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Gavin Walton
- July 22, 2024
Welcome, future business law experts! If you’re here then certainly you are probably engaged in the course of Business 103: Introductory Business Law in Study.com. This class is a ticket to the legal world of business and unlocking it is your key to understanding this vantage. Regardless of your desire to establish your own business or be promoted to a managerial position, it is beneficial to comprehend all the aspects of business law. And guess what? Contrary to what one may think, it is not very difficult.
From contracts to controversies of torts; this course will expose you to everything starting from the basic to the most complex. You can think of it as a virtual education in terms of the rules of the game before learners get out on the field. You will learn the statuses that apply to the exercising of business activities and thus shall make good decisions and avoid the legal ramifications. Also, I will interpret this with examples from the real world from time to time. Thus, sit tight and prepare for this course as if you are preparing for an upcoming test – and pass it with flying colors!
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What to Expect from Business 103 Class 📖
Okay here goes: as you would know, We are discussing Business 103: Introductory Business Law on Study.com. This course is laid down to ensure that you acquire adequate knowledge of business law and this course is inevitable for any person in the relevant field.
First things first: this section will introduce the fundamental aspects of contracts to you, like the factors that make a contract enforceable, contract classifications, and the repercussions of contract violation. Contracts can be defined as the very bodies that are vital in any business transaction and therefore, you should expect much of it in your exams.
In the next step, we turn to the rights of tort law, into a separate legal field that makes a subject of tort law. Torts are actionable wrongs causing personal injury or damage and the course includes torts categories including negligence, intentional torts, and strict liability. It is important to comprehend torts as, quite unforeseeably, businesses may find themselves defendants in trials based on these tenets. Another major area covered is product liability and consumer protection. You’ll delve into how businesses are held accountable for defective products and the laws designed to protect consumers. This is especially important in today’s market where product recalls and consumer rights are hot topics.
Finally, the course also touches on agency relationships, intellectual property, and the American legal system’s structure. You will understand how decisions are made for businesses and the ethical perspective that comes with it and even exposure to Federal, State, and Local laws concerning business entities.
At the end of this course, you shall have gained ample knowledge in handling legal issues in business settings. Alright, this brings us to the last part in which we will discuss how to schedule your study time for this exam.
Week-by-Week Study Plan to Ace Business 103 Exam 📝
Here are some steps to follow that will assist you in mastering the Study.com Business 103 Introductory Business Law course. I have come up with a weekly schedule. This plan is going to divide your study sessions into comprehensible parts while seeing that you will definitely review all the needed materials.
Week 1: Introduction and Basics
- Topics Covered: Overview of Business Law, Sources of Law, and Court Systems.
- Activities:
- Watch introductory videos on Study.com.
- Read chapters 1 and 2.
- Take notes on key concepts like the hierarchy of laws and types of courts.
- External Links: Court System Overview (YouTube)
Week 2: Contracts
- Topics Covered: Elements of Contracts, Types of Contracts, and Breach of Contract.
- Activities:
- Read chapters 3, 4, and 5.
- Complete quizzes to test your understanding.
- External Links: Contracts Basics (Quizlet)
Week 3: Torts
- Topics Covered: Intentional Torts, Negligence, and Strict Liability.
- Activities:
- Study chapters 6, 7, and 8.
- Create flashcards for different torts and their elements.
- Watch related videos.
- External Links: Torts Overview (YouTube)
Week 4: Product Liability and Consumer Protection
- Topics Covered: Product Liability, Consumer Rights, and Protection Laws.
- Activities:
- Read chapters 9 and 10.
- Summarize key laws and cases.
- Take practice quizzes.
- External Links: Consumer Protection (Quizlet)
Week 5: Agency Law
- Topics Covered: Agency Relationships, Authority, and Liability.
- Activities:
- Study chapters 11 and 12.
- Role-play different scenarios to understand agency relationships better.
- External Links: Agency Law Explained (YouTube)
Week 6: Review and Practice
- Activities:
- Review all chapters and notes.
- Focus on areas where you feel less confident.
- Take full-length practice exams on Study.com.
- External Links: Practice Exams (Quizlet)
Week 7: Final Preparation
- Activities:
- Go through any remaining study materials.
- Join study groups or forums to discuss key topics.
- Relax and ensure you get a good night’s sleep before the exam.
- External Links: Study Group Tips (YouTube)
Following this plan will help you stay on track and cover all necessary materials systematically. Now, let’s look at some additional resources to further enhance your understanding of the course content.
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Free External Resources to Study📂
To help you understand the more challenging concepts in the Study.com Business 103: Introductory Business Law course, here are some free resources available on the internet. These will supplement your learning and provide alternative explanations and examples.
YouTube Channels and Playlists:
1. LegalEagle: This channel breaks down complex legal topics in an easy-to-understand manner. Great for visual learners!
2. The Law Simplified: Focuses on simplifying various law subjects, including business law.
3. Professor Myles V. Lynk: A comprehensive series on business law.
Quizlet Flashcards:
- Business Law Terms: A set of flashcards covering essential business law terms and definitions.
- Business Law Flashcards
- Contract Law: Flashcards focusing on contract law, a key component of the course.
- Contract Law Flashcards
OpenCourseWare and Free Textbooks:
1. MIT OpenCourseWare: Offers a free course on business law that includes lecture notes and assignments.
- MIT Business Law Course
2. Lumen Learning: Provides a comprehensive business law textbook available for free online.
- Lumen Business Law Textbook
Online Study Guides and Practice Tests:
1. Study.com Business Law Practice Tests: Free practice tests to gauge your understanding of the course material.
- Study.com Practice Tests
2. Khan Academy: Though not specifically for business law, it has valuable resources on related topics like economics and business.
The use of these resources will help you to have a general knowledge of business law as it enhances what has been taught in your Study.com course. However, we should then dramatically turn our attention to what areas we ought to focus on so as to excel in our exams.
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Key Topics to Focus On 🔑
In the Study.com Business 103: Introductory Business Law course, certain key topics are crucial for a thorough understanding of business law. Here are four essential concepts, explained with comparative tables, real-world examples, and simple analogies to help you grasp them better.
- Contracts: Valid, Void, Voidable, and Unenforceable
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Term
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Definition
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Example
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Valid Contract
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A legally binding agreement with all essential elements (offer, acceptance, consideration, capacity, legality)
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An employment contract with clear terms and conditions
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Void Contract
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A contract lacking one or more essential elements, making it unenforceable by law
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A contract for illegal activities
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Voidable Contract
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An agreement that either of the parties to the particular contract or both are legally capable of repudiating usually because of incapacity or coercion.
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A contract that is entered and signed under compulsion
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Unenforceable Contract
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A legal contract which may be legal but cannot be upheld in a court since some legal formalities may have been observed but not properly done.
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This contract is not in writing as it was required to be by the statute of this state.
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Real-World Example: An example of a plan that you promise to implement might be when you accept your friend’s offer to buy your car. In case all the terms are legal and both the parties agree, then it is considered to be a legal contract. Again if the car is stolen before the agreement was reached on the sale, the action is in law considered void. If you acted under duress to sell your car, then the contract can be considered voidable. If for example, it was an oral agreement in the jurisdiction where contracts for the sale of motor vehicles have to be in writing, the contract will not be binding.
- Types of Torts: Intentional, Negligence, and Strict Liability
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Type
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Definition
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Example
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|---|---|---|
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Intentional Tort
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A wrongful act knowingly committed
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Assault or defamation
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Negligence Tort
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Failing to exercise reasonable care, resulting in harm
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Car accidents due to distracted driving
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Strict Liability Tort
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Liability without fault for inherently dangerous activities
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Keeping wild animals as pets
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Analogy: Think of intentional torts as deliberate punches, negligence torts as careless spills, and strict liability as keeping a tiger – you’re responsible for any harm, regardless of intent or care.
Real-World Example: If someone instills a false report about you that might bring you into disrepute, that is an intentional tort. If a doctor causes harm by being reckless during an operation, then it is negligence. Product sellers are strictly liable in the event that the product they sell hurts a child through defects of a toy, for example.
3. Intellectual Property: Copyright, Patent, Trademark, and Trade Secret
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Type
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Protection
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Example
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|---|---|---|
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Copyright
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Original works of authorship (e.g., books, music)
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A novel or a song
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Patent
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Inventions or discoveries
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The technology behind the iPhone
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Trademark
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Symbols, names, and slogans used in commerce
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The Nike Swoosh logo
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Trade Secret
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Confidential business information provides a competitive edge
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Coca-Cola’s secret formula
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Real-World Example: When you see the golden arches, you think of McDonald’s. That’s a trademark. If someone copies a song without permission, it’s a copyright infringement. The invention of the smartphone is protected by patents. Coca-Cola’s recipe is a trade secret.
- The Uniform Commercial Code (UCC)
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Article
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Focus
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Example
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|---|---|---|
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Article 2
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Sales of goods
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Contracts for the sale of a car
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Article 3
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Negotiable instruments
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Checks and promissory notes
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Article 9
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Secured transactions
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Using a car as collateral for a loan
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Simple Explanation: The UCC is like a rulebook for business transactions, ensuring that sales, loans, and payments are conducted fairly and efficiently.
Real-World Example: Article 2 ensures that when you buy a product, the seller must deliver goods that match the description. Article 3 ensures that your checks are processed correctly. Article 9 ensures that if you take a loan using your car as collateral, the lender has a legal right to repossess the car if you default on the loan.
By concentrating on these key topics, you can build a solid foundation in business law and be well-prepared for your exams. In the next section, we will address some common questions students have about the Study.com Business 103 course.
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FAQ❓
Q: What is the Study.com Business 103: Introductory Business Law course?
A: The Study.com Business 103 course is an online class designed to introduce students to the fundamentals of business law. It covers topics such as contracts, torts, product liability, consumer protection, agency relationships, and more.
Q: Regardless of what group you are in, how many weeks will it take to complete the course?
A: That means the length of the course can also be different and depend on the pace you are going to have. The students find it easy to comprehend and manage in about 4-6 weeks if they spend several hours per week.
Q: What will I need for this course as far as materials are concerned?
A: You mainly need to Read and Write to Study. com where all of the video lessons, quizzes, and other study materials are available for all the students. To teach using the lessons, one would require a stable internet connection and an electronic device on which he/she can watch the lessons.
Q: What is the modality of the course?
A: The course is therefore organized into several lessons and each of the lessons covers a particular subject area in business law. The chapter has video lessons, quizzes, and practice exams to assist with the understanding of the content covered in the chapter.
Q: Are there any prerequisites for this course?
A: No, there are no formal prerequisites. This course is designed for beginners who have little to no background in business law.
Q: How are the quizzes and exams structured?
A: Quizzes and exams consist of multiple-choice questions that test your understanding of the material covered in the video lessons. They are designed to prepare you for the final exam.
Q: What is the best way to study for the final exam?
A: The best way to study for the final exam is to review the video lessons, take notes, complete all quizzes, and use external resources for difficult concepts. Following the week-by-week study plan provided in this article can also help you stay organized and on track.
Q: Can I get college credit for this course?
A: Yes, many colleges and universities accept credit from Study.com’s Business 103 course. Be sure to check with your institution to confirm that they accept these credits.
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Conclusion📄
The Study.com Business 103: Introductory Business Law course would suffice for learners seeking knowledge in the business law discipline. This concept is essential and this course covers aspects such as contract and torts, employment and company law, product liability, and consumer protection.
To ensure first-class performance in the final exam, try to cover the week-by-week study schedule, using additional materials, and produce according to the main topics. I hope I can help you remember that, the important thing is not the passing of the tests but the comprehension of concepts and how they can be applied in the largest possible sense.
Be it for getting course credit or looking for knowledge-based improvement this course will provide scope and direction for the individuals in their academic and career lives. Boys, stay focused, study hard, and do not fear asking for help when you encounter any challenge.
Good luck, and happy studying! You’ve got this!
