BUSINESS LAW 2361 Legal Environment of Business - Texas State University

AN INDEPENDENT STUDY COURSE BY CORRESPONDENCE

Paralleling the Course of the Same Name and Number Offered in Residence by Texas State University San Marcos, Texas

BUSINESS LAW 2361 Legal Environment of Business

2011 Edition (Three Semester Credit Hours)

Prepared by Janet Riola Hale, J.D., Senior Lecturer Department of Finance & Economics

Texas State University

A PUBLIC SERVICE FUNCTION OF THE TEXAS STATE UNIVERSITY SYSTEM

Copyright ? 2011 by the

Office of Distance and Extended Learning Texas State University

Lesson One -- 1

Copyright ? 2011 by the

Office of Distance and Extended Learning Texas State University All Rights Reserved

Content Developed By Dr. Janet Riola Hale

Course Production Staff: Joshua Book,Assistant Director Travis Irby, Instructional Designer Dana Ortiz, Administrative Assistant Melissa Vela, Administrative Assistant

Texas State University defends the rights of its faculty and students to express views on a full spectrum of issues. This principle of academic freedom is especially important in courses containing controversial subject matter. It extends to the Correspondence Curriculum as well as to oncampus classes. Views expressed in this study guide should not be expected to represent a consensus of the university faculty and administration.

2 -- Lesson One

BLAW 2361

Contents & Overview

Legal Environment of Business

Important Information.................................................................................................................. i Personal Study Schedule............................................................................................................. v Course Author & Your Instructor............................................................................................. vii Course Introduction.................................................................................................................... ix

Scope and nature of the course; required materials; course goals; course procedure; scheduling your time;

assignments; exams; students with disabilities; grading criteria; University Honor Code.

Lessons

Lesson 1

Jurisprudence and Ethics........................................................................1

Introduction to legal terminology; common law tradition; sources of American law; and evaluation of ethical issues in the global business arena, including the Foreign Corrupt Practices Act.

Lesson 2

Jurisdiction and the Court System......................................................13

Study of jurisdictional requirements, with additional coverage of venue and standing to sue; overview of the federal and state court systems; means of alternative dispute resolution; and examination of procedural law from pretrial issues to the appeal.

Lesson 3

Constitutional Law and Torts...............................................................29

Analysis of the supreme law of the United States, stressing the Commerce Clause of the Constitution; and comparison of civil law tortious actions, including intentional and negligent torts.

Lesson 4

Strict Liability and Intellectual Property...........................................43

Study of the third type of torts, strict liability; and an introduction to copyrights, trademarks, and patents.

Prep for the Midcourse Exam.......................................................................................53

Preparing for the midcourse exam; exam tips; about your exam; midcourse exam request

form.

Lesson 5

Contract Law: Nature & Terminology and Agreement....................59

Presentation of contract law definitions; overview of the essential elements of a contract; and an analysis of agreement emphasizing the making of a valid offer and acceptance.

Lesson 6

Consideration and Capacity & Legality.............................................73

Evaluation of legal concepts of consideration, capacity, and legality; assessment of their void and voidable nature; and determination of good legal considerations.

Lesson 7

Lesson 8

Lesson 9

Lesson 10

Mistakes, Fraud & Voluntary Consent, and the Statute of Frauds.......................................................................85

Analysis of genuineness of assent with an emphasis on problem areas within; study of the Statute of Frauds writing requirement; and an overview of the Parol Evidence Rule of Law.

Third Party Rights and Performance & Discharge...........................97

Assessment of circumstances in which a third party has legally enforceable contractual rights; and analysis of types of conditions, methods of performance, discharge by agreement, and operation of law.

Breach of Contract & Remedies and E-Contracts...........................109

Evaluation of legal and equitable remedies; mitigation obligation of the non-breaching party; and an overview of e-contracts, including essential elements and click-on agreements.

Agency Formation & Duties and Liability to Third Parties & Termination............................................................................................119

Coverage of agency law, looking at the rights, duties, and obligations of the agent and principal, and differentiating between an independent contractor; assessment of the agent's scope of authority with an overview of contract and tort liability; and means of ending an agency relationship.

Course Wrap-Up and Prep for the Final Exam........................................................131

Course wrap-up; exam tips; about our exam; final exam request form.

Important Information

Before beginning work in your course, you will find it helpful to familiarize yourself with the policies and procedures of the Texas State Office of Distance and Extended Learning contained in the online student handbook and on our website. In addition, the following pages contain information important to know when taking a course from our office. Please take the time to carefully read through this section.

Textbooks and Course Materials

Be sure to purchase all materials required for your course within thirty days of your enrollment date. After thirty days, course materials may become unavailable. If you need to order additional textbooks or course materials, you may contact the University Bookstore at 512-2452273.

Making a Schedule

You have nine months to complete your course. To meet graduation or other personal deadlines, you may need to complete your course earlier. Using the Personal Study Schedule in the front of this study guide, set a reasonable schedule for submitting each assignment and taking any required exams. When making your schedule, keep in mind that unless otherwise stated in the Introduction of this study guide, you may submit no more than two assignments per week. Consider the assignment turnaround time involved with a correspondence course. You should plan around dates when the university is closed for extended periods of time and faculty will not be on campus or grading correspondence assignments. Also be aware that it will take longer to get your assignments graded during exceptionally busy times for faculty, such as when final exams are being administered in on-campus classes. Allow four weeks for final grades to be reported to the Texas State registrar. Allow additional time for receipt of transcripts. It is your responsibility to know your personal deadlines. Take these into consideration when making your schedule, particularly if you need to complete this course to graduate. Once you have constructed a study schedule, stick to it. Refer to it often to ensure that you are staying on track. If you should fall behind, amend your schedule so that it is still a useful tool for helping you complete the course in a reasonable amount of time.

Doing and Submitting Assignments

Follow assignment directions carefully. If possible, complete your assignments using a computer word processing program. If you do not have access to a computer or need to write out hard-copy assignments, print legibly in ink unless otherwise directed by the instructor. For mathematical work, show all calculations and circle your final answer.

Important Information -- v

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