Legal Business 1
wildcat07
Follow the directions under each assignment due that week. You may be asked to complete briefs of
Supreme Court cases. Also, you may be asked to answer questions which deal with items found in the
chapters, or to answer legal questions. Some of these questions may be self-explanatory and others
may be more about legal issues.
The answers need to be written IN YOUR OWN WORDS! If you copy straight from the book or paste
information from the Internet, or use what a legal scholar has already written on the subject, you will earn
a 0 for that section. It can be similar, but don't make it word for word. When you put it in your own words,
it stays in your memory longer.
Starting with Assignment 4, there will be legal questions that I would like answered in a specific format:
For this part of the assignment, your answer needs to contain FOUR numbered, separate sections. This
will make it easier for me to grade and for you to see you've completed each part. This will also insure
that you can earn full points for each section of the question.
Here is what I expect: thorough, well thought-out answers to each section. This means at least one
paragraph for each part. ONE sentence only will earn less credit.
I. – Write a thorough (not a brief) definition of the law(s) for the legal issue addressed in the question. I
want at least two areas of law defined. There may be more than two legal issues. If so, give me a
definition for all issues involved in the case. For example, if the legal issue were Jurisdiction, I want a
thorough definition of Jurisdiction and any other definitions that refer to this. (Remember--YOUR OWN
WORDS)
II. – Make a full legal analysis of the listed case and the issue at hand. You can do this by briefly
explaining the situation, the area of law that is relevant and the two or more legal arguments that a court
might adopt in solving the case. This may require some research from your book, materials provided on
the web page or outside research. Show me that you can apply the law to the facts of the case.
III. – After making a full legal analysis, come to a conclusion. Tell me what the court will decide and why.(
You are the court!) This part is where you show me your legal thinking. You take the law from section
one, you consider your legal analysis from part two and you draw a legal conclusion for part three. I
expect some explanation of how you came to this conslusion.
IV. Tell me if you think this law works well in our society. Is a good one and why or why not and back your
answer with the law. Try to tie it to your own life or others, and if possible, come up with ways to improve
the law or change it in some way. This helps you be better understand and remember the laws
themselves.
Again, these 4 sections should be well thought out, not just one sentence or two, and they need to follow
the format set forth here to receive full credit. Here's an example:
Assignment explanation and example: BSAD 3200 ONL Spr 18 32724 https://weber.instructure.com/courses/461942/pages/assignment-explanat...
1 of 3 4/1/2018, 8:06 PM
I. SECURITY INTEREST- is the interest in the collateral, such as personal property, fixtures, or accounts
that secures payment or performance of an obligation. SECURITY AGREEMENT- is an agreement that
creates or provides for a security interest. PERFECTION-the legal process by which secured parties
protect themselves against the claims of third parties who may wish to have their debts satisfied out of the
same collateral. FINANCING STATEMENT-referred to as the UCC-1 form, is the document that is
normally filed to give public notice to third parties of the secured party’s security interest.
II. The general rule is that a perfected party’s interest has priority over the interest of: unsecured creditors,
an unperfected secured party, a subsequent lien creditor, a trustee in bankruptcy, and most buyers who
do not purchase the collateral in the ordinary course of a seller’s business. Unfortunately neither of the
banks fit any of theses categories in fact both are in the same standing with the same collateral at stake.
In situations like these the UCC has the following rule for conflicting perfected security interest: when two
or more secured parties have perfected security interest in the same collateral, generally the first to
perfect has priority unless the state’s statute provides otherwise.
III. In this case East Bank and Trust was the first party to loan Southside money. East Bank also properly
perfected their interest in the collateral. Although Central Bank also perfected their interest, my conclusion
is that the default will require the collateral to go to East Bank. Had Central Bank filed first, then they
would be granted the priority. There are exceptions to the rule listed above but none of these would apply
in this case as neither bank has a security agreement giving them a PMSI in the new inventory.
IV. I believe that the rules regarding who has priority are designed to protect those who have a security
interest in the collateral. Without this security, third parties could be held responsible for something they
knew nothing about. This protects the interests of all parties involved, so I think this is a good law.
Assignment explanation and example: BSAD 3200 ONL Spr 18 32724 https://weber.instructure.com/courses/461942/pages/assignment-explanat...
2 of 3 4/1/2018, 8:06 PM
Assignment explanation and example: BSAD 3200 ONL Spr 18 32724 https://weber.instructure.com/courses/461942/pages/assignment-explanat...
3 of 3 4/1/2018, 8:06 PM