Business Law: An Introduction - Questions & Answers, Summaries of Economics

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Business Law: An

Introduction

by

TheBusinessProfessor.com

Authors : Jason M. Gordon, JD, MBA, LLM

& colleagues

BusinessProfessor, Inc., a 501(c)(3) - Nonprofit

Dear Students, If you are reading this introduction, you are either interested in or forced to learn about the legal environment of business practice. It is our hope that this text makes your learning path easier to navigate. This text is for you. We welcome your comments and feedback in hopes of making this a stronger learning tool. Before beginning, you may want to know a bit more about the background and purpose of this text. This text began with the objective of providing learning material to individuals who otherwise lack the means or resources to purchase more expensive text or video resources. Specifically, the purpose of this text was to ease the financial burden on college students taking business law courses. While maintaining this mission, the project quickly expanded into a comprehensive approach to teaching general business-law topics that lays the groundwork for a new model for higher education. Specifically, the text employs numerous pedagogical techniques to effectively transmit information to the lector. The methods of communication include text, video lectures, defined vocabulary, situational examples, discussion questions, practice questions with video explanation, appellate case references (briefs and recommended full-text cases), and content outlines. The text flips the traditional classroom teaching model by introducing the material in a fashion that reinforces the underlying learning objectives in multiple ways. This project has grown far beyond the ability of a single individual to maintain. It now includes (or will soon include) the contributions of many talented educators and legal professionals. It is their generosity and creativity that makes this project possible. We will work to provide you with the most comprehensive and diverse legal text available for your introduction to business law. While this text has become a stand-along learning resource, it is most effective when used in conjunction with classroom discussion and lecture. Classroom lecturers can spend time elaborating on legal concepts, introducing current events that implicate legal principles, and digging deeper into the philosophy and beliefs that underpin the legal system. We hope that you use this material to better your understanding of the law and business. Best wishes, Jason M. Gordon, JD, MBA, LLM Director of BusinessProfessor, Inc.

Overview

Access to Text - All of this material in this text is available in desktop and mobile browser or PDF format at TheBusinessProfessor.com.

• Note : This PDF document allows you to expand the Table of Contents on the left-hand side of the page. You can easily search, bookmark, highlight, and underline the text material.

Summary of Content

The material in this text is organized into subject-matter topics. Each topic is delivered as follows:

- Chapter Overview - Each chapter begins with a high-level overview of what you will learn about in the chapter. The video explanation briefly introduces the key topics and explains how they come together to provide a cohesive legal structure. This provides students with a holistic view of the material they will experience in the following section. Presenting a high-level overview prior to diving into specific concepts has been shown to aid learns in connecting material and increase proficiency. After watching the video, student should review the key concepts and ask yourself if you recognize or understand these concepts. - Questions and Answers - Each concept is presented as question and explanatory answer. This method is known as “chunking”. It isolates key concepts and drives student comprehension. The explanation will generally include a simple example of the concept. Following the explanation of the concept, in the grey-highlighted areas, you will find discussion questions, practice questions, and resource videos. The resource video is a 1 to 6 - minute video containing lecture and powerpoint presentation of the concept. ⁃ Discussion Question : The discussion question is designed to help you think about the conceptual underpinnings of the covered concept. ⁃ Practice Question : The practice question is a sample of a type of question you may see on an exam that tests the covered concept. It includes a video explanation of the question and an acceptable answer. ⁃ Resource Video : The resource video is short video lecture explaining the concept along with PowerPoint slides. This is very useful if you did not fully understand the reading material. - Review Outline - The review outline provides a summary of the material presented in the chapter. It allows students to test their familiarity of the material by presenting key words and short statements that should spark the student’s memory of the extended explanation of the material. Students can print this material for class and handwrite notes from the classroom discussion of the topic. Handwriting has been shown to increase information recall far better than typing notes.

• PowerPoint Slides - All of the powerpoint slides used in the Chapter Overview and Questions and Answers are available for download. Professors may integrate these slides into classroom lectures and students can use these

slides a study aids.

Recommended Teaching Methods

Pre-session Assignment and Preparation - Provide students with the dynamic text material prior to class. Students should be instructed to begin by watching the chapter overview video, which provides a holistic overview of the entire chapter. The video sets the stage for what students will learn. Students should then have a quick view of the key concepts that will be covered in the chapter. The students should then read the material, which is structure in a question and answer format. After reading the material, students should immediately read the theoretical discussion question and the practice question. Students do not attempt the questions at this point. The practice question engages the student as to how the material applies to a real-life problem; while, the discussion question explores the theoretical underpinnings of the law and seeks to invoke and emotional reaction and opinion. The student should watch the resource video. Each resource video is 2- minutes long and is a recording of the lecturer teaching the relevant topic from PowerPoint slides. This reinforces the short reading section and questions. The students repeat this process for every question in the topic material. In-Class Session - When students arrive to the class, begin the class with a 10 minute recitation of the chapter overview. At this point, students can ask general questions about the material. You may proceed to choose question from the material at random. Call on students to briefly read the question and provide her answer (1-3 minutes). Allow other students to add to the answer. Then reference a specific aspect of the discussion question and ask for volunteers. Students should now have formed an opinion on the matter and readily volunteer to voice that opinion. Done correctly, this should engages a discussion (2-10 minutes). Proceed with this method for the more challenging topics throughout the class session. Students are active and engaged (and often passionate in their involvement) throughout the entire session. The instructor should serve as a guide through the material and discussion moderator. Students are then instructed to review the study outline to make certain they fully understand all concepts. The outline is constructed to allows students to quickly read the outline and determine if they have a firm grasp of the material.

Recommended Methods of Evaluation

Homework Assessment - Following the in-class activity, students are required to individually attempt an answer to the undiscussed practice questions. Students upload their attempts to an electronic system (D2L or Blackboard). Release a video explanation of each question along with the assignment. Students may use this in answering the question; but encourage them to attempt the question without reviewing the explanation first. Evaluate the student’s attempt rather than grade the detailed content of the effort. More specifically, look to see that the student has identified the legal attribute that applies to the situation. Do not judge whether the student has arrived at a legally accurate conclusion. This incentivizes students to not just copy my explanation in an effort to record the correct answer; rather, students can test themselves to see if they can identify the legal principles. Examination - The recommended examination method consists of a combination of hybrid multiple-choice questions and short answers. The multiple-choice format is to choose the best answer of A, B, C, All of the Above, or None of the Above. Students have the opportunity to treat any multiple-choice question as a short-answer question. There is no limit (other than time) on the student’s ability to make this election. This allows me to cover a breadth of topics while also allowing students to demonstrate conceptual understanding beyond simple answer recognition. This reinforces the class objectives of demonstrating understanding.

Table of Contents

Topic 1: Legal Theory & Foundations

Topic 2: US Constitution

Topic 3: Court System

Topic 4: Administrative Law

Topic 5: Criminal Law & Procedure

Topic 6: Civil Litigation Procedure

Topic 7: Alternative Dispute Resolution

Topic 8: The Property System

Topic 9: Tort Law

Topic 10: Contract Law

Topic 11: Agency & Liability

Topic 12: Business Entities

Topic 13: Corporate Governance

Topic 14: Securities Law

Topic 15: Employment Laws

Topic 16: Employment Discrimination

Topic 17: Consumer Protection

Topic 18: Antitrust Law

Topic 19: Secured Transactions

Topic 20: Commercial Paper

Topic 21: Bankruptcy

Topic 22: Environmental Law

Topic 23: Intellectual Property

Topic 24: Insurance Law

Topic 25: International Law

Table of Questions

Topic 1: Legal Theory & Foundations

1. What is “law”?
2. What is “jurisprudence”?
3. When is a state economically strong or weak and what is the role of law in this determination?
4. What is the “rule of law”?
5. What is “property law” (or property rights)?
6. What is “ownership”?
7. Why would a system establish ownership of property rights?
8. How does law or the legal system protect or promote property rights?
9. What are the “common law” and “civil law” systems?
10. What is the difference between “public law” and “private law”?
11. What is “civil law” and “criminal law”?
12. What is “substantive law” and “procedural law”?
13. What are the sources of federal, state, and local law?
14. What is the role of the judiciary in the legal system?
15. What effect does the legal recognition of business entities have on the conduct of business?

Topic 2: US Constitution

1. What is included in the US Constitution?
2. What is the “Separation of Powers”?
3. What is “Federalism”?
4. What is the “Supremacy Clause” and “Preemption”?
5. What is the “Full Faith and Credit Clause”?
6. What is the “Privileges and Immunities Clause”?
7. What is the “Commerce Clause”?
8. What is the “Taxing and Spending Power”?
9. What is the “Contract Clause”?
10. What is the “1 st^ Amendment”?
11. What are the “Establishment Clause” and “Free Exercise Clauses”?
12. How does freedom of religion affect business practice?
13. What conduct is protected pursuant to the 1 st^ Amendment’s assurance of “freedom of speech”?
14. What type of speech is either not protected or receives limited protection?
15. What is “overbreadth” or an “overbroad” law affecting freedom of speech?
16. What is the “Freedom of Press” granted under the 1 st^ Amendment?
17. What is the “Freedom of Assembly”?
18. What is the 5 th^ Amendment to the Constitution?
19. What is “Due Process” of Law?
20. What is the 14 th^ Amendment’s Due Process Clause - “Incorporation Doctrine” and “Equal Protection Clauses”?

1. What is “criminal law”?
2. What are the elements of a crime?
3. What are the classifications of criminal conduct? CRIMINAL LAW PROCESS
4. What is the process for initiating and processing criminal charges against a defendant?
5. What is the process for executing an arrest?
6. How does the government initiate criminal charges?
7. What is the “initial appearance” and the “arraignment”? CONSTITUTIONAL PROTECTIONS IN CRIMINAL LAW PROCESS
8. What protections does the 4 th^ Amendment provide to individuals subject to criminal charges?
9. What protections does the 5 th^ Amendment provide to individuals subject to criminal charges?
10. What protections does the 6 th^ Amendment provide to individuals subject to criminal charges?
11. What protections does the 8 th^ Amendment provide to individuals subject to criminal charges?
12. What are some common crimes involving the property of others?
13. What type of activity constitutes fraud?
14. How does “good faith” affect fraud?
15. What are some common types of business fraud?
16. What is the crime of “Conspiracy”?
17. What is the crime of “Obstruction of Justice”?
18. What is the crime of providing a “False Statement”?
19. What is “Aiding and Abetting” criminal activity? WHITE COLLAR AND BUSINESS CRIMES
20. What is a “White-collar Crime”?
21. What are crimes directed at conduct endangering workers?
22. What is bribery and other illegal payments (kickbacks)?
23. What is the “Racketeer Influenced and Corrupt Organizations Act” (RICO)?
24. What is the “False Claims Act”?
25. What is the “Sarbanes-Oxley Act”?
26. What is a “Cyber Crime”?
27. What defenses exist to criminal conduct? THEORIES OF CRIMINAL PUNISHMENT
28. What types of punishment exist for criminal activity?
29. What are the theories for criminal punishment?
30. What are the “Federal Sentencing Guidelines”?

Topic 6: Civil Litigation Procedure

1. What is a “civil lawsuit” or “civil action”?
2. Who are the “parties” to a lawsuit?
3. What is “standing” to sue in a civil trial?
4. What is “personal jurisdiction” in a civil suit?
5. What is a “class action” lawsuit?
6. What are “pleadings” in a civil lawsuit?

7. What is “discovery” in a civil lawsuit and how is it used?
8. What is the “scope of discovery” in a civil lawsuit?
9. What are “motions” and how are they used in a civil lawsuit?
10. What is a “frivolous case” and how are such cases regulated?
11. What is the process for selecting a jury (“jury selection”) in a civil case?
12. What is the general process or steps involved in a civil trial?
13. What is the “burden of proof” in a civil trial?
14. How is a civil trial decided?
15. What is “joint and several liability”?
16. What is the process and procedure for appealing (“appeal”) the decision in a civil trial?
17. How does a party enforce a civil judgment?
18. What is “ res judicata” in civil trials?

Topic 7: Alternative Dispute Resolution

1. What is “settlement” of a legal dispute?
2. What is “Alternative Dispute Resolution” (ADR)?
3. What are the advantages of using ADR to resolve disputes? MEDIATION
4. What is “Mediation”?
5. What are the advantages and disadvantages of mediation?
6. How do the parties initiate mediation?
7. What are the procedures for carrying out mediation?
8. Challenging the mediation agreement? ARBITRATION
9. What is “Arbitration”?
10. What are the advantages and disadvantages of arbitration?
11. How do the parties initiate arbitration?
12. What are the procedures for carrying out an arbitration?
13. What rules govern the arbitration process?
14. Challenging the “arbitration award”?
15. How are arbitration awards enforced?

Topic 8: The Property System

1. What is “Property”?
2. What is the role of government with regard to individual ownership of property?
3. How are property rights linked to economic activity?
4. How do individuals acquire an “ownership” interest in property?
5. How is an ownership interest transferred between individuals? OWNERSHIP INTERESTS IN REAL PROPERTY
6. How do individuals establish and document an ownership interest in real property?
7. What is a “fee simple” interest in real property?
8. What is a “life estate” interest in real property?

24. What are “punitive damages”?

Topic 10: Contract Law

1. What is a “contract”?
2. What are the sources of contract law?
3. What are “unilateral contracts” and “bilateral contracts”?
4. What are “express contracts”, “implied-in-fact contracts”, and “implied-in-law contracts”?
5. What are “valid contracts”, “enforceable contracts”, “void contracts”, and “voidable contracts”? CONTRACT FORMATION
6. What elements are required to form a valid contract?
7. What constitutes an “offer” to contract?
8. When does an offer to contract terminate?
9. What is “acceptance” of an offer?
10. What is “consideration” in the context of contract formation? ENFORCEABLE, VOID, & VOIDABLE AGREEMENTS
11. What is “mental capacity” to contract?
12. What is the requirement that a contract have a “lawful purpose”?
13. What common situations give rise to a voidable contract?
14. When is a contract required to be in writing?
15. What type of writing is required to satisfy the “statute of frauds”?
16. What exceptions exist to the requirement that a contract be in writing to be enforceable? INDIVIDUALS WITH RIGHTS UNDER THE CONTRACT
17. Who are the beneficiaries of the contract?
18. What is “assignment” and “delegation” of contracts? CONTRACT PERFORMANCE
19. When is a party relieved from her obligations under a contract?
20. What are “executed contracts” and “executory contracts”?
21. What is performance of a contract?
22. What is performance of a “divisible contract”? RELIEF FROM DUTIES UNDER THE CONTRACT
23. What situations relieve individuals from performing her duties under a contract?
24. What are “conditions” upon the duty to perform a contract?
25. What are the conditions regarding payment, delivery, and tender of performance?
26. What are “impossibility”, “impracticability”, and a “supervening frustration of purpose” of a contract?
27. What is “waiver” or “release” from a contract? BREACH OF CONTRACT
28. What is a “breach of contract”?
29. What methods exist for resolving a breach of a contract?
30. What remedies exist for breach of a contract?
31. What is “efficient breach”? INTERPRETING A CONTRACT
32. What rules or standards do courts apply when interpreting contracts?

33. What is the “Parol Evidence Rule”?
34. What is a “complete integration” and “partial integration”?
35. When does the parol evidence rule not bar the consideration of extrinsic evidence to a contract?
36. What is a “patent ambiguity” and “latent ambiguity”?

Topic 11: Agency & Liability

1. What is “agency”?
2. What are the types of agent?
3. What is the agency status of an employee as compared to an independent contractor?
4. What are the types of principal?
5. What is required to form a principal-agent relationship?
6. What are the duties of a principal?
7. What are the duties of an agent?
8. To what extent is a principal bound in contract by the actions of the agent?
9. To what extent are agents liable in contract to third parties and to the principals they represent?
10. To what extent are principals liable for the torts committed by agents?
11. What is a “frolic and detour”?
12. When and how does the agency relationship terminate?

Topic 12: Business Entities

1. What are “business entities”?
2. Why is studying business entities important?
3. What is the difference between a “closely-held company” and a “publicly-held company”?
4. What are the main types of business entities?
5. What are the main characteristics of a particular business entity?
6. What is “creation” of a business entity?
7. What are the “maintenance” requirements for a business entity?
8. What is “continuity” of a business entity?
9. What is the “ownership structure” for a business entity?
10. What is “control” over a business entity?
11. What is the potential “personal liability” of owners of a business entity?
12. How is an owner of a business “compensated”?
13. How are business entities “taxed”?
14. What are the major characteristics of a “sole proprietorship”?
15. What are the major characteristics of a “general partnership”?
16. What is a “joint venture”?
17. What are the major characteristics of a “limited partnership”?
18. What are the main characteristics of a “limited liability partnership”?
19. What are the main characteristics of a “limited liability company”?
20. What are the main characteristics of a “corporation”?
21. What are the requirements to qualify as an “S corporation”?

35. How does competition for authority within the corporation give rise to issues in corporate governance?
36. What is a “hostile takeover” and what effect does it have upon corporate governance?
37. How does the alignment of benefits and interests cause corporate governance issues?

Topic 14: Securities Law

1. What are “securities laws”?
2. What is a “security”?
3. What qualifies as an “investment contract”?
4. What are the primary security laws?
5. What are the regulatory goals of security laws?
6. What is the “Securities and Exchange Commission” (SEC)? BUSINESS FINANCING AND PUBLIC OFFERINGS
7. What is an “initial public offering”?
8. What is a “direct public offering”? THE SECURITIES ACT OF 1933
9. What is an “offer” to sell securities?
10. Who are the parties regulated in an offer to sell securities?
11. What are the primary disclosure documents required in a offer to sell securities?
12. What is an issuer allowed to do during each stage of the registration process?
13. How are issuers of securities classified for purposes of the registration and offering process?
14. What is an issuer allowed to do during the “Pre-Filing Period” (and the exceptions)?
15. What are the limitations on an issuer during the “Post-Filing Waiting Period”?
16. What is an issuer allowed to do during the “Post-Effective Period”?
17. What is an “Emerging Growth Company” and why is it important?
18. What type of information must an issuer disclose?
19. What laws govern the mechanics of disclosure of information in a securities offering? EXEMPTIONS FROM ’33 ACT REGISTRATION REQUIREMENT
20. What are “exempt securities” and “exempt transactions”?
21. What are “restricted securities”?
22. What is a “Section 3 exemption” from registration under the ’33 Act?
23. What is “Rule 147” and how does it relate to a Section 3 exemption?
24. What is a “Section 4” exemption from registration under the ’33 Act?
25. What is a “Regulation A” exemption?
26. What are “Regulation D exemptions”?
27. What is a Rule 504 “small offerings exemption”?
28. What is a Rule 505 “small offerings” exemption?
29. What is a “Rule 506” exemption?
30. What is a “Rule 502(d)” and “Rule 144 Safe Harbor”?
31. What are the general information disclosure requirements for companies seeking an exemption from registration?
32. What is the requirement to file “Form D”?
33. What is the effect of failing to register an offering under Section 5 and failing to perfect an exemption to the

registration requirement?

34. What is “crowdfunding” and how is it affected by securities registration laws? LIABILITY UNDER THE SECURITIES EXCHANGE ACT OF 1933
35. What is civil liability under “Section 11” of the ’33 Act?
36. What is civil liability under “Section 12” of the ’33 Act?
37. What defenses exist for issuers with potential liability under Sections 11 and 12 of the 33’ Act?
38. What is liability under “Section 17” of the ’33 Act?
39. What is the potential criminal liability for violations of ’33 Act? THE SECURITIES EXCHANGE ACT OF 1934
40. When must a company register with the Securities Exchange Commission pursuant to the ’34 Act?
41. What disclosures are required of registered companies under the ’34 Act? LIABILITY UNDER THE SECURITIES EXCHANGE ACT OF 1934
42. What is liability under “Section 10(b)” and “Rule 10(b)(5)” of the 1934 Act?
43. What is “insider trading” under Rule 10(b)(5)?
44. What damages are available to a plaintiff under Section 10(b) and Rule 10(b)(5)?
45. What is “insider trading” under Section 14 of the 1934 Act?
46. What is liability under “Section 16” of the 1934 Act?
47. What is liability under “Section 18” of the 1934 Act?
48. What is liability pursuant to the “Securities Enforcement Remedies Act”?
49. What is criminal liability under the 1934 Act? BLUE-SKY LAWS
50. Are all issuers of securities required to comply with state blue sky laws?
51. What are the registration requirements under state law?
52. What types of coordinated registration are available under state laws?

Topic 15: Employment Laws

1. What is an “employee”?
2. What are the legal obligations regarding the terms of employment between an employer and employee? EMPLOYMENT LAWS
3. What are the major employment laws?
4. What tax and other compensation withholding requirements do the state and federal governments place on employers with regard to employees?
5. What is the “Fair Labor Standards Act”?
6. What is the “Family Medical Leave Act”?
7. What is the “Worker Adjustment and Retraining Act”?
8. What is the “Occupational Safety and Health Act”?
9. What is the “Employee Retirement Income Security Act”?
10. What is the Consolidated Omnibus Budget Reconciliation Act?
11. What is the “Health Insurance Portability and Accountability Act”?
12. What are “Worker’s Compensation” laws?
13. What are the “employee verification laws”?
14. What “worker privacy laws” apply to the workplace?

7. What is the “Consumer Financial Protection Act”? REGULATION OF CREDIT AND LENDING PRACTICES
8. What is the “Equal Credit Opportunity Act”?
9. What is the “Fair Credit Reporting Act”?
10. What is the “Truth in Lending Act”? DEBT LIABILITY PROTECTION
11. What is the “Fair Debt Collection Practices Act”?
12. What is the “Fair Credit Billing Act”?
13. What is the “Electronic Funds Transfer Act”? CONSUMER PRODUCT PROTECTIONS
14. What is the “Consumer Product Safety Act”?
15. What are the applicable labeling laws regulating consumer products?
16. What is the Federal Food, Drug, and Cosmetic Act?
17. What is the “Magnuson-Moss Warranty Act”? CONSUMER PRIVACY PROTECTIONS
18. What is the “Privacy Act of 1974” (Privacy Act)?
19. What is the “Right to Financial Privacy Act of 1978” (RFPA)?
20. What is the “Electronic Communication Privacy Act of 1986” (ECPA)?
21. What is the “Children’s Online Privacy Protection Act of 1986” (COPPA)?
22. What role do states play in consumer protection?

Topic 18: Antitrust Law

1. What is “antitrust law”?
2. What are the major antitrust laws in the United States?
3. What entities are charged with carrying out these Acts? ANTITRUST LAWS
4. What is the “Sherman Act of 1890”?
5. What is the “Clayton Act of 1914”?
6. What is the “Federal Trade Commission Act of 1914”? THE SHERMAN ACT
7. What is a “contract, combination, or conspiracy” in restraint of trade?
8. What is “ per se illegality” and the “rule of reason”?
9. What is a “Monopoly”?
10. What businesses are exempt from the provisions of the Sherman Act? ANTICOMPETITIVE ACTIVITY REGULATED BY THE SHERMAN ACT
11. What are the commonly recognized types of “horizontal restraint”?
12. What are the commonly recognized types of “vertical restraint”?
13. What is “monopolization” under the Sherman Act? CLAYTON ACT ANTITRUST CASES
14. What is “Price Discrimination”?
15. What are “special arrangements” prohibited by the Clayton Act?
16. How does the Clayton Act regulate “mergers and acquisitions”?

17. What is the “Federal Trade Commission Act “and how does it regulate unfair competition?
18. What sanctions are available under the antitrust laws?

Topic 19: Secured Transactions

1. What is a “Security Interest”?
2. What are the benefits of a security interest to creditors? SECURITY INTERESTS IN LAND
3. What are the common types of “security interest in land”?
4. What is a “mortgage”?
5. How does a security interest protect the mortgage holder?
6. What is a “deed of trust” or “security deed”?
7. What is a “land sale contract”? SECURITY INTEREST IN PERSONAL PROPERTY
8. What is a security interest in personal property?
9. How does one establish a security interest in personal property? PERFECTION OF A SECURITY INTEREST
10. What is “perfection” of a security interest?
11. What methods exist for perfecting a security interest in personal property?
12. How does a secured party establish a security interest in real property (land)? AUTOMATIC PERFECTION
13. What is “automatic perfection” of a security interest?
14. What is a “purchase money security interest” (PMSI) in consumer goods?
15. What is a “purchase-money grace period” for a purchase-money security interest in non-consumer goods?
16. How does one continue perfection of or permanently perfect a purchase money security interest in non- consumer goods?
17. What is “temporary automatic perfection” in “proceeds” from the sale of goods?
18. How is a security interest through the “assignment of accounts receivable” and “contract rights” created? SECURITY INTEREST BY POSSESSION or CONTROL
19. How does one perfect a security interest by “possession “of the collateral?
20. How does one perfect a security interest by “control” of the collateral? PERFECTION BY FILING
21. What information is required in a “financing statement” filing?
22. What authorization is required to file a financing statement?
23. Where is the appropriate office to file a financing statement? PRIORITY OF SECURITY INTERESTS
24. What is “priority” of a security interest?
25. What role does perfection play in establishing the priority of a secured party?
26. What are the common types of conflicts regarding the priority of security interests?
27. What is the priority of parties secured by “common law and statutory liens”?
28. What is the “priority of buyers of collateral” that is subject to a security interest?
29. What is required to be a buyer in the “ordinary course of business”?
30. What statutory provision protects individuals purchasing goods from a buyer in the ordinary course?