Table Of Content

The Legal Environment and Business Law v. 1.0 This is the bookThe Legal Environment and Business Law(v. 1.0). This book is licensed under aCreative Commonsby-nc-sa 3.0(http://creativecommons.org/licenses/by-nc-sa/ 3.0/)license. See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms. This book was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz (http://lardbucket.org)in an effort to preserve the availability of this book. Normally, the author and publisher would be credited here. However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed. Additionally, per the publisher's request, their name has been removed in some passages. More information is available on this project'sattribution page(http://2012books.lardbucket.org/attribution.html?utm_source=header). For more information on the source of this book, or why it is available for free, please see the project's home page (http://2012books.lardbucket.org/). You can browse or download additional books there. ii Table of Contents About the Authors................................................................................................................. 1 Acknowledgments................................................................................................................. 5 Preface..................................................................................................................................... 6 Chapter 1: Introduction to Law and Legal Systems....................................................... 8 What Is Law?...................................................................................................................................................9 Schools of Legal Thought............................................................................................................................11 Basic Concepts and Categories of US Positive Law...................................................................................17 Sources of Law and Their Priority..............................................................................................................23 Legal and Political Systems of the World..................................................................................................32 A Sample Case...............................................................................................................................................34 Summary and Exercises..............................................................................................................................40 Chapter 2: Corporate Social Responsibility and Business Ethics ............................. 44 What Is Ethics?.............................................................................................................................................46 Major Ethical Perspectives..........................................................................................................................52 An Ethical Decision Model...........................................................................................................................63 Corporations and Corporate Governance..................................................................................................66 Summary and Exercises..............................................................................................................................78 Chapter 3: Courts and the Legal Process ....................................................................... 83 The Relationship between State and Federal Court Systems in the United States...............................85 The Problem of Jurisdiction........................................................................................................................92 Motions and Discovery..............................................................................................................................111 The Pretrial and Trial Phase.....................................................................................................................114 Judgment, Appeal, and Execution............................................................................................................120 When Can Someone Bring a Lawsuit?......................................................................................................124 Relations with Lawyers..............................................................................................................................127 Alternative Means of Resolving Disputes................................................................................................130 Cases............................................................................................................................................................133 iii Chapter 4: Constitutional Law and US Commerce..................................................... 141 Basic Aspects of the US Constitution.......................................................................................................142 The Commerce Clause...............................................................................................................................147 Dormant Commerce Clause.......................................................................................................................154 Preemption: The Supremacy Clause........................................................................................................159 Business and the Bill of Rights..................................................................................................................163 Cases............................................................................................................................................................173 Summary and Exercises............................................................................................................................195 Chapter 5: Administrative Law...................................................................................... 200 Administrative Agencies: Their Structure and Powers.........................................................................201 Controlling Administrative Agencies.......................................................................................................209 The Administrative Procedure Act..........................................................................................................212 Administrative Burdens on Business Operations...................................................................................215 The Scope of Judicial Review....................................................................................................................219 Cases............................................................................................................................................................224 Summary and Exercises............................................................................................................................231 Chapter 6: Criminal Law.................................................................................................. 236 The Nature of Criminal Law......................................................................................................................237 Types of Crimes..........................................................................................................................................240 The Nature of a Criminal Act....................................................................................................................250 Responsibility.............................................................................................................................................254 Procedure....................................................................................................................................................257 Constitutional Rights of the Accused.......................................................................................................260 Cases............................................................................................................................................................264 Summary and Exercises............................................................................................................................271 Chapter 7: Introduction to Tort Law............................................................................. 276 Purpose of Tort Laws.................................................................................................................................277 Intentional Torts........................................................................................................................................283 Negligence..................................................................................................................................................292 Strict Liability.............................................................................................................................................300 Cases............................................................................................................................................................304 Summary and Exercises............................................................................................................................316 Chapter 8: Introduction to Contract Law..................................................................... 320 General Perspectives on Contracts..........................................................................................................321 Sources of Contract Law............................................................................................................................325 Basic Taxonomy of Contracts...................................................................................................................330 Cases............................................................................................................................................................336 Summary and Exercises............................................................................................................................345 iv Chapter 9: The Agreement.............................................................................................. 351 The Agreement in General........................................................................................................................352 The Offer.....................................................................................................................................................355 The Acceptance..........................................................................................................................................366 Cases............................................................................................................................................................372 Summary and Exercises............................................................................................................................380 Chapter 10: Real Assent................................................................................................... 386 Duress and Undue Influence.....................................................................................................................387 Misrepresentation......................................................................................................................................391 Mistake........................................................................................................................................................400 Capacity.......................................................................................................................................................403 Cases............................................................................................................................................................409 Summary and Exercises............................................................................................................................420 Chapter 11: Consideration .............................................................................................. 426 General Perspectives on Consideration...................................................................................................427 Legal Sufficiency........................................................................................................................................430 Promises Enforceable without Consideration.........................................................................................439 Cases............................................................................................................................................................445 Summary and Exercises............................................................................................................................453 Chapter 12: Legality.......................................................................................................... 459 General Perspectives on Illegality............................................................................................................460 Agreements in Violation of Statute.........................................................................................................463 Bargains Made Illegal by Common Law...................................................................................................468 Effect of Illegality and Exceptions............................................................................................................474 Cases............................................................................................................................................................477 Summary and Exercises............................................................................................................................486 Chapter 13: Form and Meaning ..................................................................................... 492 The Statute of Frauds................................................................................................................................493 The Parol Evidence Rule............................................................................................................................505 Interpretation of Agreements: Practicalities versus Legalities............................................................510 Cases............................................................................................................................................................514 Summary and Exercises............................................................................................................................522 v Chapter 14: Third-Party Rights ..................................................................................... 527 Assignment of Contract Rights.................................................................................................................528 Delegation of Duties...................................................................................................................................536 Third-Party Beneficiaries..........................................................................................................................540 Cases............................................................................................................................................................544 Summary and Exercises............................................................................................................................553 Chapter 15: Discharge of Obligations........................................................................... 559 Discharge of Contract Duties....................................................................................................................560 Cases............................................................................................................................................................577 Summary and Exercises............................................................................................................................586 Chapter 16: Remedies....................................................................................................... 592 Theory of Contract Remedies...................................................................................................................593 Promisee’s Interests Protected by Contract............................................................................................595 Legal Remedies: Damages..........................................................................................................................597 Equitable Remedies....................................................................................................................................602 Limitations on Contract Remedies...........................................................................................................607 Cases............................................................................................................................................................616 Summary and Exercises............................................................................................................................628 Chapter 17: Introduction to Sales and Leases............................................................. 634 Commercial Transactions: the Uniform Commercial Code...................................................................635 Introduction to Sales and Lease Law, and the Convention on Contracts for the International Sale of Goods...........................................................................................................................................................639 Sales Law Compared with Common-Law Contracts and the CISG........................................................645 General Obligations under UCC Article 2................................................................................................650 Cases............................................................................................................................................................655 Summary and Exercises............................................................................................................................668 Chapter 18: Title and Risk of Loss................................................................................. 673 Transfer of Title.........................................................................................................................................674 Title from Nonowners...............................................................................................................................681 Risk of Loss..................................................................................................................................................687 Cases............................................................................................................................................................694 Summary and Exercises............................................................................................................................703 vi Chapter 19: Performance and Remedies...................................................................... 709 Performance by the Seller.........................................................................................................................710 Performance by Buyer...............................................................................................................................716 Remedies.....................................................................................................................................................722 Excuses for Nonperformance....................................................................................................................737 Cases............................................................................................................................................................741 Summary and Exercises............................................................................................................................754 Chapter 20: Products Liability ....................................................................................... 763 Introduction: Why Products-Liability Law Is Important.......................................................................764 Warranties..................................................................................................................................................769 Negligence..................................................................................................................................................782 Strict Liability in Tort................................................................................................................................786 Tort Reform................................................................................................................................................795 Cases............................................................................................................................................................799 Summary and Exercises............................................................................................................................810 Chapter 21: Bailments and the Storage, Shipment, and Leasing of Goods........... 818 Introduction to Bailment Law..................................................................................................................819 Liability of the Parties to a Bailment.......................................................................................................825 The Storage and Shipping of Goods.........................................................................................................832 Negotiation and Transfer of Documents of Title (or Commodity Paper).............................................845 Cases............................................................................................................................................................850 Summary and Exercises............................................................................................................................864 Chapter 22: Nature and Form of Commercial Paper................................................. 873 Introduction to Commercial Paper..........................................................................................................874 Scope of Article 3 and Types of Commercial Paper and Parties...........................................................881 Requirements for Negotiability................................................................................................................888 Cases............................................................................................................................................................894 Summary and Exercises............................................................................................................................903 Chapter 23: Negotiation of Commercial Paper........................................................... 909 Transfer and Negotiation of Commercial Paper.....................................................................................910 Indorsements..............................................................................................................................................915 Problems and Issues in Negotiation.........................................................................................................922 Cases............................................................................................................................................................928 Summary and Exercises............................................................................................................................944 vii Chapter 24: Holder in Due Course and Defenses........................................................ 949 Holder in Due Course.................................................................................................................................950 Defenses and Role in Consumer Transactions........................................................................................958 Cases............................................................................................................................................................965 Summary and Exercises............................................................................................................................979 Chapter 25: Liability and Discharge.............................................................................. 984 Liability Imposed by Signature: Agents, Authorized and Unauthorized.............................................985 Contract Liability of Parties......................................................................................................................989 Warranty Liability of Parties....................................................................................................................996 Discharge..................................................................................................................................................1001 Cases..........................................................................................................................................................1006 Summary and Exercises..........................................................................................................................1023 Chapter 26: Legal Aspects of Banking ........................................................................ 1029 Banks and Their Customers....................................................................................................................1030 Electronic Funds Transfers.....................................................................................................................1041 Wholesale Transactions and Letters of Credit......................................................................................1047 Cases..........................................................................................................................................................1054 Summary and Exercises..........................................................................................................................1068 Chapter 27: Consumer Credit Transactions.............................................................. 1073 Entering into a Credit Transaction........................................................................................................1075 Consumer Protection Laws and Debt Collection Practices..................................................................1084 Cases..........................................................................................................................................................1090 Summary and Exercises..........................................................................................................................1100 Chapter 28: Secured Transactions and Suretyship.................................................. 1105 Introduction to Secured Transactions...................................................................................................1106 Priorities...................................................................................................................................................1125 Rights of Creditor on Default and Disposition after Repossession.....................................................1133 Suretyship.................................................................................................................................................1138 Cases..........................................................................................................................................................1146 Summary and Exercises..........................................................................................................................1156 Chapter 29: Mortgages and Nonconsensual Liens ................................................... 1163 Uses, History, and Creation of Mortgages.............................................................................................1164 Priority, Termination of the Mortgage, and Other Methods of Using Real Estate as Security........1171 Nonconsensual Lien.................................................................................................................................1179 Cases..........................................................................................................................................................1183 Summary and Exercises..........................................................................................................................1200 viii Chapter 30: Bankruptcy................................................................................................. 1205 Introduction to Bankruptcy and Overview of the 2005 Bankruptcy Act...........................................1206 Case Administration; Creditors’ Claims; Debtors’ Exemptions and Dischargeable Debts; Debtor’s Estate.........................................................................................................................................................1212 Chapter 7 Liquidation..............................................................................................................................1225 Chapter 11 and Chapter 13 Bankruptcies..............................................................................................1231 Alternatives to Bankruptcy.....................................................................................................................1237 Cases..........................................................................................................................................................1240 Summary and Exercises..........................................................................................................................1251 Chapter 31: Introduction to Property: Personal Property and Fixtures ............ 1257 The General Nature of Property Rights.................................................................................................1258 Personal Property....................................................................................................................................1262 Fixtures.....................................................................................................................................................1269 Case............................................................................................................................................................1273 Summary and Exercises..........................................................................................................................1276 Chapter 32: Intellectual Property................................................................................ 1281 Patents.......................................................................................................................................................1283 Trade Secrets............................................................................................................................................1290 Copyright..................................................................................................................................................1295 Trademarks...............................................................................................................................................1302 Cases..........................................................................................................................................................1307 Summary and Exercises..........................................................................................................................1316 Chapter 33: The Nature and Regulation of Real Estate and the Environment .. 1320 Estates.......................................................................................................................................................1321 Rights Incident to Possession and Ownership of Real Estate..............................................................1326 Easements: Rights in the Lands of Others.............................................................................................1329 Regulation of Land Use............................................................................................................................1333 Environmental Law..................................................................................................................................1341 Cases..........................................................................................................................................................1351 Summary and Exercises..........................................................................................................................1359 Chapter 34: The Transfer of Real Estate by Sale...................................................... 1364 Forms of Ownership.................................................................................................................................1365 Brokers, Contracts, Proof of Title, and Closing.....................................................................................1371 Adverse Possession..................................................................................................................................1388 Cases..........................................................................................................................................................1391 Summary and Exercises..........................................................................................................................1399 ix Chapter 35: Landlord and Tenant Law....................................................................... 1403 Types and Creation of Leasehold Estates...............................................................................................1404 Rights and Duties of Landlords and Tenants........................................................................................1408 Transfer of Landlord’s or Tenant’s Interest..........................................................................................1416 Landlord’s Tort Liability..........................................................................................................................1419 Cases..........................................................................................................................................................1422 Summary and Exercises..........................................................................................................................1428 Chapter 36: Estate Planning: Wills, Estates, and Trusts......................................... 1433 Wills and Estate Administration.............................................................................................................1435 Trusts.........................................................................................................................................................1445 Factors Affecting Estates and Trusts......................................................................................................1451 Cases..........................................................................................................................................................1454 Summary and Exercises..........................................................................................................................1465 Chapter 37: Insurance.................................................................................................... 1469 Definitions and Types of Insurance.......................................................................................................1470 Property Insurance, Liability Insurance, and Life Insurance..............................................................1475 Insurer’s Defenses....................................................................................................................................1483 Case............................................................................................................................................................1486 Summary and Exercises..........................................................................................................................1489 Chapter 38: Relationships between Principal and Agent....................................... 1493 Introduction to Agency and the Types of Agents.................................................................................1494 Duties between Agent and Principal......................................................................................................1505 Cases..........................................................................................................................................................1518 Summary and Exercises..........................................................................................................................1533 Chapter 39: Liability of Principal and Agent; Termination of Agency................ 1538 Principal’s Contract Liability..................................................................................................................1539 Principal’s Tort and Criminal Liability..................................................................................................1545 Agent’s Personal Liability for Torts and Contracts; Termination of Agency.....................................1553 Cases..........................................................................................................................................................1559 Summary and Exercises..........................................................................................................................1571 Chapter 40: Partnerships: General Characteristics and Formation..................... 1576 Introduction to Partnerships and Entity Theory.................................................................................1577 Partnership Formation............................................................................................................................1583 Cases..........................................................................................................................................................1592 Summary and Exercises..........................................................................................................................1605 x

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The Legal Environment and Business Law v. 1.0 This is the bookThe Legal Environment and Business Law(v. 1.0). This book is licensed under aCreative Commonsby-nc-sa 3.0(http://creativecommons.org/licenses/by-nc-sa/ 3.0/)license. See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms. This book was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz (http://lardbucket.org)in an effort to preserve the availability of this book. Normally, the author and publisher would be credited here. However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed. Additionally, per the publisher's request, their name has been removed in some passages. More information is available on this project'sattribution page(http://2012books.lardbucket.org/attribution.html?utm_source=header). For more information on the source of this book, or why it is available for free, please see the project's home page (http://2012books.lardbucket.org/). You can browse or download additional books there. ii Table of Contents About the Authors................................................................................................................. 1 Acknowledgments................................................................................................................. 5 Preface..................................................................................................................................... 6 Chapter 1: Introduction to Law and Legal Systems....................................................... 8 What Is Law?...................................................................................................................................................9 Schools of Legal Thought............................................................................................................................11 Basic Concepts and Categories of US Positive Law...................................................................................17 Sources of Law and Their Priority..............................................................................................................23 Legal and Political Systems of the World..................................................................................................32 A Sample Case...............................................................................................................................................34 Summary and Exercises..............................................................................................................................40 Chapter 2: Corporate Social Responsibility and Business Ethics ............................. 44 What Is Ethics?.............................................................................................................................................46 Major Ethical Perspectives..........................................................................................................................52 An Ethical Decision Model...........................................................................................................................63 Corporations and Corporate Governance..................................................................................................66 Summary and Exercises..............................................................................................................................78 Chapter 3: Courts and the Legal Process ....................................................................... 83 The Relationship between State and Federal Court Systems in the United States...............................85 The Problem of Jurisdiction........................................................................................................................92 Motions and Discovery..............................................................................................................................111 The Pretrial and Trial Phase.....................................................................................................................114 Judgment, Appeal, and Execution............................................................................................................120 When Can Someone Bring a Lawsuit?......................................................................................................124 Relations with Lawyers..............................................................................................................................127 Alternative Means of Resolving Disputes................................................................................................130 Cases............................................................................................................................................................133 iii Chapter 4: Constitutional Law and US Commerce..................................................... 141 Basic Aspects of the US Constitution.......................................................................................................142 The Commerce Clause...............................................................................................................................147 Dormant Commerce Clause.......................................................................................................................154 Preemption: The Supremacy Clause........................................................................................................159 Business and the Bill of Rights..................................................................................................................163 Cases............................................................................................................................................................173 Summary and Exercises............................................................................................................................195 Chapter 5: Administrative Law...................................................................................... 200 Administrative Agencies: Their Structure and Powers.........................................................................201 Controlling Administrative Agencies.......................................................................................................209 The Administrative Procedure Act..........................................................................................................212 Administrative Burdens on Business Operations...................................................................................215 The Scope of Judicial Review....................................................................................................................219 Cases............................................................................................................................................................224 Summary and Exercises............................................................................................................................231 Chapter 6: Criminal Law.................................................................................................. 236 The Nature of Criminal Law......................................................................................................................237 Types of Crimes..........................................................................................................................................240 The Nature of a Criminal Act....................................................................................................................250 Responsibility.............................................................................................................................................254 Procedure....................................................................................................................................................257 Constitutional Rights of the Accused.......................................................................................................260 Cases............................................................................................................................................................264 Summary and Exercises............................................................................................................................271 Chapter 7: Introduction to Tort Law............................................................................. 276 Purpose of Tort Laws.................................................................................................................................277 Intentional Torts........................................................................................................................................283 Negligence..................................................................................................................................................292 Strict Liability.............................................................................................................................................300 Cases............................................................................................................................................................304 Summary and Exercises............................................................................................................................316 Chapter 8: Introduction to Contract Law..................................................................... 320 General Perspectives on Contracts..........................................................................................................321 Sources of Contract Law............................................................................................................................325 Basic Taxonomy of Contracts...................................................................................................................330 Cases............................................................................................................................................................336 Summary and Exercises............................................................................................................................345 iv Chapter 9: The Agreement.............................................................................................. 351 The Agreement in General........................................................................................................................352 The Offer.....................................................................................................................................................355 The Acceptance..........................................................................................................................................366 Cases............................................................................................................................................................372 Summary and Exercises............................................................................................................................380 Chapter 10: Real Assent................................................................................................... 386 Duress and Undue Influence.....................................................................................................................387 Misrepresentation......................................................................................................................................391 Mistake........................................................................................................................................................400 Capacity.......................................................................................................................................................403 Cases............................................................................................................................................................409 Summary and Exercises............................................................................................................................420 Chapter 11: Consideration .............................................................................................. 426 General Perspectives on Consideration...................................................................................................427 Legal Sufficiency........................................................................................................................................430 Promises Enforceable without Consideration.........................................................................................439 Cases............................................................................................................................................................445 Summary and Exercises............................................................................................................................453 Chapter 12: Legality.......................................................................................................... 459 General Perspectives on Illegality............................................................................................................460 Agreements in Violation of Statute.........................................................................................................463 Bargains Made Illegal by Common Law...................................................................................................468 Effect of Illegality and Exceptions............................................................................................................474 Cases............................................................................................................................................................477 Summary and Exercises............................................................................................................................486 Chapter 13: Form and Meaning ..................................................................................... 492 The Statute of Frauds................................................................................................................................493 The Parol Evidence Rule............................................................................................................................505 Interpretation of Agreements: Practicalities versus Legalities............................................................510 Cases............................................................................................................................................................514 Summary and Exercises............................................................................................................................522 v Chapter 14: Third-Party Rights ..................................................................................... 527 Assignment of Contract Rights.................................................................................................................528 Delegation of Duties...................................................................................................................................536 Third-Party Beneficiaries..........................................................................................................................540 Cases............................................................................................................................................................544 Summary and Exercises............................................................................................................................553 Chapter 15: Discharge of Obligations........................................................................... 559 Discharge of Contract Duties....................................................................................................................560 Cases............................................................................................................................................................577 Summary and Exercises............................................................................................................................586 Chapter 16: Remedies....................................................................................................... 592 Theory of Contract Remedies...................................................................................................................593 Promisee’s Interests Protected by Contract............................................................................................595 Legal Remedies: Damages..........................................................................................................................597 Equitable Remedies....................................................................................................................................602 Limitations on Contract Remedies...........................................................................................................607 Cases............................................................................................................................................................616 Summary and Exercises............................................................................................................................628 Chapter 17: Introduction to Sales and Leases............................................................. 634 Commercial Transactions: the Uniform Commercial Code...................................................................635 Introduction to Sales and Lease Law, and the Convention on Contracts for the International Sale of Goods...........................................................................................................................................................639 Sales Law Compared with Common-Law Contracts and the CISG........................................................645 General Obligations under UCC Article 2................................................................................................650 Cases............................................................................................................................................................655 Summary and Exercises............................................................................................................................668 Chapter 18: Title and Risk of Loss................................................................................. 673 Transfer of Title.........................................................................................................................................674 Title from Nonowners...............................................................................................................................681 Risk of Loss..................................................................................................................................................687 Cases............................................................................................................................................................694 Summary and Exercises............................................................................................................................703 vi Chapter 19: Performance and Remedies...................................................................... 709 Performance by the Seller.........................................................................................................................710 Performance by Buyer...............................................................................................................................716 Remedies.....................................................................................................................................................722 Excuses for Nonperformance....................................................................................................................737 Cases............................................................................................................................................................741 Summary and Exercises............................................................................................................................754 Chapter 20: Products Liability ....................................................................................... 763 Introduction: Why Products-Liability Law Is Important.......................................................................764 Warranties..................................................................................................................................................769 Negligence..................................................................................................................................................782 Strict Liability in Tort................................................................................................................................786 Tort Reform................................................................................................................................................795 Cases............................................................................................................................................................799 Summary and Exercises............................................................................................................................810 Chapter 21: Bailments and the Storage, Shipment, and Leasing of Goods........... 818 Introduction to Bailment Law..................................................................................................................819 Liability of the Parties to a Bailment.......................................................................................................825 The Storage and Shipping of Goods.........................................................................................................832 Negotiation and Transfer of Documents of Title (or Commodity Paper).............................................845 Cases............................................................................................................................................................850 Summary and Exercises............................................................................................................................864 Chapter 22: Nature and Form of Commercial Paper................................................. 873 Introduction to Commercial Paper..........................................................................................................874 Scope of Article 3 and Types of Commercial Paper and Parties...........................................................881 Requirements for Negotiability................................................................................................................888 Cases............................................................................................................................................................894 Summary and Exercises............................................................................................................................903 Chapter 23: Negotiation of Commercial Paper........................................................... 909 Transfer and Negotiation of Commercial Paper.....................................................................................910 Indorsements..............................................................................................................................................915 Problems and Issues in Negotiation.........................................................................................................922 Cases............................................................................................................................................................928 Summary and Exercises............................................................................................................................944 vii Chapter 24: Holder in Due Course and Defenses........................................................ 949 Holder in Due Course.................................................................................................................................950 Defenses and Role in Consumer Transactions........................................................................................958 Cases............................................................................................................................................................965 Summary and Exercises............................................................................................................................979 Chapter 25: Liability and Discharge.............................................................................. 984 Liability Imposed by Signature: Agents, Authorized and Unauthorized.............................................985 Contract Liability of Parties......................................................................................................................989 Warranty Liability of Parties....................................................................................................................996 Discharge..................................................................................................................................................1001 Cases..........................................................................................................................................................1006 Summary and Exercises..........................................................................................................................1023 Chapter 26: Legal Aspects of Banking ........................................................................ 1029 Banks and Their Customers....................................................................................................................1030 Electronic Funds Transfers.....................................................................................................................1041 Wholesale Transactions and Letters of Credit......................................................................................1047 Cases..........................................................................................................................................................1054 Summary and Exercises..........................................................................................................................1068 Chapter 27: Consumer Credit Transactions.............................................................. 1073 Entering into a Credit Transaction........................................................................................................1075 Consumer Protection Laws and Debt Collection Practices..................................................................1084 Cases..........................................................................................................................................................1090 Summary and Exercises..........................................................................................................................1100 Chapter 28: Secured Transactions and Suretyship.................................................. 1105 Introduction to Secured Transactions...................................................................................................1106 Priorities...................................................................................................................................................1125 Rights of Creditor on Default and Disposition after Repossession.....................................................1133 Suretyship.................................................................................................................................................1138 Cases..........................................................................................................................................................1146 Summary and Exercises..........................................................................................................................1156 Chapter 29: Mortgages and Nonconsensual Liens ................................................... 1163 Uses, History, and Creation of Mortgages.............................................................................................1164 Priority, Termination of the Mortgage, and Other Methods of Using Real Estate as Security........1171 Nonconsensual Lien.................................................................................................................................1179 Cases..........................................................................................................................................................1183 Summary and Exercises..........................................................................................................................1200 viii Chapter 30: Bankruptcy................................................................................................. 1205 Introduction to Bankruptcy and Overview of the 2005 Bankruptcy Act...........................................1206 Case Administration; Creditors’ Claims; Debtors’ Exemptions and Dischargeable Debts; Debtor’s Estate.........................................................................................................................................................1212 Chapter 7 Liquidation..............................................................................................................................1225 Chapter 11 and Chapter 13 Bankruptcies..............................................................................................1231 Alternatives to Bankruptcy.....................................................................................................................1237 Cases..........................................................................................................................................................1240 Summary and Exercises..........................................................................................................................1251 Chapter 31: Introduction to Property: Personal Property and Fixtures ............ 1257 The General Nature of Property Rights.................................................................................................1258 Personal Property....................................................................................................................................1262 Fixtures.....................................................................................................................................................1269 Case............................................................................................................................................................1273 Summary and Exercises..........................................................................................................................1276 Chapter 32: Intellectual Property................................................................................ 1281 Patents.......................................................................................................................................................1283 Trade Secrets............................................................................................................................................1290 Copyright..................................................................................................................................................1295 Trademarks...............................................................................................................................................1302 Cases..........................................................................................................................................................1307 Summary and Exercises..........................................................................................................................1316 Chapter 33: The Nature and Regulation of Real Estate and the Environment .. 1320 Estates.......................................................................................................................................................1321 Rights Incident to Possession and Ownership of Real Estate..............................................................1326 Easements: Rights in the Lands of Others.............................................................................................1329 Regulation of Land Use............................................................................................................................1333 Environmental Law..................................................................................................................................1341 Cases..........................................................................................................................................................1351 Summary and Exercises..........................................................................................................................1359 Chapter 34: The Transfer of Real Estate by Sale...................................................... 1364 Forms of Ownership.................................................................................................................................1365 Brokers, Contracts, Proof of Title, and Closing.....................................................................................1371 Adverse Possession..................................................................................................................................1388 Cases..........................................................................................................................................................1391 Summary and Exercises..........................................................................................................................1399 ix Chapter 35: Landlord and Tenant Law....................................................................... 1403 Types and Creation of Leasehold Estates...............................................................................................1404 Rights and Duties of Landlords and Tenants........................................................................................1408 Transfer of Landlord’s or Tenant’s Interest..........................................................................................1416 Landlord’s Tort Liability..........................................................................................................................1419 Cases..........................................................................................................................................................1422 Summary and Exercises..........................................................................................................................1428 Chapter 36: Estate Planning: Wills, Estates, and Trusts......................................... 1433 Wills and Estate Administration.............................................................................................................1435 Trusts.........................................................................................................................................................1445 Factors Affecting Estates and Trusts......................................................................................................1451 Cases..........................................................................................................................................................1454 Summary and Exercises..........................................................................................................................1465 Chapter 37: Insurance.................................................................................................... 1469 Definitions and Types of Insurance.......................................................................................................1470 Property Insurance, Liability Insurance, and Life Insurance..............................................................1475 Insurer’s Defenses....................................................................................................................................1483 Case............................................................................................................................................................1486 Summary and Exercises..........................................................................................................................1489 Chapter 38: Relationships between Principal and Agent....................................... 1493 Introduction to Agency and the Types of Agents.................................................................................1494 Duties between Agent and Principal......................................................................................................1505 Cases..........................................................................................................................................................1518 Summary and Exercises..........................................................................................................................1533 Chapter 39: Liability of Principal and Agent; Termination of Agency................ 1538 Principal’s Contract Liability..................................................................................................................1539 Principal’s Tort and Criminal Liability..................................................................................................1545 Agent’s Personal Liability for Torts and Contracts; Termination of Agency.....................................1553 Cases..........................................................................................................................................................1559 Summary and Exercises..........................................................................................................................1571 Chapter 40: Partnerships: General Characteristics and Formation..................... 1576 Introduction to Partnerships and Entity Theory.................................................................................1577 Partnership Formation............................................................................................................................1583 Cases..........................................................................................................................................................1592 Summary and Exercises..........................................................................................................................1605 x

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