LGS 254 - Business Law 2

3 credit hours - Three hours weekly; one term.
Examine the legal consequences of a variety of business decisions, including the form of business organization. Explore competing interests of buyers and sellers, creditors and debtors, suppliers and consumers. Study of the Uniform Commercial Code follows a sales transaction from drawing up a contract through financing. Evaluate government regulation of business, stressing antitrust laws, employer-employee relations and securities regulations. Survey estate planning and trusts.

Prerequisite(s): LGS 253 or LGS 253H or BPA 253 or BPA 253H.

Crosslisted: Also offered as LGS 254H ; credit is not given for LGS 254 and also LGS 254H .

Note: Typically offered at MC and OL; fall, spring, and summer terms.

Course Outcomes:

Describe the basic characteristics of proprietorship, partnerships, limited liability companies, and corporations.
Analyze fundamental commercial transactions, and to perceive and resolve the legal issues they involve; e.g., contracts for the sale of goods, negotiable instruments, and security interests.
Recognize the impact of government regulation on business operations and will be able to identify violations of the laws governing restraint of trade, employer-employee relations, securities, and consumer and environmental issues.
Define selected legal rights and responsibilities of creditors and debtors, including consumer protection laws and bankruptcy proceedings.
Describe the requirements for transfer of property through trusts and wills and its disposition at death if no valid will is executed.