LAWS250 Commercial Law
Department of Business Studies: Paralegal/Law
Course Number and TitleLAWS250 Commercial Law
Number of Credits3 credits
Minimum Number of Instructional Minutes Per Semester2250 minutes
PrerequisitesLAWS100 or LAWS110
Other Pertinent InformationNone
Catalog Course DescriptionAn overview of the areas of law dealing with the commercial or business environment with special emphasis on the sale of personal property, commercial paper, and secured transactions. The course will deal with the principles and practices expressed in the Uniform Commercial Code relating to these areas.
Required Course Content and Direction
- Understand the function and purpose of the documentation used in those areas of law covered under the Uniform Commercial Code.
- Understand the role of the paralegal in a commercial practice including the ethical issues in commercial law practice.
- Understand the procedural and substantive requirements in the buying and selling of personal property.
- Understand the application of state and federal regulations in commercial practice.
- Understand the basic principles of law especially relating to sales, secured transactions and commercial paper.
- Understand the use of the computer in the practice of commercial law.
Planned Sequence of Topics and/or Learning Activities:
- Sales Contracts; Application of Article II of the Uniform Commercial Code; Terns of Sales Contracts; Title to Goods; Risk of Loss.
- Performance of Sales Contracts; Delivery; Inspection and Payment; Acceptance, Rejection and Revocation of Sales Contracts; Rights to Cure, Anticipatory Repudiation.
- Sales Contracts Remedies; Liquidated Damages; Consequential Damages; Incidental Damages, Statute of Limitations; Seller''s Right to Resale; Seller''s Right to Purchase Price; Buyers Right to Cover Damages; Buyer''s Right To Specific Performance.
- Sales Contracts Implied Warranty of Title; Express Warranty of Quality; Implied Warranty of Merchantability; Implied Warranty of Fitness for a particular purpose; Disclaimer of Warranties; Privity of Contract.
- Sales Contacts; Federal Maghvson Moss Warranty Act, Negligence and Product Liability; Defenses; Statutes of Repose.
- Classification of Negotiable Instruments; Concept of Negotiability; Requirements for Negotiability Under Article III of the Uniform Commercial Code; Importance of form in Negotiable Instruments; Concept of Unconditional Promise or Order.
- Transfer and Negotiation of Negotiable Instruments, Concept of A Holder; Order Paper,/Bearer Paper; Endorsement; Elements of Holder in Due Course as required under Article III of the Uniform Commercial Code. Shelter Provision under Article III of the Uniform Commercial Code; Real Defenses and Personal Defenses to Negotiable Instruments; Changes to the Holder in Due Course Law.
- Liability of Parties on Negotiable Instruments; Effect of Agency on Negotiable Instruments; Presentment; Honor; Notice of Dishonor; Transfer Warranties; Presentment Warranties.
- Forgery and Alternation of Negotiable Instruments; Impostor Rule; Fictitious Payee Rule; Discharge of Negotiable Instruments; Bank/Customer Relationship; Postdated Checks; Stop Payment Orders; Certified Checks; Cashier''s Checks; Stale Checks; Same Wrongdoer Rule.
- Secured Transactions Under Article IX of the Uniform Commercial Code; Types of Collateral; Attachment of Security Instrument; The Security Agreement; Perfection of Security Interest, Financing Statement; UCC-l; Perfection by Possession; Purchase Money Security Interest in consumer goods.
- Priorities Among Secured Transactions; Buyer in the ordinary course of business; Bonafide purchaser for value; Default and Remedies; Right to Possession; Sale of Collateral; Strict Foreclosure.
Assessment Methods for Core Learning Goals:
Reference, Resource, or Learning Materials to be used by Students:
- See course outline for required textbook and other supplements.
- Selected readings from periodicals and newspapers
Teaching Methods EmployedMETHOD OF EVALUATING STUDENT PERFORMANCE:
- Major exams
- Written homework assignments
- Class participation
- Preparation of written portfolio items Prepare a set of documents for the sale of personal property with a security interest. Prepare a settlement and post settlement checklist.
- Reading assignments
- Classroom lectures
- Discussion of questions, exercises and problems, cases and projects.
- Audiovisual aids
- Computer exercises
Review/Approval Date - 4/99; Revised 3/05