Common Planner
K–12 Standards

Business Law II: Grades 10, 11, 12

Other Arkansas CTE sets

Credit, Bankruptcy, and Commercial Paper

  • 1.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions1.1.1

  • 1.2

    Examine the use of credit and the laws surrounding the debtor/creditor relationship

    1. 1.

      Identify the benefits and detriments of using credit1.2.1

    2. 2.

      Explain how the factors of character, capacity, and capital affect the credit rating of an individual1.2.2

    3. 3.

      Identify the various laws protecting debtors1.2.3

    4. 4.

      Identify the various laws protecting creditors1.2.4

    5. 5.

      Recognize names of the three major credit reporting businesses: Equifax, Experian, and TransUnion1.2.5

    6. 6.

      Distinguish between a secured debt and unsecured debt1.2.6

    7. 7.

      State the two methods by which a security interest may be perfected1.2.7

    8. 8.

      Distinguish between an artisan's lien and a mechanic's lien1.2.8

  • 1.3

    Examine bankruptcy relief

    1. 1.

      Identify the purposes of bankruptcy and who may file for it1.3.1

    2. 2.

      Examine the procedures for various types of bankruptcy1.3.2

    3. 3.

      List debts that cannot be discharged and assets exempt from seizure in satisfying creditor's claims1.3.3

  • 1.4

    Explain types of commercial paper and the essential elements of negotiability

    1. 1.

      Describe the basic types of commercial paper and their uses1.4.1

    2. 2.

      Describe how and when to use the various forms of commercial paper1.4.2

    3. 3.

      Identify the requirements of negotiability1.4.3

    4. 4.

      Identify the parties to a check and promissory note1.4.4

    5. 5.

      Identify and use the various endorsements to achieve a chosen purpose1.4.5

Employment and Agency Law

  • 2.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions2.1.1

  • 2.2

    Examine the nature of the employer/employee relationship

    1. 1.

      List contractual duties imposed by law on an employee in the employment relationship2.2.1

    2. 2.

      List the basic duties imposed by law on the employer in the employment relationship2.2.2

    3. 3.

      Identify federal laws that regulate employment conditions and employment opportunities2.2.3

    4. 4.

      Describe different classifications of employment discrimination2.2.4

    5. 5.

      Identify duties of the employer to injured employees2.2.5

    6. 6.

      Identify duties of the employer to the employee in the event of unemployment2.2.6

    7. 7.

      Describe the differences between an employer and independent contractor2.2.7

  • 2.3

    Discuss the role of unions in the workforce

    1. 1.

      Explain how unions are established under the National Labor Relations Act2.3.1

    2. 2.

      Explain the affect of right-to-work statutes2.3.2

    3. 3.

      Define unfair labor practices by management or unions2.3.3

  • 2.4

    Analyze the principal agent relationship in conducting business

    1. 1.

      Identify the purpose for which an agency is created2.4.1

    2. 2.

      Discuss rights and responsibilities of all parties in an agency2.4.2

    3. 3.

      Discuss the different ways in which an agency may be created2.4.3

    4. 4.

      Identify the classifications of agents based on scope of authority2.4.4

    5. 5.

      Distinguish between a general power of attorney and a limited power of attorney2.4.5

Legal Forms of Business Organization

  • 3.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions3.1.1

  • 3.2

    Examine the characteristics of sole proprietorships and partnerships

    1. 1.

      Discuss the creation and distinguishing features of proprietorships and partnerships3.2.1

    2. 2.

      Compare and contrast the advantages and disadvantages of proprietorships and partnerships3.2.2

    3. 3.

      Categorize various types of partnerships by extent of liability, and according to management authority3.2.3

    4. 4.

      Examine the various provisions found in an example of a typical partnership agreement3.2.4

  • 3.3

    Examine the characteristics of a corporation

    1. 1.

      Discuss the incorporation process3.3.1

    2. 2.

      Identify the different types and classifications of corporations (domestic, foreign, alien, public, private, publicly held, closely held nonprofit)3.3.2

    3. 3.

      List the advantages and disadvantages of a corporation3.3.3

    4. 4.

      Compare the types of stock that may be issued by a corporation3.3.4

    5. 5.

      Describe the duties and functions of the board of directors and officers of a corporation3.3.5

    6. 6.

      Identify the rights of shareholders3.3.6

    7. 7.

      Identify the various methods of corporate expansion, and discuss negative aspects associated with each3.3.7

    8. 8.

      Identify statutes and agencies that regulate corporations3.3.8

    9. 9.

      Explain how the business judgment rule, the insider trading rule, and the corporate opportunity doctrine impose legal obligations of "good faith" upon officers and directors for their business conduct3.3.9

Property Law and Insurance

  • 4.1

    Define terminology

    1. 1.

      Prepare a list of terms with definitions4.1.1

  • 4.2

    Explain the rules of law that apply to personal property and bailments

    1. 1.

      Discuss tangible and intangible personal property, how property may be acquired, and the rights associated with ownership4.2.1

    2. 2.

      Discuss the ownership of intellectual property by patent, copyright, and trademark registration4.2.2

    3. 3.

      Describe a bailment, the various classifications of bailments, the purposes for which they may be created, and the various degrees of a bailee's liability for care of the bailed property4.2.3

    4. 4.

      Distinguish between common, contract, and private carriers4.2.4

    5. 5.

      List the various forms of co-ownership of property and the distinguishing characteristics of each4.2.5

  • 4.3

    Explain the rules of law that apply to real property

    1. 1.

      List the rights associated with the ownership of real property4.3.1

    2. 2.

      Discuss the various ways by which real property may be acquired4.3.2

    3. 3.

      Explain the difference in conveyance by warranty deed as opposed to quit claim deed4.3.3

    4. 4.

      Explain the proper procedure for the transfer of title to real property4.3.4

    5. 5.

      Describe and distinguish other's rights through licenses and easements4.3.5

    6. 6.

      Explore the limitations of property use by restrictive covenants and zoning laws4.3.6

  • 4.4

    Discuss the landlord/tenant relationship

    1. 1.

      Describe types of tenancies that may be created by leases (periodic tenancy, tenancy for years, tenancy at sufferance, tenancy at will)4.4.1

    2. 2.

      Summarize the rights and duties of landlords and tenants4.4.2

  • 4.5

    Explain the concept of risk and insurance

    1. 1.

      Explain the need for insurance4.5.1

    2. 2.

      Discuss the contrast the different types of insurance4.5.2

    3. 3.

      Discuss common policy provisions and considerations4.5.3

Frequently asked questions

What grade levels do these standards cover?
Grade 10, Grade 11, and Grade 12
When were these standards adopted?
2004
Where can I read the official document?
Business Law II

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