Course Number: BU271
Course Title: Business Law

STUDENT LEARNING OUTCOMES

General

An introduction to the law of contracts and our legal systems as it relates to agency and employment, property and government regulation. An overview of the basic law and principles of court organization and a survey of tort law as applied to both FSM and the US government is provided. The law of sales and commercial paper is explained in detail.

Specific

The student will be able to:

  1. Define law and describe the legal system and environment of business.
  2. Define sale of goods and distinguish it from a contract to sell.
  3. List the requirements of the statute of frauds for sales and explain exemptions to it.
  4. Explain the importance of determining when title and risk of loss pass.
  5. Specify the warranties which apply to all sellers.
  6. Explain the concept of contracts the contract environment, the legal and illegal agreements.
  7. Distinguish between different types of contracts and describe the termination of contracts.
  8. Identify different types of commercial paper and know their characteristics.
  9. Define the essentials of negotiability, and the delivery requirements of a negotiable instrument.
10. Specify the primary and secondary liability on commercial paper.
11. Identify different types of endorsement, the liabilities and how negotiable instruments may be discharged. Identify the
     responsibilities of a holder of commercial paper.
12. Determine the difference between limited and universal defenses to holders and identify the most important advantages of being a
      holder in due course.
13. Describe the nature of agencies, their creation, and the different types of agency.
14. Identify the responsibilities and liabilities of an agent and principal.
15. Discuss the legal relationship between employer and employee. Identify the liabilities and duties which the employer and the
     employee have toward each other.
16. 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.
17. 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.
18. Describe the legal environment of mortgages such as effects, rights, and trust deeds.
19. Define the rights of both landlord and tenants. Explain the various types of tenants, the rights of leaseholders, and how a lease is
     terminated.
20. Describe a will and normal formalities required of writing a will.