Law and Contracts
Managers must have an understanding of the legal environment in which business enterprises must operate. This course stresses those aspects of the law that are essential to the decision making process and the operation of a business. The basis of constitutional law and the operation of the legal system are explained. The difference between civil and criminal law and the methods of resolving disputes are covered. A major emphasis is placed on contract law both in private transactions employing the Uniform Commercial Code, and in federal, state, and local contracts which are subject to the various statutes, regulations and procedures governing public agencies.
Course Learning Outcomes
Examine the sources of law (common law/case law, constitutional law, statutes, and administrative law) as well as differentiating and distinguishing the differing schools of jurisdictional thought and the significance of “uniform laws” such as the Uniform Commercial Code.
Synthesize the concept and interpret the significance of the doctrine of stare decisis and differentiate that concept from the various other methodologies of legal reasoning.
Differentiate between remedies at law versus remedies in equity and synthesize when a court is willing to grant an equitable remedy versus a legal remedy and list the various types of equitable remedies.
Examine and evaluate the significance of enabling legislation.
Distinguish between causation in fact and proximate cause as well as identify and discuss the significance of foreseeability.
Develop an example reflecting application of the objective theory of contracts.
Distinguish and differentiate between the “mail box rule” and the “mirror image rule.”
Restate and identify the significance of the Statute of Frauds as well as conclude and synthesize which contracts fall within its purview.
Define and state the significance of the UCC’s important terms including a good, merchant, firm offer, predominant factor test, requirements contract, outputs contract, course of dealing and trade practice, and explain the role of good faith within the U.C.C. and the differing requirements that it imposes on merchants versus nonmerchants.
Define and explain the significance of the perfect tender rule and state its exceptions including cure, installment contracts and commercial impracticability (whole and partial).
Identify the various ways an agency can be created.
Explain the significant provisions of the National Environmental Policy Act, the Clean Air Act, the Clean Water Act, the RCRA and the purpose behind and any exemptions of the Marine Protection, Research and Sanctuaries Act of 1972.
Define and summarize the key characteristics of a sole proprietorship and explain why it is so common.
Compare and contrast the legal principles inherent in agency versus partnership law and a merger versus a consolidation.
Distinguish and differentiate between a corporation’s express versus implied powers.