Higher Education

MindTap for Essentials of Business Law and the Legal Environment

Author(s): Richard A. Mann | Barry S. Roberts

ISBN: 9781305477155

Edition: 12th

© Year : 2016


Binding: eBook

Imprint : South Western


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Packed with reader-friendly illustrations, ESSENTIALS OF BUSINESS LAW AND THE LEGAL ENVIRONMENT, 12e uses a nontechnical presentation to help your students understand the dynamics of today's legal environment for business. Students learn to effectively apply legal reasoning to cases and legal issues using the Issue, Rule, Application and Conclusion (IRAC) method. In addition to new "Going Global" features that highlight the international aspects of legal issues, the 12th Edition also includes more than 30 recent cases, updated coverage of limited liability companies and suretyship, amendments to UCC Articles, SEC rules on social media, recent U.S. Supreme Court decisions, and much more.

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  • Insightful Illustrations: The text includes more than 220 classroom-tested figures, diagrams, charts, tables, and chapter summaries. The figures and diagrams help students conceptualize the many abstract concepts in the law. Charts and tables summarize prior discussions as well as help illustrate relationships among legal rules. In addition, each chapter has a summary in the form of an annotated outline of the entire chapter, including key terms.
  • Applying the Law: Teach your students how to effectively apply legal reasoning to cases and legal issues using the Issue, Rule, Application and Conclusion (IRAC) method. Students sharpen their skills as each feature depicts a realistic situation that focuses on a single chapter's concept. The "Applying the Law" feature appears in 14 chapters.
  • Practical Advice: Each chapter contains practical advice statements that illustrate how legal concepts can be applied to common business situations.


Chapter 1: Introduction to Law

Nature of Law

Classification of Law

Sources of Law

Legal Analysis

Applying the Law: Introduction to Law


Chapter 2: Business Ethics

Law Versus Ethics

Ethical Theories

Ethical Standards in Business

Ethical Responsibilities of Business



Chapter 3: Civil Dispute Resolution

The Court System


Civil Dispute Resolution

Going Global: What about international dispute resolution?


Chapter 4: Constitutional Law

Basic Principles

Powers of Government

Limitations on Government

Ethical Dilemma: Who Is Responsible for Commercial Speech?


Chapter 5: Administrative Law

Operation of Administrative Agencies

Limits on Administrative Agencies

Ethical Dilemma: Should the Terminally Ill Be Asked to Await FDA Approval of Last-Chance Treatments?

Chapter 6: Criminal Law

Nature of Crimes


White-Collar Crime

Crimes Against Business

Defenses to Crimes

Criminal Procedure

Concept Review: Constitutional Protection for the Criminal Defendant


Chapter 7: Intentional Torts

Harm to the Person

Harm to the Right of Dignity

Harm to Property

Harm to Economic Interests

Ethical Dilemma: What May One Do to Attract Clients from a Previous Employer?


Chapter 8: Negligence and Strict Liability


Strict Liability

Ethical Dilemma: What Are the Obligations of a Bartender to His Patrons?



Chapter 9: Introduction to Contracts

Development of the Law of Contracts 

Definition of Contract

Requirements of a Contract

Classification of Contracts

Promissory Estoppel

Quasi Contracts or Restitution

Business Law in Action


Chapter 10: Mutual Assent

Essentials of an Offer

Duration of Offers

Communication of Acceptance

Variant Acceptances

Business Law in Action


Chapter 11: Conduct Invalidating Assent


Undue Influence


Nonfraudulent Misrepresentation


Concept Review: Conduct Invalidating Assent


Chapter 12: Consideration

Legal Sufficiency

Bargained-for Exchange

Contracts Without Consideration

Business Law in Action


Chapter 13: Illegal Bargains

Violations of Statutes

Violations of Public Policy

Effect of Illegality

Ethical Dilemma: When Is a Bargain Too Hard?


Chapter 14: Contractual Capacity


Incompetent Persons

Intoxicated Persons

Ethical Dilemma: Should a Merchant Sell to One Who Lacks Capacity?


Chapter 15: Contracts in Writing

Statute of Frauds

Parol Evidence Rule

Interpretation of Contracts

Ethical Dilemma: What’s (Wrong) in a Contract?

Chapter 16: Third Parties to Contracts

Assignment of Rights

Delegation of Duties

Third-Party Beneficiary Contracts


Chapter 17: Performance, Breach, and Discharge


Discharge by Performance

Discharge by Breach

Discharge by Agreement of the Parties

Discharge by Operation of Law


Chapter 18: Contract Remedies

Monetary Damages

Remedies in Equity


Limitations on Remedies



Chapter 19: Introduction to Sales and Leases

Nature of Sales and Leases

Formation of Sales and Lease Contracts


Chapter 20: Performance

Performance by the Seller

Performance by the Buyer

Obligations of Both Parties

Ethical Dilemma: Should a Buyer Refuse to Perform a Contract Because a Legal Product May Be Unsafe?


Chapter 21: Transfer of Title and Risk of Loss

Transfer of Title

Risk of Loss

Bulk Sales

Ethical Dilemma: Who Should Bear the Loss?


Chapter 22: Product Liability: Warranties and Strict Liability


Strict Liability in Tort

Ethical Dilemma: When Should a Company Order a Product Recall?


Chapter 23: Sales Remedies

Remedies of the Seller

Remedies of the Buyer

Contractual Provisions Affecting Remedies



Chapter 24: Form and Content


Types of Negotiable Instruments

Formal Requirements of Negotiable Instruments


Chapter 25: Transfer and Holder in Due Course


Holder in Due Course

Ethical Dilemma: What Responsibility Does a Holder Have in Negotiating Commercial Paper?


Chapter 26: Liability of Parties

Contractual Liability

Liability Based on Warranty

Ethical Dilemma: Who Gets to Pass the Buck on a Forged Indorsement?


Chapter 27: Bank Deposits, Collections, and Funds Transfers

Bank Deposits and Collections

Electronic Funds Transfer

Ethical Dilemma: Can Embezzlement Ever Be a Loan?



Chapter 28: Relationship of Principal and Agent

Nature of Agency

Creation of Agency

Duties of Agent to Principal

Duties of Principal to Agent

Termination of Agency

Ethical Dilemma: Is Medicaid Designed to Protect Inheritances?


Chapter 29: Relationship with Third Parties

Relationship of Principal and Third Persons

Relationship of Agent and Third Persons

Ethical Dilemma: When Should an Agent’s Power to Bind His Principal Terminate?



Chapter 30: Formation and Internal Relations of General Partnerships

Choosing A Business Association

Formation of General Partnerships

Relationships Among Partners

Ethical Dilemma: When Is an Opportunity a Partnership Opportunity?


Chapter 31: Operation and Dissolution of General Partnerships

Relationship of Partnership and Partners with Third Parties

Dissociation and Dissolution of General Partnerships Under the RUPA

Dissolution of General Partnerships Under the UPA

Ethical Dilemma: What Duty of Disclosure Is Owed to Incoming Partners?


Chapter 32: Limited Partnerships and Limited Liability Companies

Limited Partnerships

Limited Liability Companies

Other Unincorporated Business Associations

Concept Review: Liability Limitations in LLPs


Chapter 33: Nature and Formation of Corporations

Nature of Corporations

Formation of a Corporation

Recognition or Disregard of Corporateness

Corporate Powers


Chapter 34: Financial Structure of Corporations

Debt Securities

Equity Securities

Dividends and Other Distributors

Concept Review: Liability for Improper Distributions


Chapter 35: Management Structure of Corporations

Corporate Governance

Role of Shareholders

Role of Directors and Officers

Ethical Dilemma: Whom Does a Director Represent? What Are a Director’s Duties?


Chapter 36: Fundamental Changes of Corporations

Charter Amendments



Ethical Dilemma: What Rights Do Minority Shareholders Have?



Chapter 37: Secured Transactions and Suretyship

Secured Transactions in Personal Property


Ethical Dilemma: What Price Is “Reasonable” in Terms of Repossession?


Chapter 38: Bankruptcy

Federal Bankruptcy Law

Creditors’ Rights and Debtors’ Relief Outside of Bankruptcy

Ethical Dilemma: For a Company Contemplating Bankruptcy, When Is Disclosure the Best Policy?



Chapter 39: Securities Regulation

The Securities Act of 1933

The Securities Exchange Act of 1934

Ethical Dilemma: What Information May a Corporate Employee Disclose?


Chapter 40: Intellectual Property

Trade Secrets

Trade Symbols

Trade Names



Ethical Dilemma: Who Holds the Copyright on Lecture Notes?


Chapter 41: Employment Law

Labor Law

Employment Discrimination Law         

Employee Protection

Ethical Dilemma: What (Unwritten) Right to a Job Does an Employee Have?


Chapter 42: Antitrust

Sherman Antitrust Act

Clayton Act

Robinson-Patman Act

Federal Trade Commission Act

Ethical Dilemma: When Is an Agreement Anticompetitive?


Chapter 43: Accountants’ Legal Liability

Common Law

Federal Securities Law

Concept Review: Accountants’ Liability Under Federal Securities Law


Chapter 44: Consumer Protection

State and Federal Consumer Protection Agencies

Consumer Purchases

Consumer Credit Transactions

Creditors’ Remedies

Ethical Dilemma: Should Some Be Protected from High-Pressure Sales?


Chapter 45: Environmental Law

Common Law Actions for Environmental Damage

Federal Regulation of the Environment

Ethical Dilemma: Distant Concerns


Chapter 46: International Business Law

The International Environment

Jurisdiction Over Actions of Foreign Governments

Transacting Business Abroad

Forms of Multinational Enterprises

Ethical Dilemma: Who May Seek Economic Shelter Under U.S. Trade Law?



Chapter 47: Introduction to Property, Property Insurance, Bailments, and Documents of Title

Introduction to Property and Personal Property

Property Insurance

Bailments and Documents of Title

Ethical Dilemma: Who Is Responsible for the Operation of Rental Property?


Chapter 48: Interests in Real Property

Freehold Estates

Leasehold Estates

Concurrent Ownership

Nonpossessory Interests

Applying the Law: Interests in Real Property


Chapter 49: Transfer and Control of Real Property

Transfer of Real Property

Public and Private Controls

Ethical Dilemma: Where Should Cities House the Disadvantaged?


Chapter 50: Trusts and Wills


Decedent’s Estates

Ethical Dilemma: When Should Life Support Cease?



Richard A. Mann, The University of North Carolina at Chapel Hill

Richard A. Mann, J.D., received a B.S. in Mathematics from the University of North Carolina at Chapel Hill and a J.D. from Yale Law School. He is Professor of Business Law Emeritus at the Kenan-Flagler School of Business, University of North Carolina at Chapel Hill, and is past president of the Southeastern Regional Business Law Association. Professor Mann is a member of Who's Who in

America, Who's Who in American Law and the North Carolina Bar (inactive). He has written extensively, covering a number of legal topics, including bankruptcy, sales, secured transactions, real property, insurance law and business associations. Professor Mann has received the American Business Law Journal's award both for the best article and for the best comment and has served as a reviewer and staff editor for the publication. He is a coauthor of SMITH & ROBERSON'S BUSINESS LAW, BUSINESS LAW AND THE REGULATION OF BUSINESS, ESSENTIALS OF BUSINESS LAW AND THE LEGAL ENVIRONMENT and CONTEMPORARY BUSINESS LAW.


Barry S. Roberts, The University of North Carolina at Chapel Hill

Barry S. Roberts, J.D., LL.M., received a B.S. in Business Administration from Pennsylvania State University, a J.D. from the University of Pennsylvania and an LL.M. from Harvard Law School. He served as a judicial clerk for the Pennsylvania Supreme Court prior to practicing law in Pittsburgh. Professor Roberts is Professor Emeritus of Business Law at the Kenan-Flagler School of Business, University of North Carolina at Chapel Hill, and is a member of Who's Who in American Law and the North Carolina and Pennsylvania Bars (inactive). He has written numerous articles on such topics as antitrust, products liability, constitutional law, banking law, employment law and business associations. Professor Roberts has been a reviewer and staff editor for the American Business Law Journal. He is a coauthor of SMITH & ROBERSON'S BUSINESS LAW, BUSINESS LAW AND THE REGULATION OF BUSINESS, ESSENTIALS OF BUSINESS LAW AND THE LEGAL ENVIRONMENT and CONTEMPORARY BUSINESS LAW.