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Test Bank for Business Law and the Legal Environment Version 2.0 by Mayer

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Table of Content:

  1. Chapter 1: Introduction to Law and Legal Systems
  2. 1.1: What Is Law?
  3. Functions of the Law
  4. Law and Politics
  5. 1.2: Schools of Legal Thought
  6. Legal Positivism: Law as Sovereign Command
  7. Natural Law
  8. Other Schools of Legal Thought
  9. 1.3: Basic Concepts and Categories of US Positive Law
  10. Law: The Moral Minimums in a Democratic Society
  11. The Common Law: Property, Torts, and Contracts
  12. State Courts and the Domain of State Law
  13. Civil versus Criminal Cases
  14. Substance versus Procedure
  15. 1.4: Sources of Law and Their Priority
  16. Sources of Law
  17. Constitutions
  18. Statutes and Treaties in Congress
  19. Delegating Legislative Powers: Rules by Administrative Agencies
  20. State Statutes and Agencies: Other Codified Law
  21. Judicial Decisions: The Common Law
  22. Priority of Laws
  23. The Constitution as Preemptive Force in US Law
  24. Statutes and Cases
  25. Treaties as Statutes: The “Last in Time” Rule
  26. Causes of Action, Precedent, and Stare Decisis
  27. 1.5: Legal and Political Systems of the World
  28. Comparing Common-Law Systems with Other Legal Systems
  29. Civil-Law Systems
  30. 1.6: A Sample Case
  31. 1.7: Summary and Exercises
  32. Endnotes
  33. Chapter 2: Corporate Social Responsibility and Business Ethics
  34. 2.1: What Is Ethics?
  35. How Do Law and Ethics Differ?
  36. Why Should an Individual or a Business Entity Be Ethical?
  37. 2.2: Major Ethical Perspectives
  38. Utilitarianism
  39. Rules and Duty: Deontology
  40. Social Justice Theory and Social Contract Theory
  41. Aristotle and Virtue Theory
  42. Josephson’s Core Values Analysis and Decision Process
  43. 2.3: An Ethical Decision Model
  44. Josephson’s Core Values Model
  45. 2.4: Corporations and Corporate Governance
  46. Legal Organization of the Corporation
  47. Shareholders and Stakeholders
  48. Maximizing Profits: Milton Friedman
  49. Stakeholder Theory
  50. Corporate Culture and Codes of Ethics
  51. Ethical Leadership Is Top-Down
  52. Accountability Is Often Weak
  53. Killing the Messenger
  54. Ethics Codes
  55. Ethics Hotlines and Federal Sentencing Guidelines
  56. Managing by the Numbers
  57. Conscious Capitalism
  58. 2.5: Summary and Exercises
  59. Endnotes
  60. Chapter 3: Courts and the Legal Process
  61. 3.1: The Relationship between State and Federal Court Systems in the United States
  62. State Court Systems
  63. Limited Jurisdiction Courts
  64. General Jurisdiction Courts
  65. Appellate Courts
  66. The Federal Court System
  67. District Courts
  68. Courts of Appeal
  69. United States Supreme Court
  70. 3.2: The Problem of Jurisdiction
  71. The Federal-State Balance: Federalism
  72. Exclusive Jurisdiction in Federal Courts
  73. Concurrent Jurisdiction
  74. Legal Procedure, Including Due Process and Personal Jurisdiction
  75. How a Case Proceeds
  76. Complaint and Summons
  77. Jurisdiction and Venue
  78. Service of Process and Personal Jurisdiction
  79. Choice of Law and Choice of Forum Clauses
  80. 3.3: Motions and Discovery
  81. Initial Pleadings, and Motions to Dismiss
  82. Discovery
  83. 3.4: The Pretrial and Trial Phase
  84. Pretrial Conference
  85. Trial
  86. Posttrial Motions
  87. 3.5: Judgment, Appeal, and Execution
  88. Judgment or Order
  89. Appeal
  90. Judgment and Order
  91. 3.6: When Can Someone Bring a Lawsuit?
  92. Case or Controversy: Standing to Sue
  93. Class Actions
  94. 3.7: Relations with Lawyers
  95. Legal Fees
  96. Costs
  97. 3.8: Alternative Means of Resolving Disputes
  98. Arbitration
  99. Mediation
  100. 3.9: Cases
  101. Burger King v. Rudzewicz
  102. Summary
  103. Ferlito v. Johnson & Johnson
  104. American Express v. Italian Colors
  105. Endnotes
  106. Chapter 4: Constitutional Law and US Commerce
  107. 4.1: Basic Aspects of the US Constitution
  108. The Constitution as Reflecting American Values
  109. General Structure of the Constitution
  110. Federalism
  111. Separation of Powers and Judicial Review
  112. 4.2: The Commerce Clause
  113. Early Commerce Clause Cases
  114. From the New Deal to the New Frontier and the Great Society: 1930s–1970
  115. The Substantial Effects Doctrine: World War II to the 1990s
  116. 4.3: Dormant Commerce Clause
  117. 4.4: Preemption: The Supremacy Clause
  118. 4.5: Business and the Bill of Rights
  119. First Amendment
  120. Fourth Amendment
  121. Fifth Amendment
  122. Fourteenth Amendment: Due Process and Equal Protection Guarantees
  123. 4.6: Cases
  124. Griswold v. Connecticut
  125. Wickard v. Filburn
  126. Kassel v. Consolidated Freightways Corp.
  127. I
  128. II
  129. III
  130. A
  131. B
  132. [IV. Omitted]
  133. V
  134. Hunt v. Washington Apple Advertising Commission
  135. Citizens United v. Federal Election Commission
  136. I
  137. A
  138. B
  139. C
  140. II
  141. III
  142. [IV. Omitted]
  143. V
  144. Brown v. Entertainment Merchants Association
  145. 4.7: Summary and Exercises
  146. Endnotes
  147. Chapter 5: Administrative Law
  148. 5.1: Administrative Agencies: Their Structure and Powers
  149. Why Have Administrative Agencies?
  150. Why Regulate the Economy at All?
  151. History of Federal Agencies
  152. Classification of Agencies
  153. Powers of Agencies
  154. The Constitution and Agencies
  155. 5.2: Controlling Administrative Agencies
  156. Legislative Control
  157. Executive Control
  158. Judicial Review of Agency Actions
  159. 5.3: The Administrative Procedure Act
  160. Trial-Type Hearings
  161. Rulemaking
  162. 5.4: Administrative Burdens on Business Operations
  163. The Paperwork Burden
  164. Inspections
  165. Access to Business Information in Government Files
  166. 5.5: The Scope of Judicial Review
  167. Exhaustion of Administrative Remedies
  168. Strategies for Obtaining Judicial Review
  169. Suing the Government
  170. 5.6: Cases
  171. Marshall v. Barlow’s, Inc.
  172. American Textile Manufacturers Institute v. Donovan
  173. Michigan et al., v. E.P.A.
  174. 5.7: Summary and Exercises
  175. Endnotes
  176. Chapter 6: Criminal Law
  177. 6.1: The Nature of Criminal Law
  178. 6.2: Types of Crimes
  179. Offenses against the Person
  180. Homicide
  181. Assault and Battery
  182. Offenses against Property
  183. Theft: Larceny, Robbery, Embezzlement, False Pretenses
  184. Receiving Stolen Property
  185. Forgery
  186. Extortion
  187. Offenses against Habitation and Other Offenses
  188. Burglary
  189. Arson
  190. Bribery
  191. Perjury
  192. White-Collar Crime
  193. Mail and Wire Fraud
  194. Violations of Antitrust Law
  195. Violations of the Food and Drug Act
  196. Environmental Crimes
  197. Violations of the Foreign Corrupt Practices Act
  198. Violations of the Racketeering Influenced and Corrupt Organizations Act
  199. Computer Crime
  200. 6.3: The Nature of a Criminal Act
  201. Attempt
  202. Impossibility
  203. Conspiracy
  204. Agency and Corporations
  205. 6.4: Responsibility
  206. In General
  207. Excuses That Limit or Overcome Responsibility
  208. Mistake of Fact and Mistake of Law
  209. Entrapment
  210. Other Excuses
  211. Lack of Capacity
  212. 6.5: Procedure
  213. 6.6: Constitutional Rights of the Accused
  214. Search and Seizure
  215. Double Jeopardy
  216. Self-Incrimination
  217. Speedy Trial
  218. Cross-Examination
  219. Assistance of Counsel
  220. Cruel and Unusual Punishment
  221. Presumption of Innocence
  222. 6.7: Cases
  223. False Pretenses
  224. White-Collar Crimes
  225. 6.8: Summary and Exercises
  226. Endnotes
  227. Chapter 7: Introduction to Tort Law
  228. 7.1: Purpose of Tort Laws
  229. Definition of Tort
  230. Kinds of Torts
  231. Dimensions of Tort Liability
  232. Dimensions of Tort: Fault
  233. Dimensions of Tort: Nature of Injury
  234. Dimensions of Tort: Excuses
  235. Damages
  236. 7.2: Intentional Torts
  237. Assault and Battery
  238. False Imprisonment
  239. Intentional Infliction of Emotional Distress
  240. Trespass and Nuisance
  241. Intentional Interference with Contractual Relations
  242. Malicious Prosecution
  243. Conversion and Fraud
  244. Defamation
  245. Absolute Privilege
  246. Qualified Privilege
  247. Invasion of Privacy
  248. Appropriation of Name or Likeness
  249. Personal Space
  250. Public Disclosure of Embarrassing Facts
  251. False Light
  252. 7.3: Negligence
  253. Elements of Negligence
  254. Standard of Care
  255. Duty of Care and Its Breach
  256. Causation: Actual Cause and Proximate Cause
  257. Damages
  258. Problems of Proof
  259. Excuses
  260. Contributory and Comparative Negligence
  261. Assumption of Risk
  262. Act of God
  263. Vicarious Liability
  264. 7.4: Strict Liability
  265. Historical Basis of Strict Liability: Animals and Ultrahazardous Activities
  266. Strict Liability for Products
  267. 7.5: Cases
  268. Intentional Torts: False Imprisonment
  269. Negligence: Duty of Due Care
  270. II.
  271. III.
  272. A.
  273. B.
  274. IV.
  275. Negligence: Proximate Cause
  276. Klein v. Pyrodyne Corporation
  277. 7.6: Summary and Exercises
  278. Endnotes
  279. Chapter 8: Introduction to Contract Law
  280. 8.1: General Perspectives on Contracts
  281. The Role of Contracts in Modern Society
  282. The Definition of Contract
  283. Overview of the Contracts Chapter
  284. 8.2: Sources of Contract Law
  285. Case Law
  286. Statutory Law: The Uniform Commercial Code
  287. History of the UCC
  288. Organization of the UCC
  289. International Sales Law
  290. The Convention on Contracts for the International Sale of Goods
  291. 8.3: Basic Taxonomy of Contracts
  292. Explicitness
  293. Express Contract
  294. Implied Contract (Implied in Fact)
  295. Quasi-Contract
  296. Mutuality
  297. Bilateral Contract
  298. Unilateral Contract
  299. Enforceability
  300. Void
  301. Voidable
  302. Unenforceable
  303. Degree of Completion
  304. Terminology: Suffixes Expressing Relationships
  305. 8.4: Cases
  306. Explicitness: Implied Contract
  307. Mutuality of Contract: Unilateral Contract
  308. Unilateral Contract and At-Will Employment
  309. 8.5: Summary and Exercises
  310. Endnotes
  311. Chapter 9: The Agreement
  312. 9.1: The Agreement in General
  313. The Significance of Agreement
  314. The Objective Test
  315. 9.2: The Offer
  316. The Definition of Offer
  317. Proposals That Are Not Offers
  318. Advertisements
  319. Invitations to Bid
  320. Communication
  321. Definiteness
  322. The UCC Approach
  323. Duration of Offer
  324. Revocation
  325. Revocability
  326. Irrevocable Offers
  327. Revocability under the UCC
  328. Irrevocability by Law
  329. Rejection by the Offeree
  330. Counteroffer
  331. Acceptance with Counteroffer
  332. The UCC and Counteroffers
  333. Lapse of Time
  334. Death or Insanity of the Offeror or Offeree
  335. Destruction of Subject Matter Essential to the Offer
  336. Post-offer Illegality
  337. 9.3: The Acceptance
  338. General Definition of Acceptance
  339. Who May Accept?
  340. When Is Acceptance Effective?
  341. Instantaneous Communication
  342. Stipulations as to Acceptance
  343. The “Mailbox Rule”
  344. Acceptance “Outruns” Rejection
  345. Electronic Communications
  346. Silence as Acceptance
  347. General Rule: Silence Is Not Acceptance
  348. Exceptions
  349. 9.4: Cases
  350. Objective Intention
  351. Advertisements as Offers
  352. Silence as Acceptance
  353. 9.5: Summary and Exercises
  354. Endnotes
  355. Chapter 10: Free Will, Knowledge, and Capacity  (Real Assent)
  356. 10.1: Duress and Undue Influence
  357. Duress
  358. Physical Duress
  359. Duress by Threat
  360. Undue Influence
  361. 10.2: Misrepresentation
  362. General Description and Taxonomy
  363. Fraudulent Misrepresentation
  364. Misstatement of Fact
  365. Concealment
  366. Nondisclosure
  367. Statement Made False by Subsequent Events
  368. Statements of Opinion
  369. Misstatement of Law
  370. Assertions of Intention
  371. Intentionally Made Misrepresentation
  372. Reliance
  373. Nonfraudulent Misrepresentation
  374. Negligent Misrepresentation
  375. Negligent
  376. Misstatement of Fact
  377. Materiality
  378. Justifiable Reliance
  379. Innocent Misrepresentation
  380. Remedies
  381. 10.3: Mistake
  382. Mistake by One Party
  383. Unilateral Mistake
  384. Exceptions
  385. Mutual Mistake
  386. Material Effect on the Agreed-to Exchange of Performance
  387. Party Seeking Relief Does Not Bear the Risk of the Mistake
  388. 10.4: Capacity
  389. Minors (or “Infants”)
  390. The General Rule
  391. Exceptions and Complications
  392. Necessities
  393. Nonvoidable Contracts
  394. Misrepresentation of Age
  395. Ratification
  396. Duty to Return Consideration Received
  397. Tort Connected with a Contract
  398. Persons Who Are Mentally Ill or Intoxicated
  399. Mentally Ill Persons
  400. Intoxicated Persons
  401. 10.5: Cases
  402. Undue Influence
  403. Misrepresentation by Concealment
  404. Facts
  405. Discussion
  406. Misrepresentation by Assertions of Opinion
  407. Mutual Mistake
  408. 10.6: Summary and Exercises
  409. Endnotes
  410. Chapter 11: Consideration
  411. 11.1: General Perspectives on Consideration
  412. The Purpose of Consideration
  413. A Definition of Consideration
  414. 11.2: Legal Sufficiency
  415. The Concept of Legal Sufficiency
  416. Actual versus Legal Detriment
  417. Adequacy of Consideration
  418. Applications of the Legal Sufficiency Doctrine
  419. Threat of Litigation: Covenant Not to Sue
  420. Accord and Satisfaction Generally
  421. Settling an Unliquidated Debt
  422. Settling a Disputed Debt
  423. The “In-Full-Payment” Check Situation
  424. Unforeseen Difficulties
  425. Creditors’ Composition
  426. Preexisting Duty
  427. Illusory Promises
  428. Exclusive Dealing Agreement
  429. Outputs Contracts and Needs Contracts
  430. 11.3: Promises Enforceable without Consideration
  431. Promises Enforceable without Consideration at Common Law
  432. Past Consideration
  433. Promise Revived after Statute of Limitations Has Passed
  434. Voidable Duties
  435. Promissory Estoppel
  436. Moral Obligation
  437. Promises Enforceable without Consideration by Statute
  438. Under the UCC
  439. Bankruptcy
  440. International Contracts
  441. 11.4: Cases
  442. Consideration for an Option
  443. Consideration: Preexisting Obligation
  444. Consideration: Required for Contract Modification
  445. 11.5: Summary and Exercises
  446. Endnotes
  447. Chapter 12: Legality
  448. 12.1: General Perspectives on Illegality
  449. 12.2: Agreements in Violation of Statute
  450. Overview
  451. Types of Bargains Made Illegal by Statute
  452. Gambling Contracts
  453. Sunday Contracts
  454. Usury
  455. Licensing Statutes
  456. 12.3: Bargains Made Illegal by Common Law
  457. Overview
  458. Types of Bargains Made Illegal by Common Law
  459. Common-Law Restraint of Trade
  460. Sale of a Business
  461. Employment Noncompete Agreements
  462. Unconscionable Contracts
  463. Exculpatory Clauses
  464. Obstructing the Administration of Justice or Violating a Public Duty
  465. Family Relations
  466. 12.4: Effect of Illegality and Exceptions
  467. Effect of Illegality
  468. Exceptions
  469. Party Withdrawing before Performance
  470. Party Protected by Statute
  471. Party Not Equally at Fault
  472. Excusable Ignorance
  473. Partial Illegality
  474. 12.5: Cases
  475. Extension of Statutory Illegality Based on Public Policy
  476. Unlicensed Practitioner Cannot Collect Fee
  477. Unconscionability
  478. 12.6: Summary and Exercises
  479. Endnotes
  480. Chapter 13: Form and Meaning
  481. 13.1: The Statute of Frauds
  482. Overview of the Statute of Frauds
  483. Types of Contracts Required in Writing and the Exceptions
  484. Promises to Pay the Debt of Another
  485. Agreements of Executor or Administrator
  486. The Marriage Provision
  487. Contracts Affecting an Interest in Real Estate
  488. The One-Year Rule
  489. Under the UCC
  490. Other Writing Requirements
  491. Exceptions under the UCC
  492. The Ten-Day-Reply Doctrine
  493. “Specially Manufactured Goods”
  494. The “Admission” Exception
  495. The “Payment or Delivery and Acceptance” Exception
  496. Sufficiency of the Required Writing
  497. At Common Law
  498. Under the UCC
  499. Electronic Communications
  500. Effect of Noncompliance and Exceptions; Oral Rescission
  501. Full Performance
  502. Detrimental Reliance
  503. Oral Rescission
  504. Contract Modification
  505. 13.2: The Parol Evidence Rule
  506. The Purpose of the Rule
  507. Parol Evidence at Common-Law
  508. The Rule
  509. The Exemptions and Exceptions
  510. Not an Integrated Contract
  511. Void or Voidable Contracts
  512. Contracts Subject to a Condition Precedent
  513. Untrue Recital or Errors
  514. Ambiguity
  515. Postcontract Modification
  516. The UCC Approach
  517. 13.3: Interpretation of Agreements: Practicalities versus Legalities
  518. The General Problem and the Purpose of Contractual Interpretation
  519. The General Problem
  520. The Basic Rule of Interpretation
  521. Tools of Interpretation
  522. 13.4: Cases
  523. The Statute of Frauds’ Main Purpose Doctrine
  524. The Statute of Frauds’ One-Year Rule
  525. The Parol Evidence Rule: Resolving Ambiguities
  526. 13.5: Summary and Exercises
  527. Endnotes
  528. Chapter 14: Third-Party Rights
  529. 14.1: Assignment of Contract Rights
  530. The Concept of a Contract Assignment
  531. Method of Assignment
  532. Manifesting Assent
  533. Acceptance and Revocation
  534. Notice
  535. Effect of Assignment
  536. General Rule
  537. Exceptions
  538. When Assignments Are Not Allowed
  539. Material Change in Duties of the Obligor
  540. Assignment of Personal Rights
  541. Assignment Forbidden by Statute or Public Policy
  542. Contracts That Prohibit Assignment
  543. Future Contracts
  544. Partial Assignments
  545. Successive Assignments
  546. Assignor’s Warranties
  547. 14.2: Delegation of Duties
  548. Basic Rules Regarding Delegation
  549. General Rule
  550. Effect on Obligor
  551. Nondelegable Duties
  552. Personal Services
  553. Public Policy
  554. Delegations Barred by Contract
  555. 14.3: Third-Party Beneficiaries
  556. The General Rule
  557. Two Types of Third-Party Intended Beneficiaries
  558. Creditor Beneficiary
  559. Donee Beneficiary
  560. Modification of the Beneficiary’s Rights
  561. Government Contracts
  562. 14.4: Cases
  563. Nonassignable Rights
  564. Assignment Includes Delegation
  565. Third party Beneficiaries and Foreseeable Damages
  566. 14.5: Summary and Exercises
  567. Endnotes
  568. Chapter 15: Discharge of Obligations
  569. 15.1: Discharge of Contract Duties
  570. Discharge by Performance (or Nonperformance) of the Duty
  571. Full Performance
  572. Nonperformance, Material Breach
  573. Substantial Performance
  574. Anticipatory Breach and Demand for Reasonable Assurances
  575. Discharge by Conditions
  576. Conditions Classified Based on How They Are Created
  577. Conditions Classified Based on Their Effect on Duty to Perform
  578. Condition of Timeliness
  579. Condition That a Party Must Be Satisfied
  580. Discharge by Agreement of the Parties
  581. Mutual Rescission
  582. Waiver
  583. Substituted Agreement
  584. Accord and Satisfaction
  585. Discharge When Performance Becomes Impossible or Very Difficult
  586. Overview
  587. Impossibility
  588. Death or Incapacity of a Personal Services Contractor
  589. Destruction or Deterioration of a Thing Necessary for Performance
  590. Performance Prohibited by Government Regulation or Order
  591. Impracticability
  592. Common-Law Impracticability
  593. Commercial Impracticability
  594. Frustration of Purpose
  595. Other Methods of Discharge
  596. Cancellation, Destruction, or Surrender
  597. Power of Avoidance
  598. Statute of Limitations
  599. Bankruptcy
  600. 15.2: Cases
  601. Substantial Performance; Conditions Precedent
  602. Waiver of Contract Rights; Nonwaiver Provisions
  603. Impossibility as a Defense
  604. 15.3: Summary and Exercises
  605. Endnotes
  606. Chapter 16: Remedies
  607. 16.1: Theory of Contract Remedies
  608. Purpose of Remedies
  609. Parties Have the Power—but Not the Right—to Breach
  610. 16.2: Promisee’s Interests Protected by Contract
  611. 16.3: Legal Remedies: Damages
  612. Overview
  613. Types of Damages
  614. Compensatory Damages
  615. Incidental Damages
  616. Consequential Damages
  617. Nominal Damages
  618. Liquidated Damages
  619. Punitive Damages
  620. 16.4: Equitable Remedies
  621. Overview
  622. Types of Remedies in Equity
  623. Specific Performance
  624. Injunction
  625. Restitution
  626. Total Nonperformance by Breaching Party
  627. Part Performance and Then Breach
  628. Restitution in Other Cases
  629. 16.5: Limitations on Contract Remedies
  630. Overview
  631. Foreseeability
  632. Mitigation of Damages
  633. Certainty of Damages
  634. Loss of Power of Avoidance
  635. Delay
  636. Affirmation
  637. Rights of Third Parties
  638. Agreement of the Parties Limiting Remedies
  639. Election of Remedies
  640. At Common Law
  641. Under the UCC
  642. Tort versus Contract
  643. Legal versus Extralegal Remedies
  644. 16.6: Cases
  645. Consequential Damages
  646. Liquidated Damages
  647. Injunctions and Negative Covenants
  648. Limitation on Damages: Mitigation of Damages
  649. 16.7: Summary and Exercises
  650. Endnotes
  651. Chapter 17: Introduction to Sales and Leases
  652. 17.1: Commercial Transactions: the Uniform Commercial Code
  653. History of the UCC
  654. Scope of the UCC and This Text’s Presentation of the UCC
  655. 17.2: Introduction to Sales and Lease Law, and the Convention on Contracts for the International Sal
  656. Scope of Articles 2 and 2A and Definitions
  657. Definition of Sale
  658. Definition of Goods
  659. Real Estate versus Goods
  660. Goods versus Services
  661. Definition of Lease
  662. Two Types of Leases
  663. International Sales of Goods
  664. 17.3: Sales Law Compared with Common-Law Contracts and the CISG
  665. Mutual Assent: Offer and Acceptance
  666. Definiteness of the Offer
  667. Acceptance Varying from Offer: Battle of the Forms
  668. Revocation of Offer
  669. Reality of Consent
  670. Consideration
  671. The UCC
  672. Form and Meaning
  673. Requirement of a Writing
  674. Parol Evidence
  675. 17.4: General Obligations under UCC Article 2
  676. Obligation of Good-Faith Dealings in General
  677. Under the UCC
  678. Obligations Owed by Merchants
  679. “Merchant” Sellers
  680. As between Merchants
  681. Merchant to Nonmerchant
  682. Who Is a Merchant?
  683. Obligations May Be Determined by Parties
  684. Under the UCC
  685. 17.5: Cases
  686. Mixed Goods and Services Contracts: The “Predominant Factor” Test
  687. “Merchants” under the UCC
  688. Unconscionability in Finance Lease Contracts
  689. 17.6: Summary and Exercises
  690. Endnotes
  691. Chapter 18: Title and Risk of Loss
  692. 18.1: Transfer of Title
  693. Why It Is Important When Title Shifts
  694. It Affects Whether a Sale Has Occurred
  695. Creditors’ Rights
  696. Insurable Interest
  697. Goods Identified to the Contract
  698. The Identification Issue
  699. Parties May Agree
  700. UCC Default Position
  701. When Title Shifts
  702. Parties May Agree
  703. Shipment Contracts
  704. Destination Contracts
  705. Goods Not to Be Moved
  706. UCC Default Provision
  707. 18.2: Title from Nonowners
  708. The Problem of Title from Nonowners
  709. The Response to the Problem of Title from Nonowners
  710. The Basic Rule
  711. The Exceptions
  712. Sellers with a Voidable Title
  713. Entrustment
  714. Larceny (being conned)
  715. 18.3: Risk of Loss
  716. Why Risk of Loss Is Important
  717. When Risk of Loss Passes
  718. The Parties May Agree
  719. Sale on Approval
  720. Sale or Return
  721. Consignment Sales
  722. The UCC Default Position
  723. Risk of Loss in Absence of a Breach
  724. Risk of Loss Where Breach Occurs
  725. Insurable Interest
  726. Why It Matters
  727. Insurable Interest of the Buyer
  728. Insurable Interest of the Seller
  729. Other Rights of the Buyer
  730. 18.4: Cases
  731. Transfer of Title: Destination Contracts
  732. Defrauding Buyer Sells to Good-Faith Purchaser for Value
  733. A. Voidable Title
  734. B. Good Faith Purchasers for Value
  735. Risk of Loss, Seller a Merchant
  736. 18.5: Summary and Exercises
  737. Endnotes
  738. Chapter 19: Performance and Remedies
  739. 19.1: Performance by the Seller
  740. The Seller’s Duty in General
  741. Analysis of the Seller’s Duty
  742. Timing
  743. Delivery
  744. By Agreement
  745. If There Is No Agreement
  746. Conforming Goods
  747. By Agreement
  748. If There Is No Agreement
  749. Installment Contracts
  750. Cure for Improper Delivery
  751. 19.2: Performance by Buyer
  752. General Duties of Buyer
  753. Inspection
  754. Acceptance
  755. Payment
  756. A Buyer’s Right on Nonconforming Delivery
  757. Rejection and a Buyer’s Duties after Rejection
  758. Acceptance of a Nonconforming Delivery
  759. Acceptance of Part of a Nonconforming Delivery
  760. Installment Sales
  761. Revocation
  762. 19.3: Remedies
  763. Remedies in General
  764. General Policy
  765. Specifying Remedies
  766. Statute of Limitations
  767. Seller’s Remedies
  768. Article 2 in General
  769. Remedies on Breach
  770. Withhold Further Delivery
  771. Stop Delivery
  772. Identify to the Contract Goods in Possession
  773. Resell
  774. Recover Damages
  775. Recover the Price
  776. Cancel the Contract
  777. Remedies on Insolvency
  778. Buyer’s Remedies
  779. In General
  780. Goods Not Received
  781. Cancel
  782. Recover the Price
  783. Cover
  784. Sue for Damages for Nondelivery
  785. Recover the Goods
  786. Goods Accepted
  787. Compensatory Damages
  788. Consequential Damages
  789. Incidental Damages
  790. 19.4: Excuses for Nonperformance
  791. Casualty to Identified Goods
  792. The UCC’s Take on Issues Affecting “Impossibility”
  793. Impracticability
  794. Right to Adequate Assurances of Performance
  795. Anticipatory Repudiation
  796. 19.5: Cases
  797. Limitations of Remedy Results in No Remedy
  798. Cure for Improper Delivery
  799. Seller’s Remedies When Buyer Defaults
  800. Buyer’s Remedies When Seller Breaches
  801. 19.6: Summary and Exercises
  802. Endnotes
  803. Chapter 20: Products Liability
  804. 20.1: Introduction: Why Products-Liability Law Is Important
  805. History of Products-Liability Law
  806. Current State of the Law
  807. 20.2: Warranties
  808. Types of Warranties
  809. Express Warranties
  810. Implied Warranties
  811. Implied Warranty of Merchantability
  812. Fitness for a Particular Purpose
  813. Other Warranties
  814. Problems with Warranty Theory
  815. In General
  816. Exclusion or Modification of Warranties
  817. Exclusion of Express Warranties
  818. Exclusion of Implied Warranties in General
  819. Implied Warranty of Merchantability
  820. Implied Warranty of Fitness
  821. Conflict between Express and Implied Warranties
  822. The Magnuson-Moss Act and Phantom Warranties
  823. Privity
  824. Horizontal Privity
  825. Vertical Privity
  826. Contributory Negligence, Comparative Negligence, and Assumption of Risk
  827. 20.3: Negligence
  828. Typical Negligence Claims: Design Defects and Inadequate Warnings
  829. Design Defects
  830. Warning Defects
  831. Problems with Negligence Theory
  832. Common-Law Defenses against Negligence
  833. Preemption
  834. 20.4: Strict Liability in Tort
  835. Strict Liability Defined
  836. Section 402A Elements
  837. Product in a Defective Condition
  838. Unreasonably Dangerous
  839. Engaged in the Business of Selling
  840. Reaches the User without Change in Condition
  841. Liability Despite Exercise of All Due Care
  842. Liability without Contractual Relation
  843. Problems with Strict Liability
  844. Disclaimers
  845. Plaintiff’s Conduct
  846. Assumption of Risk
  847. Misuse or Abuse of the Product
  848. Limited Remedy
  849. The Third Restatement
  850. 20.5: Tort Reform
  851. The Cry for Reform
  852. State Reforms
  853. Statutes of Repose
  854. State-of-the-Art Defense
  855. Failure to Warn
  856. Comparative Fault for Consumer Misuse
  857. Criminal Penalties
  858. Federal Reform
  859. 20.6: Cases
  860. Implied Warranty of Merchantability and the Requirement of a “Sale”
  861. Strict Liability and Bystanders
  862. Failure to Warn
  863. 20.7: Summary and Exercises
  864. Endnotes
  865. Chapter 21: Bailments and the Storage, Shipment, and Leasing of Goods
  866. 21.1: Introduction to Bailment Law
  867. Overview of Bailments
  868. Bailments Compared with Sales
  869. Bailment versus Sales
  870. Fungible Goods
  871. Elements of a Bailment
  872. Possession: Physical Control
  873. Possession: Intent to Possess
  874. 21.2: Liability of the Parties to a Bailment
  875. Liability of the Bailee
  876. Duty of Care
  877. The Ordinary Care Rule
  878. The Benefit-of-the-Bargain Rule
  879. Burden of Proof
  880. Liability of the Bailor
  881. Negligence of Bailor
  882. Other Types of Liability
  883. Disclaimers of Liability
  884. Bailee’s Disclaimer
  885. Lack of Notice
  886. Public Policy Exception
  887. Bailor’s Disclaimer
  888. Other Rights and Duties
  889. Compensation
  890. Bailee’s Lien
  891. Rights When Goods Are Taken or Damaged by a Third Party
  892. Innkeepers’ Liability
  893. 21.3: The Storage and Shipping of Goods
  894. Storage of Goods
  895. Definitions
  896. General Duty of Care
  897. Limitation of Liability
  898. Specific Types of Liability and Duties
  899. Nonreceipt or Misdescription
  900. Delivery to the Wrong Party
  901. Duty to Keep Goods Separate
  902. Rights of the Warehouser
  903. Termination
  904. Liens
  905. Shipment of Goods
  906. Introduction and Terminology
  907. Duties and Liabilities
  908. Absolute Liability
  909. Exceptions to Absolute Liability
  910. Act of God
  911. Act of Public Enemy
  912. Act of Public Authority
  913. Act of Shipper
  914. Inherent Nature of the Goods
  915. Which Carrier Is Liable?
  916. When Does Carrier Liability Begin and End?
  917. Disclaimers
  918. Specific Types of Liability
  919. Nonreceipt or Misdescription
  920. Delivery to the Wrong Party
  921. Carrier’s Right to Lien and Enforcement of Lien
  922. Passengers
  923. 21.4: Negotiation and Transfer of Documents of Title (or Commodity Paper)
  924. Overview of Negotiability
  925. The Elements and Effect of Negotiation
  926. Negotiable Defined
  927. Duly Negotiated
  928. Effect
  929. 21.5: Cases
  930. Bailments and Disclaimers of Bailee’s Liability
  931. Bailed Goods of Sentimental Value
  932. Liability of Carrier; Limitations on Liability
  933. 21.6: Summary and Exercises
  934. Endnotes
  935. Chapter 22: Nature and Form of Commercial Paper
  936. 22.1: Introduction to Commercial Paper
  937. The Importance of Commercial Paper
  938. The Central Role of Commercial Paper
  939. Overview of Chapters on Commercial Paper
  940. History of Commercial Paper
  941. Development of the Law
  942. The Future of Commercial Paper: Federal and International Preemption
  943. Commercial Paper in Economics and Finance
  944. Economics
  945. Finance
  946. 22.2: Scope of Article 3 and Types of Commercial Paper and Parties
  947. Scope of Article 3
  948. Types of Commercial Paper
  949. Drafts
  950. Parties to a Draft
  951. Types of Drafts
  952. Drafts in International Trade
  953. Checks
  954. Notes
  955. Certificates of Deposit
  956. Other Parties to Commercial Paper
  957. Indorser and Indorsee
  958. Holder
  959. Holder in Due Course
  960. Accommodation Party
  961. 22.3: Requirements for Negotiability
  962. Overview
  963. Analysis of Required Elements
  964. In Writing
  965. Signed by the Maker or Drawer
  966. Unconditional Promise or Order to Pay
  967. Fixed Amount in Money
  968. Fixed Amount
  969. In Money
  970. Payable on Demand or at a Definite Time
  971. Payable to Order or Bearer
  972. Missing and Ambiguous Terms
  973. Incompleteness
  974. Ambiguity
  975. 22.4: Cases
  976. Negotiability: Requires Unconditional Promise to Pay
  977. Negotiability: Requires Fixed Amount of Money
  978. Undated or Incomplete Instruments
  979. 22.5: Summary and Exercises
  980. Endnotes
  981. Chapter 23: Negotiation of Commercial Paper
  982. 23.1: Transfer and Negotiation of Commercial Paper
  983. Definitions, Rights, and Liabilities
  984. Negotiation and Holder
  985. Liability of Transferors
  986. Contract Liability
  987. Warranty Liability
  988. Liability of Transferees
  989. How Negotiation Is Accomplished
  990. Negotiation of Instrument Payable to Bearer
  991. Negotiation of Instrument Payable to Order
  992. 23.2: Indorsements
  993. Definition and Formal Requirements of Indorsement
  994. Definition
  995. Placement of Indorsement
  996. Misspelled or Incorrect Indorsements
  997. Various Indorsements and Their Effects
  998. No Indorsement
  999. Partial Indorsement
  1000. Blank Indorsement
  1001. Special Indorsement
  1002. Restrictive Indorsement
  1003. Collection Indorsement
  1004. Trust Indorsement
  1005. Conditional Indorsement
  1006. Qualified Indorsement
  1007. 23.3: Problems and Issues in Negotiation
  1008. Common Issues Arising in Negotiation of Commercial Paper
  1009. Negotiation Subject to Rescission
  1010. Effect of Reacquisition
  1011. Instruments Payable to Two or More Persons
  1012. Forged Indorsements, Imposters, and Fictitious Payees
  1013. The General Rule on Forged Indorsements
  1014. Exceptions: Imposter, Fictitious Payee, and Dishonest Employee Rules
  1015. The Imposter Rule
  1016. The Fictitious Payee Rule
  1017. The Dishonest Employee Rule
  1018. Negligence
  1019. 23.4: Cases
  1020. Bearer Paper
  1021. Forged Drawer’s Signature, Forged Indorsements, Fictitious Payee, and Comparative Negligence
  1022. Background
  1023. Discussion
  1024. I. Double Forgeries
  1025. II. The Effect of the UCC Revisions
  1026. III. The Fictitious Payee Rule
  1027. IV. Allocation of Liability
  1028. Conclusion
  1029. Joint Payees and Conditional and Restrictive Indorsements
  1030. Facts
  1031. Discussion
  1032. 23.5: Summary and Exercises
  1033. Endnotes
  1034. Chapter 24: Holder in Due Course and Defenses
  1035. 24.1: Holder in Due Course
  1036. Overview of the Holder-in-Due-Course Concept
  1037. Importance of the Holder-in-Due-Course Concept
  1038. Requirements for Being a Holder in Due Course
  1039. Specific Analysis of Holder-in-Due-Course Requirements
  1040. Holder
  1041. Taken for Value
  1042. In Good Faith
  1043. Honesty in Fact
  1044. Observance of Reasonable Commercial Standards of Fair Dealing
  1045. Without Notice
  1046. Without Notice That an Instrument Is Overdue
  1047. Without Notice That an Instrument Has Been Dishonored
  1048. Without Notice of a Defense or Claim
  1049. Without Notice of Unauthorized Signature or Alteration
  1050. Without Reason to Question the Instrument’s Authenticity Because of Apparent Forgery, Alteration,
  1051. Payee as Holder in Due Course
  1052. The Shelter Rule
  1053. 24.2: Defenses and Role in Consumer Transactions
  1054. Defenses
  1055. Holder in Due Course Is Not Subject to Personal Defenses
  1056. Holder in Due Course Is Subject to Real Defenses
  1057. Analysis of the Real Defenses
  1058. Forgery
  1059. Bankruptcy
  1060. Infancy
  1061. Fraudulent Alteration
  1062. Void Contract
  1063. Fraud in the Execution
  1064. Discharge of Which the Holder Has Notice
  1065. Consumer Transactions and Holders in Due Course
  1066. 24.3: Cases
  1067. Executory Promise as Satisfying “Value”
  1068. Facts
  1069. Discussion
  1070. Conclusion
  1071. The “Good Faith and Reasonable Commercial Standards” Requirement
  1072. The Shelter Rule
  1073. 24.4: Summary and Exercises
  1074. Endnotes
  1075. Chapter 25: Liability and Discharge
  1076. 25.1: Liability Imposed by Signature: Agents, Authorized and Unauthorized
  1077. A “Signature” under the Uniform Commercial Code
  1078. Liability of an Agent Who Has Authority to Sign
  1079. The General Rule
  1080. Incorrect Signatures
  1081. Liability of an “Agent” Who Has No Authority to Sign
  1082. The General Rule
  1083. The Exceptions
  1084. 25.2: Contract Liability of Parties
  1085. Liability of Primary Parties
  1086. Maker
  1087. Acceptor
  1088. Liability of Secondary Parties
  1089. Drawer’s Liability
  1090. Indorser’s Liability
  1091. Conditions Required for Liability
  1092. Conditions for Liability in General
  1093. Presentment
  1094. Dishonor
  1095. Notice of Dishonor
  1096. Waived or Excused Conditions
  1097. Presentment Waived or Excused
  1098. Notice of Dishonor Excused
  1099. 25.3: Warranty Liability of Parties
  1100. Overview of Warranty Liability
  1101. Transfer Warranties
  1102. Presentment Warranties
  1103. Warranties Made by One Who Presents an Unaccepted Draft
  1104. Warranties Made by One Who Presents Something Other Than an Unaccepted Draft
  1105. Payment by Mistake
  1106. 25.4: Discharge
  1107. Overview
  1108. Discharge under the Uniform Commercial Code
  1109. Discharge in General
  1110. Discharge by Payment
  1111. Discharge by Tender
  1112. Discharge by Cancellation and Renunciation
  1113. Discharge by Material and Fraudulent Alteration
  1114. Discharge by Certification
  1115. Discharge by Acceptance Varying a Draft
  1116. Discharge of Indorsers and Accommodation Parties
  1117. Extension of Due Date
  1118. Material Modification of Obligation
  1119. Impairment of Collateral
  1120. Discharge by Reacquisition
  1121. Discharge by Unexcused Delay in Presentment or Notice of Dishonor
  1122. 25.5: Cases
  1123. Breach of Presentment Warranties and Conduct Precluding Complaint about Such Breach
  1124. Facts
  1125. Analysis
  1126. Presentment, Acceptance, Dishonor, and Warranties
  1127. Breach of Transfer Warranties and the Bank’s Obligation to Act in Good Faith
  1128. I. Background
  1129. II. Discussion
  1130. A. Breach of transfer warranties
  1131. B. Breach of Contract
  1132. C. Martin’s Counterclaims
  1133. D. Damages
  1134. III. Conclusion
  1135. 25.6: Summary and Exercises
  1136. Endnotes
  1137. Chapter 26: Legal Aspects of Banking
  1138. 26.1: Banks and Their Customers
  1139. The Traditional Bank Collection Process
  1140. The Traditional System in General
  1141. Terminology
  1142. Collection Process between Customers of the Same Bank
  1143. Collection Process between Customers of Different Banks
  1144. Physical Movement of Checks
  1145. The Electronic System: Check 21 Act
  1146. Rationale for the “Check Clearing for the 21st Century Act”
  1147. Basic Idea of Check 21 Act
  1148. UCC Article 4: Aspects of Bank Operations
  1149. Reason for Article 4
  1150. Banks Covered
  1151. Technical Rules
  1152. Relationship with Customers
  1153. Common Issues Arising between Banks and Their Customers
  1154. Payment of Overdrafts
  1155. Payment of Stale Checks
  1156. Post-dated checks
  1157. Payment of Deceased’s or Incompetent’s Checks
  1158. Stop Payment Orders
  1159. Wrongful Dishonor
  1160. Customers’ Duties
  1161. The Expedited Funds Availability Act
  1162. In General
  1163. The Act’s Provisions
  1164. 26.2: Electronic Funds Transfers
  1165. Background to Electronic Fund Transfers
  1166. In General
  1167. Types of EFT
  1168. Electronic Fund Transfer Act of 1978
  1169. Purpose
  1170. Consumer Protections Afforded by the Act
  1171. Liability of the Financial Institution
  1172. Enforcement of the Act
  1173. 26.3: Wholesale Transactions and Letters of Credit
  1174. Wholesale Funds Transfers
  1175. Background and Coverage
  1176. Operation of Article 4A
  1177. Frequently Occurring Legal Issues in Funds Transfers
  1178. Responsibility for Unauthorized Payments
  1179. Error by Sender
  1180. Bank Mistake in Transferring Funds
  1181. Letters of Credit
  1182. Definition
  1183. Source of Law
  1184. International Law
  1185. Domestic Law
  1186. Letters of Credit as Payment for Exports
  1187. As Payment for Imports
  1188. 26.4: Cases
  1189. Bank’s Liability for Paying over Customer’s “Stop Payment” Order
  1190. I.
  1191. II.
  1192. III.
  1193. IV.
  1194. V.
  1195. VI.
  1196. Customer’s Duty to Inspect Bank Statements
  1197. Facts
  1198. Discussion
  1199. A. Union Planters’ Duty to Provide Information under 4-406(a).
  1200. B. Rogers’ Duty to Report the Forgeries under 4-406(d).
  1201. Conclusion
  1202. Customer’s Duty to Inspect Bank Statements
  1203. I. Procedural Posture
  1204. II. The Facts
  1205. III. The Law
  1206. IV. Opinion and Order
  1207. 26.5: Summary and Exercises
  1208. Endnotes
  1209. Chapter 27: Consumer Credit Transactions
  1210. 27.1: Entering into a Credit Transaction
  1211. The Cost of Credit
  1212. Disclosure of Credit Costs
  1213. The Truth in Lending Act
  1214. Consumer Leasing Act of 1988
  1215. Fair Credit and Charge Card Disclosure
  1216. Credit Card Accountability, Responsibility, and Disclosure Act of 2009
  1217. State Credit Disclosure Laws
  1218. Getting Credit
  1219. Equal Credit Opportunity Act
  1220. Fair Credit Reporting Act of 1970: Checking the Applicant’s Credit Record
  1221. 27.2: Consumer Credit Protection Laws and Debt Collection Practices
  1222. Cancellation Rights
  1223. Correcting Billing Mistakes
  1224. Billing Mistakes
  1225. Disputes about the Quality of Goods or Services Purchased
  1226. Debt Collection Practices
  1227. Garnishment
  1228. Wage Assignment
  1229. Confession of Judgment
  1230. Fair Debt Collection Practices Act of 1977
  1231. The Consumer Finance Protection Bureau
  1232. Activities
  1233. 27.3: Cases
  1234. Usury
  1235. Discrimination under the ECOA
  1236. I.
  1237. II.
  1238. III.
  1239. Uses of Credit Reports under the FCRA
  1240. Background
  1241. Analysis
  1242. A. Permissible Purpose under the FCRA
  1243. B. Willful Failure to Comply with the FCRA
  1244. C. Obtaining a Consumer Report under False Pretenses or Knowingly without a Permissible Purpose
  1245. 27.4: Summary and Exercises
  1246. Endnotes
  1247. Chapter 28: Secured Transactions and Suretyship
  1248. 28.1: Introduction to Secured Transactions
  1249. The Problem of Security
  1250. By Agreement with the Debtor
  1251. By Operation of Law
  1252. Basics of Secured Transactions
  1253. Source of Law and Definitions
  1254. Source of Law
  1255. Definitions
  1256. Property Subject to the Security Interest
  1257. Goods
  1258. Consumer Goods
  1259. Inventory
  1260. Farm Products
  1261. Equipment
  1262. Fixtures
  1263. Accession
  1264. Intangible Property
  1265. Accounts
  1266. General Intangibles
  1267. Indispensable Paper
  1268. Chattel Paper
  1269. Documents
  1270. Instruments
  1271. Investment Property
  1272. Other Types of Collateral
  1273. Attachment of the Security Interest
  1274. In General
  1275. Requirements for Attachment
  1276. Creditor Gives Value
  1277. Debtor’s Rights in Collateral
  1278. Security Agreement (Contract) or Possession of Collateral by Creditor
  1279. Perfection of the Security Interest
  1280. Perfection by Filing
  1281. The Financing Statement
  1282. Contents of the Financing Statement
  1283. Duration of the Financing Statement
  1284. Debtor Moves out of State
  1285. Where to File the Financing Statement
  1286. Exemptions
  1287. Temporary Perfection
  1288. Perfection by Possession
  1289. Perfection by Control
  1290. Automatic Perfection
  1291. 28.2: Priorities
  1292. General Rule
  1293. Application of the Rule
  1294. Exceptions to the General Rule
  1295. Immediate Exceptions
  1296. Other Exceptions
  1297. Lien Creditors
  1298. Bankruptcy Trustee
  1299. 28.3: Rights of Creditor on Default and Disposition after Repossession
  1300. Rights of Creditor on Default
  1301. Resort to Judicial Process
  1302. Repossession
  1303. Disposition after Repossession
  1304. Sale
  1305. Strict Foreclosure
  1306. Foreclosure on Intangible Collateral
  1307. 28.4: Suretyship
  1308. Definition, Types of Sureties, and Creation of the Suretyship
  1309. Definition
  1310. Types of Suretyship
  1311. Creation of the Suretyship
  1312. Duties and Rights of the Surety
  1313. Duties of the Surety
  1314. Rights of the Surety
  1315. Exoneration
  1316. Reimbursement
  1317. Subrogation
  1318. Contribution
  1319. Defenses of the Parties
  1320. Defenses of the Principal
  1321. Defenses of the Surety
  1322. 28.5: Cases
  1323. Perfection by Mere Attachment; Priorities
  1324. Preliminary Statement and Issues
  1325. Findings of Fact
  1326. Conclusion of Law, Decision, and Order
  1327. Repossession and Breach of the Peace
  1328. Uniform Commercial Code Section 2A-525(3)
  1329. Uniform Commercial Code Section 2A-108
  1330. Defenses of the Principal Debtor as against Reimbursement to Surety
  1331. Per Curium:Latin for “by the court.” A decision of an appeals court as a whole in which no judge
  1332. 28.6: Summary and Exercises
  1333. Endnotes
  1334. Chapter 29: Mortgages and Nonconsensual Liens
  1335. 29.1: Uses, History, and Creation of Mortgages
  1336. Definitions
  1337. The Uses of Mortgages
  1338. Short History of Mortgage Law
  1339. Creation of the Mortgage
  1340. Statutory Regulation
  1341. Consumer Credit Statutes Apply
  1342. Real Estate Settlement Procedures Act
  1343. Redlining
  1344. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”)
  1345. The Note and the Mortgage Documents
  1346. The Note
  1347. The Mortgage
  1348. 29.2: Priority, Termination of the Mortgage, and Other Methods of Using Real Estate as Security
  1349. Priorities in Real Property Security
  1350. The General Rule of Priorities
  1351. Exceptions to the General Rule
  1352. Fixture Filing
  1353. Future Advances
  1354. Termination of the Mortgage
  1355. Payment
  1356. Assumption
  1357. Foreclosure
  1358. Other Methods of Using Real Estate as Security
  1359. Deed of Trust
  1360. Installment or Land Contract
  1361. 29.3: Nonconsensual Lien
  1362. Court-Decreed Liens
  1363. Attachment Lien
  1364. Judgment Lien
  1365. Mechanic’s Lien
  1366. Overview
  1367. Procedure for Obtaining a Mechanic’s Lien
  1368. Mechanic’s Liens Priorities
  1369. Possessory Lien
  1370. Tax Lien
  1371. 29.4: Cases
  1372. Denial of Mortgagee’s Right to Foreclose; Erroneous Filings; Lost Instruments
  1373. Mechanic’s Lien Filed against Landlord for Payment of Tenant’s Improvements
  1374. Law/Analysis
  1375. A. Who Must Receive the Consent.
  1376. B. What Kind of Consent Is Necessary.
  1377. C. Evidence There Was No Consent
  1378. D. Evidence There Was Consent
  1379. Conclusion
  1380. Deeds of Trust; Duties of Trustee
  1381. Facts
  1382. Duty to Re-Open Sale
  1383. Chilled Bidding
  1384. Adequacy of the Sale Price
  1385. Duty to a Junior Lienholder
  1386. Attorney Fees
  1387. 29.5: Summary and Exercises
  1388. Endnotes
  1389. Chapter 30: Bankruptcy
  1390. 30.1: Introduction to Bankruptcy and Overview of the 2005 Bankruptcy Act
  1391. The Purpose of Bankruptcy Law
  1392. History of the Bankruptcy System; Bankruptcy Courts and Judges
  1393. Constitutional Basis
  1394. Bankruptcy Statutes
  1395. Bankruptcy Courts, Judges, and Costs
  1396. Overview of Bankruptcy Provisions
  1397. 30.2: Case Administration; Creditors’ Claims; Debtors’ Exemptions and Dischargeable Debts; Debto
  1398. Case Administration (Chapter 3 of the Bankruptcy Code)
  1399. Commencement
  1400. Voluntary and Involuntary Petitions
  1401. The Automatic Stay
  1402. First Meeting of Creditors
  1403. Trustee’s Powers and Duties
  1404. Creditors’ Claims, the Debtor, and the Estate (Chapter 5 of the Bankruptcy Code)
  1405. Claims and Creditors
  1406. Proof of Claims
  1407. Claims with Priority
  1408. Debtor’s Duties and Exemptions
  1409. Debtor’s Duties
  1410. Debtor’s Exemptions
  1411. Secured Property
  1412. Dischargeable and Nondischargeable Debts
  1413. Dischargeable Debts
  1414. Nondischargeable Debts
  1415. Reaffirmation
  1416. Property Included in the Estate
  1417. 30.3: Chapter 7 Liquidation
  1418. Trustee’s Duties under Chapter 7; Grounds for Dismissal: The Means Test
  1419. Trustee’s Duties
  1420. Conversion
  1421. Dismissal
  1422. Distribution of the Estate and Discharge; Denying Discharge
  1423. Distribution of the Estate
  1424. Discharge
  1425. 30.4: Chapter 11 and Chapter 13 Bankruptcies
  1426. Reorganization: Chapter 11 Bankruptcy
  1427. Overview
  1428. How It Works
  1429. Eligibility
  1430. Operation of Business
  1431. Creditors’ Committee
  1432. The Reorganization Plan
  1433. Acceptance of the Plan
  1434. Confirmation of the Plan
  1435. Discharge, Conversion
  1436. Adjustment of Debts of an Individual with Regular Income: Chapter 13 Bankruptcy
  1437. In General
  1438. How It Works
  1439. Eligibility
  1440. The Plan
  1441. Confirmation
  1442. Discharge
  1443. 30.5: Alternatives to Bankruptcy
  1444. Alternatives to Bankruptcy: Overview
  1445. Assignment for Benefit of Creditors; Compositions; Receivership
  1446. Assignment for Benefit of Creditors
  1447. Composition
  1448. Receivership
  1449. 30.6: Cases
  1450. Dischargeability of Student Loans under Chapter 7
  1451. Chapter 11 Bankruptcy
  1452. Chapter 13: What Debts Are Dischargeable?
  1453. 30.7: Summary and Exercises
  1454. Endnotes
  1455. Chapter 31: Introduction to Property: Personal Property and Fixtures
  1456. 31.1: The General Nature of Property Rights
  1457. Definition of Property
  1458. The Economist’s View
  1459. Classification of Property
  1460. Importance of the Distinction between Real and Personal Property
  1461. 31.2: Personal Property
  1462. Possession
  1463. Lost or Misplaced Property
  1464. Gift
  1465. Requirements
  1466. Delivery
  1467. Intent
  1468. Acceptance
  1469. Gifts Causa Mortis
  1470. Gifts to Minors
  1471. Gift Tax
  1472. Accession
  1473. Confusion
  1474. 31.3: Fixtures
  1475. Definition
  1476. Tests
  1477. Annexation
  1478. Adaptation
  1479. Intention
  1480. Fixture Disputes
  1481. Transfer of Real Estate
  1482. Tenant’s Fixtures
  1483. 31.4: Case
  1484. Lost or Misplaced Property
  1485. 31.5: Summary and Exercises
  1486. Endnotes
  1487. Chapter 32: Intellectual Property
  1488. 32.1: Patents
  1489. Source of Authority and Duration
  1490. Patentability
  1491. What May Be Patented
  1492. What May Not Be Patented
  1493. Tests for Patentability
  1494. Procedures for Obtaining a Patent
  1495. Patent Ownership
  1496. Infringement and Invalidity Suits
  1497. Patent Misuse
  1498. 32.2: Trade Secrets
  1499. Definition of Trade Secrets
  1500. Elements of Trade Secrets
  1501. Originality
  1502. Secrecy
  1503. Economic Espionage Act
  1504. Right of Employees to Use Trade Secrets
  1505. 32.3: Copyright
  1506. Definition and Duration
  1507. Protected Expression
  1508. Rights Protected by the Copyright Act
  1509. Preventing Copying
  1510. Fair Use
  1511. Infringement
  1512. Copyrightability Standards
  1513. Who May Obtain a Copyright?
  1514. Obtaining a Copyright
  1515. Computer Downloads and the Digital Millennium Copyright Act
  1516. 32.4: Trademarks
  1517. Definitions of Trademarks
  1518. Extent of Trademark Protection
  1519. Kinds of Marks
  1520. Limitations on Marks
  1521. Dilution, Tarnishment, and Blurring
  1522. Acquiring Trademark Rights
  1523. Loss of Rights
  1524. 32.5: Cases
  1525. Fair Use in Copyright
  1526. Trademark Infringement and Dilution
  1527. 32.6: Summary and Exercises
  1528. Endnotes
  1529. Chapter 33: The Nature and Regulation of Real Estate and the Environment
  1530. 33.1: Estates
  1531. Present Estates (Freeholds)
  1532. Fee Simple Absolute
  1533. Fee Simple Defeasible
  1534. Life Estates
  1535. Future Estates
  1536. Reversion
  1537. Remainder
  1538. 33.2: Rights Incident to Possession and Ownership of Real Estate
  1539. Rights to Airspace
  1540. Rights to the Depths
  1541. Rights to Water
  1542. 33.3: Easements: Rights in the Lands of Others
  1543. Definition
  1544. Creation
  1545. Use of the Easement
  1546. 33.4: Regulation of Land Use
  1547. Regulation of Land Use by Tort Law
  1548. Landowner’s Activities
  1549. Injury to Persons Entering the Real Estate
  1550. Trespassers
  1551. Children
  1552. Licensees
  1553. Invitees
  1554. Private Regulation of Land Use by Agreement
  1555. Public Control of Land Use through Eminent Domain
  1556. Public Use
  1557. Just Compensation
  1558. Taking
  1559. Public Control of Land Use through Zoning
  1560. Nonconforming Uses
  1561. Variances
  1562. 33.5: Environmental Law
  1563. National Environmental Policy Act
  1564. Environmental Protection Agency
  1565. Water Pollution
  1566. Clean Water Act
  1567. Private Industry
  1568. Other EPA Water Activities
  1569. Air Pollution
  1570. Waste Disposal
  1571. Resource Conservation and Recovery Act
  1572. Comprehensive Environmental Response, Compensation, and Liability Act
  1573. Chemical Hazards
  1574. Toxic Substances Control Act
  1575. Pesticide Regulation
  1576. Other Types of Environmental Controls
  1577. Noise Regulation
  1578. Radiation Controls
  1579. 33.6: Cases
  1580. Reasonable Use Doctrine
  1581. Criminal Liability of Employees under RCRA
  1582. 33.7: Summary and Exercises
  1583. Endnotes
  1584. Chapter 34: The Transfer of Real Estate by Sale
  1585. 34.1: Forms of Ownership
  1586. Overview
  1587. Joint Tenancy
  1588. Tenancy by the Entirety
  1589. Tenancy in Common
  1590. Community Property
  1591. Condominiums
  1592. Cooperatives
  1593. Time-Shares
  1594. 34.2: Brokers, Contracts, Proof of Title, and Closing
  1595. Regulation of the Real Estate Business
  1596. State Licensing
  1597. Civil Rights Act
  1598. Hiring the Broker: The Listing Agreement
  1599. Exclusive Right to Sell
  1600. Exclusive Agency
  1601. Open Listing
  1602. Broker’s Duties
  1603. The Sales Agreement
  1604. Names of Buyers and Sellers
  1605. Real Estate Description
  1606. Price
  1607. Signature
  1608. Easements and Restrictive Covenants
  1609. Risk of Loss
  1610. Earnest Money
  1611. Contingencies
  1612. Times for Performance
  1613. Types of Deeds
  1614. Proof of Title
  1615. Recording Statutes
  1616. Notice Statute
  1617. Race-Notice Statute
  1618. Race Statute
  1619. Chain of Title
  1620. Abstract and Opinion
  1621. Title Insurance
  1622. The Closing
  1623. Form of the Deed
  1624. Grantor
  1625. Grantee
  1626. Addresses
  1627. Words of Conveyance
  1628. Description
  1629. Statement of Consideration
  1630. Date
  1631. Execution
  1632. Delivery
  1633. Delivery to Grantee
  1634. Delivery to Third Party (Commercial Escrow)
  1635. 34.3: Adverse Possession
  1636. Hostile Possession
  1637. Actual Possession
  1638. Open and Notorious Possession
  1639. Continuous Possession
  1640. Exclusive Possession
  1641. 34.4: Cases
  1642. Title Insurance
  1643. Delivery of a Deed
  1644. 34.5: Summary and Exercises
  1645. Endnotes
  1646. Chapter 35: Landlord and Tenant Law
  1647. 35.1: Types and Creation of Leasehold Estates
  1648. Types of Leasehold Estates
  1649. Estate for Years
  1650. Periodic Tenancy
  1651. Tenancy at Will
  1652. Creation of Leasehold Estates
  1653. Oral Leases
  1654. Written Leases
  1655. 35.2: Rights and Duties of Landlords and Tenants
  1656. Rights and Duties of Landlords
  1657. Possession
  1658. Warranty of Habitability
  1659. Noninterference with Use
  1660. Tenant’s Remedies
  1661. Damages
  1662. Rent Remedies
  1663. Rights and Duties of Tenants
  1664. Duty to Pay Rent
  1665. Alteration and Restoration of the Premises
  1666. Use of the Property for an Illegal Purpose
  1667. Landlord’s Remedies
  1668. 35.3: Transfer of Landlord’s or Tenant’s Interest
  1669. General Rule
  1670. Landlord’s Interest
  1671. Tenant’s Interest
  1672. 35.4: Landlord’s Tort Liability
  1673. Exceptions to the General Rule
  1674. Hidden Dangers Known to Landlord
  1675. Dangers to People off the Premises
  1676. Premises Leased for Admitting the Public
  1677. Landlord Retaining Control of Premises
  1678. Faulty Repair of Premises
  1679. 35.5: Cases
  1680. Constructive Eviction
  1681. Landlord’s Tort Liability
  1682. 35.6: Summary and Exercises
  1683. Endnotes
  1684. Chapter 36: Estate Planning: Wills, Estates, and Trusts
  1685. 36.1: Wills and Estate Administration
  1686. Definition
  1687. The Uniform Probate Code
  1688. Will Requirements and Interpretation
  1689. Capacity
  1690. Writing
  1691. Signature
  1692. Witnesses
  1693. Revocation and Modification
  1694. Abatement
  1695. Ademption
  1696. Intestacy
  1697. Unmarried Decedent
  1698. Married with No Children
  1699. Married with Children
  1700. Unmarried with Children
  1701. Estate Administration
  1702. 36.2: Trusts
  1703. Definitions
  1704. Settlor or Grantor
  1705. Trustee
  1706. Beneficiary
  1707. Express Trusts
  1708. Totten Trust
  1709. Blind Trust
  1710. Clifford Trust
  1711. Charitable Trust
  1712. Spendthrift Trust
  1713. Express Trusts in Business
  1714. Implied Trusts
  1715. 36.3: Factors Affecting Estates and Trusts
  1716. Principal and Income
  1717. Taxation
  1718. Power of Appointment
  1719. 36.4: Cases
  1720. Testamentary Capacity
  1721. Settlor’s Limited Power over the Trust
  1722. 36.5: Summary and Exercises
  1723. Endnotes
  1724. Chapter 37: Insurance
  1725. 37.1: Definitions and Types of Insurance
  1726. Public and Private Insurance
  1727. Types of Insurance for the Individual
  1728. Life Insurance
  1729. Health Insurance
  1730. Disability Insurance
  1731. Homeowner’s Insurance
  1732. Automobile Insurance
  1733. Other Liability Insurance
  1734. Types of Business Insurance
  1735. Workers’ Compensation
  1736. Automobile Insurance
  1737. Property Insurance
  1738. Malpractice Insurance
  1739. Business Interruption Insurance
  1740. Liability Insurance
  1741. 37.2: Property Insurance, Liability Insurance, and Life Insurance
  1742. Property Insurance
  1743. Coverage
  1744. Insurable Interest in Property
  1745. Subrogation
  1746. Assignment
  1747. Intentional Losses
  1748. Coinsurance Clause
  1749. Liability Insurance
  1750. No-Fault Trends
  1751. Life Insurance
  1752. Insurable Interest
  1753. Subrogation
  1754. Change of Beneficiary and Assignment
  1755. Intentional Losses
  1756. Suicide
  1757. Murder
  1758. 37.3: Insurer’s Defenses
  1759. Types of Defenses
  1760. Representation
  1761. Concealment
  1762. Warranties
  1763. Incontestable Clause
  1764. Requirement of Insurer’s Good Faith
  1765. 37.4: Case
  1766. Misrepresentation to Insurer
  1767. 37.5: Summary and Exercises
  1768. Chapter 38: Relationships between Principal and Agent
  1769. 38.1: Introduction to Agency and the Types of Agents
  1770. Introduction to Agency Law
  1771. Why Is Agency Law Important, and What Is an Agent?
  1772. Recurring Issues in Agency Law
  1773. John Alden
  1774. Recurring Issues in Agency
  1775. Types of Agents
  1776. General Agent
  1777. Special Agent
  1778. Agency Coupled with an Interest
  1779. Subagent
  1780. Servant
  1781. Independent Contractor
  1782. Creation of the Agency Relationship
  1783. Agency Created by Agreement
  1784. Consideration
  1785. Formalities
  1786. Capacity
  1787. Agency Created by Operation of Law
  1788. Implied Agency
  1789. Apparent Agency
  1790. 38.2: Duties between Agent and Principal
  1791. Agent’s Duty to Principal
  1792. Fiduciary Duty
  1793. Duty to Avoid Self-Dealing
  1794. Duty to Preserve Confidential Information
  1795. Other Duties
  1796. Duty of Skill and Care
  1797. Duty of Good Conduct
  1798. Duty to Keep and Render Accounts
  1799. Duty to Act Only as Authorized
  1800. Duty Not to Attempt the Impossible or Impracticable
  1801. Duty to Obey
  1802. Duty to Give Information
  1803. “Shop Rights” Doctrine
  1804. Principal’s Duty to Agent
  1805. Contract Duties
  1806. General Contract Duties
  1807. Employment at Will
  1808. Duty to Indemnify
  1809. Tort and Workers’ Compensation Duties
  1810. Background to Workers’ Compensation
  1811. The System in General
  1812. Coverage
  1813. Paying for Workers’ Compensation
  1814. Recurring Legal Issues
  1815. 38.3: Cases
  1816. Creation of Agency: Apparent Authority
  1817. Employee versus Independent Contractor
  1818. Breach of Fiduciary Duty
  1819. Workers’ Compensation: What “Injuries” Are Compensable?
  1820. 38.4: Summary and Exercises
  1821. Endnotes
  1822. Chapter 39: Liability of Principal and Agent; Termination of Agency
  1823. 39.1: Principal’s Contract Liability
  1824. Principal’s Contract Liability Requires That Agent Had Authority
  1825. Types of Authority
  1826. Express Authority
  1827. Implied Authority
  1828. Apparent Authority
  1829. Ratification
  1830. 39.2: Principal’s Tort and Criminal Liability
  1831. Principal’s Tort Liability
  1832. The Distinction between Direct and Vicarious Liability
  1833. Direct Liability
  1834. Vicarious Liability
  1835. Agents for Whom Principals Are Vicariously Liable
  1836. Liability for Agent’s Intentional Torts
  1837. Deviations from Employment
  1838. The “Scope of Employment” Problem
  1839. The Zone of Risk Test
  1840. Special Cases of Vicarious Liability
  1841. Use of Automobiles
  1842. Torts of Family Members
  1843. Other Torts Governed by Statute or Regulation
  1844. Principal’s Criminal Liability
  1845. 39.3: Agent’s Personal Liability for Torts and Contracts; Termination of Agency
  1846. Agent’s Personal Liability for Torts and Contracts
  1847. Tort Liability
  1848. Contract Liability
  1849. Agent for Undisclosed or Partially Disclosed Principal
  1850. Lack of Authority in Agent
  1851. Agent Acting on Own Account
  1852. Termination of Agency
  1853. By Act of the Parties
  1854. Express Termination
  1855. Implied Termination
  1856. By Operation of Law
  1857. 39.4: Cases
  1858. Implied Authority
  1859. Employer’s Liability for Employee’s Intentional Torts: Scope of Employment
  1860. Employer’s Liability for Employee’s Intentional Torts: Scope of Employment
  1861. Facts and Proceedings in the Trial Court
  1862. Discussion
  1863. 39.5: Summary and Exercises
  1864. Endnotes
  1865. Chapter 40: Partnerships: General Characteristics and Formation
  1866. 40.1: Introduction to Partnerships and Entity Theory
  1867. Importance of Partnership Law
  1868. History of Partnership Law
  1869. Through the Twentieth Century
  1870. The Current State of Partnership Law
  1871. Entity Theory
  1872. Meaning of “Legal Entity”
  1873. Entity Characteristics of a Partnership
  1874. For Accounting Purposes
  1875. For Purposes of Taxation
  1876. For Purposes of Litigation
  1877. For Purposes of Owning Real Estate
  1878. For Purposes of Bankruptcy
  1879. 40.2: Partnership Formation
  1880. Creation of an Express Partnership
  1881. Creation in General
  1882. Specific Issues of Concern
  1883. Who Can Be a Partner?
  1884. Written versus Oral Agreements
  1885. Validity of the Partnership Name
  1886. Creation of Implied Partnership
  1887. Tests of Partnership Existence
  1888. Association of Persons
  1889. Co-owners of a Business
  1890. Sharing of Profits
  1891. Business for Profit
  1892. Sharing the Profit
  1893. Other Factors
  1894. Creation of Partnership by Estoppel
  1895. 40.3: Cases
  1896. Tests of Partnership Existence
  1897. Creation of a Partnership: Registering the Name
  1898. Background Facts
  1899. Suit against Whitehead
  1900. Discussion
  1901. Partnership by Estoppel
  1902. Facts
  1903. The Faxed Credit References
  1904. The Fax Cover Sheet
  1905. The Epsco Personnel Credit Application
  1906. The Checks to Epsco
  1907. The Business Card
  1908. The Dealership Application
  1909. 40.4: Summary and Exercises
  1910. Endnotes
  1911. Chapter 41: Partnership Operation and Termination
  1912. 41.1: Operation: Relations among Partners
  1913. Duties Partners Owe Each Other
  1914. Duty to Serve
  1915. Duty of Loyalty
  1916. Application of the Fiduciary Standard to Partnership Law
  1917. Limits on the Reach of the Fiduciary Duty
  1918. Activities Affected by the Duty of Loyalty
  1919. Duty of Care
  1920. Duty of Obedience
  1921. Duty to Inform Copartners
  1922. Duty to Account
  1923. The Rights That Partners Have in a Partnership
  1924. Rights to Distributions
  1925. Right to Profits (and Losses)
  1926. Right to Indemnification
  1927. Right to Return of Capital Contribution
  1928. Right to Compensation
  1929. Right to Management
  1930. Right to Choose Partners
  1931. Right to Property of the Partnership
  1932. Rights in Specific Partnership Property: UPA Approach
  1933. Rights in Specific Property: RUPA Approach
  1934. Right to Assign Partnership Interest
  1935. Voluntary Assignment
  1936. Involuntary Assignment
  1937. Right to Enforce Partnership Rights
  1938. Right to Information and Inspection of Books
  1939. 41.2: Operation: The Partnership and Third Parties
  1940. Contract Liability
  1941. Liability of the Partnership
  1942. The General Rule
  1943. Partnership “Statements”
  1944. Personal Liability of Partners, in General
  1945. Liability of Existing Partners
  1946. Liability of Incoming Partners
  1947. Tort and Criminal Liability
  1948. Partnership Liability for Torts
  1949. Partners’ Personal Liability for Torts
  1950. Liability for Crimes
  1951. Liability for Taxes
  1952. 41.3: Dissolution and Winding Up
  1953. Dissolution of Partnerships under UPA
  1954. Meaning of Dissolution under UPA
  1955. Causes of Dissolution
  1956. In Accordance with the Agreement
  1957. In Violation of the Agreement
  1958. By Operation of Law
  1959. By Court Order
  1960. Effect of Dissolution on Authority
  1961. After Dissolution
  1962. Forming a New Partnership
  1963. Winding Up and Termination
  1964. Dissociation and Dissolution of Partnerships under RUPA
  1965. Dissociation
  1966. Causes of Dissociation
  1967. Effect of Dissociation
  1968. Dissolution
  1969. Causes of Dissolution
  1970. Effect of Dissolution
  1971. Continuing after Dissociation
  1972. Winding Up the Partnership under UPA and RUPA
  1973. Who Can Participate in Winding Up
  1974. Settlement of Accounts among Partners
  1975. 41.4: Cases
  1976. Breach of Partnership Fiduciary Duty
  1977. Partnership Authority, Express or Apparent
  1978. Partnership Bound by Contracts Made by a Partner on Its Behalf; Partners’ Duties to Each Other; Wi
  1979. Analysis
  1980. Winding Up the Partnership
  1981. Lopez’s Liability for the IKON Debt
  1982. Attorneys’ Fees
  1983. Conclusion
  1984. Dissolution under RUPA
  1985. 41.5: Summary and Exercises
  1986. Endnotes
  1987. Chapter 42: Hybrid Business Forms
  1988. 42.1: Limited Partnerships
  1989. Governing Law and Definition
  1990. Governing Law
  1991. Definition
  1992. Creation and Capitalization
  1993. Creation
  1994. Capitalization
  1995. Control and Compensation
  1996. Control
  1997. General Partners
  1998. Limited Partners
  1999. Assignment of Partnership Rights
  2000. Inspection of Books
  2001. Addition of New Partners
  2002. Compensation
  2003. General Partners
  2004. Limited Partners
  2005. Liabilities
  2006. General Partners
  2007. Limited Partners
  2008. Taxation
  2009. Termination
  2010. Dissolution
  2011. Winding Up
  2012. 42.2: Limited Liability Companies
  2013. History and Law Governing Limited Liability Companies
  2014. History of the Limited Liability Company
  2015. Governing Law
  2016. Creation and Capitalization
  2017. Creation of the LLC
  2018. Capitalization
  2019. Control and Compensation
  2020. Control
  2021. Compensation
  2022. Liability
  2023. Liability to Outsiders
  2024. Internal Liabilities
  2025. Taxation
  2026. Termination
  2027. Continuity of Life
  2028. Dissolution and Winding Up
  2029. Free Transferability of Interest
  2030. 42.3: Other Forms
  2031. Sub-S Corporation
  2032. History
  2033. Creation and Capitalization
  2034. Liability
  2035. Taxation
  2036. Transferability of Ownership
  2037. Limited Liability Partnerships
  2038. Background
  2039. Creation
  2040. Liability
  2041. Limited Liability Limited Partnerships
  2042. Ethical Concerns
  2043. 42.4: Cases
  2044. Limited Partnerships: Limited Partners’ Liability for Managing Limited Partnership
  2045. Liability Issues in LLCs
  2046. Defective Registration as a Limited Liability Partnership
  2047. 42.5: Summary and Exercises
  2048. Endnotes
  2049. Chapter 43: Corporation: General Characteristics and Formation
  2050. 43.1: Historical Background
  2051. A Fixture of Every Major Legal System
  2052. U.S. Corporation Formation
  2053. Corporate Law Today
  2054. 43.2: Partnerships versus Corporations
  2055. Ease of Formation
  2056. Ownership and Control
  2057. Transferability of Interests
  2058. Financing
  2059. Taxation
  2060. 43.3: The Corporate Veil: The Corporation as a Legal Entity
  2061. The Basic Rights of the Corporate “Person”
  2062. Absence of Rights
  2063. Piercing the Corporate Veil
  2064. Fraud
  2065. Failure to Act as a Corporation
  2066. Other Types of Personal Liability
  2067. 43.4: Classifications of Corporations
  2068. Nonprofit Corporations
  2069. Public Corporations
  2070. Professional Corporations
  2071. Business Corporations
  2072. The Two Types
  2073. 43.5: Corporate Organization
  2074. The Corporate Charter
  2075. Function of the Charter
  2076. Charter as a Contract
  2077. Selection of a State
  2078. Where to Charter
  2079. Why Choose Delaware?
  2080. The Promoter
  2081. Functions
  2082. Contract Liability
  2083. Preincorporation Stock Subscriptions
  2084. Execution and Filing of the Articles of Incorporation
  2085. Organizational Meeting of Directors
  2086. 43.6: Effect of Organization
  2087. De Jure and De Facto Corporations
  2088. Corporation by Estoppel
  2089. 43.7: Cases
  2090. Corporate First Amendment Rights
  2091. Piercing the Corporate Veil
  2092. Corporate Promoter
  2093. De Jure and De Facto Corporations
  2094. 43.8: Summary and Exercises
  2095. Endnotes
  2096. Chapter 44: Legal Aspects of Corporate Finance
  2097. 44.1: General Sources of Corporate Funds
  2098. Sources
  2099. Plowback
  2100. Debt Securities
  2101. Equity Securities
  2102. Other Forms of Finance
  2103. 44.2: Bonds
  2104. Basics of Corporate Bonds
  2105. Advantages and Disadvantages of Bonds
  2106. 44.3: Types of Stock
  2107. Authorized, Issued, and Outstanding Stock
  2108. Par Value and No-Par Stock
  2109. Preferred Stock
  2110. Preference to Dividends
  2111. Liquidation Preference
  2112. Convertible Shares
  2113. Redeemable Shares
  2114. Voting Rights
  2115. Common Stock
  2116. Treasury Shares
  2117. Buyback
  2118. Stocks and Bonds, Bulls and Bears, Oh My!
  2119. 44.4: Initial Public Offerings and Consideration for Stock
  2120. Sale of stock
  2121. Nature of the Consideration
  2122. Evaluating the Consideration: Watered Stock
  2123. 44.5: Dividends
  2124. Types of Dividends
  2125. Cash Dividend
  2126. Stock Dividend
  2127. Property Dividend
  2128. Stock Split
  2129. Legal Limitations on Dividends
  2130. Distribution from Capital Surplus
  2131. Record Date, Payment Date, Rights of Stockholders
  2132. Discretion of Directors to Pay Dividends
  2133. When Directors Are Too Stingy
  2134. When Directors Are Too Generous
  2135. 44.6: The Winds of Change
  2136. Changes in the Revised Model Business Corporation Act
  2137. Introduction to Article 8 of the Uniform Commercial Code
  2138. The UCC and the 1933 and 1934 Securities Acts
  2139. 44.7: Cases
  2140. Consideration in Exchange for Stock
  2141. Payment of Dividends
  2142. 44.8: Summary and Exercises
  2143. Endnotes
  2144. Chapter 45: Corporate Powers and Management
  2145. 45.1: Powers of a Corporation
  2146. Two Types of Corporate Powers
  2147. Express Powers
  2148. Implied Powers
  2149. The Ultra Vires Doctrine
  2150. Criminal, Tortious, and Other Illegal Acts
  2151. 45.2: Rights of Shareholders
  2152. General Management Functions
  2153. Meetings
  2154. Right to Vote
  2155. Who Has the Right to Vote?
  2156. Quorum
  2157. Cumulative Voting
  2158. Voting Arrangements to Concentrate Power
  2159. Proxies
  2160. Voting Agreements
  2161. Voting Trusts
  2162. Inspection of Books and Records
  2163. Preemptive Rights
  2164. Derivative Actions
  2165. 45.3: Duties and Powers of Directors and Officers
  2166. General Management Responsibility of the Directors
  2167. Delegation to Committees
  2168. Delegation to Officers
  2169. Number and Election of Directors
  2170. Directors’ Qualifications and Characteristics
  2171. Removal of Directors and Officers
  2172. Meetings
  2173. Compensation
  2174. 45.4: Liability of Directors and Officers
  2175. Nature of the Problem
  2176. Duty of Loyalty
  2177. Contracts with the Corporation
  2178. Corporate Opportunity
  2179. Duty of Care
  2180. Constituency Statutes and Corporate Social Responsibility
  2181. Sarbanes-Oxley and Other Modern Trends
  2182. Liability Prevention and Insurance
  2183. 45.5: Cases
  2184. Ultra Vires Acts
  2185. Business Judgment Rule
  2186. 45.6: Summary and Exercises
  2187. Endnotes
  2188. Chapter 46: Securities Regulation
  2189. 46.1: The Nature of Securities Regulation
  2190. What Is a Security?
  2191. The Securities and Exchange Commission
  2192. Functions
  2193. Fundamental Mission
  2194. Securities Act of 1933
  2195. Goals
  2196. Registration
  2197. Penalties
  2198. Securities Exchange Act of 1934
  2199. Companies Covered
  2200. Reporting Proxy Solicitation
  2201. Penalties
  2202. Blue Sky Laws
  2203. Dodd-Frank Wall Street Reform and Consumer Protection Act
  2204. 46.2: Liability under Securities Law
  2205. The Foreign Corrupt Practices Act
  2206. Insider Trading
  2207. Recapture of Short-Swing Profits: Section 16(b)
  2208. Insider Trading: Section 10(b) and Rule 10b-5
  2209. Secondary Actor
  2210. Sarbanes-Oxley Act
  2211. 46.3: Cases
  2212. What Is a Security?
  2213. Tippee Liability
  2214. Tippee Liability
  2215. 46.4: Summary and Exercises
  2216. Endnotes
  2217. Chapter 47: Corporate Expansion, State and Federal Regulation of Foreign Corporations, and Corporate
  2218. 47.1: Corporate Expansion
  2219. Purchase of Assets
  2220. Successor Liability
  2221. Merger
  2222. Consolidation
  2223. Purchase of Stock
  2224. Takeovers
  2225. Tender Offers
  2226. Leveraged Buyouts
  2227. State versus Federal Regulation of Takeovers
  2228. Short-Form Mergers
  2229. Appraisal Rights
  2230. 47.2: Foreign Corporations
  2231. Conditions on Admission to Do Business
  2232. Typical Requirements for Foreign Corporations
  2233. Penalties for Failure to Comply with a Statute
  2234. Jurisdiction over Foreign Corporations
  2235. Taxing Authority
  2236. 47.3: Dissolution
  2237. Voluntary Dissolution
  2238. Involuntary Dissolution
  2239. Judicial Liquidation
  2240. Action by Shareholder
  2241. Claims against a Dissolved Corporation
  2242. Bankruptcy
  2243. 47.4: Cases
  2244. Successor Liability
  2245. Constitutional Issues Surrounding Taxation of a Foreign Corporation
  2246. 47.5: Summary and Exercises
  2247. Endnotes
  2248. Chapter 48: Antitrust Law
  2249. 48.1: History and Basic Framework of Antitrust Laws in the United States
  2250. The Sherman Act
  2251. The Clayton Act
  2252. The Federal Trade Commission Act
  2253. Enforcement of Antitrust Laws
  2254. General Enforcement
  2255. Enforcement in International Trade
  2256. Criminal Sanctions
  2257. Forfeitures
  2258. Injunctions and Consent Decrees
  2259. Treble Damages
  2260. Class Actions
  2261. Interpreting the Laws
  2262. Vagueness
  2263. The “Rule of Reason”
  2264. “Per Se” Rules
  2265. Under the Clayton Act
  2266. 48.2: Horizontal Restraints of Trade: Sherman Act, Section 1
  2267. Price-Fixing
  2268. Direct Price-Fixing Agreements
  2269. Exchanging Price Information
  2270. Controlling Output
  2271. Regulating Competitive Methods
  2272. Nonprice Restraints of Trade
  2273. Allocating Territories
  2274. Exclusionary Agreements
  2275. Boycotts
  2276. Proof of Agreement
  2277. Proof of Harm
  2278. 48.3: Vertical Restraints of Trade
  2279. Resale Price Maintenance
  2280. Exclusive Dealing and Tying
  2281. Nonprice Vertical Restraints: Allocating Territory and Customers
  2282. Nonprice Vertical Restraints: Exclusive Dealing Agreements
  2283. 48.4: Price Discrimination: The Robinson-Patman Act
  2284. The Statutory Framework
  2285. Discrimination by the Seller
  2286. Preliminary Matters
  2287. Simultaneous Sales
  2288. Identity of Purchaser
  2289. Sales of Commodities
  2290. Goods of Like Grade and Quality
  2291. Competitive Injury
  2292. Primary-Line Injury
  2293. Secondary-Line Injury
  2294. Seller’s Defenses
  2295. Meeting Competition
  2296. Allowances for Merchandising and Other Services
  2297. 48.5: Exemptions
  2298. Organized Labor
  2299. Insurance Companies
  2300. State Action
  2301. Group Solicitation of Government
  2302. Baseball
  2303. 48.6: Sherman Act, Section 2: Concentrations of Market Power
  2304. Introduction
  2305. Relevant Markets: Product Market and Geographic Market
  2306. Product Market
  2307. Geographic Market
  2308. Monopoly Power
  2309. Monopolization: Acquiring and Maintaining a Monopoly
  2310. Innovation as Evidence of Intent to Monopolize
  2311. Attempts to Monopolize
  2312. Remedies
  2313. 48.7: Acquisitions and Mergers under Section 7 of the Clayton Act
  2314. Definitions
  2315. Mergers and Acquisitions
  2316. Horizontal
  2317. Vertical
  2318. Conglomerate Mergers
  2319. General Principles
  2320. Defining the Market
  2321. The Failing Company Doctrine
  2322. Beneficial Effects
  2323. Tests of Competitive Effect
  2324. Horizontal Mergers
  2325. Vertical Mergers
  2326. Conglomerate Mergers
  2327. Entrenching Oligopoly
  2328. Eliminating Potential Competition
  2329. Reciprocity
  2330. Joint Ventures
  2331. Remedies
  2332. 48.8: Cases
  2333. Horizontal Restraints of Trade
  2334. Acquiring and Maintaining a Monopoly
  2335. Innovation and Intent to Monopolize
  2336. 48.9: Summary and Exercises
  2337. Endnotes
  2338. Chapter 49: Unfair Trade Practices, the Federal Trade Commission, and Consumer Protection Laws
  2339. 49.1: The Federal Trade Commission: Powers and Law Governing Deceptive Acts
  2340. General Powers of the Federal Trade Commission
  2341. General Principles of Law Governing Deceptive Acts and Practices
  2342. 49.2: Deceptive Acts and Practices
  2343. Failure to Disclose Pertinent Facts
  2344. Descriptions of Products
  2345. Misleading Price and Savings Claims
  2346. Bait-and-Switch Advertisements
  2347. Free Offers
  2348. Product Comparisons and Disparagements
  2349. Endorsements
  2350. Pictorial and Television Advertising
  2351. 49.3: Unfair Trade Practices
  2352. Contests and Sweepstakes
  2353. Door-to-Door, Direct Mail, and Unsolicited Merchandise
  2354. Negative-Option Plans
  2355. Breach of Contract
  2356. Other FTC Initiatives
  2357. 49.4: Remedies
  2358. Other Federal Consumer Protection Agencies
  2359. Little FTC Acts
  2360. 49.5: Cases
  2361. False and Misleading Representations
  2362. Product Comparisons
  2363. Corrective Advertising
  2364. 49.6: Summary and Exercises
  2365. Endnotes
  2366. Chapter 50: Employment Law
  2367. 50.1: Federal Employment Discrimination Laws
  2368. Title VII of the Civil Rights Act of 1964
  2369. Discrimination Based on Religion
  2370. Sex Discrimination
  2371. Discrimination Based on Race, Color, and National Origin
  2372. Exceptions to Title VII
  2373. Merit
  2374. Seniority
  2375. Bona Fide Occupational Qualification (BFOQ)
  2376. Independent Contractors
  2377. Defenses in Sexual Harassment Cases
  2378. Affirmative Action
  2379. The Age Discrimination in Employment Act
  2380. Disabilities: Discrimination against the Handicapped
  2381. Equal Pay Act
  2382. Sexual Orientation, Gender Orientation
  2383. 50.2: Employment at Will
  2384. Discharging an Employee for Refusing to Violate a Law
  2385. Discharging an Employee for Exercising a Legal Right
  2386. Discharging an Employee for Performing a Legal Duty
  2387. Discharging an Employee in a Way That Violates Public Policy
  2388. Contract Modification of Employment at Will
  2389. Good Faith and Fair Dealing Standard
  2390. 50.3: Labor-Management Relations
  2391. A Brief History of American Labor Law
  2392. Labor and the Common Law in the Nineteenth Century
  2393. Labor in the Early 20th Century
  2394. Moves toward Modern Labor Legislation
  2395. The Norris-LaGuardia Act, 1932
  2396. The National Labor Relations Act (the Wagner Act), 1935
  2397. The Taft-Hartley Act (Labor-Management Relations Act), 1947
  2398. The Landrum-Griffin Act, 1959
  2399. Labor law in the 21st Century
  2400. Enforcing Labor Law: The National Labor Relations Board’s Organization and Functions
  2401. 50.4: Other Employment-Related Laws
  2402. The Federal Plant-Closing Act
  2403. The Employee Polygraph Protection Act
  2404. Occupational Safety and Health Act
  2405. Employee Retirement Income Security Act
  2406. Fair Labor Standards Act
  2407. Workers’ Compensation Laws
  2408. Other State Laws
  2409. 50.5: Cases
  2410. Disparate Treatment: Burdens of Proof
  2411. Factual Background
  2412. From the Opinion of FEINBERG, CIRCUIT JUDGE
  2413. B. The Employer’s Burden
  2414. Title VII and Hostile Work Environment
  2415. I.  [Facts]
  2416. II.  [Analysis]
  2417. A. Hostile Work Environment
  2418. Age Discrimination: Burden of Persuasion
  2419. I
  2420. II
  2421. A
  2422. B
  2423. IV
  2424. 50.6: Summary and Exercises
  2425. Endnotes
  2426. Chapter 51: International Law
  2427. 51.1: Introduction to International Law
  2428. 51.2: Sources and Practice of International Law
  2429. Treaties and Conventions
  2430. Custom
  2431. General Principles of Law, or Customary International Law
  2432. Judicial Decisions in International Tribunals; Scholarly Teachings
  2433. Due Process and Recognition of Foreign Judgments
  2434. Arbitration
  2435. 51.3: Important Doctrines of Nation-State Judicial Decisions
  2436. Bases for National Jurisdiction under International Law
  2437. Forum Non Conveniens; Forum-Selection Clauses
  2438. Sovereign Immunity
  2439. Act of State
  2440. 51.4: Regulating Trade
  2441. Export Controls
  2442. Import Controls and Free Trade
  2443. 51.5: Cases
  2444. Forum-selection clauses
  2445. Due process in the enforcement of judgments
  2446. Forum non conveniens
  2447. Act of State
  2448. 51.6: Summary and Exercises
  2449. Endnotes
  2450. Chapter 52: Liability and Regulation of Accountants
  2451. 52.1: Why Regulation of Accountants is Necessary
  2452. 52.2: Common Law Liability
  2453. Breach of Contract
  2454. Tort Liability
  2455. Fraud
  2456. Accountants’ Liability to Third Parties for Fraud or for Negligence
  2457. 52.3: Federal Statutory Liability
  2458. Liability under the Securities Act of 1933
  2459. Liability under the Securities Exchange Act of 1934
  2460. Sarbanes-Oxley Act, 2002
  2461. Other Federal Laws Affecting Accountants
  2462. 52.4: State Regulation Affecting Accountants, and Other Duties Owed to Clients
  2463. 52.5: Cases
  2464. Liability and Defenses under the Securities Act of 1933
  2465. Accountants’ Liability Under the Act of 1934 for Aiding and Abetting Fraud
  2466. 52.6: Summary and Exercises
  2467. Endnotes
  2468. Index

 

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