Solution Manual For Business Law Principles for Todays Commercial Environment 5th Edition David Twomey


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Solution Manual For Business Law Principles for Todays Commercial Environment 5th Edition David Twomey

Solution Manual For Business Law Principles for Todays Commercial Environment 5th Edition David Twomey

You can trust BUSINESS LAW: PRINCIPLES FOR TODAY’S COMMERCIAL ENVIRONMENT, 5E to help you build the skills you need to ace your business law course. This new edition provides key information to assist you in studying and succeeding on the CPA exam. This book’s clear presentation helps you grasp key legal concepts and principles and reinforce your understanding through applications and examples of real-world dilemmas, issues, and problems. Current, comprehensive, easy-to-understand, and fascinating to read, BUSINESS LAW: PRINCIPLES FOR TODAY’S COMMERCIAL ENVIRONMENT helps you prepare for class and to succeed in your business law course.

Table of Contents

Brief Contents




About the Authors

Part 1: The Legal and Social Environment of Business

Chapter 1: The Nature and Sources of Law

1-1 Nature of Law and Legal Rights

1-1a Legal Rights

1-1b Individual Rights

1-1c The Right of Privacy

1-1d Privacy and Technology

1-2 Sources of Law

1-2a Constitutional Law

1-2b Statutory Law

1-2c Administrative Law

1-2d Private Law

1-2e Case Law, Statutory Interpretation, and Precedent

1-2f Other Forms of Law: Treaties and Executive Orders

1-2g Uniform State Laws

1-3 Classifications of Law

1-3a Substantive Law vs. Procedural Law

1-3b Criminal Law vs. Civil Law

1-3c Law vs. Equity

Chapter 2: The Court System and Dispute Resolution

2-1 The Court System

2-1a The Types of Courts

2-1b The Federal Court System

2-1c State Court Systems

2-2 Court Procedure

2-2a Participants in the Court

2-2b Which Law Applies—Conflicts of Law

2-2c Initial Steps in a Lawsuit

2-2d The Trial

2-2e Post-trial Procedures

2-3 Alternative Dispute Resolution (ADR)

2-3a Arbitration

2-3b Mediation

2-3c MedArb

2-3d Expert Panel

2-3e Reference to a Third Person

2-3f Association Tribunals

2-3g Summary Jury Trial

2-3h Rent-A-Judge

2-3i Minitrial

2-3j Contract Provisions

Chapter 3: Business Ethics, Social Forces, and the Law

3-1 What Is Business Ethics?

3-1a The Law as the Standard for Business Ethics

3-1b The Notion of Universal Standards for Business Ethics

3-1c Ethical Theories and Standards

3-1d The Business Stakeholder Standard of Behavior

3-2 Why Is Business Ethics

3-2a The Importance of Trust

3-2b Business Ethics and Financial Perfromance

3-2c The Importance of a Good Reputation

3-2d Business Ethics and Business Regulation: Public Policy, Law, and Ethics

3-3 How to Recognize and Resolve Ethical Dilemmas

3-3a Categories of Ethical Behavior

3-3b Resolving Ethical Dilemmas

Chapter 4: The Constitution as the Foundation of the Legal Environment

4-1 The U.S. Constitution and the Federal System

4-1a What a Constitution Is

4-1b The Branches of Government

4-2 The U.S. Constitution and the States

4-2a Delegated and Shared Powers

4-2b Other Powers

4-2c Federal Supremacy

4-3 Interpreting and Amending the Constitution

4-3a Conflicting Theories

4-3b Amending the Constitution

4-3c The Living Constitution

4-4 Federal Powers

4-4a The Power to Regulate Commerce

4-4b The Financial Powers

4-5 Constitutional Limitations on Government

4-5a Due Process

4-5b Equal Protection of the Law

4-5c Privileges and Immunities

4-5d Protection of the Person

4-5e The Bill of Rights and Businesses as Persons

Chapter 5: Government Regulation of Competition and Prices

5-1 Power to Regulate Business

5-1a Regulation, Free Enterprise, and Deregulation

5-1b Regulation of Unfair Competition

5-2 Regulation of Horizontal Markets and Competitors

5-2a Regulation of Prices

5-2b Monopolization

5-2c Boycotts and Refusals to Deal

5-2d Mergers among Competitors

5-3 Regulation of the Supply Chain and Vertical Trade Restraints

5-3a Price Discrimination

5-3b Exclusive Dealings and Territories

5-3c Resale Price Maintenance

5-3d Tying

5-3e Mergers along the Supply Chain

5-4 Remedies for Anticompetitive Behavior

5-4a Criminal Penalties

5-4b Civil Remedies

Chapter 6: Administrative Agencies

6-1 Nature of the Administrative Agency

6-1a Purpose of Administrative Agencies

6-1b Uniqueness of Administrative Agencies

6-1c Open Operation of Administrative Agencies

6-2 Legislative Power of the Agency

6-2a Agency’s Regulations as Law

6-2b Agency Adoption of Regulations

6-3 Executive Power of the Agency

6-3a Enforcement or Execution of the Law

6-3b Constitutional Limitations on Administration Investigation

6-4 Judicial Power of the Agency

6-4a The Agency as a Specialized Court

6-4b Punishment and Enforcement Powers of Agencies

6-4c Exhaustion of Administrative Remedies

6-4d Appeal from an Administrative Agency Action

Chapter 7: Crimes

7-1 General Principles

7-1a Nature and Classification of Crimes

7-1b Basis of Criminal Liability

7-1c Responsibility for Criminal Acts

7-1d Indemnification of Crime Victims

7-2 White-Collar Crimes

7-2a Conspiracies

7-2b Money Laundering

7-2c Racketeering

7-2d Bribery

7-2e Commercial Bribery

7-2f Extortion and Blackmail

7-2g Corrupt Influence

7-2h Counterfeiting

7-2i Forgery

7-2j Perjury

7-2k False Claims and Pretenses

7-2l Bad Checks

7-2m Credit Card Crimes

7-2n Embezzlement

7-2o Obstruction of Justice: Sarbanes-Oxley (SOX)

7-2p Corporate Fraud: SOX

7-2q The Common Law Crimes

7-3 Criminal Law and the Computer

7-3a What Is a Computer Crime?

7-3b The Computer as Victim

7-3c Unauthorized Use of Computers

7-3d Computer Raiding

7-3e Diverted Delivery by Computer

7-3f Economic Espionage by Computer

7-3g Electronic Fund Transfer Crimes

7-3h Circumventing Copyright Protection Devices Via Computer

7-3i Spamming

7-4 Criminal Procedure Rights for Businesses

7-4a Fourth Amendment Rights for Businesses

7-4b Fifth Amendment Self-Incrimination Rights for Businesses

7-4c Due Process Rights for Business

Chapter 8: Torts

8-1 General Principles

8-1a What Is a Tort?

8-1b Tort and Crime Distinguished

8-1c Types of Torts

8-2 Intentional Torts

8-2a Assault

8-2b Battery

8-2c False Imprisonment

8-2d Intentional Infliction of Emotional Distress

8-2e Invasion of Privacy

8-2f Defamation

8-2g Product Disparagement

8-2h Wrongful Interference with Contracts

8-2i Trespass

8-3 Negligence

8-3a Elements of Negligence

8-3b Defenses to Negligence

8-4 Strict Liability

8-4a What Is Strict Liability?

8-4b Imposing Strict Liability

Chapter 9: Intellectual Property Rights and the Internet

9-1 Trademarks and Service Marks

9-1a Introduction

9-1b International Registration

9-1c Registrable Marks

9-1d Proving Trademark Infringement

9-1e Remedies for Improper Use of Marks

9-1f Abandonment of Exclusive Right to Mark

9-1g Trade Dress Protection

9-1h Limited Lanham Act Protection of Product Design

9-1i Prevention of Dilution of Famous Marks

9-1j Internet Domain Names and Trademark Rights

9-2 Copyrights

9-2a Duration of Copyright

9-2b Copyright Notice

9-2c What Is Copyrightable?

9-2d Copyright Ownership and the Internet

9-2e Rights of Copyright Holders

9-2f Limitation on Exclusive Character of Copyright

9-2g Secondary Liability for Infringement

9-2h Digital Millennium Copyright Act

9-3 Patents

9-3a Types, Duration, and Notice

9-3b Patentability

9-3c Patentable Business Methods

9-3d Infringement

9-4 Secret Business Information

9-4a Trade Secrets

9-4b Loss of Protection

9-4c Defensive Measures

9-4d Criminal Sanctions

9-5 Protection of Computer Software and Mask Works

9-5a Copyright Protection of Computer Programs

9-5b Patent Protection

9-5c Trade Secrets

9-5d Restrictive Licensing

9-5e Semiconductor Chip Protection

Chapter 10: The Legal Environment of International Trade

10-1 Conducting Business Internationally

10-1a Forms of International

10-1b The International Contract

10-2 International Trade

10-2a Tariffs and Barriers to Trade

10-2b The World Trade Organization

10-2c Agreements Administered under the WTO

10-2d Protecting Trademarks Worldwide

10-2e Copyright Protection

10-2f Patent Protection

10-2g Trade Secrets

10-2h The Dispute Settlement Understanding

10-2i The Doha Development Agenda

10-2j Regional Trade Agreements

10-2k Antidumping, Subsidies and Safeguards

10-3 Issues Confronting Companies Engaged in International Business

10-3a Export Regulations

10-3b The Foreign Corrupt Practices Act

10-3c Antitrust Issues

10-3d Securities Fraud Regulation in an International Environment

Part 2: Contracts

Chapter 11: Nature and Classes of Contracts: Contracting on the Internet

11-1 Nature of Contracts

11-1a Definition of a Contract

11-1b Elements of a Contract

11-1c Subject Matter of Contracts

11-1d Parties to a Contract

11-1e How a Contract Arises

11-1f Intent to Make a Binding Agreement

11-1g Freedom of Contract

11-2 Classes of Contracts

11-2a Formal and Informal Contracts

11-2b Express and Implied Contracts

11-2c Valid and Voidable Contracts and Void Agreements

11-2d Executed and Executory Contracts

11-2e Bilateral and Unilateral Contracts

11-2f Quasi Contracts

11-3 Contracting on the Internet

Chapter 12: Formation of Contracts: Offer and Acceptance

12-1 Requirements of an Offer

12-1a Contractual Intention

12-1b Definiteness

12-1c Communication of Offer to Offeree

12-2 Termination of Offer

12-2a Revocation of Offer by Offeror

12-2b Counteroffer by Offeree

12-2c Rejection of Offer by Offeree

12-2d Lapse of Time

12-2e Death or Disability of Either Party

12-2f Subsequent Illegality

12-3 Acceptance of Offer

12-3a What Constitutes an Acceptance?

12-3b Privilege of Offeree

12-3c Effect of Acceptance

12-3d Nature of Acceptance

12-3e Who May Accept?

12-3f Manner and Time of Acceptance

12-3g Communication of Acceptance

12-3h Auction Sales

Chapter 13: Capacity and Genuine Assent

13-1 Contractual Capacity

13-1a Contractual Capacity Defined

13-1b Minors

13-1c Mentally Incompetent Persons

13-1d Intoxicated Persons

13-2 Mistake

13-2a Unilateral Mistake

13-2b Mutual Mistake

13-2c Mistake in the Transcription or Printing of the Contract: Reformation

13-3 Deception

13-3a Intentional Misrepresentation

13-3b Fraud

13-3c Negligent Misrepresentation

13-3d Nondisclosure

13-4 Pressure

13-4a Undue Influence

13-4b Duress

Chapter 14: Consideration

14-1 General Principles

14-1a Consideration Defined and Explained

14-1b Gifts

14-1c Adequacy of Consideration

14-1d Forbearance as Consideration

14-1e Illusory Promises

14-2 Special Situations

14-2a Preexisting Legal Obligation

14-2b Past Consideration

14-2c Moral Obligation

14-3 Exceptions to the Laws

14-3a Exceptions to Consideration

Chapter 15: Legality and Public Policy

15-1 General Principles

15-1a Effect of Illegality

15-1b Exceptions to Effect of Illegality

15-1c Partial Illegality

15-1d Crimes and Civil Wrongs

15-1e Good Faith and Fairness

15-1f Unconscionable Clauses

15-2 Agreements Affecting Public Welfare

15-2a Agreements Contrary to Public Policy

15-2b Gambling, Wagers, and Lotteries

15-3 Regulation of Business

15-3a Effect of Violation

15-3b Statutory Regulation of Contracts

15-3c Licensed Callings or Dealings

15-3d Contracts in Restraint of Trade

15-3e Agreements Not to Compete

15-3f Usurious Agreements

Chapter 16: Writing, Electronic Forms, and Interpretation of Contracts

16-1 Statute of Frauds

16-1a Validity of Oral Contracts

16-1b Contracts That Must Be Evidenced by a Writing

16-1c Note or Memorandum

16-1d Effect of Noncompliance

16-2 Parol Evidence Rule

16-2a Exclusion of Parol Evidence

16-2b When the Parol Evidence Rule Does Not Apply

16-3 Rules of Construction and Interpretation

16-3a Intention of the Parties

16-3b Whole Contract

16-3c Contradictory and Ambiguous Terms

16-3d Implied Terms

16-3e Conduct and Custom

16-3f Avoidance of Hardship

Chapter 17: Third Persons and Contracts

17-1 Third-Party Beneficiary Contracts

17-1a Definition

17-1b Modification or Termination of Intended Third-Party Beneficiary Contract

17-1c Limitations on Intended Third-Party Beneficiary

17-1d Incidental Beneficiaries

17-2 Assignments

17-2a Definitions

17-2b Form of Assignment

17-2c Notice of Assignment

17-2d Assignment of Right to Money

17-2e Nonassignable Rights

17-2f Rights of Assignee

17-2g Continuing Liability of Assignor

17-2h Liability of Assignee

17-2i Warranties of Assignor

17-2j Delegation of Duties

Chapter 18: Discharge of Contracts

18-1 Conditions Relating to Performance

18-1a Classifications of Conditions

18-2 Discharge by Performance

18-2a Normal Discharge of Contracts

18-2b Nature of Performance

18-2c Time of Performance

18-2d Adequacy of Performance

18-3 Discharge by Action of Parties

18-3a Discharge by Unilateral Action

18-3b Discharge by Agreement

18-4 Discharge by External Causes

18-4a Discharge by Impossibility

18-4b Developing Doctrines

18-4c Temporary Impossibility

18-4d Discharge by Operation of Law

Chapter 19: Breach of Contract and Remedies

19-1 What Constitutes a Breach of Contract?

19-1a Definition of Breach

19-1b Anticipatory Breach

19-2 Waiver of Breach

19-2a Cure of Breach by Waiver

19-2b Existence and Scope of Waiver

19-2c Reservation of Rights

19-3 Remedies for Breach of Contract

19-3a Remedies Upon Anticipatory Repudiation

19-3b Remedies in General and Measure of Damages

19-3c Monetary Damages

19-3d Rescission

19-3e Action for Specific Performance

19-3f Action for an Injunction

19-3g Reformation of Contract by a Court

19-4 Contract Provisions Affecting Remedies and Damages

19-4a Limitation of Remedies

19-4b Liquidated Damages

19-4c Attorneys’ Fees

19-4d Limitation of Liability Clauses

Part 3: Sales and Leases of Goods

Chapter 20: Personal Property and Bailments

20-1 Personal Property

20-1a Personal Property in Context

20-1b Title to Personal Property

20-1c Gifts

20-1d Finding of Lost Property

20-1e Occupation of Personal Property

20-1f Escheat

20-1g Multiple Ownership of Personal Property

20-1h Community Property

20-2 Bailments

20-2a Definition

20-2b Elements of Bailment

20-2c Nature of the Parties’ Interests

20-2d Classification of Ordinary Bailments

20-2e Renting of Space Distinguished

20-2f Duties and Rights of the Bailee

20-2g Breach of Duty of Care: Burden of Proof

20-2h Liability for Defects in Bailed Property

20-2i Contract Modification of Liability

Chapter 21: Legal Aspects of Supply Chain Management

21-1 Warehouses

21-1a Definitions

21-1b Rights and Duties of Warehouses

21-1c Warehouse Receipts

21-1d Rights of Holders of Warehouse Receipts

21-1e Field Warehousing

21-1f Limitation of Liability of Warehouses

21-2 Common Carriers

21-2a Definitions

21-2b Bills of Lading

21-2c Rights of Common Carrier

21-2d Duties of Common Carrier

21-2e Liabilities of Common Carrier

21-3 Factors and Consignments

21-3a Definitions

21-3b Effect of Factor Transaction

21-4 Hotelkeepers

21-4a Definitions

21-4b Duration of Guest Relationship

21-4c Hotelkeeper’s Liability for Guest’s Property

21-4d Hotelkeeper’s Lien

21-4e Boarders or Lodgers

Chapter 22: Nature and Form of Sales

22-1 Nature of the Sale of Goods

22-1a Subject Matter of Sales

22-1b Sale Distinguished from Other Transactions

22-1c Formation of Sales Contracts

22-1d Terms in the Formed Contract

22-1e Bulk Transfers

22-2 Form of Sales Contract

22-2a Amount

22-2b Nature of the Writing Required

22-2c Effect of Noncompliance

22-2d Exceptions to Requirement of a Writing

22-2e Bill of Sale

22-3 Uniform Law for International Sales

22-3a Scope of the CISG

22-4 Leases of Goods

22-4a Types of Leases

22-4b Form of Lease Contract

22-4c Warranties

22-4d Default

Chapter 23: Title and Risk of Loss

23-1 Identifying Types of Potential Problems and Transactions

23-1a Damage to Goods

23-1b Creditors’ Claims

23-1c Insurance

23-2 Determining Rights: Identification of Goods

23-2a Existing Goods

23-2b Future Goods

23-2c Fungible Goods

23-2d Effect of Identification

23-3 Determining Rights: Passage of Title

23-3a Passage of Title Using Documents of Title

23-3b Passage of Title in Nonshipment Contracts

23-3c Passage of Title in Warehouse Arrangements

23-3d Passage of Title in Bailments and Other Forms of Possession

23-3e Delivery and Shipment Terms

23-3f Passage of Title in Shipment Contracts

23-4 Determining Rights: Risk of Loss

23-4a Risk of Loss in Nonshipment Contracts

23-4b Risk of Loss in Shipment Contracts

23-4c Damage to or Destruction of Goods

23-4d Effect of Seller’s Breach in Risk of Loss

23-5 Determining Rights: Special Situations

23-5a Returnable Goods Transactions

23-5b Consignments and Factors

23-5c Self-Service Stores

23-5d Auction Sales

Chapter 24: Product Liability: Warranties and Torts

24-1 General Principles

24-1a Theories of Liability

24-1b Nature of Harm

24-1c Who Is Liable in Product Liability

24-2 Express Warranties

24-2a Definition of Express Warranty

24-2b Form of Express Warranty

24-2c Seller’s Opinion or Statement of Value

24-2d Warranty of Conformity to Description, Sample, or Model

24-2e Federal Regulation of Express Warranties

24-2f Effect of Breach of Express Warranty

24-3 Implied Warranties

24-3a Definition of Implied Warranty

24-3b Implied Warranties of Sellers

24-3c Additional Implied Warranties of Merchant Sellers

24-3d Implied Warranties in Particular Sales

24-3e Necessity of Defect

24-3f Warranties in the International Sale of Goods

24-4 Disclaimer of Warranties

24-4a Validity of Disclaimer

24-4b Particular Language for Disclaimers

24-4c Exclusion of Warranties by Examination of Goods

24-4d Postsale Disclaimer

24-5 Other Theories of Product Liability

24-5a Negligence

24-5b Fraud

24-5c Strict Tort Liability

24-5d Cumulative Theories of Liability

Chapter 25: Obligations and Performance

25-1 General Principles

25-1a Obligation of Good Faith

25-1b Time Requirements of Obligations

25-1c Repudiation of the Contract

25-1d Adequate Assurance of Performance

25-2 Duties of the Parties

25-2a Seller’s Duty to Deliver

25-2b Buyer’s Duty upon Receipt of Goods

25-2c Buyer’s Duty to Accept Goods

25-2d Buyer’s Duty to Pay

25-2e When Duties Are Excused

Chapter 26: Remedies for Breach of Sales Contracts

26-1 Statute of Limitations

26-1a Time Limits for Suits under the UCC

26-1b Time Limits for Other Suits

26-2 Remedies of the Seller

26-2a Seller’s Lien

26-2b Seller’s Remedy of Stopping Shipment

26-2c Resale by Seller

26-2d Cancellation by Seller

26-2e Seller’s Action for Damages under the Market Price Formula

26-2f Seller’s Action for Lost Profits

26-2g Other Types of Damages

26-2h Seller’s Action for the Purchase Price

26-2i Seller’s Nonsale Remedies

26-3 Remedies of the Buyer

26-3a Rejection of Improper Tender

26-3b Revocation of Acceptance

26-3c Buyer’s Action for Damages for Nondelivery—Market Price Recovery

26-3d Buyer’s Action for Damages for Nondelivery—Cover Price Recovery

26-3e Other Types of Damages

26-3f Action for Breach of Warranty

26-3g Cancellation by Buyer

26-3h Buyer’s Resale of Goods

26-3i Action for Specific Performance

26-3j Nonsale Remedies of the Buyer

26-4 Contract Provisions on Remedies

26-4a Limitation of Damages

26-4b Limitation of Remedies

26-5 Remedies in the International Sale of Goods

26-5a Remedies of the Seller

26-5b Remedies of the Buyer

Part 4: Negotiable Instruments

Chapter 27: Kinds of Instruments, Parties, and Negotiability

27-1 Types of Negotiable Instruments and Parties

27-1a Definition

27-1b Kinds of Instruments

27-1c Parties to Instruments

27-2 Negotiability

27-2a Definition of Negotiability

27-2b Requirements of Negotiability

27-2c Factors Not Affecting Negotiability

27-2d Ambiguous Language

27-2e Statute of Limitations

Chapter 28: Transfers of Negotiable Instruments and Warranties of Parties

28-1 Transfer of Negotiable Instruments

28-1a Effect of Transfer

28-1b Definition of Negotiation

28-1c How Negotiation Occurs: The Order or Bearer Character of an Instrument

28-2 How Negotiation Occurs: Bearer Instruments

28-3 How Negotiation Occurs: Order Instruments

28-3a Blank Indorsement

28-3b Special Indorsement

28-3c Qualified Indorsement

28-3d Restrictive Indorsement

28-3e Correction of Name by Indorsement

28-3f Bank Indorsement

28-3g Multiple Payees and Indorsements

28-3h Agent or Officer Indorsement

28-3i Missing Indorsement

28-4 Problems in Negotiation of Instruments

28-4a Forged and Unauthorized Indorsements

28-4b Quasi Forgeries: The Impostor Rule

28-4c Effect of Incapacity or Misconduct on Negotiation

28-4d Lost Instruments

28-5 Warranties in Negotiation

28-5a Warranties of Unqualified Indorser

28-5b Warranties of Other Parties

Chapter 29: Liability of the Parties under Negotiable Instruments

29-1 Parties to Negotiable Instruments: Rights and Liabilities

29-1a Types of Parties

29-1b Ordinary Holders and Assignees

29-1c The Holder-in-Due-Course Protections

29-2 Defenses to Payment of a Negotiable Instrument

29-2a Classification of Defenses

29-2b Defenses against Assignee or Ordinary Holder

29-2c Limited Defenses Not Available against a Holder in Due Course

29-2d Universal Defenses Available against All Holders

29-2e Denial of Holder-in-Due-Course Protection

29-3 Liability Issues: How Payment Rights Arise and Defenses Are Used

29-3a The Roles of Parties and Liability

29-3b Attaching Liability of the Primary Parties: Presentment

29-3c Dishonor and Notice of Dishonor

Chapter 30: Checks and Funds Transfers

30-1 Checks

30-1a Nature of a Check

30-1b Certified Checks

30-1c Presentment for Obtaining Payment on a Check

30-1d Dishonor of a Check

30-1e The Customer-Bank Relationship

30-1f Stopping Payment of a Check

30-1g Wrongful Dishonor of a Check

30-1h Agency Status of Collecting Bank

30-1i Bank’s Duty of Care

30-2 Liability of a Bank

30-2a Premature Payment of a Postdated Check

30-2b Payment over a Stop Payment Order

30-2c Payment on a Forged Signature of Drawer

30-2d Payment on a Forged or Missing Indorsement

30-2e Alteration of a Check

30-2f Unauthorized Collection of a Check

30-2g Time Limitations

30-3 Consumer Funds Transfers

30-3a Electronic Funds Transfer Act

30-3b Types of Electronic Funds Transfer Systems

30-3c Consumer Liability

30-4 Funds Transfers

30-4a What Law Governs?

30-4b Characteristics of Funds Transfers

30-4c Pattern of Funds Transfers

30-4d Scope of UCC Article 4A

30-4e Definitions

30-4f Manner of Transmitting Payment Order

30-4g Regulation by Agreement and Funds Transfer System Rules

30-4h Reimbursement of the Bank

30-4i Error in Funds Transfer

30-4j Liability for Loss

Part 5: Debtor-Creditor Relationships

Chapter 31: Nature of the Debtor-Creditor Relationship

31-1 Creation of the Credit Relationship

31-2 Suretyship and Guaranty

31-2a Definitions

31-2b Indemnity Contract Distinguished

31-2c Creation of the Relationship

31-2d Rights of Sureties

31-2e Defenses of Sureties

31-3 Letters of Credit

31-3a Definition

31-3b Parties

31-3c Duration

31-3d Form

31-3e Duty of Issuer

31-3f Reimbursement of Issuer

Chapter 32: Consumer Protection

32-1 General Principles

32-1a Expansion of Consumer Protection

32-1b Who Is a Consumer?

32-1c Who Is Liable under Consumer Protection Statutes?

32-1d When Is There Liability under Consumer Protection Statutes?

32-1e What Remedies Do Consumers Have?

32-1f What Are the Civil and Criminal Penalties under Consumer Protection Statutes?

32-2 Areas of Consumer Protection

32-2a Advertising

32-2b Labeling

32-2c Selling Methods

32-2d The Consumer Contract

32-2e Credit Disclosures

32-2f Credit Cards

32-2g Gift Cards

32-2h Payments

32-2i Preservation of Consumer Defenses

32-2j Product Safety

32-2k Credit, Collection, and Billing Methods

32-2l Protection of Credit Standing and Reputation

32-2m Other Consumer Protections

Chapter 33: Secured Transactions in Personal Property

33-1 Creation of Secured Transactions

33-1a Definitions

33-1b Creation of a Security Interest

33-1c Purchase Money Security Interest

33-1d The Nature and Classification of Collateral

33-2 Perfection of Secured Transactions

33-2a Perfection by Creditor’s Possession

33-2b Perfection for Consumer Goods

33-2c Perfection for Health Care Insurance Receivables

33-2d Automatic Perfection

33-2e Temporary Perfection

33-2f Perfection by Control

33-2g Perfection for Motor Vehicles

33-2h Perfection by Filing a Financing Statement

33-2i Loss of Perfection

33-3 Rights of Parties before Default

33-3a Statement of Account

33-3b Termination Statements

33-3c Correction Statements

33-4 Priorities

33-4a Unsecured Party versus Unsecured Party

33-4b Secured Party versus Unsecured Party

33-4c Secured Party versus Secured Party

33-4d Perfected Secured Party versus Secured Party

33-4e Perfected Secured Party versus Perfected Secured Party

33-4f Secured Party versus Buyer of Collateral from Debtor

33-5 Rights of Parties after Default

33-5a Creditor’s Possession and Disposition of Collateral

33-5b Creditor’s Retention of Collateral

33-5c Debtor’s Right of Redemption

33-5d Disposition of Collateral

33-5e Postdisposition Accounting

Chapter 34: Bankruptcy

34-1 Bankruptcy Law

34-1a The Federal Law

34-1b Types of Bankruptcy

34-2 How Bankruptcy Is Declared

34-2a Declaration of Voluntary Bankruptcy

34-2b Declaration of Involuntary Bankruptcy

34-2c Automatic Stay

34-2d If the Creditors Are Wrong: Rights of Debtor in an Involuntary Bankruptcy

34-3 Administration of the Bankruptcy Estate

34-3a The Order of Relief

34-3b List of Creditors

34-3c Trustee in Bankruptcy

34-3d The Bankrupt’s Estate

34-3e Voidable Preferences

34-3f Proof of Claim

34-3g Priority of Claims

34-4 Debtor’s Duties and Exemptions

34-4a Debtor’s Duties

34-4b Debtor’s Exemptions

34-4c Debtor’s Protection against Discrimination

34-5 Discharge in Bankruptcy

34-5a Denial of Discharge

34-6 Reorganization Plans under Chapter 11

34-6a Contents of the Plan

34-6b Confirmation of the Plan

34-7 Payment Plans under Chapter 13

34-7a Contents of the Plan

34-7b Confirmation of the Plan

34-7c Discharge of the Debtor

Chapter 35: Insurance

35-1 The Insurance Contract

35-1a The Parties

35-1b Insurable Interest

35-1c The Contract

35-1d Antilapse and Cancellation Statutes and Provisions

35-1e Modification of Contract

35-1f Interpretation of Contract

35-1g Burden of Proof

35-1h Insurer Bad Faith

35-1i Time Limitations on Insured

35-1j Subrogation of Insurer

35-2 Kinds of Insurance

35-2a Business Liability Insurance

35-2b Marine Insurance

35-2c Fire and Homeowners

35-2d Automobile Insurance

35-2e Life Insurance

Part 6: Agency and Employment

Chapter 36: Agency

36-1 Nature of the Agency Relationship

36-1a Definitions and Distinctions

36-1b Classification of Agents

36-1c Agency Coupled with an Interest

36-2 Creating the Agency

36-2a Authorization by Appointment

36-2b Authorization by Conduct

36-2c Agency by Ratification

36-2d Proving the Agency Relationship

36-3 Agent’s Authority

36-3a Scope of Agent’s Authority

36-3b Effect of Proper Exercise of Authority

36-3c Duty to Ascertain Extent of Agent’s Authority

36-3d Limitations on Agent’s Authority

36-4 Duties and Liabilities of Principal and Agent

36-4a Duties and Liabilities of Agent during Agency

36-4b Duties and Liabilities of Agent after Termination of Agency

36-4c Duties and Liabilities of Principal to Agent

36-5 Termination of Agency

36-5a Termination by Act of Parties

36-5b Termination by Operation of Law

36-5c Disability of the Principal under the UDPAA

36-5d Termination of Agency Coupled with an Interest

36-5e Protection of Agent from Termination of Authority

36-5f Effect of Termination of Authority

Chapter 37: Third Persons in Agency

37-1 Liability of Agent to Third Person

37-1a Action of Authorized Agent of Disclosed Principal

37-1b Unauthorized Action

37-1c Disclosure of Principal

37-1d Assumption of Liability

37-1e Execution of Contract

37-1f Torts and Crimes

37-2 Liability of Principal to Third Person

37-2a Agent’s Contracts

37-2b Payment to Agent

37-2c Agent’s Statements

37-2d Agent’s Knowledge

37-3 Liability of Principal for Torts and Crimes of Agent

37-3a Vicarious Liability for Torts and Crimes

37-3b Negligent Hiring and Retention of Employees

37-3c Negligent Supervision and Training

37-3d Agent’s Crimes

37-3e Owner’s Liability for Acts of an Independent Contractor

37-3f Enforcement of Claim by Third Person

37-4 Transactions with Sales Personnel

37-4a Soliciting and Contracting Agents

Chapter 38: Regulation of Employment

38-1 The Employment Relationship

38-1a Characteristics of Relationship

38-1b Creation of Employment Relationship

38-1c Duration and Termination of Employment Contract

38-1d Whistleblower Protection under the Sarbanes-Oxley and Dodd-Frank Acts

38-1e Duties of the Employee

38-1f Rights of the Employee

38-2 Labor Relations Laws

38-2a The National Labor

38-2b National Labor Relations Board

38-2c Election Conduct

38-2d Union Activity on Private Property

38-2e Social Media and Section 7: Protected Activity for Union and Nonunion Workers

38-2f Firing Employees for Union Activity

38-2g Duty of Employer to Bargain Collectively

38-2h Right to Work

38-2i Strike and Picketing Activity

38-2j Regulation of Internal Union Affairs

38-3 Pension Plans and Federal Regulation

38-3a ERISA

38-4 Unemployment Benefits, Family Leaves, and Social Security

38-4a Unemployment Compensation

38-4b Family and Medical Leaves of Absence

38-4c Leaves for Military Service under USERRA

38-4d Social Security

38-5 Employees’ Health and Safety

38-5a Standards

38-5b Employer Duties

38-5c Enforcement

38-5d State “Right-to-Know” Legislation

38-6 Compensation for Employees’ Injuries

38-6a Compensation for Employees’ Injuries

38-6b Statutory Changes

38-7 Employee Privacy

38-7a Source of Privacy Rights

38-7b Monitoring Employee Telephone Conversations

38-7c E-Mail Monitoring

38-7d Property Searches

38-7e Drug and Alcohol Testing

38-8 Employment-Related Immigration Laws

38-8a Employer Liability

38-8b Employer Verification

Chapter 39: Equal Employment Opportunity Law

39-1 Title VII of the Civil Rights Act of 1964, as Amended

39-1a Theories of Discrimination

39-1b The Equal Employment Opportunity Commission

39-1c Definition of “Supervisor”

39-2 Protected Classes and Exceptions

39-2a Race and Color

39-2b Religion

39-2c Sex

39-2d Sexual Harassment

39-2e Protection against Retaliation

39-2f National Origin

39-2g Title VII Exceptions

39-2h Affirmative Action and Reverse Discrimination

39-3 Other Equal Employment Opportunity (EEO) Laws

39-3a Equal Pay

39-3b Age Discrimination

39-3c Discrimination against Persons with Disabilities

39-3d GINA

39-4 Extraterritorial

Part 7: Business Organizations

Chapter 40: Types of Business Organizations

40-1 Principal Forms of Business Organizations

40-1a Individual Proprietorships

40-1b Partnerships, LLPs, and LLCs

40-1c Corporations

40-2 Specialized Forms of Organizations

40-2a Joint Ventures

40-2b Unincorporated Associations

40-2c Cooperatives

40-3 The Franchise Business Format

40-3a Definition and Types of Franchises

40-3b The Franchise Agreement

40-3c Special Protections under Federal and State Laws

40-3d Disclosure

40-3e Vicarious Liability Claims against Franchisors

40-3f Franchises and Employee Misclassifications

Chapter 41: Partnerships

41-1 Nature and Creation

41-1a Definition

41-1b-Characteristics of a Partnership

41-1c Rights of Partners

41-1d Partnership Agreement

41-1e Determining the Existence of a Partnership

41-1f Partners as to Third Persons

41-1g Partnership Property

41-1h Tenancy in Partnership

41-1i Assignment of a Partner’s Interest

41-2 Authority of Partners

41-2a Authority of Majority of Partners

41-2b Express Authority of Individual Partners

41-2c Customary Authority of Individual Partners

41-2d Limitations on Authority

41-2e Prohibited Transactions

41-3 Duties, Rights, andDuties, Rights, and Liabilities of Partners

41-3a Duties of Partners

41-3b Rights of Partners as Owners

41-3c Liability of Partners and Partnership

41-3d Enforcement and Satisfaction of Creditors’ Claims

41-4 Dissolution and Termination

41-4a Effect of Dissolution

41-4b Dissolution by Act of the Parties

41-4c Dissolution by Operation of Law

41-4d Dissolution by Decree of Court

41-4e Dissociation under the RUPA

41-4f Notice of Dissolution

41-4g Winding Up Partnership Affairs

41-4h Distribution of Assets

41-4i Continuation of Partnership Business

Chapter 42: LPs, LLCs, and LLPs

42-1 The Arrival of Partnership Limited Liability

42-2 Limited Partnership

42-2a Formation of Limited Partnerships

42-2b Characteristics of Limited Partnerships

42-3 Limited Liability Companies

42-3a Characteristics of LLCs

42-3b LLCs and Other Entities

42-4 Limited Liability Partnerships

42-4a Extent of Limited Liability

42-4b Registration and Usage

Chapter 43: Corporation Formation

43-1 Nature and Classes

43-1a The Corporation as a Person

43-1b Classifications of Corporations

43-1c Corporations and Governments

43-2 Corporate Powers

43-2a Particular Powers

43-2b Ultra Vires Acts

43-3 Creation and Termination of the Corporation

43-3a Promoters

43-3b Incorporation

43-3c Application for Incorporation

43-3d The Certificate of Incorporation

43-3e Proper and Defective Incorporation

43-3f Insolvency, Bankruptcy, and Reorganization

43-3g Forfeiture of Charter

43-3h Judicial Dissolution

43-3i Voluntary Dissolution

43-4 Consolidations, Mergers, and Conglomerates

43-4a Definitions

43-4b Legality

43-4c Liability of Successor Corporations

Chapter 44: Shareholder Rights in Corporations

44-1 Corporate Stocks and Bonds

44-1a Nature of Stock

44-1b Certificates of Stock and Uncertificated Shares

44-1c Kinds of Stock

44-1d Characteristics of Bonds

44-1e Terms and Control

44-2 Acquisition of Shares

44-2a Nature of Acquisition

44-2b Statute of Frauds

44-2c Subscription

44-2d Transfer of Shares

44-2e Mechanics of Transfer

44-2f Effect of Transfer

44-2g Lost, Destroyed, and Stolen Share Certificates

44-3 Rights of Shareholders

44-3a Ownership Rights

44-3b Right to Vote

44-3c Preemptive Offer of Shares

44-3d Inspection of Books

44-3e Dividends

44-3f Capital Distribution

44-3g Shareholders’ Actions

44-4 Liability of Shareholders

44-4a Limited Liability

44-4b Ignoring the Corporate Entity

360 S.W.3d 152 (Ky. 2012)

44-4c Other Exceptions to Limited

44-4d The Professional Corporation

Chapter 45: Securities Regulation

45-1 State Regulation

45-2 History of Federal

45-2a The Securities Act of 1933

45-2b The Filing Requirements: Registration Statements

45-2c The Securities Exchange Act of 1934

45-2d Trading on Insider Information

45-2e Disclosure of Ownershipand Short-Swing Profits

45-2f Tender Offers

45-2g SEC Enforcementunder the 1934 Act

45-3 Industry Self-Regulation

45-3a Arbitration of Securities Disputes

Chapter 46: Accountants’ Liability and Malpractice

46-1 General Principles of Accountants’ Liability

46-1a What Constitutes Malpractice?

46-1b Choice of Remedy

46-1c The Environment of Accountants’ Malpractice Liability

46-1d Limitation of Liability

46-2 Accountants’ Liability to Third Parties: Beyond Privity

46-2a Status of the Accountant

46-2b Conflicting Theories of Accountants’ Third-Party Liability

46-2c Nonliability Parties

46-2d Defenses to Accountants’ Liability: Contributory and Comparative Negligence of the Client or

46-2e Accountants’ Fraud Malpractice Liability to Third Parties

46-3 Federal Laws on Auditors, Accounting, and Financial Reporting

46-3a SOX and Auditor Independence

46-3b SOX and Audit Committees

46-3c SOX and Records Retention

46-3d Dodd-Frank and Accountants as Whistleblowers

Chapter 47: Management of Corporations

47-1 Shareholders

47-1a Extent of Management Control by Shareholders

47-1b Meetings of Shareholders

47-1c Action without Meeting

47-2 Directors

47-2a Qualifications

47-2b Powers of Directors

47-2c Conflict of Interest

47-2d Meetings of Directors

47-2e Liability of Directors

47-3 Officers, Agents, and Employees

47-3a Powers of Officers

47-3b Liability Relating to Fiduciary Duties

47-3c Agents and Employees

47-3d Executive Compensation under Dodd-Frank

47-4 Liability

47-4a Liability of Management to Third Persons

47-4b Criminal Liability

47-4c Indemnification of Officers, Directors, Employees, and Agents

47-4d Liability for Corporate Debts

47-4e Protection of Shareholders

47-4f Civil Liability of the Corporation

Part 8: Real Property and Estates

Chapter 48: Real Property

48-1 Nature of Real Property

48-1a Land

48-1b Easements

48-1c Profits

48-1d Licenses

48-1e Liens

48-1f Fixtures

48-2 Nature and Form of Real Property Ownership

48-2a Fee Simple Estate

48-2b Life Estate

48-2c Future Interests

48-3 Liability to Third Persons for Condition of Real Property

48-3a Common Law Rule

48-4 Co-Ownership of Real Property

48-4a Multiple Ownership

48-4b Condominiums

48-5 Transfer of Real Property by Deed

48-5a Definitions

48-5b Classification of Deeds

48-5c Execution of Deeds

48-5d Delivery and Acceptance of Deeds

48-5e Recording of Deeds

48-5f Additional Protection of Buyers

48-5g Grantor’s Warranties

48-5h Grantee’s Covenants

48-6 Other Methods of Transferring Real Property

48-6a Eminent Domain

48-6b Adverse Possession

48-7 Mortgages

48-7a Characteristics of a Mortgage

48-7b Property Subject to Mortgage

48-7c Form of Mortgage

48-7d Creative Forms of Financing

48-7e Recording or Filing of Mortgage

48-7f Responsibilities of the Parties

48-7g Transfer of Interest

48-7h Rights of Mortgagee after Default

48-7i Rights of Mortgagor after Default

Chapter 49: Environmental Law and Land Use Controls

49-1 Statutory Environmental Law

49-1a Air Pollution Regulation

49-1b Water Pollution Regulation

49-1c Solid Waste Disposal Regulation

49-1d Environmental Quality Regulation

49-1e Other Environmental Regulations

49-1f State Environmental Regulation

49-2 Enforcement of Environmental Laws

49-2a Parties Responsible for Enforcement

49-2b Criminal Penalties

49-2c Civil Remedies

49-2d Private Remedies: Nuisance

49-2e Private Remedies: Due Diligence

49-3 Land Use Controls

49-3a Restrictive Covenants in Private Contracts

49-3b Public Zoning

Chapter 50: Leases

50-1 Creation and Termination

50-1a Definition and Nature

50-1b Creation of the Lease Relationship

50-1c Classification of Tenancies

50-1d Termination of Lease

50-1e Notice of Termination

50-1f Renewal of Lease

50-2 Rights and Duties of Parties

50-2a Possession

50-2b Use of Premises

50-2c Rent

50-2d Repairs and Condition of Premises

50-2e Improvements

50-2f Taxes and Assessments

50-2g Tenant’s Deposit

50-2h Protection from Retaliation

50-2i Remedies of Landlord

50-3 Liability for Injury

50-3a Landlord’s Liability to Tenant

50-3b Landlord’s Liability to Third Persons

50-3c Tenant’s Liability to Third Persons

50-4 Transfer of Rights

50-4a Tenant’s Assignment of Lease and Sublease

Chapter 51: Decedents’ Estates and Trusts

51-1 Wills

51-1a Definitions

51-1b Parties to Will

51-1c Testamentary Intent

51-1d Form

51-1e Modification of Will

51-1f Revocation of Will

51-1g Election to Take against the Will

51-1h Disinheritance

51-1i Special Types of Wills

51-2 Administration of Decedents’ Estates

51-2a Definitions

51-2b Probate of Will

51-2c Will Contest

51-2d When Administration Is Not Necessary

51-2e Appointment of Personal Representative

51-2f Proof of Claims against the Estate

51-2g Construction of a Will

51-2h Testate Distribution of an Estate

51-2i Intestate Distribution of an Estate

51-3 Trusts

51-3a Definitions

51-3b Creation of Trusts

51-3c Nature of Beneficiary’s Interest

51-3d Powers of Trustee

51-3e Duties of Trustee

51-3f Remedies for Breach of Trust

51-3g Termination of Trust


Appendix 1: How to Find the Law

Appendix 2: The Constitution of the United States

Appendix 3: Uniform Commercial Code (Selected Sections)


Case Index

Subject Index

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Solution Manual For Business Law Principles for Todays Commercial Environment 5th Edition David Twomey