by Operation of Law	p. 381
Effects of Dissolution	p. 382
Notice of Dissolution	p. 383
Distribution of Assets	p. 383
Questions	p. 384
Case Problems	p. 384
Nature of a Corporation	p. 387
Classification by Purpose	p. 387
Classification by State of Incorporation	p. 389
Formation of a Corporation	p. 389
Liability on Promoter's Contracts and Expenses	p. 389
Issuance of Stock	p. 390
Articles of Incorporation	p. 391
Powers of a Corporation	p. 391
Ultra Vires Contracts	p. 392
Questions	p. 393
Case Problems	p. 393
Ownership of a Corporation	p. 395
Ownership	p. 396
Stock Certificate	p. 396
Transfer of Stock	p. 396
Classes of Stock	p. 397
Kinds of Stock	p. 398
Stock Options	p. 400
Dividends	p. 400
Laws Regulating Stock Sales	p. 401
Questions	p. 403
Case Problems	p. 403
Management and Dissolution of a Corporation	p. 405
Stockholders' Meetings	p. 406
Rights of Stockholders	p. 409
Directors	p. 410
Officers	p. 411
Liabilities of Directors and Officers	p. 412
Corporate Combinations	p. 413
Dissolution	p. 414
Questions	p. 414
Case Problems	p. 414
Summary Cases	p. 417
Risk-Bearing Devices	p. 421
Principles of Insurance	p. 422
Terms Used in Insurance	p. 423
Types of Insurance Companies	p. 424
Who May be Insured	p. 424
Some Legal Aspects of the Insurance Contract	p. 426
Questions	p. 429
Case Problems	p. 430
Types of Insurance	p. 432
Life Insurance	p. 432
Property Insurance	p. 436
Description of the Property	p. 438
Coinsurance	p. 438
Repairs and Replacements	p. 439
Defense and Notice of Lawsuits	p. 439
Automobile Insurance	p. 440
Questions	p. 444
Case Problems	p. 444
Security Devices	p. 446
Guaranty and Suretyship	p. 446
Secured Credit Sales	p. 451
Effect of Default	p. 453
Questions	p. 454
Case Problems	p. 455
Bankruptcy	p. 457
Who Can File a Petition of Bankruptcy?	p. 458
Kinds of Debtors	p. 458
Required Counselling	p. 459
Procedure in a Chapter 7 Case	p. 459
Nonliquidation Plans	p. 459
Eligibility Restrictions for Chapter 7	p. 460
Exempt Property	p. 461
Included Property	p. 461
Debtor's Duties During Bankruptcy	p. 461
Proof of Claims	p. 462
Reclamations	p. 462
Types of Claims	p. 462
Priority of Claims	p. 463
Discharge of Indebtedness	p. 463
Debts not Discharged	p. 463
Questions	p. 464
Case Problems	p. 464
Summary Cases	p. 466
Real Property	p. 469
Nature of Real Property	p. 470
Distinguishing Real Property	p. 470
Multiple Ownership	p. 472
Estates in Property	p. 474
Other Interests in Real Property	p. 475
Acquiring Real Property	p. 477
Questions	p. 478
Case Problems	p. 478
Transfer of Real Property	p. 480
Deeds	p. 480
Provisions in a Deed	p. 483
Delivery	p. 485
Recording	p. 485
Abstract of Title	p. 486
Title Insurance	p. 486
Questions	p. 486
Case Problems	p. 486
Real Estate Mortgages	p. 489
The Mortgage Contract	p. 490
Recording	p. 490
Duties of the Mortgagor	p. 492
Rights of the Mortgagor	p. 493
Foreclosure	p. 495
Assignment of the Mortgage	p. 496
Deed of Trust	p. 496
Mortgage Insurance	p. 497
Questions	p. 497
Case Problems	p. 498
Landlord and Tenant	p. 500
The Lease	p. 503
Types of Tenancies	p. 503
Rights of the Tenant	p. 505
Duties of the Tenant	p. 506
Rights of the Landlord	p. 507
Duties of the Landlord	p. 507
Termination of the Lease	p. 508
Improvements	p. 510
Discrimination	p. 511
Questions	p. 511
Case Problems	p. 511
Wills, Inheritances, and Trusts	p. 513
Limitations on Disposition of Property	p. 514
Terms Common to Wills	p. 515
Distinguishing Characteristics of a Will	p. 515
Formalities	p. 515
Special Types of Wills	p. 516
The Wording of a Will	p. 517
Revocation	p. 517
Codicils	p. 517
Abatement and Ademption	p. 519
Probate of a Will	p. 519
When Administration Is Unnecessary	p. 520
Title by Descent	p. 520
Per Capita and Per Stirpes Distribution	p. 520
Administrators	p. 522
Trusts	p. 522
Questions	p. 525
Case Problems	p. 525
Summary Cases	p. 528
Table of Cases	p. T1
Glossary	p. G1
Index	p. I1
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