BU-271 Business Law

Course Description:  Introduces the FSM and the US legal system as it relates to contracts, agency and employment, property, sales, business organization and government regulation. Students are provided an overview of the FSM Constitution and the basic principles of court organization, and a survey of tort law as applied to both the FSM and the U.S.

APROGRAM LEARNING OUTCOMES (PLOs): 

The student will be able to:

1.      Demonstrate basic knowledge of each of the functional areas of business – accounting, management, marketing, economics, and finance – by emphasizing their importance in an organization and describing their interrelationship in the organization’s attempt to achieve its objectives.

2.      Demonstrate basic knowledge and skill in the use of cost and managerial accounting concepts and techniques as management tools for planning, controlling, evaluating performance and making decisions.

3.      Demonstrate basic knowledge and skill in business mathematics and elementary statistics by accurately performing common business computations, statistical data presentation and analysis.

4.      Demonstrate basic knowledge and skill in intercultural writing and speaking appropriate for business.

5.      Demonstrate a basic understanding of the legal environment and ethical challenges confronting business in general and in the FSM, from both local and global perspectives.

 

B.  STUDENT LEARNING OUTCOMES (SLOs) – GENERAL:

The student will be able to:

1.      Demonstrate a basic understanding of the business law and principles of court organization, and a survey of tort law as applied to both FSM and the US government.

2.      Demonstrate a basic understanding of the law of contracts and our legal systems as it relates to agency and employment, property, and government regulation.

3.      Demonstrate a basic understanding of the law of sales and commercial paper.

SLO

PLO1

PLO2

PLO3

PLO4

PLO5

1

 

 

 

 

I

2

 

 

 

 

I

3

 

 

 

 

I

I = Introduced

D = Demonstrated

M = Mastered

 

C.  STUDENT LEARNING OUTCOMES (SLOs) – SPECIFIC:

The student will be able to:

General SLO 1. Demonstrate a basic understanding of the business law and principles of court organization, and a survey of tort law as applied to both FSM and the US government.

Student Learning Outcomes

Assessment Strategies

1.1. Define the law and describe the legal system and environment of business.

Comparison of the results of pretest and post-test

General SLO 2. Demonstrate a basic understanding of the law of contracts and our legal systems as it relates to agency and employment, property, and government regulation.

Student Learning Outcome

Assessment Strategies

2.1. Explain the concept of contracts the contract environment, the legal and illegal   agreements.

Comparison of the results of pretest and post-test

2.2. Distinguish between different types of contracts and describe the termination of contracts.

Comparison of the results of pretest and post-test

2.3. Describe the nature of agencies, their creation, and the different types of agency.

Comparison of the results of pretest and post-test

2.4. Identify the responsibilities and liabilities of an agent and principal.

Comparison of the results of pretest and post-test

2.5. Discuss the legal relationship between employer and employee. Identify the liabilities and duties in which the employer and the employee have toward each other.

Comparison of the results of pretest and post-test

2.6. Discuss the legal environment of employment such as FLSA, Labor Management Relationship Act and Civil Rights Act of 1964, and the major points of each provision.

Comparison of the results of pretest and post-test

2.7. Define property and identify real property estates. Describe how title to real estate property is transferred. Identify the abstract of title and its importance in transferring real estate.

Comparison of the results of pretest and post-test

2.8. Describe the legal environment of mortgages such as effects, rights, and trust deeds.

Comparison of the results of pretest and post-test

2.9. Define the rights of both landlord and tenants. Explain the various types of tenants, the rights of leaseholders, and how a lease is terminated.

Comparison of the results of pretest and post-test

2.10.        Describe a will and normal formalities required of writing a will.

Comparison of the results of pretest and post-test

General SLO 3. Demonstrate a basic understanding of the law of sales and commercial paper.

Student Learning Outcomes

Assessment Strategies

3.1 Define sale of goods and distinguish it

      from a contract to sell.

Comparison of the results of pretest and post-test

3.2  List the requirements of the statute of frauds for sales and explain exemptions to it.

Comparison of the results of pretest and post-test

3.3  Explain the importance of determining when title and risk of loss pass.

Comparison of the results of pretest and post-test

3.4  Specify the warranties which apply to all sellers.

Comparison of the results of pretest and post-test

3.5  Identify different types of commercial paper and know their characteristics.

Comparison of the results of pretest and post-test

3.6.Define the essentials of negotiability, and the delivery requirements of a negotiable instrument.

Comparison of the results of pretest and post-test

3.7.Specify the primary and secondary liability on commercial paper.

Comparison of the results of pretest and post-test

3.8.Identify different types of endorsement, the liabilities and how negotiable instruments may be discharged. Identify the responsibilities of a holder of commercial paper.

Comparison of the results of pretest and post-test

3.9.Determine the difference between limited and universal defenses to holders and identify the most important advantages of being a holder in due course.

Comparison of the results of pretest and post-test

D.  COURSE CONTENT

I.       The Legal Systems and the Legal Environment of Business. The need for laws, sources of laws and differences between law and torts. Function of courts settlement of lawsuits. The role of government in regulating business.

II.    The legal aspects of contracts. Nature and classes, offer and acceptance, defective contracts, what constitutes a legal binding contract as opposed to illegal contracts. Who may enter into contracts; the mental and legal capacity to contract. The consideration for contracts. The written contract. Third parties and contracts and the termination of the contract.

III. Sales. Sales of Personal Property. Formalities of a sale. Transfer of Title and Risk in Sales Contracts, Warranties and Product Liability, Consumer Protection.

IV. The nature of commercial paper. The important aspects of negotiability. The promissory note and draft specifications. The liabilities of holders of commercial paper, holders in due course and defenses.

V.    Nature and creation of an agency, operation and termination of an agency. Employer and employee relationships and labor legislation.

VI. The nature of property; personal and real. Real property transfer, mortgages, landlord and tenants. Laws regarding Will and inheritance. The administration of bankruptcy.

E.  METHODS OF INSTRUCTION

Lectures, student discussion, projects, and guest speakers.

F.  REQURIED TEXT(S) AND COURSE MATERIALS

       Ashcroft,J.D. & Asdcroft, J.E. 2008. Law for Business. City of Publication: South-

       Western  Publishing (or most recent edition).

G.  REFERENCE MATERIALS

Supplementary handouts pertaining to the FSM constitution will also be used.

H.  INSTRUCTIONAL COSTS

      None

I.   EVALUATION

      None

J.   CREDIT BY EXAMINATION

      None

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