C241 STUDY PLAN

Before beginning this study plan, it is critical that you have access to the Course of
Study and the Cengage MindTap e-textbook. All WGU assessments are created
using these textbooks, so they will be your primary resources as you move through
this work. When you work through this student plan, type in your answers to the
questions below and create a study guide using the key terms from each section.
You may also consider using the key terms to create flash cards that can be used as
you prepare for the exam.

FEDERAL REGULATIONS
Chap Study Questions
1. What is the purpose of Administrative law?
23 2. Describe the two types of administrative agencies.
3. Explain the Administrative Procedure Act.
4. Describe and give examples of Public Accountability laws.
24

25

1. Define Deceptive Advertising.

2. Explain how online deceptive advertising is monitored.
3. Describe the actions that can be taken by the FTC.
4. Describe the Telemarketing and Consumer Fraud and Abuse Prevention Act of 1994.
5. Explain labeling and packaging laws
6. What is the Fair Packaging and Labeling Act?
7. Explain the Postal Reorganization Act of 1970.
8. What is the purpose of the Federal Food, Drug, and Cosmetic Act?
9. Describe the Consumer Product Safety Act.
10.Describe the Truth-in-Lending Act and the Fair and Accurate Credit Transactions Act.
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6.

Define Nuisance.
Define Negligence and Strict Liability.
What is the purpose of the Environmental Regulatory agency?
Describe the regulations designed to protect air and water.
Explain the Toxic Substance Control Act.
Define the Superfund - CERCLA

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1. Describe and explain the major provisions of the Sherman Antitrust Act
2. What is the purpose of the Clayton Act of 1914?
3. Differentiate between horizontal and vertical restraints.
4. Describe Per se violations.
5. Explain the purpose of Section 2 of the Sherman Antitrust Act.
6. Describe monopolization.
7. Describe price discrimination.
8. What are types of exclusionary practices?
9. Differentiate between horizontal and vertical mergers
10. Define interlocking directorates.

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8.

Define Professional Breach of Contract.

Explain an accountants Duty of Care.
What are some of the defenses to negligence?
Describe Liability for Fraud.
Define the ultramares rule and an accountants liability to third parties.
Describe the purpose of the Sarbanes-Oxley Act of 2002.
What is the potential liability of accountants under Securities laws?
Explain confidentiality and privilege as it pertains to the accountant-client relationship.

FEDERAL EMPLOYMENT

AND

LABOR LAWS

Chap Study Questions

1. Describe Employment at Will.
10 2. What are the exceptions to the employment are at will doctrine?
3. Describe the Davis-Bacon Act, Walsh-Healy Act.
4. Describe the FLSA as it pertains to child labor, minimum wages, and overtime.
5. Explain the purpose of the Worker Adjustment and Retraining Notification Act.
6. Define and describe the Family and Medical Leave Act.
7. Define and describe the Occupational Safety and Health Act (OSHA).
8. What is the purpose of State Workers Compensation laws?
9. What is the purpose and function of Social Security and Medicare?
10.Define and describe COBRA.
11.Define and describe HIPAA.
12.Explain the purpose of the Affordable Care Act, and when it applies to businesses.
13.Describe the types of employee privacy acts.
14.What is the purpose of ICRA?
15.Explain the purpose of the Immigration Act.
16.Describe the National Labor Relations Act
17.Describe the Norris-LaGuardia Act.
18.Describe the Labor Management Relations Act.
19.Explain how unions can be organized.
20.Define the term collective bargaining.
21.Under what conditions can/cant a union strike?
22.Defined the term lockout.

11

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3.
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6.

Describe the purpose and function of Title VII of the Civil Rights Act of 1964.
Differentiate between disparate-treatment, intentional, and unintentional discrimination.
Describe constructive discharge.
Define and describe sexual harassment and the two forms of sexual harassment.
What defenses can an employer make against charges of sexual harassment?
Describe the different types of sexual harassment (by employers, coworkers, same
gender, online, etc.)
7. Describe the remedies for sexual harassment.
8. Describe the Age Discrimination in Employment Act.
9. Describe the Americans with Disabilities Act.
10.What is a disability?
11.Define reasonable accommodation.
12.Describe the four defenses to employment discrimination.
13.Explain Affirmative Action, and its purpose.

AGENTS

AND

PRINCIPALS

Chap Study Questions

SALES

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2.
3.
4.
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6.
7.
8.

Explain what an agent-principal relationship is.

What rights does a principal have?
How are employer-employee relationships the same as agent-principal relationships?
Define an independent contractor.
Describe the employer-independent contract relationship?
How can you distinguish whether a person is an employee or independent contractor?
How is an agency relationship formed?
Differentiate between an agency by agreement, by ratification, by estoppel, and by
operation of law.
9. Describe an agents duties to the principal.
10.Describe a principals duties to an agent.
11.Describe and differentiate between the rights and remedies of agents and principals.
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8.

Differentiate between an agents actual authority and apparent authority.

Differentiate between an agents express authority and implied authority.
Describe when an agent would have emergency powers.
Describe ratification, as it pertains to a principal and agent.
Differentiate between a disclosed, partially disclosed, and undisclosed principal.
When is an agents act considered unauthorized?
Describe an E-Agent.
Describe when an agent or principal may be liable to a third party as it pertains to torts,
crimes, and negligence.
9. Define the doctrine of respondeat superior.
10.How can an agency be terminated?
11.Differentiate between termination by act and termination by operation of law.

AND

LEASES

Chap Study Questions

1. Describe the scope and purpose of Articles 2 and 2A of the UCC.
2. Define the terms sale and goods.
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3. Explain what law applies when a transaction combines both goods and services.
4. Describe how the UCC applies to a merchant.
5. Define a lease agreement and consumer leases.
6. Define and describe an offer, including open terms.
7. Define and describe a firm offer.
8. Define and describe methods of acceptance, including the mailbox rule.
9. Explain how additional terms may affect acceptance of an offer.
10.Describe the Statute of Frauds, including how it pertains to merchants and exceptions to
the rule.
11.Define and describe Parol Evidence.
12.Explain the term unconscionability.
13.Describe how the CISG applies to the international sale of goods.
1. Describe how title to goods will pass to a buyer.
2. Explain how Identification takes place with both existing and future goods, and goods
that are part of a larger mass.
3. When does title pass between seller and buyer?
4. Differentiate between shipment contracts and destination contracts.
5. Differentiate between void and voidable title.
6. Explain the entrustment rule.
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7. Define and describe risk of loss and how it applies to shipment and destination
contracts.
8. Define and describe a bailee.
9. Describe the different types of conditional sales.
10.How is risk of loss affected when the seller breaches? When the buyer breaches?
11.Define and describe insurable interest.
12.Differentiate between the shipping terms FOB, FAS, and CIF (or CC&F).

18

19

1. Describe the UCCs Good Faith provision.

2. What are the sellers and buyers obligations under the good faith provision?
3. Define and describe the different types of delivery.
4. Describe the Perfect Tender rule, including possible exceptions to the rule.
5. Describe the buyers obligations, as it pertains to payment, inspection, and acceptance.
6. Explain the concept of anticipatory repudiation.
7. Describe the remedies a seller has when the buyer breaches.
8. Describe the remedies a buyer has when the seller breaches.
9. Describe letter of credit transactions, as they pertain to international sales contracts.
10.Describe remedies for breach of international sales contracts.

1. What is a warranty?
2. When do warranties arise in sales transactions?
3. Define and describe express warranties.
4. How do statements of opinion or value affect express warranties?
5. Define and describe implied warranties.
6. Explain the term merchantability as it pertains to implied warranties.
7. Describe how prior dealings or customs can affect implied warranties.
8. Explain the Magnuson-Moss Warranty Act.
9. Describe what happens when there are overlapping warranties.
10.Describe the disclaimers that ca be made on express and implied warranties.
11.Explain how unconscionability can affect a warranty.
12.What is the Statute of Limitations for a breach of warranty?

NEGOTIABLE INSTRUMENTS
Chap Study Questions
1. What is a negotiable instrument?
2. According to the UCC, what are the four types of negotiable instruments?
3. Describe the different types of drafts and checks, including promissory notes and
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certificates of deposit.
4. What are the six requirements for an instrument to be negotiable?
5. What six factors will NOT affect negotiability?
1. Define and describe negotiation.
2. What are the two methods of negotiation?
3. What as an indorsement?
4. Differentiate between blank, special, qualified, and restrictive indorsements.
13 5. Describe some of the common indorsement problems.
6. Differentiate between a holder and a holder in due course (HDC).
7. What are the three requirements for HDC?
8. Describe the Shelter Principle.

14

1. What are the two kinds of liability associated with negotiable instruments?
2. Define and describe signature liability, including primary and secondary liability.
3. Describe accommodation parties.
4. Differentiate between authorized and unauthorized signatures.
5. Describe the Imposter Rule.
6. Define and describe warranty liability.
7. Describe transfer warranties.
8. Describe presentment warranties.
9. Differentiate between universal and personal defenses against liability.
10.Describe the federal limitations on HDC rights, including FTC Rule 433.
11.Describe the types of discharge from liability.

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2.
3.
4.

15

Explain how Articles 3 and 4 of the UCC govern EFTs.

Differentiate between Cashiers checks, Travelers checks, and certified checks.
Describe the bank-customer relationship.
Describe the banks duties to honor checks, as it pertains to overdrafts, postdated
checks, stale checks, stop-payment orders, and incompetence or death of the customer.
5. What is the general rule for forged drawers signatures?
6. What is a banks liability for altered checks?
7. Describe the banks duty to accept deposits.
8. What is the availability schedule for deposited checks?
9. What is the banks duty to accept deposits for interest bearing accounts?
10.Describe the traditional check collection process.
11.Describe how the Federal Reserve System clears checks.
12.Define and describe the Check Clearing and Check 21 Act.
13.Describe the different types of EFT systems.
14.Differentiate between consumer fund transfers and commercial fund transfers.

DEBTORS

AND

CREDITORS

Chap Study Questions

1. What is a lien?
2. Differentiate between an encumbrance, mechanics lien, artisans lien, and judicial lien.
3. Define and describe garnishment, including any possible limits on the amount.
4. Define and describe Creditors Composition agreements.
5. What is a mortgage?
6. Differentiate between fixed-rate and adjustable-rate mortgages.
7. What protections are available to the creditor?
8. What can a creditor/lender do if a homeowner defaults?
9. How can foreclosure be avoided?
20 10.Describe the foreclosure procedure.
11.What is Suretyship?
12.What is a Guaranty?
13.What actions will release surety and guarantor?
14.Describe the guaranty defenses.
15.Describe the rights of the surety and guarantor.
16.What types of real/personal property of a debtor are protected (exempt)?
17.What is a homestead exemption?

21

1. What is a secured transaction?

2. How is a security interest created? (List three elements.)
3. How is a security interest perfected?
4. Describe how a security interest can be perfected by filing.
5. Describe how a security interest can be perfected without filing.
6. Differentiate between perfection by attachment and by possession.
7. What are the time durations of perfection?
8. Define and describe proceeds.
9. Describe the Floating Lien concept.
10.Describe the priorities given to different creditor interests.
11.Describe the general rules of priority, including possible exceptions.
12.Explain what a Termination Statement is.
13.Describe the basic remedies for default, including repossession, judicial remedies, and
disposition of collateral.
14.Explain the disposition procedures.
15.Describe what happens to the proceeds from disposition.

BANKRUPTCY
Chap Study Questions
22 1. What are the goals of bankruptcy law?
2. Define and explain the purpose of Chapter 7 bankruptcy.
3. Who can and cannot file for Chapter 7 bankruptcy?
4. How is a Chapter 7 bankruptcy proceeding commenced?
5. Differentiate between voluntary and involuntary proceedings.
6. What schedules must be prepared for Chapter 7 bankruptcy?
7. Describe the Substantial Abuse-Means Test.
8. How can creditors force a Chapter 7 bankruptcy?
9. What is an Automatic Stay? What are the exceptions?
10.Describe what property will be included in the bankruptcy estate.
11.Describe the function and powers of the bankruptcy trustee.
12.What are voidable rights?
13.Describe preferences as they pertain to the bankruptcy proceedings.
14.What types of transfers will NOT constitute a preference?
15.What property is exempt?
16.Describe the homestead exemption, including the maximum equity amount.
17.Describe how property will be distributed in voluntary bankruptcies.
18.Define and describe the effects of discharge.
19.When will discharge be revoked?
20.Describe Chapter 11 bankruptcy.
21.Who is eligible for fast-tract chapter 11?
22.Define and describe a DIP (Debtor in Possession).
23.When must a reorganization plan be filed?
24.Describe Chapter 13 bankruptcy.
25.Describe the repayment plan for a chapter 13 bankruptcy proceeding.
26.Describe Chapter 12 bankruptcy.
27.Who is eligible for Chapter 12? Under what conditions?