To be well-prepared for this advanced set of business law exam questions, students should have a thorough understanding of various foundational and specialized areas in business law. Here is a list of prerequisites that would help students tackle these questions confidently:
1. Basics of Contract Law
- Key Concepts: Offer, acceptance, consideration, legality, and capacity.
- Specific Doctrines: Statute of Frauds, enforceability, void vs. voidable contracts, and breach of contract.
- Remedies: Understand different types of remedies (damages, specific performance, etc.) and concepts like promissory estoppel.
2. Business Organization Types
- Types of Business Entities: Differences between sole proprietorships, partnerships, LLCs, S Corporations, and C Corporations.
- Taxation and Liability: Pass-through taxation, double taxation, limited vs. unlimited liability.
- Formation and Dissolution: Key steps in creating and dissolving different entities, including articles of incorporation and by-laws.
3. Employment Law Fundamentals
- Employment Discrimination: Understanding the Civil Rights Act (Title VII), the ADA, and ADEA.
- Fair Labor Standards Act (FLSA): Minimum wage, overtime pay, and exemptions.
- Employee vs. Independent Contractor: Differences in classification and implications under employment law.
4. Intellectual Property Law
- Types of Intellectual Property: Patents, trademarks, copyrights, and trade secrets.
- Protection and Enforcement: How these rights are obtained, maintained, and enforced, as well as infringement implications.
5. Regulatory Compliance and Consumer Protection
- Antitrust Laws: Sherman Act, Clayton Act, and Federal Trade Commission (FTC) regulations.
- Securities Law: Securities Act of 1933, Securities Exchange Act of 1934, and Sarbanes-Oxley Act.
- Consumer Protection: Fair Debt Collection Practices Act (FDCPA), Truth in Lending Act, and Fair Credit Reporting Act.
6. Bankruptcy Law Basics
- Types of Bankruptcy: Chapter 7, Chapter 11, and Chapter 13 bankruptcy.
- Priority of Creditors: Understanding the order in which creditors are paid during bankruptcy.
- Dischargeable vs. Non-dischargeable Debts: Recognize debts that can be eliminated in bankruptcy.
7. Environmental and Health & Safety Regulations
- Environmental Protection Laws: Clean Air Act, CERCLA (Superfund), and Clean Water Act.
- Occupational Safety and Health Act (OSHA): Employer responsibilities in maintaining a safe workplace and regulations for hazardous materials.
8. Commercial Transactions Under the Uniform Commercial Code (UCC)
- Sales and Lease Contracts: Understanding Article 2 and Article 2A of the UCC.
- Warranties and Risk of Loss: Express and implied warranties, risk of loss provisions.
- Secured Transactions: Basics of secured credit and the priority of liens.
9. Corporate Governance and Fiduciary Duties
- Roles and Duties of Corporate Officers and Directors: Fiduciary duties, including the duty of care and duty of loyalty.
- Sarbanes-Oxley Act: Key compliance requirements, including whistleblower protections and financial disclosure.
10. Tort Law Related to Business
- Types of Torts: Negligence, strict liability, product liability, and defamation.
- Business-Related Torts: Misrepresentation, interference with contractual relations, and unfair competition.
11. Insurance and Risk Management
- Business Insurance: Types of insurance relevant to businesses (liability, property, workers’ compensation).
- Risk Mitigation: Basic strategies for managing risk within a business context.
