Smith and Roberson’s Business Law

by Mann, Richard A.; Roberts, Barry S.

• ISBN13: 9780324001952
• ISBN10: 0324001959
• Edition: 11th
• Format: Hardcover
• Copyright: 1999-07-21
• Publisher: South-Western College/West

Summary

This updated classic features a comprehensive presentation of business law topics. Also topics that reflect AACSB are covered, including all topics on the business law portion of the CPA exam. It's uniquely-located end-of-chapter cases give edited facts and decisions to preserve the language of the court. In addition text and cases have been updated throughout.

Author Biography

Richard A. Mann is professor of Business Law at the Kenan-Flagler School of Business Administration, University of North Carolina at Chapel Hill Barry S. Roberts is Professor of Business Law at the Kenan-Flagler School of Business Administration, University of North Carolina at Chapel Hill

Table of Contents

Preface	p. xv
Table of Cases	p. xviii
Table of Illustrations	p. xxxiii
The Legal Environment of Business	p. 1
Introduction to Law	p. 2
Nature of Law	p. 2
Classification of Law	p. 4
Sources of Law	p. 5
Legal Analysis	p. 9
Business Ethics and the Social Responsibility of Business	p. 14
Law versus Ethics	p. 15
Ethical Theories	p. 15
Ethical Standards in Business	p. 18
Ethical Responsibilities of Business	p. 19
Legal Process	p. 31
The Court System	p. 31
The Federal Courts	p. 31
State Courts	p. 33
Jurisdiction	p. 34
Subject Matter Jurisdiction	p. 34
Jurisdiction over the Parties	p. 36
Civil Dispute Resolution	p. 38
Civil Procedure	p. 38
Alternative Dispute Resolution	p. 42
Constitutional Law	p. 58
Basic Principles of Constitutional Law	p. 58
Powers of Government	p. 60
Limitations on Government	p. 63
Administrative Law	p. 83
Operation of Administrative Agencies	p. 84
Limits on Administrative Agencies	p. 86
Criminal Law	p. 98
Nature of Crimes	p. 98
White-Collar Crime	p. 101
Crimes against Business	p. 102
Defenses to Crimes	p. 104
Criminal Procedure	p. 104
Intentional Torts	p. 115
Intent	p. 116
Harm to the Person	p. 116
Harm to the Right of Dignity	p. 118
Harm to Property	p. 120
Harm to Economic Interests	p. 121
Defenses to Intentional Torts	p. 123
Negligence and Strict Liability	p. 137
Negligence	p. 137
Breach of Duty of Care	p. 137
Proximate Cause	p. 142
Injury	p. 144
Defenses to Negligence	p. 144
Strict Liability	p. 145
Activities Giving Rise to Strict Liability	p. 145
Defenses to Strict Liability	p. 147
Contracts	p. 161
Introduction to Contracts	p. 162
Development of the Law of Contracts	p. 162
Definition of a Contract	p. 163
Requirements of a Contract	p. 164
Classification of Contracts	p. 165
Promissory Estoppel	p. 167
Quasi Contracts	p. 167
Mutual Assent	p. 179
Offer	p. 179
Essentials of an Offer	p. 180
Duration of Offers	p. 182
Acceptance	p. 185
Communication of Acceptance	p. 185
Variant Acceptances	p. 187
Conduct Invalidating Assent	p. 200
Duress	p. 200
Undue Influence	p. 201
Fraud	p. 201
Nonfraudulent Misrepresentation	p. 204
Mistake	p. 204
Consideration	p. 220
Legal Sufficiency	p. 220
Bargained-For Exchange	p. 224
Contracts without Consideration	p. 225
Illegal Bargains	p. 238
Violations of Statutes	p. 238
Violations of Public Policy	p. 240
Effect of Illegality	p. 242
Contractual Capacity	p. 253
Minors	p. 253
Incompetent Persons	p. 255
Intoxicated Persons	p. 256
Contracts in Writing	p. 266
Statute of Frauds	p. 266
Contracts within the Statute of Frauds	p. 266
Compliance with the Statute of Frauds	p. 271
Effect of Noncompliance	p. 272
Parol Evidence Rule	p. 273
The Rule	p. 273
Situations to Which the Rule Does Not Apply	p. 273
Supplemental Evidence	p. 274
Interpretation of Contracts	p. 274
Third Parties to Contracts	p. 288
Assignment of Rights	p. 288
Delegation of Duties	p. 291
Third-Party Beneficiary Contracts	p. 293
Performance, Breach, and Discharge	p. 306
Conditions	p. 306
Discharge by Performance	p. 308
Discharge by Breach	p. 308
Discharge by Agreement of the Parties	p. 310
Discharge by Operation of Law	p. 310
Remedies	p. 326
Interests Protected by Contract Remedies	p. 326
Monetary Damages	p. 326
Remedies in Equity	p. 330
Restitution	p. 331
Limitations on Remedies	p. 332
Agency	p. 345
Relationship of Principal and Agent	p. 346
Nature of Agency	p. 346
Creation of Agency	p. 347
Duties of Agent to Principal	p. 348
Duties of Principal to Agent	p. 350
Termination of Agency	p. 352
Relationship with Third Parties	p. 368
Relationship of Principal and Third Persons	p. 368
Contract Liability of the Principal	p. 368
Tort Liability of the Principal	p. 374
Criminal Liability of the Principal	p. 377
Relationship of Agent and Third Persons	p. 377
Contract Liability of Agent	p. 377
Tort Liability of Agent	p. 379
Rights of Agent against Third Person	p. 379
Sales	p. 393
Introduction to Sales and Leases	p. 394
Nature of Sales and Leases	p. 394
Definitions	p. 395
Fundamental Principles of Article 2 and Article 2A	p. 396
Formation of Sales and Lease Contracts	p. 399
Manifestation of Mutual Assent	p. 399
Consideration	p. 402
Form of the Contract	p. 402
Performance	p. 418
Performance by the Seller	p. 418
Performance by the Buyer	p. 423
Obligations of Both Parties	p. 425
Transfer of Title and Risk of Loss	p. 441
Transfer of Title	p. 441
Risk of Loss	p. 445
Sales of Goods in Bulk	p. 448
Products Liability: Warranties and Strict Liability in Tort	p. 463
Warranties	p. 463
Types of Warranties	p. 463
Obstacles to Warranty Actions	p. 466
Strict Liability in Tort	p. 470
Requirements of Strict Liability	p. 470
Obstacles to Recovery	p. 473
Remedies	p. 491
Remedies of the Seller	p. 491
Remedies of the Buyer	p. 495
Contractual Provisions Affecting Remedies	p. 500
Negotiable Instruments	p. 515
Form and Content	p. 516
Negotiability	p. 516
Types of Negotiable Instruments	p. 518
Formal Requirements of Negotiable Instruments	p. 519
Transfer	p. 533
Negotiation	p. 533
Indorsements	p. 536
Holder in Due Course	p. 549
Requirements of a Holder in Due Course	p. 549
Holder in Due Course Status	p. 554
The Preferred Position of a Holder in Due Course	p. 555
Limitations upon Holder in Due Course Rights	p. 559
Liability of Parties	p. 571
Contractual Liability	p. 571
Signature	p. 571
Liability of Primary Parties	p. 572
Liability of Secondary Parties	p. 573
Termination of Liability	p. 577
Liability Based on Warranty	p. 577
Warranties on Transfer	p. 578
Warranties on Presentment	p. 579
Bank Deposits, Collections, and Funds Transfers	p. 590
Bank Deposits and Collections	p. 590
Collection of Items	p. 590
Relationship between Payor Bank and Its Customer	p. 594
Electronic Funds Transfers	p. 596
Types of Electronic Funds Transfers	p. 597
Consumer Funds Transfers	p. 597
Wholesale Funds Transfers	p. 599
Unincorporated Business Associations	p. 613
Formation and Dissolution of General Partnerships	p. 614
Choosing a Business Association	p. 614
Factors Affecting the Choice	p. 614
Forms of Business Associations	p. 616
Formation of General Partnerships	p. 617
Nature of Partnership	p. 618
Formation of a Partnership	p. 619
Dissolution of General Partnerships	p. 625
Dissolution	p. 626
Winding Up	p. 628
Continuation after Dissolution	p. 630
Operation of General Partnerships	p. 645
Relationships among Partners	p. 645
Duties among Partners	p. 645
Rights among Partners	p. 647
Relationship between Partners and Third Parties	p. 649
Contracts of Partnership	p. 649
Torts and Crimes of Partnership	p. 651
Admissions of and Notice to a Partner	p. 652
Liability of Incoming Partner	p. 652
Limited Partnerships and Limited Liability Companies	p. 664
Limited Partnerships	p. 664
Limited Liability Companies	p. 670
Other Types of Unincorporated Business Associations	p. 673
Corporations	p. 685
Nature, Formation, and Powers	p. 686
Nature of Corporations	p. 686
Corporate Attributes	p. 687
Classification of Corporations	p. 688
Formation of a Corporation	p. 690
Organizing the Corporation	p. 690
Formalities of Incorporation	p. 691
Recognition or Disregard of Corporateness	p. 693
Defective Incorporation	p. 694
Piercing the Corporate Veil	p. 695
Corporate Powers	p. 697
Sources of Corporate Powers	p. 697
Ultra Vires Acts	p. 697
Liability for Torts and Crimes	p. 698
Financial Structure	p. 714
Debt Securities	p. 714
Authority to Issue Debt Securities	p. 715
Types of Debt Securities	p. 715
Equity Securities	p. 715
Issuance of Shares	p. 716
Classes of Shares	p. 719
Dividends and Other Distributions	p. 720
Types of Dividends and Other Distributions	p. 721
Legal Restrictions on Dividends and Other Distributions	p. 722
Declaration and Payment of Distributions	p. 724
Liability for Improper Dividends and Distributions	p. 724
Management Structure	p. 737
Corporate Governance	p. 737
Role of Shareholders	p. 738
Voting Rights of Shareholders	p. 738
Enforcement Rights of Shareholders	p. 743
Role of Directors and Officers	p. 744
Function of the Board of Directors	p. 745
Election and Tenure of Directors	p. 746
Exercise of Directors' Functions	p. 746
Officers	p. 748
Duties of Directors and Officers	p. 748
Fundamental Changes	p. 768
Charter Amendments	p. 768
Combinations	p. 769
Dissolution	p. 772
Debtor and Creditor Relations	p. 785
Secured Transactions and Suretyship	p. 786
Secured Transactions in Personal Property	p. 786
Essentials of Secured Transactions	p. 786
Classification of Collateral	p. 787
Attachment	p. 788
Perfection	p. 792
Priorities among Competing Interests	p. 796
Default	p. 800
Suretyship	p. 802
Nature and Formation	p. 802
Rights of Surety	p. 804
Defenses of Surety and Principal Debtor	p. 805
Bankruptcy	p. 822
Federal Bankruptcy Law	p. 822
Case Administration--Chapter 3	p. 823
Creditors, the Debtor, and the Estate--Chapter 5	p. 824
Liquidation--Chapter 7	p. 829
Reorganization--Chapter 11	p. 831
Adjustment of Debts of a Family Farmer--Chapter 12	p. 833
Adjustment of Debts of Individuals--Chapter 13	p. 834
Creditors' Rights and Debtor's Relief Outside of Bankruptcy	p. 835
Creditors' Rights	p. 836
Debtor's Relief	p. 836
Regulation of Business	p. 849
Protection of Intellectual Property	p. 850
Trade Secrets	p. 850
Trade Symbols	p. 851
Trade Names	p. 854
Copyrights	p. 854
Patents	p. 856
Antitrust	p. 871
Sherman Act	p. 871
Clayton Act	p. 876
Robinson-Patman Act	p. 878
Federal Trade Commission Act	p. 879
Consumer Protection	p. 894
State and Federal Consumer Protection Agencies	p. 894
Consumer Purchases	p. 897
Consumer Credit Transactions	p. 900
Creditors' Remedies	p. 905
Employment Law	p. 917
Labor Law	p. 917
Employment Discrimination Law	p. 919
Employee Protection	p. 924
Securities Regulation	p. 947
Securities Act of 1933	p. 948
Definition of a Security	p. 948
Registration of Securities	p. 948
Exempt Securities	p. 950
Exempt Transactions for Issuers	p. 950
Exempt Transactions for Non-Issuers	p. 953
Liability	p. 954
Securities Exchange Act of 1934	p. 956
Disclosure	p. 957
Liability	p. 960
Accountants' Legal Liability	p. 979
Common Law	p. 979
Federal Securities Law	p. 982
Environmental Law	p. 995
Common Law Actions for Environmental Damage	p. 995
Nuisance	p. 995
Trespass to Land	p. 996
Strict Liability for Abnormally Dangerous Activities	p. 996
Problems Common to Private Causes of Action	p. 996
Federal Regulation of the Environment	p. 996
The National Environmental Policy Act	p. 997
The Clean Air Act	p. 998
The Clean Water Act	p. 1000
Hazardous Substances	p. 1001
International Protection of the Ozone Layer	p. 1004
International Business Law	p. 1016
The International Environment	p. 1016
Jurisdiction over Actions of Foreign Governments	p. 1018
Transacting Business Abroad	p. 1019
Forms of Multinational Enterprises	p. 1022
Property	p. 1039
Introduction to Property and Property Insurance	p. 1040
Introduction to Property	p. 1040
Kinds of Property	p. 1040
Incidents of Property Ownership	p. 1042
Personal Property	p. 1042
Transfer of Title	p. 1042
Concurrent Ownership	p. 1044
Property Insurance	p. 1044
Fire and Property Insurance	p. 1045
Nature of Insurance Contracts	p. 1046
Bailments and Documents of Title	p. 1061
Bailments	p. 1061
Essential Elements of a Bailment	p. 1061
Rights and Duties of Bailor and Bailee	p. 1062
Special Types of Bailments	p. 1064
Documents of Title	p. 1066
Types of Documents of Title	p. 1066
Negotiability of Documents of Title	p. 1067
Interests in Real Property	p. 1081
Freehold Estates	p. 1081
Leasehold Estates	p. 1083
Concurrent Ownership	p. 1087
Nonpossessory Interests	p. 1089
Transfer and Control of Real Property	p. 1102
Transfer of Real Property	p. 1102
Contract of Sale	p. 1102
Deeds	p. 1103
Secured Transactions	p. 1105
Adverse Possession	p. 1107
Public and Private Controls	p. 1107
Zoning	p. 1107
Eminent Domain	p. 1108
Private Restrictions upon Land Use	p. 1109
Trusts and Decedents' Estates	p. 1122
Trusts	p. 1122
Types of Trusts	p. 1122
Creation of Trusts	p. 1124
Termination of a Trust	p. 1125
Decedents' Estates	p. 1126
Wills	p. 1126
Intestate Succession	p. 1130
Administration of Estates	p. 1130
Appendices	p. 1
The Constitution of the United States of America	p. 2
Uniform Commercial Code	p. 10
Uniform Partnership Act	p. 113
Revised Model Business Corporation Act	p. 120
Dictionary of Legal Terms	p. 156
Index	p. 181
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