About This Chapter
ILTS Business: Business Law - Chapter Summary
The lessons in this chapter provide an overview of law as it applies to business. You will get a look at origins of the legal standards used in the corporate world and examine specific areas such as contract law, trademark infringement and fraud. Another lesson examines the Uniform Commercial Code. Some topics covered in the videos that will help you on the exam include:
- The development of American law
- Definition of the rule of law
- The stare decisis doctrine, with examples
- The first amendment as it applies to commercial speech
- Contract law, including breach of contract and executed vs. executory contracts
- Real property laws
- Government regulations on business
- Trademark and patent infringements
- Copyright infringement
These video lessons are taught by experienced instructors who know what you'll need to prepare for business law questions on the exam. Your knowledge of many aspects of business law will make this portion of the test easier, and the lessons make learning fun.
Objectives of the ILTS Business: Business Law Course
Anyone who wants to teach a business-related subject in Illinois must pass the Illinois Licensure Testing System's (ILTS) Business, Marketing and Computer Education test. The test consists of 125 multiple-choice questions, divided into six subareas. Questions on the topics covered in the Business Law chapter are in subarea IV, which covers entrepreneurship, management, law and international business. By completing the self-assessment quizzes included with each video lesson, you can get used to the type of questions on the test as well as gauge your knowledge of business law.
1. American Law: History & Origins from English Common Law
Our modern American law system is based on centuries of English principles regarding right and wrong. This English common law system combines with U.S. case decisions and statutes to form what we know as law. This lesson examines the origins and definitions associated with the American law system.
2. Development of American Law After the American Revolution
The patriot movement and American Revolution generated the democratic government known in the United States today. This lesson discusses the process of creating the new nation through innovative laws.
3. What Is the Rule of Law? - Definition & Principle
Rule of law takes on several meanings. On one hand, it means that no person or government is above the law. In another, it means that no government or its officials can enforce laws that are unfair or unjust.
4. Stare Decisis Doctrine: Definition & Example Cases
The doctrines of stare decisis and precedent are the foundations of our American common law system. This lesson explains what these doctrines are and how they are used.
5. What Is Business Law? - Definition & Overview
Business law is a broad area of law. It covers many different types of laws and many different topics. This lesson explains generally what business law is and how it's used.
6. The First Amendment: Commercial Speech, Scrutiny & Restrictions
The First Amendment of the Constitution states that all citizens are free to practice their preferred religion, speak freely and to assemble. Learn how and why businesses are less protected and are held to a higher scrutiny in this lesson.
7. Contract Law Terms: Definitions & Contract Types
A contract is an agreement between two or more parties to perform a service, provide a product or commit to an act and is enforceable by law. There are several types of contracts, and each have specific terms and conditions.
8. Executed vs. Executory Contracts: Definitions & Differences
The main difference between an executed and executory contract is how quickly the contract's promise must be fulfilled. An executed contract must be satisfied immediately, while an executor contract has terms that will be fulfilled later.
9. Types of Contract Breach: Partial, Material, & Total
A contract is a form of agreement that is legally binding. When one of the contracting parties fails to hold up his or her end of the deal, a breach of contract results. There are three different types of breach of contract. This lesson explains partial, material and total breaches.
10. Statute of Frauds Contracts: Definition & Purpose
A statute of frauds is a state law that applies to certain oral contracts. Generally speaking, a statute of frauds requires that certain contracts be in writing and signed by the parties. This lesson explains what these statutes are, what these statutes require and why we have these statutes.
11. Extent of Ownership and Real Property: Air, Surface & Subsurface
When you buy real property, you gain several different kinds of rights. You'll likely own a bundle of rights that includes more than just the surface area of the land. This lesson explains air, surface, and subsurface rights.
12. What is Voluntary Property Transfer? - Defining Title by Deed
A conveyance happens when a property owner transfers property to a new owner. This is known as a voluntary property transfer, or title by deed. This lesson explains voluntary property transfers and title by deed.
13. Trust Busting and Government Regulations on Economy & Industry in the Progressive Era
During the Progressive Era, from around 1900-1917, government intervened in the economy, breaking up trusts, and regulating railroads and other industries. Learn how government worked to curb the power of unregulated big business and provide tariff and banking reforms.
14. Trademark Infringement: Laws and Penalties
Trademark infringement occurs when someone uses another's trademark without permission from that trademark's owner. There are various state and federal laws that protect trademarks. This lesson explains trademark infringement and the laws that cover trademark infringement.
15. Patent Infringements: Definition and Cases
Patent infringement is a complicated civil cause of action. There are many, various components to patent infringement. Generally, it's the use of a patented object without the patent owner's permission. This lesson explains patent infringement.
16. What is Copyright Infringement? - Understanding Copyright Law
Copyright is a type of intellectual property right that protects certain original works. Copyright laws work to provide authors with exclusive rights to their works. Any unauthorized use could amount to copyright infringement. This lesson explains copyright law and copyright infringement.
17. What Is Vicarious Liability? - Definition and Examples
Most times, a liability lawsuit is directed at the negligent party. Sometimes, a lawsuit can involve parties who are not directly involved in the dispute because of the relationship the outside party has with the defendant.
18. UCC Contract Law: Requirements
The Uniform Commercial Code's Article 2 covers contracts for the sale of goods, including the necessary requirements to form a contract. This lesson explains offer and acceptance under the UCC.
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Other chapters within the ILTS Business, Marketing, and Computer Education (171): Test Practice and Study Guide course
- ILTS Business: Accounting Cycle
- ILTS Business: Applied Accounting
- ILTS Business: Accounting Principles
- ILTS Business: Types of Investments
- ILTS Business: Business Partnerships
- ILTS Business: Evaluating Company Performance
- ILTS Business: Economic Basics
- ILTS Business: The US Economy
- ILTS Business: Fiscal & Monetary Policy
- ILTS Business: Economics of a Firm
- ILTS Business: Global Economics
- ILTS Business: Marketing Basics
- ILTS Business: Product Pricing & Selling
- ILTS Business: Product Development & Distribution
- ILTS Business: Product Promotion
- ILTS Business: Market Research
- ILTS Business: Selling & Customer Service
- ILTS Business: Entrepreneurship
- ILTS Business: Management
- ILTS Business: Organizational Structure
- ILTS Business: Teams in a Business Setting
- ILTS Business: Leadership
- ILTS Business: Human Resource Management
- ILTS Business: Business Ethics
- ILTS Business: Global Business
- ILTS Business: Challenges of Globalization
- ILTS Business: Business Communication
- ILTS Business: Computer Basics
- ILTS Business: Information Systems & Applications
- ILTS Business: The Internet and Business
- ILTS Business, Marketing, and Computer Education Flashcards