Business Law

I.     Course Prefix/Number: BUS 222

       Course Name: Business Law

       Credits: 3 (3 lecture; 0 lab)

II.    Prerequisite

Recommended: BUS 221

III.   Course (Catalog) Description

Course studies law of negotiable instruments under the Uniform commercial Code.  Content includes agencies, partnerships and corporations, with focus on case method and problem solving techniques.

IV.   Learning Objectives

Students who successfully complete this course will be able to:

  1. Identify the requirements for negotiability.
  2. Define the requirements of a holder in due course and to appreciate the value of the status of a holder in due course.
  3. Comprehend the importance of the agency relationship.
  4. Cite the liability of the agent and principal to third parties under agency law.
  5. Summarize the differences between forms of business organizations.
  6. Discuss how a partnership is formed, the rights and duties of the partners with each other and the partner’s liability to third parties.
  7. Identify the different types of partnership organizations.
  8. Assess the characteristics and powers of corporations.
  9. Discuss the duties of directors, officers and shareholders of a corporation.
  10. Identify the procedures and liabilities involved in mergers, consolidations and terminations of corporations.
  11. Explain the major requirements imposed by the Securities Act of 1933 and the Securities Exchange Act of 1934.

V.    Academic Integrity and Student Conduct

Students and employees at Oakton Community College are required to demonstrate academic integrity and follow Oakton's Code of Academic Conduct. This code prohibits:

• cheating,
• plagiarism (turning in work not written by you, or lacking proper citation),
• falsification and fabrication (lying or distorting the truth),
• helping others to cheat,
• unauthorized changes on official documents,
• pretending to be someone else or having someone else pretend to be you,
• making or accepting bribes, special favors, or threats, and
• any other behavior that violates academic integrity.

There are serious consequences to violations of the academic integrity policy. Oakton's policies and procedures provide students a fair hearing if a complaint is made against you. If you are found to have violated the policy, the minimum penalty is failure on the assignment and, a disciplinary record will be established and kept on file in the office of the Vice President for Student Affairs for a period of 3 years.

Please review the Code of Academic Conduct and the Code of Student Conduct, both located online at

VI.   Sequence of Topics

  1. Commercial Paper
    1. Commercial Paper - Form and Content
    2. Transfer and Negotiation
    3. Holder in Due Course
    4. Liability of Parties
    5. Bank Deposits and Collections
  2. Agency
    1. Relationships of Principal and Agent
    2. Liability of Principal and Agent to Third Persons
  3. Partnerships
    1. Definition, Formation, Property and General Nature of Partnership
    2. Relationship between Partners and with Third Persons­ Dissolution and Winding up
  4. Corporations
    1. General Nature, Formation, and Powers of Corporations
    2. Capital Stock and Dividends
    3. Managerial and Fiduciary Duties of Officers and Directors
    4. Rights, Powers, and Remedies of Shareholders and Creditors
    5. Transfer of Shares
    6. Merger, Consolidation and Dissolution

VII.  Methods of Instruction

Methods of Instruction will include:  lectures, class discussions, role-playing, videos tapes, case studies, textbook materials and handouts.

Course content and assignments encourage critical thinking and require college-level reading and writing of English. Students are expected to attend class and participate in course learning activities.

Course may be taught as face-to-face, hybrid or online course.

VIII. Course Practices Required

Reading Text and outside materials
        Writing, extensive writing will be required  
        Oral presentations
        Computer use / Internet
        Case Studies / Critical Analysis

Course may be taught as face-to-face, hybrid or online course.

IX.   Instructional Materials

Note: Current textbook information for each course and section is available on Oakton's Schedule of Classes.

“Business Law Bus Law 221 & 222” custom compilation of selected chapters from Dynamic Business Law McGrawHill ISBN 100-39- 045091-X; 13:978-0-39-045091-3 (2009).

X.    Methods of Evaluating Student Progress

Course grades will be determined by the student's demonstration of proficiency regarding course objectives and understanding of the course material based on the following as determined by the instructor: Class discussion, in- and out-of-class individual and group assignments and activities, attendance and participation, Internet-based activities, quizzes and/or tests

XI.   Other Course Information

Use of Computers and Information Technology:
When you apply at Oakton as a credit student, you are automatically assigned a computer network account and email address.  While you are registered for classes and any financial obligations to the College are fulfilled, you may use this account to log into workstations in any of the open or classroom computer labs.  Your account gives you access to the wide variety of application programs available on Oakton's Network and on-campus access to the Internet.

Rules for computer use are posted in computer labs as well as available in writing in each of the labs. Lab assistants and tutors are available to assist you in the lab regarding software and hardware questions.

Users of the College’s information technology facilities and resources, including hardware, software, networks, and computer accounts, are expected to use computer resources responsibly and appropriately, respecting the rights of other information technology users and respecting all contractual and license agreements.

Under no circumstances is any of the software used at Oakton to be copied. Copying software is in violation of Federal law and College policies. Suspected violations will be vigorously investigated and, if warranted, appropriate penalties applied. Specifically, you do not have the right (1) to make copies of software for yourself or others, (2) to receive and use unauthorized copies of software, or (3) copy all or parts of a program written by someone else.

 College Policy on the Observance of Religious Holidays:
Oakton Community College recognizes the broad diversity of religious beliefs of its constituencies. The College has embraced a practice of shared responsibility in the event a religious observance interferes with class work or assignments. Students who inform instructors well in advance of an intended absence for a major religious observance will not be penalized. The instructor will make reasonable accommodations for students, which may include providing a make up test, altering assignment dates, permitting a student to attend another section of the same course for a class period or similar remedies. Instructors are not responsible for teaching material again.

If you have a documented learning, psychological, or physical disability you may be entitled to reasonable academic accommodations or services. To request accommodations or services, contact the Access and Disability Resource Center at the Des Plaines or Skokie campus. All students are expected to fulfill essential course requirements. The College will not waive any essential skill or requirement of a course or degree program.

Oakton Community College is committed to maintaining a campus environment emphasizing the dignity and worth of all members of the community, and complies with all federal and state Title IX requirements.

Resources and support for
  • pregnancy-related and parenting accommodations; and
  • victims of sexual misconduct
can be found at

Resources and support for LGBTQ+ students can be found at

Electronic video and/or audio recording is not permitted during class unless the student obtains written permission from the instructor. In cases where recordings are allowed, such content is restricted to personal use only. Any distribution of such recordings is strictly prohibited. Personal use is defined as use by an individual student for the purpose of studying or completing course assignments.

For students who have been approved for audio and/or video recording of lectures and other classroom activities as a reasonable accommodation by Oakton’s Access Disabilities Resource Center (ADRC), applicable federal law requires instructors to permit those recordings. Such recordings are also limited to personal use. Any distribution of such recordings is strictly prohibited.

Violation of this policy will result in disciplinary action through the Code of Student Conduct.