(Original PDF) Business Law: Text and Cases 14th Editionpdf Download
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Brief Contents
Unit Four DOMESTIC AND INTERNATIONAL SALES AND LEASE CONTRACTS 359
Chapter 20 The Formation of Sales and Lease Contracts 360
Chapter 21 Title, Risk, and Insurable Interest 387
Chapter 22 Performance and Breach of Sales and Lease Contracts 404
Chapter 23 Warranties 425
Chapter 24 International and Space Law 439
iii
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iv BRIEF CONTENTS
APPENDICES
A How to Brief Cases and Analyze Case Problems A-1
B The Constitution of the United States A-4
C The Uniform Commercial Code A-12
D Answers to the Issue Spotters A-149
E Sample Answers for Business Case Problems with Sample Answer A-149
GLOSSARY G-1
TABLE OF CASES TC-1
INDEX I-1
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Contents
Chapter 3
Court Procedures 48 Unit Two
Procedural Rules 48
TORTS AND CRIMES 111
Pretrial Procedures 50
Chapter 6
Case Analysis 3.1 Espresso Disposition Corp. 1 v. Santana Sales
& Marketing Group, Inc. (2013) 54 Tort Law 112
Case 3.2 Lewis v. Twenty-First Century Bean The Basis of Tort Law 112
Processing (2016) 56 Intentional Torts against Persons 113
Case 3.3 Brothers v. Winstead (2014) 58 Case Analysis 6.1 Blake v. Giustibelli (2016) 115
The Trial 61 Case 6.2 Revell v. Guido (2015) 120
Posttrial Motions 64 Intentional Torts against Property 123
The Appeal 65 Unintentional Torts—Negligence 125
Enforcing the Judgment 66 Defenses to Negligence 129
Spotlight on the Seattle Mariners
Case 6.3 Taylor v. Baseball Club of Seattle, LP (2006) 129
v
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vi CONTENTS
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CONTENTS vii
Chapter 15 Chapter 19
Mistakes, Fraud, and Voluntary Consent 280 Breach of Contract and Remedies 338
Mistakes 280 Damages 338
Fraudulent Misrepresentation 282 Case Analysis 19.1 Baird v. Owens Community
Case 15.1 Schneiderman v. Trump Entrepreneur Initiative, College (2016) 340
LLC (2016) 282 Spotlight on Liquidated Damages
Case Analysis 15.2 Cronkelton v. Guaranteed Construction Case 19.2 Kent State University v. Ford (2015) 344
Services, LLC (2013) 285 Equitable Remedies 345
Case 15.3 Fazio v. Cypress/GR Houston I, LP (2013) 287 Case 19.3 Clara Wonjung Lee, DDS, Ltd. v. Robles (2014) 346
Undue Influence 288 Recovery Based on Quasi Contract 349
Duress 289 Waiver of Breach 349
Adhesion Contracts and Unconscionability 289 Contract Provisions Limiting Remedies 351
Unit Three Application and Ethics:
Chapter 16 Fantasy Sports: Legal Gambling? 355
The Writing Requirement
in Our Digital World 295 Unit Four
The Statute of Frauds 295 DOMESTIC AND INTERNATIONAL
Contracts That Require a Writing 295 SALES AND LEASE CONTRACTS 359
Case Analysis 16.1 Sloop v. Kiker (2016) 296
Exceptions to the Writing Requirement 299 Chapter 20
Case 16.2 NYKCool A.B. v. Pacific Fruit, Inc. (2013) 300 The Formation of
Sufficiency of the Writing 302 Sales and Lease Contracts 360
The Parol Evidence Rule 303
Case 16.3 Frewil, LLC v. Price (2015) 304 The Uniform Commercial Code 360
The Statute of Frauds in the International Context 305 The Scope of Articles 2 (Sales) and 2A (Leases) 361
The Formation of Sales and Lease Contracts 365
Chapter 17 Case 20.1 C. Mahendra (N.Y.), LLC v. National Gold
& Diamond Center, Inc. (2015) 368
Third Party Rights 309 Classic Case 20.2 Jones v. Star Credit Corp. (1969) 375
Assignments and Delegations 309 Contracts for the International Sale of Goods 376
Case 17.1 Hosch v. Colonial Pacific Leasing Corp. (2012) 310 Case Analysis 20.3 VLM Food Trading International, Inc. v.
Case 17.2 Bass-Fineberg Leasing, Inc. v. Modern Auto Sales, Illinois Trading Co. (2016) 376
Inc. (2015) 312
Third Party Beneficiaries 316 Chapter 21
Case Analysis 17.3 Bozzio v. EMI Group, Ltd. (2016) 316 Title, Risk, and Insurable Interest 387
Chapter 18 Identification 387
Case Analysis 21.1 BMW Group, LLC v. Castle Oil
Performance and Discharge 323 Corp. (2016) 388
Conditions 323 When Title Passes 389
Discharge by Performance 324 Spotlight on Andy Warhol
Classic Case 18.1 Jacob & Youngs v. Kent (1921) 326 Case 21.2 Lindholm v. Brant (2007) 393
Case Analysis 18.2 Kohel v. Bergen Auto Enterprises, Risk of Loss 395
L.L.C. (2013) 327 Case 21.3 Person v. Bowman (2013) 395
Insurable Interest 400
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viii CONTENTS
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CONTENTS ix
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x CONTENTS
Chapter 39
Unit Nine
Corporate Formation and Financing 741
GOVERNMENT REGULATION 823
The Nature and Classification of Corporations 741
Case 39.1 Drake Manufacturing Co. v. Polyflow, Inc. (2015) 743 Chapter 43
Case Analysis 39.2 Pantano v. Newark Museum (2016) 745 Administrative Agencies 824
Corporate Formation and Powers 748
Piercing the Corporate Veil 754 The Practical Significance of Administrative Law 824
Case 39.3 Dog House Investments, LLC v. Teal Properties, Agency Creation and Powers 825
Inc. (2014) 754
Corporate Financing 756
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CONTENTS xi
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xii CONTENTS
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Concept Summaries
xiii
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Exhibits
1–1 Areas of the Law That Can Affect Business 18–3 Contract Discharge 334
Decision Making 3 19–1 Measurement of Damages—Breach of Construction
1–2 Equitable Maxims 7 Contracts 342
1–3 Procedural Differences between Actions at Law 19–2 Remedies for Breach of Contract 348
and Actions in Equity 8 20–1 The Law Governing Contracts 362
1–4 National Reporter System—Regional/Federal 16 20–2 Major Differences between Contract Law and Sales
1–5 How to Read Citations 17 Law 373
1–6 A Sample Court Case 21 21–1 Void and Voidable Titles 392
2–1 Exclusive and Concurrent Jurisdiction 31 21–2 Contract Terms—Definitions 396
2–2 The State and Federal Court Systems 35 22–1 The Perfect Tender Rule and Its Exceptions 407
2–3 Geographic Boundaries of the U.S. Courts of Appeals 22–2 Obligations of the Buyer or Lessee 411
and U.S. District Courts 39 22–3 A Letter-of-Credit Transaction 421
2–4 Basic Differences in the Traditional Forms of ADR 42 23–1 Types of Implied Warranties 430
3–1 Stages in a Typical Lawsuit 49 24–1 The Legal Systems of Selected Nations 441
3–2 A Typical Complaint 51 24–2 Examples of International Principles
3–3 A Typical Summons 52 and Doctrines 444
3–4 Pretrial Motions 54 25–1 Basic Types of Negotiable Instruments 463
4–1 Protections Guaranteed by the Bill of Rights 76 25–2 A Typical Time Draft 464
4–2 Federal Legislation Relating to Privacy 85 25–3 A Typical Promissory Note 466
8–1 Forms of Intellectual Property 165 25–4 A Sample Certificate of Deposit 467
10–1 Key Differences between Civil Law and 26–1 A Blank Indorsement 480
Criminal Law 188 26–2 A Special Indorsement 482
10–2 Civil (Tort) Lawsuit and Criminal Prosecution 26–3 A Qualified Indorsement 483
for the Same Act 189 26–4 “For Deposit Only” and “For Collection Only”
10–3 Major Procedural Steps in a Criminal Case 203 Indorsements 484
11–1 Classifications Based on Contract Formation 219 26–5 Trust (Agency) Indorsements 485
11–2 Enforceable, Voidable, Unenforceable, and Void 26–6 Converting an Order Instrument to a Bearer
Contracts 223 Instrument and Vice Versa 486
11–3 Rules of Contract Interpretation 225 26–7 Taking for Value 488
12–1 A Click-On Agreement Sample 243 27–1 Time for Proper Presentment 499
12–2 The E-SIGN Act and the UETA 246 27–2 Defenses against Liability on Negotiable
13–1 Consideration in Bilateral and Unilateral Instruments 507
Contracts 252 28–1 A Cashier’s Check 517
13–2 Examples of Agreements That Lack Consideration 256 28–2 An American Express Traveler’s Check 518
14–1 Unconscionability 272 28–3 The Check-Collection Process 529
14–2 Contract Legality 276 28–4 A Sample Substitute Check 530
15–1 Mistakes of Fact 281 29–1 Methods of Avoiding Foreclosure 546
16–1 The One-Year Rule 298 29–2 Suretyship and Guaranty Parties 549
16–2 Collateral Promises 299 30–1 Secured Transactions—Concept and Terminology 557
16–3 Business Contracts and the Writing Requirement 302 30–2 A Uniform Financing Statement Sample 560
16–4 The Parol Evidence Rule 306 30–3 Selected Types of Collateral and Methods of
17–1 Assignment Relationships 310 Perfection 564
17–2 Delegation Relationships 314 30–4 Priority of Claims to a Debtor’s Collateral 571
17–3 Third Party Beneficiaries 319 31–1 Collection and Distribution of Property in Most
18–1 Conditions of Performance 324 Voluntary Bankruptcies 589
18–2 Discharge by Performance 329 32–1 Duties of the Agent 613
xiv
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EXHIBITS xv
32–2 Duties of the Principal 615 43–1 Executive Departments and Important
33–1 A Sample General Power of Attorney 623 Subagencies 826
33–2 Termination by Act of the Parties 635 43–2 Selected Independent Regulatory
34–1 Good Faith versus Bad Faith in Collective Agencies 827
Bargaining 659 43–3 The Formal Administrative Agency
35–1 Coverage of Employment Discrimination Laws 679 Adjudication Process 833
36–1 The FTC’s Franchise Rule Requirements 696 44–1 Selected Areas of Consumer Law Regulated
37–1 Provisions Commonly Included in a Partnership by Statutes 844
Agreement 707 45–1 Major Federal Environmental Statutes 863
37–2 A Comparison of General Partnerships and 45–2 Environmental Impact Statements 864
Limited Partnerships 718 45–3 Pollution-Control Equipment Standards under the
38–1 Management of an LLC 729 Clean Air Act and the Clean Water Act 868
38–2 Provisions Commonly Included in an LLC 46–1 Required Elements of a Sherman Act
Operating Agreement 731 Violation 877
39–1 Sample Articles of Incorporation 750 46–2 Exemptions to Antitrust Enforcement 891
39–2 How Do Stocks and Bonds Differ? 756 47–1 Three Basic Rules of an Accountant’s Liability to
39–3 Common and Preferred Stocks 758 Third Parties 902
40–1 Directors’ Management Responsibilities 763 47–2 Key Provisions of the Sarbanes-Oxley Act Relating
40–2 Results of Cumulative Voting 775 to Public Accounting Firms 905
41–1 Merger 782 48–1 Mislaid, Lost, and Abandoned Property 928
41–2 Consolidation 783 48–2 Degree of Care Required of a Bailee 931
41–3 The Terminology of Takeover Defenses 789 49–1 Interests in Real Property 946
41–4 Major Forms of Business Compared 793 50–1 Selected Insurance Classifications 962
42–1 Exemptions for Securities Offerings under the 1933 50–2 Insurance Contract Provisions and Clauses 965
Securities Act 802 50–3 Typical Fire Insurance Policies 970
42–2 Comparison of Coverage, Application, and Liability 51–1 Excerpts from Michael Jackson’s Will 978
under SEC Rule 10b-5 and Section 16(b) 809 51–2 Per Stirpes Distribution 986
42–3 Some Key Provisions of the Sarbanes-Oxley Act Relating 51–3 Per Capita Distribution 987
to Corporate Accountability 816 51–4 A Revocable Living Trust Arrangement 987
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Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
Preface
The study of business law and the legal environment of Each feature is related to a topic discussed in the text
business has universal applicability. A student entering and ends with Critical Thinking or Business Questions.
any field of business must have at least a passing under- Suggested answers to all the Critical Thinking and
standing of business law in order to function in the real Business Questions are included in the Solutions
world. Business Law, Fourteenth Edition, provides the Manual for this text.
information that students need in an interesting and
1. Ethics Today These features focus on the ethical
contemporary way.
aspects of a topic discussed in the text to empha-
Additionally, students preparing for a career in
size that ethics is an integral part of a business law
accounting, government and political science, econom-
course. Examples include:
ics, and even medicine can use much of the informa-
• Stare Decisis versus Spiderman (Chapter 1)
tion they learn in a business law and legal environment
• Forced Arbitration: Right or Wrong? (Chapter 15)
course. In fact, every individual throughout his or her
• When Imported Beer Really Isn’t Imported
lifetime can benefit from knowledge of contracts, real
(Chapter 24)
property law, landlord-tenant relationships, and other
• Should There Be More Relief for Student Loan
business law topics. Consequently, we have fashioned
Defaults? (Chapter 31)
this text as a useful “tool for living” for all of your stu-
• Is It Fair to Classify Uber and Lyft Drivers as
dents (including those taking the CPA exam).
Independent Contractors? (Chapter 32)
For the Fourteenth Edition, we have spent a great
2. Global Insight These features illustrate how other
deal of effort making this best-selling text more mod-
nations deal with specific legal concepts to give stu-
ern, exciting, and visually appealing than ever before. We
dents a sense of the global legal environment. Sub-
have added more than forty new features, ninety-two new
jects include:
cases, and twenty-four new exhibits. The text also con-
• Islamic Law and Respondeat Superior
tains nearly two hundred new highlighted and numbered
(Chapter 33)
Cases in Point and Examples, and more than a hundred
• Does Cloud Computing Have a Nationality?
new case problems. Special pedagogical elements within
(Chapter 39)
the text focus on legal, ethical, global, and corporate
• Anti-Bribery Charges Take Their Toll on U.S.
issues while addressing core curriculum requirements.
and Foreign Corporations (Chapter 40)
3. NEW Digital Update These features are designed
to examine cutting-edge cyberlaw topics, such as the
following:
Highlights of the • Using Social Media for Service of Process (Chap-
Fourteenth Edition ter 3)
• Should Employees Have a “Right of Disconnect-
Instructors have come to rely on the coverage, accuracy, ing”? (Chapter 5)
and applicability of Business Law. To make sure that our • Revenge Porn and Invasion of Privacy (Chapter 6)
text engages your students, solidifies their understanding • Monitoring Employees’ Social Media—Right or
of legal concepts, and provides the best teaching tools Wrong? (Chapter 9)
available, we now offer the following. • Hiring Discrimination Based on Social Media
Posts (Chapter 35)
4. Managerial Strategy These features emphasize the
A Variety of New and Exciting Features management aspects of business law and the legal
The Fourteenth Edition of Business Law is filled with environment. Topics include:
many new features specifically designed to cover current • Should You Consent to Have Your Business Case
legal topics of high interest. There are forty-one features Decided by a U.S. Magistrate Judge? (Chapter 2)
in this edition, thirty-eight of which are new. • Marriage Equality and the Constitution (Chapter 4)
xvii
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xviii P R E FAC E
• When Is a Warning Legally Bulletproof? question. For those teaching future CPAs, this is con-
(Chapter 7) sistent with the new CPA exam’s focus on higher-order
• The Criminalization of American Business skills, such as critical thinking and problem solving.
(Chapter 10)
• Commercial Use of Drones (Chapter 21)
• The SEC’s New CEO Pay-Ratio Disclosure Highlighted and Numbered Examples and
Rule (Chapter 42) Case in Point Illustrations
Many instructors use cases and examples to illustrate how
Entire Chapter on Internet Law, the law applies to business. Students understand legal
concepts better in the context of their real-world applica-
Social Media, And Privacy tion. Therefore, for this edition of Business Law, we have
For the Fourteenth Edition, we include a whole chapter expanded the number of highlighted numbered Examples
(Chapter 9) on Internet Law, Social Media, and Privacy. and Cases in Point in every chapter. We have added 137
Social media have entered the mainstream and become new Cases in Point and 52 new Examples.
a part of everyday life for many businesspersons. In this Examples illustrate how the law applies in a specific
special chapter, we give particular emphasis to the legal situation. Cases in Point present the facts and issues of
issues surrounding the Internet, social media, and pri- an actual case and then describe the court’s decision
vacy. We also recognize this trend throughout the text by and rationale. These two features are uniquely designed
incorporating the Internet and social media as they relate and consecutively numbered throughout each chapter
to the topics under discussion. for easy reference. The Examples and Cases in Point are
integrated throughout the text to help students better
understand how courts apply legal principles in the real
New Coverage of Topics world.
on the Revised 2017 CPA Exam
In 2016, the American Institute of CPAs (AICPA) issued New Unit-Ending
its final report on “Maintaining the Relevance of the Application and Ethics Features
Uniform CPA Exam.” In addition to more focus on criti-
cal thinking, authentic applications, and problem solv- For the Fourteenth Edition, we have created an entirely
ing, the content of the exam will change to an extent. new feature that concludes each of the ten units in the
The Fourteenth Edition of Business Law incorporates text. Each of these Application and Ethics features pro-
information on the new topics on the CPA exam, specifi- vides additional analysis on a topic related to that unit
cally addressing the following: and explores its ethics ramifications. Each of the features
ends with two questions—a Critical Thinking and an
• Agency law (worker classification and duties of Ethics Question. Some topics covered by these features
principals and agents) include the following:
• Employment law (Affordable Care Act)
• Business organizations (corporate governance • The Biggest Data Breach of All Time (Unit 2)
issues, including Sarbanes-Oxley compliance • Fantasy Sports—Legal Gambling? (Unit 3)
and criminal liability for organizations and • Virtual Currency—Is It Safe? (Unit 5)
management) • Health Insurance and Small Business (Unit 7)
In addition, the Fourteenth Edition continues to Suggested answers to the questions in Application and
cover topics that are essential to new CPAs who are Ethics features are included in the Solutions Manual
working with sophisticated business clients, regardless for this text.
of whether the CPA exam covers these topics. We rec-
ognize that today’s business leaders must often think
“outside the box” when making business decisions. For New Cases and Case Problems
this reason, we strongly emphasize business and critical For the Fourteenth Edition of Business Law, we have
thinking elements throughout the text. We have care- added 92 new cases and 111 new case problems, most
fully chosen cases, features, and problems that are rel- from 2016 and 2015. The new cases and problems have
evant to business operations. Almost all of the features been carefully selected to illustrate important points of
and cases conclude with some type of critical thinking law and to be of high interest to students and instructors.
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P R E FAC E xix
We have made it a point to find recent cases that enhance New Exhibits and Concept Summaries
learning and are relatively easy to understand.
For this edition, we have spent considerable effort
1. Spotlight Cases and Classic Cases. Certain cases reworking and redesigning all of the exhibits and concept
and case problems that are exceptionally good summaries in the text to achieve better clarity and more
teaching cases are labeled as Spotlight Cases and visual appeal. In addition, we have added twenty-four
Spotlight Case Problems. Examples include Spotlight new exhibits and four new concept summaries.
on Amazon, Spotlight on Beer Labels, Spotlight on
Gucci, Spotlight on Nike, and Spotlight on the Seattle
Mariners. Instructors will find these Spotlight Cases Special Case Analysis Questions
useful to illustrate the legal concepts under discus- For one chapter in every unit of the text, we provide a
sion, and students will enjoy studying the cases Special Case Analysis question that is based on the Case
because they involve interesting and memorable Analysis excerpt in that chapter. These special ques-
facts. Other cases have been chosen as Classic Cases tions appear in the Business Case Problems at the ends of
because they establish a legal precedent in a par- selected chapters.
ticular area of law. The Special Case Analysis questions are designed
2. Critical Thinking Section. Each case concludes to build students’ analytical skills. They test students’
with a Critical Thinking section, which normally ability to perform IRAC (Issue, Rule, Application, and
includes two questions. The questions may address Conclusion) case analysis. Students must identify the le-
Legal Environment, E-Commerce, Economic, Envi- gal issue presented in the chapter’s Case Analysis Case,
ronmental, Ethical, Global, Political, or Technological understand the rule of law, determine how the rule ap-
issues, or they may ask What If the Facts Were Differ- plies to the facts of the case, and describe the court’s
ent? Each Classic Case has a section titled Impact of conclusion. Instructors can assign these questions as
This Case on Today’s Law and one Critical Thinking homework or use them in class to elicit student partici-
question. pation and teach case analysis. Suggested answers to
3. Longer Excerpts for Case Analysis. We have also the Special Case Analysis questions can be found in
included one longer case excerpt in every chap- the Solutions Manual for this text.
ter—labeled Case Analysis—followed by three Legal
Reasoning Questions. The questions are designed to
guide students’ analysis of the case and build their Reviewing Features in Every Chapter
legal reasoning skills. These Case Analysis cases may In the Fourteenth Edition of Business Law, we continue
be used for case-briefing assignments and are also to offer a Reviewing feature at the end of every chapter
tied to the Special Case Analysis questions found in to help solidify students’ understanding of the chapter
every unit of the text (one per unit). materials. Each Reviewing feature presents a hypothetical
Suggested answers to all case-ending questions and scenario and then asks a series of questions that require
case problems are included in the Solutions Manual students to identify the issues and apply the legal con-
for this text. cepts discussed in the chapter.
These features are designed to help students review
the chapter topics in a simple and interesting way and
Business Case Problem with Sample see how the legal principles discussed in the chapter afaf-
fect the world in which they live. An instructor can use
Answer in Each Chapter these features as the basis for in-class discussion or en-
In response to those instructors who would like students courage students to use them for self-study prior to com-
to have sample answers available for some of the ques- pleting homework assignments. Suggested answers to
tions and case problems, we include a Business Case Prob- the questions posed in the Reviewing features can be
lem with Sample Answer in each chapter. The Business found in the Solutions Manual for this text.
Case Problem with Sample Answer is based on an actual
case, and students can find a sample answer at the end of
the text. Suggested answers to the Business Case Prob- Two Issue Spotters
lems with Sample Answers are provided in Appendix At the conclusion of each chapter, we have included a
E at the end of the text and in the Solutions Manual special section with two Issue Spotters related to the chap-
for this text. ter’s topics. These questions facilitate student learning
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xx P R E FAC E
and review of the chapter materials. Suggested answers • Worksheets—Interactive Worksheets prepare
to the Issue Spotters in every chapter are provided in students for class by ensuring reading and
Appendix D at the end of the text and in the Solutions comprehension.
Manual for this text. • Video Activities—Real-world video
exercises make business law engaging and
relevant.
Legal Reasoning Group Activities • Brief Hypotheticals—These applications pro-
For instructors who want their students to engage in vide students practice in spotting the issue and
group projects, each chapter of the Fourteenth Edition applying the law in the context of a short, fac-
includes a special Legal Reasoning Group Activity. Each tual scenario.
activity begins by describing a business scenario and then • Case Problem Analyses—These promote
poses several specific questions pertaining to the scenario. deeper critical thinking and legal reasoning by
Each question is to be answered by a different group of guiding students step-by-step through a case
students based on the information in the chapter. These problem and then adding in a critical thinking
projects may be used in class to spur discussion or as section based on “What If the Facts Were Dif Dif-
homework assignments. Suggested answers to the Legal ferent?” These now include a third section, a
Reasoning Group Activities are included in the Solu- writing component, which requires students
tions Manual for this text. to demonstrate their ability to forecast the
legal implications of real-world business
scenarios.
• Personalized Student Plan with multimedia
Supplements/Digital •
study tools and videos.
New Adaptive Test Prep helps students study for
Learning Systems exams.
Business Law, Fourteenth Edition, provides a comprehen- • Test Bank.
sive supplements package designed to make the tasks of • Reporting and Assessment options.
teaching and learning more enjoyable and efficient. The
following supplements and exciting new digital products By using the MindTap system, students can com-
plete the assignments online and can receive instant
are offered in conjunction with the text.
feedback on their answers. Instructors can utilize Mind-
Tap to upload their course syllabi, create and customize
MindTap homework assignments, and keep track of their students’
progress. By hiding, rearranging, or adding content, in-
MindTap for Business Law, Fourteenth Edition, is a fully structors control what students see and when they see
online, highly personalized learning experience built it to match the Learning Path to their course syllabus
upon Cengage Learning content. MindTap combines exactly. Instructors can also communicate with their
student learning tools—such as readings, multimedia, students about assignments and due dates, and create re-
activities, and assessments from CengageNOW—into ports summarizing the data for an individual student or
a singular Learning Path that intuitively guides students for the whole class.
through their course.
Instructors can personalize the experience by cus-
tomizing authoritative Cengage Learning content and Cengage Learning Testing
learning tools. MindTap offers instructors the ability to Powered by Cognero
add their own content in the Learning Path with apps
that integrate into the MindTap framework seamlessly Cengage Learning Testing Powered by Cognero is a flexible,
with Learning Management Systems (LMS). online system that allows you to do the following:
MindTap includes:
• Author, edit, and manage Test Bank content from
• An Interactive book with Whiteboard Videos multiple Cengage Learning solutions.
and Interactive Cases. • Create multiple test versions in an instant.
• Automatically graded homework with the fol- • Deliver tests from your LMS, your classroom, or
lowing consistent question types: wherever you want.
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manner pointed out in a previous portion of this history, diminished
the drain upon his Lordship's income, which had so long existed in
the shape of interest upon money lent him on mortgage, (and which
embarrassments, by the way, had all arisen from his foolish state
and extravagance when Lord High Steward;) not only, I say, had
Gammon done all this, but infinitely more;—he had enabled his
Lordship, as it were, "to strike a blow in a new hemisphere," and at
once evince his fitness for the conduct of important and complicated
affairs of business, acquire an indefinite augmentation of fortune,
and also great influence and popularity.
England, about the time I am speaking of, was smitten with a sort of
mercantile madness—which showed itself in the shape of a
monstrous passion for Joint-stock Companies. John Bull all of a sudden
took it into his head, that no commercial undertaking of the least
importance could any longer be carried on by means of individual
energy, capital, and enterprise. A glimmering of this great truth he
discovered that he had had, from the first moment that a private
partnership had been adopted; and it was only to follow out the
principle—to convert a private into a public partnership, and call it a
"Joint-stock Company." This bright idea of John's produced prompt
and prodigious results—a hundred joint stock companies
"Rose like an exhalation,"
in the metropolis alone, within one twelvemonth's time. But then
came the question, upon what were these grand combined forces to
operate? Undertakings of commensurate magnitude must be
projected—and so it was. It really mattered not a straw how wild
and ludicrously impracticable was a project—it had but to be started,
and announced, to call forth moneyed people among all classes, all
making haste to be rich—and ready to back the speculation, even to
the last penny they had in the world; pouring out their capital with a
recklessness, of which the lamentable results may prevent their
recurrence. Any voluble visionary who was unluckily able to reach
the ear of one or two persons in the city, could expand his crotchet
into a "company" with as little effort as an idiot could blow out a
soap-bubble. For instance: one wiseacre (who surely ought never to
have been at large) conceived a plan for creating ARTIFICIAL RAIN at an
hour's notice, over any extent of country short of a circle of three
miles in diameter; a second, for conveying MILK to every house in the
metropolis in the same way as water is at present conveyed—viz. by
pipes, supplied by an immense reservoir of milk to be established at
Islington, and into which a million of cows were to be milked night
and morning; a third, for converting saw-dust into solid wood; and a
fourth, for surrounding the metropolis with a wall twenty feet in
thickness, and fifty in height. Within three days of each of these
hopeful speculations being announced, there were as many
completely organized joint-stock companies established to carry
them into effect. Superb offices were engaged in the city; Patrons,
Presidents, Vice-Presidents; Trustees, Chairmen, Directors;
Secretaries, Actuaries, Architects, Auditors; Bankers, Standing
Counsel, Engineers, Surveyors, and Solicitors, appointed: and the
names of all these functionaries forthwith blazed in dazzling array at
the head of a "Prospectus," which set forth the advantages of the
undertaking with such seductive eloquence as no man could resist;
and within a week's time there was not a share to be had in the
market. Into affairs of this description, Mr. Gammon, who soon saw
the profit to be made out of them, if skilfully worked, plunged with
the energy and excitement of a gamester. He drew in Mr. Quirk after
him; and, as they could together command the ears of several
enterprising capitalists in the city, they soon had their hands full of
business, and launched two or three very brilliant speculations. Mr.
Gammon himself drew up their "Prospectuses," and in a style which
must have tempted the very devil himself (had he seen them) into
venturing half his capital in the undertaking!—One was a scheme for
providing the metropolis with a constant supply of salt water by
means of a canal cut from the vicinity of the Nore, and carried nearly
all round London, so as to afford the citizens throughout the year
the luxury of sea-bathing. Another was of a still more extraordinary
and interesting description—for carrying into effect a discovery, by
means of which, ships of all kinds and sizes could be furnished with
the means, by one and the same process—and that remarkably
simple, cheap, and convenient—of obtaining pure fresh water from
the SEA, and converting the salt or brine thrown off in the operation,
instanter into gunpowder! The reality of this amazing discovery was
decisively ascertained by three of the greatest chemists in England;
a patent was taken out, and a company formed for immediately
working the patent. This undertaking was the first that Gammon
brought under the notice of the Earl of Dreddlington, whom he so
completely dazzled by his description, both of the signal service to
be conferred upon the country, and the princely revenue to be
derived from it to those early entering into the speculation, that his
Lordship intimated rather an anxious wish to be connected with it.
"Good gracious, sir!" said his Lordship, with an air of wonder—"to
what a pitch is science advancing! When will human ingenuity end?
Sir, I doubt not that one of these days everything will be found out!"
"Certainly—I feel the full force of your Lordship's very striking
observation," replied Gammon, who had listened to him with an air
of delighted deference.
"Sir, this is a truly astonishing discovery! Yet, I give you my honor,
sir, I have often thought that something of the kind was very
desirable, as far as the obtaining fresh water from salt water was
concerned, and have wondered whether it could ever be practicable:
but I protest the latter part of the discovery—the conversion of the
brine into gunpowder—is—is—sir, I say it is—astounding; it is more;
it is very interesting, in a picturesque, and important in a patriotic
point of view. Only think, sir, of our vessels gathering gunpowder
and fresh water from the sea they are sailing over. Sir, the discoverer
deserves a subsidy! This must in due time be brought before
Parliament." His Lordship got quite excited; and Gammon, watching
his opportunity, intimated the pride and pleasure it would give him
to make his Lordship the patron of the gigantic undertaking in
question.
"Sir—sir—you do me—infinite honor," quoth the earl, quite flustered
by the suddenness of the proposal.
"As there will be, of course, your Lordship sees, several great
capitalists concerned, I must, for form's sake, consult them before
any step is taken; but I flatter myself, my Lord, that there can be but
one opinion, when I name to them the possibility of our being
honored with your Lordship's name and influence."
The earl listened to this with a stately bow and a gratified smile; and
on the ensuing day received a formal communication from Messrs.
Quirk, Gammon, and Snap, soliciting his Lordship to become the
patron of the undertaking—which he most graciously acceded to;
and was easily prevailed upon to secure several other highly
distinguished names among his friends, who were profoundly
ignorant of business, in all its departments, but delighted to figure
before the public, as the patrons of so great and laudable an
enterprise. Out went forthwith, all over the country, the
advertisements and prospectuses of the new company, and which
could boast such commanding names as cast most of its sister
companies into the shade—e. g. "The Right Honorable the Earl of
Dreddlington, G.C.B., F.C.S., F.P.S., &c. &c."—"The Most Noble the
Duke of Tantallan, K.T., &c. &c."—"The Most Honorable the Marquis of
Marmalade, &c. &c. &c." The capital to be one million, in ten thousand
shares of one hundred pounds each. Lord Dreddlington was
presented with a hundred shares, as a mark of respect and gratitude
from the leading shareholders; moreover, his Lordship took two
hundred shares besides, and prevailed on various of his friends to do
the same. In less than three weeks' time the shares had risen to £40
premium—[i.e. my lady readers will understand, each share for
which his Lordship was supposed to have given, or to be liable to be
called upon for £100, he could at any moment dispose of for £140]—
and then Mr. Gammon so represented matters to his Lordship, as to
induce him to part with his shares, which he found no difficulty in
doing—and thereby realized a clear profit of £12,000. This seemed
to the earl rather the effect of magic than of an everyday mercantile
adventure. His respect for Gammon rose with everything he heard of
that gentleman, or saw him do; and his Lordship allowed himself to
be implicitly guided by him in all things. Under his advice,
accordingly, the earl became interested in several other similar
speculations, which so occupied his thoughts as almost to obliterate
his sense of ministerial injustice. Several of his friends cautioned
him, now and then, against committing himself to such novel and
extensive speculations, in which he might incur, he was reminded,
dangerous liabilities; but his magnificent reception of such
interference, soon caused their discontinuance. The earl felt himself
safe in the hands of Mr. Gammon, forming an equal and a very high
estimate of his ability and integrity.
His Lordship's attention having been thus directed to such matters—
to the mercantile interests of this great country—he soon began to
take a vast interest in the discussion of such subjects in the House,
greatly to the surprise and edification of many of his brother peers.
Absorbing, however, as were these and similar occupations, they
were almost altogether suspended as soon as a day—and that not a
distant one—had been fixed upon for the marriage of the Lady
Cecilia with Mr. Titmouse. From that moment, the old man could
scarcely bear her out of his presence; following and watching all her
movements with a peculiar, though still a stately, solicitude and
tenderness. Frequent, earnest, and dignified, were his interviews
with Titmouse—his representations as to the invaluable treasure that
was about to be intrusted to him in the Lady Cecilia—the last direct
representative of the most ancient noble family in the kingdom.
Innumerable were his Lordship's directions to him concerning his
future conduct, both in public and private life; intimating, in a
manner at once impressive and affectionate, that the eyes of the
country would be thenceforward fixed upon him, as son-in-law of the
Earl of Dreddlington. His Lordship, moreover—pocketing the affront
he had received at the hands of the Ministry—made a very strenuous
and nearly a successful effort to procure for his destined son-in-law
a vacant lordship of the Treasury. The Premier was really beginning
to consider the subject, when Mr. O'Gibbet extinguished all the
aspiring hopes of poor Lord Dreddlington, by applying for the vacant
office for Mr. Och Hubbaboo, an early friend of Mr. O'Gibbet; and
who having failed in business, and been unable to re-establish
himself, had come into the House of Commons to repair his
shattered fortunes. I need hardly say, that within a day or two, Mr.
Hubbaboo was made a lord of the Treasury; and thereby were very
nearly alienated from Ministers two stanch and enlightened
supporters—to wit, the Earl of Dreddlington and Mr. Titmouse.
Early in the forenoon of Tuesday the 1st of April 18—, there were
indications in the neighborhood of Lord Dreddlington's house in
Grosvenor Square, that an aristocratic wedding was about to be
celebrated. Lady Cecilia's bridemaids, and one or two other ladies,
the Duke and Duchess of Tantallan, and a few other persons of
distinction, who were to accompany the party to church, made their
appearance about eleven o'clock; and shortly afterwards dashed up
Mr. Titmouse's cab, in which sat that gentleman, enveloped in a
magnificent green cloak, designed to conceal from vulgar
observation the full splendor of his personal appearance. He had
been engaged at his toilet since five o'clock that morning; and the
results were not unworthy of the pains which had been taken to
secure them. He wore a light-blue body coat, with velvet collar; tight
black pantaloons tying round his ankles; gossamer white silk
stockings, and dress-shoes, with small gold buckles. His shirt was of
snowy whiteness, and there glittered in the centre of it a very
superb diamond brooch. He had two waistcoats, the under one a
sky-blue satin, (only the roll visible,) the outer one of white satin,
richly embroidered. A burnished gold guard-chain was disposed very
gracefully over the exterior of his outer waistcoat. His hair was
parted down the middle, and curled forward towards each temple,
giving his countenance a very bold and striking expression. He wore
white kid gloves, a glossy new hat, and held in his hand his agate-
headed ebony cane. Though he tried to look at his ease, his face
was rather pale, and his manner a little flurried. As for the bride—
she had slept scarcely a quarter of an hour the whole night; and a
glimpse at her countenance, in the glass, convinced her of the
necessity of yielding to Annette's suggestions, and rouging a little.
Her eyes told of the sleepless and agitated night she had passed;
and while dressing, she was twice forced to drink a little sal volatile
and water. She was cold, and trembled. When at length she had
completed her toilet, what a figure did her glass present to her! The
dress—rich white satin—a long and beautiful blonde lace veil—and a
delicate wreath of orange blossoms, was that of a bride, certainly;
but was the haggard countenance that of a bride? Miss
Macspleuchan burst into tears at the sight. When, attended by her
bridemaids and Miss Macspleuchan, she made her appearance in the
drawing-room, the Earl of Dreddlington approached her, and saluted
her with silent tenderness. Then Titmouse came up, very pale, but
with a would-be familiar air—"Hope you're quite well, dearest, this
happy day," said he, and kissed her gloved hand. She made him no
reply; stepped back, and sank upon the sofa; and presently the
carriages were announced to be in readiness. The earl led her down,
followed by her two bridemaids, and entered the first carriage,
which then drove off to St. George's Church; Titmouse and the rest
of the party immediately following. The ceremony was to be
performed by the Bishop of Barnard Castle, an old friend, and indeed
a distant relation of Lord Dreddlington's. Methinks I now see his
portly and commanding figure, standing at the altar, with the little
distinguished party before him; and hear his clear, sonorous voice
reading the marriage-service. Titmouse was pale and flushed by
turns, and looked frightened—behaving, however, with more
sedateness than I should have expected. Lady Cecilia leaned, when
she could, against the rails; and repeated her few allotted words in a
voice scarcely audible. When Titmouse fixed the ring upon her
finger, she trembled and shed tears—averting her face from him,
and at length concealing it entirely in her pocket-handkerchief. She
looked, indeed, the image of misery. The Earl of Dreddlington
maintained a countenance of rigid solemnity. At length the all-
important ceremony came to a close; the necessary entries and
signatures were made in the vestry, to which the wedding party
followed the bishop; and then Mr. Titmouse, taking HIS WIFE'S arm
within his own, led her out to the private door, where stood waiting
for them the earl's chariot. He handed her into it, and popped in
after her—a little crowd standing round to catch a glimpse of the
distinguished bride and bridegroom; and they drove rapidly
homeward. He sat in one corner, and she in the other; each so
occupied with their own thoughts, that they uttered scarcely two
words all the way.
A splendid déjeuner à la fourchette was prepared, and a very
brilliant party attended to pay their respects to the bride and
bridegroom, and the Earl of Dreddlington; and about two o'clock the
Lady Cecilia withdrew to prepare for her journey, which was to
Poppleton Hall, her father's residence in Hertfordshire, where they
were to spend their honeymoon. She had never shown so much
emotion in her life as when she parted with Miss Macspleuchan and
her bridemaids—being several times on the verge of hysterics. Mr.
Titmouse's travelling-chariot—a dashing chocolate-colored one, with
four horses—stood at the door, her Ladyship's maid and his valet
seated in the rumble. Some hundred people stood round to see the
"Happy, happy, happy pair,"
set off on their journey of happiness. The earl led down Lady Cecilia,
followed by Titmouse, who had exchanged his hat for a gaudy
travelling-cap, with a gold band round it! Lady Cecilia, with drooping
head and feeble step, suffered the earl, whom she kissed fervently,
to place her in the chariot, when she burst into a flood of tears.
Then Mr. Titmouse shook hands cordially with his distinguished
father-in-law—popped into the chariot—the steps were doubled up—
the door closed—the side-blinds were drawn down by Mr. Titmouse;
"All's right!" cried one of the servants, and away rolled the carriage-
and-four, which, quickening its speed, was soon out of sight. Lady
Cecilia remained in a sort of stupor for some time, and sat silent and
motionless in the corner of the chariot; but Titmouse had now
become lively enough, having had the benefit of some dozen glasses
of champagne.
"Ah, my lovely gal—dearest gal of my heart!" he exclaimed fondly, at
the same time kissing her cold cheeks, and putting his arm round
her waist—"Now you're all my own! 'pon my soul, isn't it funny,
though? We're man and wife! By Jove, I never loved you so much as
now, ducky! eh?" Again he pressed his lips to her cold cheek.
"Don't, don't, I beg," said she, faintly, "I'm not well;" and she feebly
tried to disengage herself from his rude and boisterous embrace:
while her drooping head and ashy cheek fully corroborated the truth
of her statement. In this state she continued for the whole of the
first stage. When they stopped to change horses, says Titmouse,
starting up—having very nearly dropped asleep—"Cicely, as you're so
uncommon ill, hadn't you better have your maid in, and I'll sit on the
box?—it would be a devilish deal more comfortable for you—eh?"
"Oh, I should feel so obliged if you would, Mr. Titmouse!" she replied
faintly. It was done as she wished. Titmouse enveloped himself in his
cloak; and, having lit a cigar, mounted the box, and smoked all the
way till they reached the Hall!
Gammon was one of those who had seen them set off on their
auspicious journey. He contemplated them with deep interest and
anxiety.
"Well," he exclaimed, walking away, with a deep sigh, when the
carriage had got out of sight—"So far, so good: Heavens! the plot
thickens, and the game is bold!"
Were you, oh unhappy Lady Cecilia! in entering into this ill-omened
union, to be more pitied or despised? 'T was, alas! most deliberately
done; in fact, we have already had laid before us ample means of
determining the question—but 't is a delicate and painful one, and
had perhaps be better left alone.
They spent about a fortnight at Poppleton Hall, and then went on to
Yatton; and if the reader be at all curious to know how Mr. and Lady
Cecilia Titmouse commenced their matrimonial career, I am able, in
some measure, to gratify him, by the sight of a letter addressed by
the Lady Cecilia, some time afterwards, to one of her confidential
friends. 'T is melancholy enough, with, in addition, all the feebleness
and dulness which might have been expected from one of her
Ladyship's temperament and capacity; yet, methinks, may it suggest
topics of instructive reflection.
"P. S. Of course I shall not ask him for one of his ridiculous
franks, I never do; and as your brother is not with you, you
must not grumble at paying the postage of this long letter.
"The Lady Blanche Lewisham."
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