LGS 253 - Business Law 1

3 credit hours - Three hours weekly; one term.
Study basic principles of law and their impact on common business transactions. Explore sources of law, the judicial system, a wrongdoer’s liability for harm to society (crimes) and to the injured party (torts), the formation and performance of contracts, the ownership and transfer of personal and real property, principals and their agents and factors to be considered in choosing the form of a business (partnership and corporations) to be organized.

Note: Also offered as LGS 253H ; credit is not given for LGS 253 and also LGS 253H . Typically offered at MC, AM, and OL; fall, spring, and summer terms.

Course Outcomes:

Analyze a hypothetical fact situation and to identify the basic legal issues involved.
Support their conclusions regarding the probable outcome of these issues by presenting logical arguments based on relevant principles of law.
Define the legal terminology common to the subject areas covered in the course.
Describe the procedures for resolving legal disputes.