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BUL 2131 Applied Business LawCourse Syllabus

First, Last Name: Jesus Rodriguez Campus Phone: 305-386-9900

Course Section: Tues 8:00AM-12:00PM Other Telephone:

Office Hours: By Appointment Email Address:

Credit Hours: 4 Credit Hours Lecture Hours: 40 Clock Hours

Prerequisites/Corequisites: None Lab/Clinic Hours: None

Course DescriptionThis course is designed to provide the student with information on the essentials of the nature of law and the functions of the judicial system in the business environment. An overview of legal characteristics of a sole proprietorship, partnerships, and corporations are discussed.

Course Outcomes1. Apply how laws related to the U.S. Constitution, torts, intellectual property, and crime affect

business2. Demonstrate a thorough understanding of contract law and commercial transactions3. Outline the laws applicable to agency and employment4. Compare and contrast sole proprietorships, partnerships, and corporations5. Examine the laws governing credit and risk6. Explain the laws that apply to real and personal property

Textbooks (Required)Miller, R. L. (2011). Business law text & exercises (6th ed.). South-Western, Cengage Learning.

Online ResourcesEverest Learning Resources: http://learningresources.everest.edu/

Find general resources, including online almanacs, article databases, encyclopedias, dictionaries, and tutorials.

Find resources by program for your specific program of study, including allied health, business, information technology, justice, nursing, and trades.

Last Update 1/17/2012

Library and Information Resources Network: http://www.lirn.net/services.shtml The LIRN center requires a password. Contact your instructor to obtain a password.

APA StylePapers that you write in your program of study must follow the guidelines set by the American Psychological Association (APA): http://apastyle.apa.org.

Purdue Online Writing LabVisit the Online Writing Lab (called OWL) whenever you have an APA question. OWL can be accessed at: http://owl.english.purdue.edu/owl/resource/560/01/.

Student Commitment

For every one hour spent in class, students are assigned approximately two hours of out-of-class activities for an average weekly commitment of 10-12 total hours (e.g., four hours in-class plus eight hours out-of-class equals a 12 hour weekly commitment).

Course Policies

1. AttendanceGrades and understanding of course content are dependent upon consistent study and attendance. Students are expected to designate a minimum of two hours of out-of-class study and assignments for every one hour of in-class instruction for this course.

Each week of coursework includes time spent in class and completion of all out-of-class assignments. See the school catalog and instructor for further attendance policies.

Makeup Policy: Makeup policy is at the discretion of the instructor.

2. Academic Dishonesty/PlagiarismIn the learning environment, professional attitude begins in the classroom. For that reason, students and faculty will not tolerate or commit any form of academic dishonesty.

Any form of deception in the completion of assigned work is considered a form of academic dishonesty. This includes, but is not limited to:

Copying work from any source. Assisting, or allowing another to assist you, in academic dishonesty. Any attempt to share answers during a test or in submitting an assignment. Any attempt to claim work, data, or creative efforts of another as your own. Resubmitting graded assignments for use in multiple classes (recycling your work). Knowingly providing false information about your academic performance to the college. Copying and pasting others’ work into assignments without using quotation marks and

citing the source in APA format.

Plagiarism Papers that you write in your program of study must follow the guidelines set by the

American Psychological Association (APA). Using another’s intellectual creation without permission or without giving appropriate credit is the academic equivalent of theft.

Consequences of Academic Dishonesty/PlagiarismAll violations of academic policy are documented and made a part of the student's academic record. When academic dishonesty is confirmed, the student will immediately be notified of the incident, which may result


in one or more of the actions listed below: Reduction in assignment grade on which the violation occurred No credit on the assignment, paper, test, or exam on which the violation occurred A failing grade for the course Suspension or dismissal from the college

Please see the current course catalog for full details.

3. Referencing Nonacademic ResourcesIn many of your classes, you will conduct research. Please note: the use of research documents must remain at an academic or scholarly level. Web sites such as Wikipedia and Ask.com are not credible sources because they are not necessarily written by academic experts; they may be written by nonacademic individuals, and are potentially inaccurate or biased.

4. Add/DropPlease refer to the current school catalog policies for schedule changes, add/drop processes, and deadlines.

5. Course-specific policies are provided by the instructor

Course Evaluation and Grading

Grade Categories Weight Total Points

Professionalism 10% 100Individual Work 42.5% 425Class Discussions 7.5% 75Quizzes/Exams 30% 300Teamwork 10% 100

Total: 100% 1000


Grading ScaleLetter Grade Point Scale Interpretation

A 90-100% SuperiorB 80-89% Above average;

goodC 70-79% Average; standardD 60-69% Below standardF 59% or lower Failure

Week OnePart 1 of 1

CourseOutcome

InstructionalObjectives Learning Activities Graded Activities

Apply how laws related to the U.S. Constitution, torts, intellectual property, and crime affect business

Detail how the law imposes ethical duties on business

An old adage states, “to be moral is knowing right from wrong; to be ethical is doing something about it.” Ethics in business law refers to behaviors (deemed “right” or “wrong”) by contractual or other business-related parties. You will explore ethical dilemmas (distinguished from ethical lapses) and discern whether ethical behaviors were fair or not in this week's graded activities. To further explore ethics and ethical behaviors, complete the following:

1. Reading: To learn more about the concepts presented in the Week 1 lecture, read In Business Law Text & Exercises:

Chapter 1, “The Introduction to the Law and Our Legal System,” pages 2-13.

Chapter 2, “Ethics,” pages 14-29. Chapter 3, “The Role of Courts in

Our Legal System,” pages 30-46. Chapter 4, “Constitutional Law,”

pages 47-59.

2. Lesson Presentation: Complete the following:

Discuss the presentation for Week 1, “The Introduction to the Law and Our Legal System.”

Discuss the presentation for Week 1, “Ethics.”

Discuss the presentation for Week 1, “The Role of Courts in Our Legal System.”

Discuss the presentation for Week 1, “Constitutional Law.”

3. Preparation for Week 2: In Business Law Text & Exercises, read:

Chapter 5, “Torts and Cyber Torts,” pages 60-76.

Class Discussion (15 points)The following scenario depicts a potential ethical dilemma involving price fixing.

Assume you are a businessperson with an opportunity to make more money by meeting with competitors and fixing prices, conduct which is illegal. The authorities will not discover that the prices have been fixed. In fact, the price rise could be small—pennies per item—but the increases in net profit could be considerable.

Is this price fixing fair? Ethical? Socially responsible?

Does it make any difference what the extra profit is used for such as charity, employee raises, or expansion?

Would your answer be different if there was even a chance that you would be caught?

Why/why not?

Working individually, prepare a one-page, handwritten summary of today’s class discussion and submit it for grading. You may add new thoughts or your perspective on the discussion if desired. Assure that your work is neat and legible.

Individual Work (40 points)The following scenario addresses ethical issues and transparency. Please read carefully and complete a written assignment as directed below:

Go to Transparency International at Transparency.org and review the materials on corruption.

Discuss two items that you found

© 2011 Corinthian Colleges, Inc. Paralegal v1.3 4BUL2131 Applied Business Law Rev. 10-01-2011.

http://www.transparency.org/

Chapter 6, “Intellectual Property,” pages 77-90.

Chapter 7, “Criminal Law,” pages 78-104.

most interesting. Explain and provide critical

rationale regarding why you found them interesting.

Using Microsoft Word, prepare a response that meets these criteria:

An in-depth submission that is free of spelling and grammar errors.

An essay containing a minimum of 200 words.

You will be assessed on the rationale you use in addressing the questions/issue, and how well you justify your argument regarding this issue.

Your response must be thought provoking, have well developed ideas and/or opinions, and should reference any supporting material from the text, lecture, or other sources you have used to complete the assignment.

You may use your text or the internet as a reference, but remember to cite your sources according to APA guidelines.

Save your document with a file name that includes your last name, first initial, week of assignment (Week 1). (For example: SmithJ_W1)

Submit your individual work at the beginning of Week 2.


Week TwoPart 1 of 1

CourseOutcome


Apply how laws related to the U.S. Constitution, torts, intellectual property, and crime affect business

Explain the law as it relates to torts, the U.S. Constitution, intellectual property, and crime

Torts are laws that address “wrongful interference with another's business rights” (Miller & Hollowell, 2011, p. 60). They can reference violations against persons or property, e.g., libel, assault, or false imprisonment. Along the same lines, trademarks, copyrights, and patents address violations to intellectual property apply to written or created content, published, or even on the Internet.

In this week's individual work, you will be assessing a scenario and case law on privacy protections in entertainment venues. To assist your learning and application of these laws, complete the following:

1. Reading: In Business Law Text & Exercises, read:





Discuss the presentation for Week 2, “Torts and Cyber Torts.”

Discuss the presentation for Week 2, “Intellectual Property.”

Discuss the presentation for Week 2, “Criminal Law.”

3. Reading: In preparation for the quiz, review Business Law Text & Exercises:

Chapter 1, “The Introduction to the Law and Our Legal System,” pages 2-13.


Individual Work (20 points)The following scenario addresses a scenario and case law on privacy protections in entertainment venues.

Please read carefully and complete the written assignment as directed below:

At issue in the 21st century is the trade-off between the necessity of writers, musicians, artists, and movie studios to profit from their work and the free flow of ideas for the public’s benefit. Movie (and music) industry participants claim that encryption programs are necessary to prevent piracy. Others, however, including the defendants in cases such as Universal City Studios, Inc. v. Corley, 273 F.3d 429 (2d Cir. 2001), argue that the law should at least allow purchasers of movies, music, and books in digital form to make limited copies for fair use.

Which side of this debate do you support?

Is it possible to strike an appropriate balance between the rights of both groups on this issue?

Prepare your individual work as instructed in Week 1 and submit it at the beginning of Week 3.

Quiz (50 points)This quiz will cover the following: Chapter 1, “The Introduction to the

Law and Our Legal System,” pages 2-13.



pages 47-59.



pages 47-59. Chapter 5, “Torts and Cyber

Torts,” pages 60-76. Chapter 6, “Intellectual Property,”

pages 77-90. Chapter 7, “Criminal Law,” pages

78-104.


Chapter 8, “Introduction to Contracts,” pages 106-116.

Chapter 9, “Offer and Acceptance,” pages 117-128.

Chapter 10, “Consideration,” pages 129-137.

Chapter 11, “Capacity,” pages 138-147.

Chapter 12, “The Legality of Agreements,” pages 148-159.

Chapter 13, “Mistakes and other Contract Defects,” pages 160-170.

Chapter 14, “Written Contracts,” pages 171-183.

Chapter 16, “Contract Discharge and Remedies,” pages 196-209.





Week ThreePart 1 of 2

CourseOutcome


Demonstrate a thorough understanding of contract law and commercial transactions

Identify components of a typical contract

Contracts are legally binding agreements between parties; types of contracts include bilateral, unilateral, in-fact, express, and quasi-contracts. This week’s chapters and learning activities explore requirements and types of contracts typically found in business. To prepare for this week's graded activities, complete the following:


Chapter 8, “Introduction to Contracts,” pages 106-116.

Chapter 9, “Offer and Acceptance,” pages 117-128.

Chapter 10, “Consideration,” pages 129-137.

Chapter 11, “Capacity,” pages 138-147.


Discuss the presentation for Week 3, “Introduction to Contracts.”

Discuss the presentation for Week 3, “Offer and Acceptance.“

Discuss the presentation for Week 3, “Consideration.”

Discuss the presentation for Week 3, “Capacity.”

Class Discussion (15 points)The following scenario addresses potential contractual disputes involving Mary and Bob’s claims to a reward.

The Police Commissioner is under pressure to solve a murder and offers $100,000 for information leading to an arrest and conviction of the culprit. Mary suspects her neighbor, Phoebe, is the guilty party and calls Bob, a friend and police officer, with her suspicions. When Bob visits Phoebe, she unsuccessfully resists arrest, though Bob is severely injured. Phoebe is ultimately convicted of the murder and assaulting Bob. Mary insists all the reward money belongs to her.

Is she right? What is the policy consideration

behind the relevant rule? Do you agree with the policy? Why or why not?


Individual Work 1 (20 points)The following scenario addresses potential contractual disputes involving a contract for a nonprofit organization. Please read carefully and complete the written assignment as directed below:

Gerard, an events promoter and coordinator, promises to stage a concert for the benefit of Kids Care, a charitable organization dedicated to helping disadvantaged youth. In reliance on the


anticipated receipts, Kids Care contracts for the construction of a residence for homeless teens. After the concert, Gerard tells Kids Care that he has decided not to donate the receipts to the organization. Is Gerard’s promise enforceable despite the lack of consideration? Explain.


Part 2 of 2

CourseOutcome



Summarize typical mistakes and remedies for breach of contracts

When contractual parties disagree or err, or one party is perceived to be out of compliance, s/he is potentially in breach of contract. Breaches and defects of contract refer to mistakes, fraudulent conduct, or other misrepresentations. To explore these concepts in detail, complete the following:


Chapter 12, “The Legality of Agreements,” pages 148-159.

Chapter 13, “Mistakes and other Contract Defects,” pages 160-170.

Chapter 14, “Written Contracts,” pages 171-183.

Chapter 16, “Contract Discharge and Remedies,” pages 196-209.


Discuss the presentation for Week 3, “The Legality of Agreements.”

Discuss the presentation for Week 3, “Mistakes and other Contract Defects.”

Discuss the presentation for Week 3, “Written Contracts.”

Discuss the presentation for Week 3, “Contract Discharge and Remedies.”

3. Preparation for Week 4: In

The following scenario addresses potential contractual defects involving a contract for a nonprofit organization. Please read carefully and complete the written assignment as directed below:

Individual Work 2 (20 points)Jud Wheeler signed a contract to purchase 10 acres of land in Idaho from the Krauses.

If Jud offered the Krauses considerably less for their property than its possible market value and the Krauses accepted the offer, could they avoid the contract on later learning that they might have sold it for a higher price?

If Jud offered the Krauses one price and inadvertently typed a different, higher price into the contract, can Jud be held to the typewritten amount?



Business Law Text & Exercises, read:

Chapter 23, “The Essentials of Negotiability,” pages 294-307.

Chapter 24, “Transferability and Liability,” pages 308-322.

Chapter 25, “Checks, the Banking System, and E-Money” pages 323-338.


Week FourPart 1 of 1

CourseOutcome

InstructionalObjectives

Learning Activities Graded Activities


Recognize the elements of a negotiable instrument, as well as the elements of rules affecting transferability and liability

Business negotiations, and those among individuals, are commonplace in society. When individuals write checks (“drawers”), they draft a promise, an “order,” to pay the recipients (“drawees”). Check writing is an example of a negotiable instrument. All negotiations involve transfers of funds or services. To explore these concepts in full, complete the following:


Chapter 23, “The Essentials of Negotiability,” pages 294-307.

Chapter 24, “Transferability and Liability,” pages 308-322.

Chapter 25, “Checks, the Banking System, and E-Money,” pages 323-338.


Discuss the presentation for Week 4, “The Essentials of Negotiability.”

Discuss the presentation for Week 4, “Transferability and Liability.”

Discuss the presentation for Week 4, “Checks, the Banking System, and E-Money.”


Chapter 26, “Agency,” pages 340-355.

Class Discussion (15 points)Technology has allowed banks to conduct transactions over the Internet, also known as eBanking, and to more easily merge into larger banks. Traditionally, bankers and their customers dealt in face-to-face transactions that allowed the assessment of trust on the basis of physically observed information.

While some banks have resisted change due to the traditional personal relationships they have had with customers, electronic commerce dramatically reduces transaction costs, use of paper, and the need for personnel to deal with customers face-to-face. The recent financial crisis in the banking industry required billions in government bailouts to banks considered “too big to fail.” Some have argued that the loss of smaller banks with personal connections to customers and local business operations led to the crisis.

Do you think that eBanking's efficiencies are worth the reduced personal contact with banks and work force reductions?

Do you think that there is a connection between the demise of the local bank and the banking crisis? If so, what are the implications for the future?



Individual Work 1 (20 points)Consider this week’s learning activities on negotiable instruments and read the following scenario. Then, complete individual work #1 and #2 as directed below.

You are interested in buying a new car and Bob lets you borrow one of the new cars on his lot to test drive for a week. You decide you like the car and when you visit Bob to drop off the car, he hands you the following document, and pen:

May 1, 2011

I promise to pay to the order of Bob's Auto Emporium $20,000 (twenty thousand dollars) with interest at the rate of 7% per annum.

Signature: You

What type of instrument is this? Does this instrument meet the requirements for negotiability under the UCC?

Individual Work 2 (20 Points)Now suppose that you go to your bank and write a check on your account payable to cash for $500. The teller gives you the cash without asking you to endorse the check. After you leave, the teller slips the check into his pocket. Later, the teller delivers it (without an endorsement) to his friend Carol in payment for a gambling debt. Carol takes your check to her bank, endorses it, and deposits the money. Discuss whether Carol is a holder in due course.


Week Five


Part 1 of 1

CourseOutcome


Outline the laws applicable to agency and employment

Explain agency law and its significance in the business environment

Agencies are relationships among individuals in which, “one is bound by the words and acts of another” (Miller & Hollowell, 2011, p. 340). Agency law incorporates relationships, formation, agreements, duties, and liabilities of agency parties. To learn more about agents and agencies and to respond to this week's class discussion and individual work, complete the following:




Discuss the presentation for Week 5, “Agency.”


Chapter 27, “Employment Law,” pages 356-367.

Chapter 28, “Discrimination and Labor Law,” pages 368-382.

Individual Work 1 (20 points)You run a successful paper mill and send out your three best personnel to secure new wood pulp sources using due diligence and skill. Applying the agency principles outlined in this chapter, answer the following questions.

Delilah does not return with wood pulp, but brings back three contracts. Acting within the scope of her authority, she contracted with Evon, who knew your identity at the time; Felipe, who knew that Delilah was acting on behalf of someone but not whom; and Giorgio, who did not know that Delilah was acting on anyone’s behalf. For which contracts, if any, are you liable? For which contracts, if any, is Delilah liable? Explain.

Individual Work 2 (20 Points)Another employee of your paper mill, Hotspur, steals a shipment of wood pulp for your company to impress you with initiative to secure new resources for free. Unfortunately, he runs down a pedestrian crossing properly in the crosswalk on his way back to your factory, injuring her.

If the pedestrian sues your company can there be a recovery for the injury?

Discuss your answer.


Teamwork (25 points)Participate in the teamwork activity by completing the following:

Introduce yourself to your teammates.

Discuss your strengths as a


teammate and tell how you plan to contribute to your upcoming team assignments.

Discuss why collaboration and communication are important to your upcoming team assignments.

Teamwork is designed to promote student interaction and collaboration with one another. Below are the student expectations for teamwork.

1. Team Leader: One team member volunteers to be responsible for preparing the teamwork assignment and submitting it at the next class period.

2. All Teammates: The minimum expectation is that all teammates participate in the activity and contribute their assigned portion of the work.

3. All students earn individual grades for the required teamwork component in each course.


Week SixPart 1 of 1

CourseOutcome


Outline the laws applicable to agency and employment

Summarize employment, labor, and anti-discrimination law

Legal relationships between employer and employee are familiar to all who are members of the workforce. For instance, you may be familiar with issues or disputes regarding privacy, discrimination, and collective bargaining in your own workplace. To address labor and other employment issues, which may be familiar or new to your experiences and to prepare for the individual work assignments this week, complete the following:





Discuss the presentation for Week 6, “Employment Law.”

Discuss the presentation for Week 6, “Discrimination and Labor Law.”






Chapter 29, “Sole Proprietorships, Partnerships, and Limited Liability Companies,” pages 384-397.

Chapter 30, “Formation and Termination of a Corporation,”

Individual Work 1 (20 points)You are an employee at a paper mill and want to impress the boss by working more hours than your scheduled shift. For four consecutive weeks, you work 45, 42, 39, and 31 hours.

If you are a nonexempt employee covered by the Fair Labor Standards Act, how many hours of overtime pay, if any, would you be entitled to? What would be the rate?

Individual Work 2 (20 points)Sam works as a driver for Toxic Games Warehouse, a wholesale distributor and online retailer of video games and accessories. Over a 10 year period, Sam repeatedly applies for—and is denied—a promotion to the position of dispatcher. Sam meets the requirements for the job, which are a year’s driving experience and a specific license.

After one interview, Sam overhears the interviewer tell a coworker that Sam, who is white, didn’t get the job because “whites are lazy.” Is this employment discrimination? Explain.


Quiz (50 points)This quiz will cover the following: Chapter 26, “Agency,” pages 340-

355. Chapter 27, “Employment Law,”'

pages 356-367. Chapter 28, “Discrimination and

Labor Law,” pages 368-382.


pages 398-418.


Week SevenPart 1 of 1

CourseOutcome

InstructionalObjectives

Learning Activities Graded Activities

Compare and contrast sole proprietorships, partnerships, and corporations

Summarize the types of business entities and describe the legal characteristics of proprietorships and partnerships

This week, you will explore range of business entities and the characteristic factors and dynamics within each.

Some businesses are owned by a single person or party; these are known as sole proprietorships. Others may involve multiple persons, who create legal partnerships. Some partnerships are limited, others general. To find out specific elements and purviews of each and to prepare for this week's teamwork and individual work activities, complete the following:



Chapter 30, “Formation and Termination of a Corporation,” pages 398-418.


Discuss the presentation for Week 7, “Sole Proprietorships, Partnerships, and Limited Liability Companies.”

Discuss the presentation for Week 7, “Formation and Termination of a Corporation.”




4. Preparation for Week 8: In


Is it easier to start a business in “vir-tual” space than in “real” space? Is it less (or more) expensive? What are the applicable laws? Perhaps most im-portant from a business person’s perspective, is it possible to turn a profit? How? Are there different considerations for choosing an organizational form for doing business on the Net than there are for doing business elsewhere? If so, what are they?

Follow the guidelines for teamwork given in Week 5.

Individual Work (25 points)Northwest Brands, Inc. is a small business incorporated in Minnesota. Its one class of stock is owned by 12 members of a single family. Ordinarily, corporate income is taxed at the corporate and shareholder levels. Is there a way for Northwest Brands to avoid this double-income taxation? Explain your answer.


Quiz (50 points)This quiz will cover the following:




Business Law Text & Exercises, read:

Chapter 31, “Ownership and Management of a Corporation,” pages 419-430.


Week EightPart 1 of 1

CourseOutcome


Compare and contrast sole proprietorships, partnerships, and corporations

Interpret the legal factors involved in corporate management and ownership

This week, you will learn the legal factors in corporate management.Miller and Hollowell (2011) state that “a corporation joins the efforts and resources of a large number of individuals for the purpose of producing greater returns than those persons could have obtained individually” (p.419). Most of you are familiar with the concept of corporations, for instance their place in economies and position in communities. In Week Two, you learned about tort law. This week, you will explore corporate law. To prepare for the graded activities this week, complete the following:


Chapter 31, “Ownership and Management of a Corporation,” pages 419-430.


Discuss the presentation for Week 8, “Ownership and Management of a Corporation.”


Chapter 32, “Secured Transactions,” pages 432-445.

Chapter 34, “Bankruptcy” pages 458-470.

Class Discussion (15 points)A corporation is liable for the torts and crimes that are committed by its agents and employees when they are acting within the scope of their employment. Directors, officers, and employees are personally liable for the torts and crimes that they commit within the scope of their employment.

Can and should these principles be applied to the disaster at the Deepwater Horizon offshore oil drilling platform in April 2010?

If so, how?


Individual Work (20 points)As company ombudsman, your task is to investigate complaints of wrongdoing on the part of corporate directors and officers, decide whether there is a violation of the law, and deal with the wrongdoers accordingly. Jane, a shareholder of Goodly Corporation, alleges that its directors decided to invest heavily in the firm’s growth in negligent reliance on its officers’ faulty financial reports. This caused Goodly to borrow to meet its obligations, resulting in a drop in its stock price. Are the directors liable? Why or why not?



Week NinePart 1 of 1

CourseOutcome


Examine the laws governing credit and risk

Interpret the law of secured transactions

Secured transactions are those guaranteed by debtors with legal interest. Stakeholders include debtors and the secured party who secure an agreement, frequently involving collateral or other guarantees. Bank loans, for example, are secured transactions with which you may be familiar or currently hold. To learn more about secured transactions and prepare for this week's individual work (1 and 2), complete the following:


Chapter 32, “Secured Transactions,” pages 432-445.

Chapter 34, “Bankruptcy” pages 458-470.


Discuss the presentation for Week 9, “Secured Transactions.”

Discuss the presentation for Week 9, “Bankruptcy.”


Chapter 34, “Bankruptcy,” pages 458-470.


Chapter 33, “Creditor's Rights and Remedies,” pages 446-457.

Chapter 35, “Insurance,” pages 471-481.

Individual Work 1 (20 points)You are the chief executive officer of Money Games, Inc. (MGI), which has begun to market “Borrow & Spend,” a video game set in the world of finance. To buy ads, MGI borrows $50,000 from First Savings Bank. On MGI’s behalf, you sign a note for the loan and offer its accounts receivable as collateral. You sign a security agreement that describes the collateral. The bank does not file a financing statement.

Has the bank’s security interest attached?

If so, when?

Individual Work 2 (20 points)Agile Corporation borrows $1 million from Hi Finance Company (HFC). Agile signs a financing statement that describes the collateral—its inventory and proceeds—and HFC files the statement in the appropriate state office. Using the same collateral, Agile later borrows $500,000 from Metro Bank, which files its financing statement. Agile defaults on the loans. Metro claims that at the time of its loan it was unaware of HFC’s interest. Between these parties, who has priority to the collateral? Discuss your answer.



Chapter 34, “Bankruptcy,” pages 458-470.


Week TenPart 1 of 1

CourseOutcome


Examine the laws governing credit and risk

Paraphrase creditor’s rights, remedies, and insurance as a component of risk management

The recent housing crisis has highlighted strategies and risks of credit management across households. Credit, as you may be aware, may be a relatively simple process to obtain, but difficult to maintain. Risks associated with credit require astute management for persons and business. Credit protections, on the other hand, may include bankruptcy or other forms of insurance. The reading assignment for this week explores the lien process, judgments, foreclosure, garnishments associated with credit risks. To explore credit risks and insurances further, complete the following:


Chapter 33, “Creditor's Rights and Remedies,” pages 446-457.



Discuss the presentation for Week 10, “Creditor's Rights and Remedies.”

Discuss the presentation for Week 10, “Insurance.”


Chapter 33, “Creditor's Rights and Remedies, Insurance,” pages 446-457.

Chapter 35, “Insurance,” pages 471- 481.


Chapter 36, “Personal Property and


Find and read your state’s garnishment statutes to identify dollar exemptions and local garnishment procedure, and to determine whether a creditor has to return to court for separate orders to garnish, for example, an employee’s paychecks. Consolidate these findings in a single team report on garnishment.

Follow the guidelines for teamwork given in Week 5.

Individual Work (20 points)Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First National obtain insurance policies from Good Hands Insurance, Inc., to cover the warehouse. Later, Eagle sells the property to Interstate Distribution Corporation but keeps the insurance policy. First National agrees to act as Interstate’s mortgagee, and Interstate obtains an insurance policy from Good Hands to cover the property. A fire totally destroys the warehouse. Who can recover an amount for its loss?



Chapter 33, “Creditor's Rights and Remedies, Insurance,” pages 446-457.



Bailments,” pages 484-497. Chapter 37, “Real Property,” pages

498-510.


Week ElevenPart 1 of 1

CourseOutcome


Explain the laws that apply to real and personal property

Summarize the legal characteristics of personal property, real property, and bailments

Real or parcel property can be fee simple (the entitlement to possess or dispose at owners' discretion) or concurrently owned in joint or common tenancy. To learn about acquiring rights to property ownership and complete this week's discussion and individual work, complete the following:


Chapter: 36, “Personal Property and Bailments,” pages 484-497.

Chapter: 37, “Real Property,” pages 498-510.


Discuss the presentation for Week 11, “Personal Property and Bailments.”

Discuss the presentation for Week 11, “Real Property.”


Chapter 38 “Landlord and Tenant,” pages 511-521.

Class Discussion (15 points)Some courts hold that an engagement ring is a conditional gift that becomes an absolute (effective) gift only on marriage. Other courts conclude that when an engagement ring is given to the donee, the donee should have full ownership rights in the property.

Where do you stand on this issue? Why?


Individual Work 1 (25 points)Eve and Frank own 20 acres of land on which there is a warehouse surrounded by a fence. What is the most important factor in determining whether the fence is a fixture?

Individual Work 2 (25 points)Sam owns an acre of land on Red River. The government dams the river. A lake forms behind the dam, covering Sam’s land. Does the government owe Sam anything? If so, what? If not, why?



Week TwelvePart 1 of 1

CourseOutcome


Explain the laws that apply to real and personal property

Discern the legal relationships between landlords and tenants

This final week of class, you will learn about relationships between landlords and tenants. Most of you have been in the role of one or the other at one point in your lives. Rental property can be offered as periodic (e.g., month-to-month) or at will, i.e., at a time agreed by both parties. To prepare for this week’s individual work, complete the following:


Chapter 38 “Landlord and Tenant,” pages 511-521.


Discuss the presentation for Week 12, “Landlord and Tenant.”


Chapter 38, “Landlord and Tenant,” pages 511-521.

Individual Work 1 (25 points)Ann leases an office in Ted’s building for a one-year term. At the end of the period specified in the lease, the lease ends without notice, and possession of the office returns to Ted. If Ann dies during the period of the lease, what happens to the leased property?

Individual Work 2 (25 points)To develop what you believe is a terrific idea for a video game, you lease 50,000 square feet in an office building from Commercial Property, LLC, under a written five-year lease. Your goal is to put the game on the market within two years. Several months into the term, a competitor unexpectedly releases a new game title featuring play that would make your game appear to be a poorly crafted imitation. Can you assign the lease to another party? Explain.

Prepare your individual work as instructed in Week 1 and submit it before the end of class.


Chapter 38, “Landlord and Tenant,” pages 511-521.


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