BUSINESS LAW II EXAM 1 STUDY TIPS EDINBORO UNIVERSITY OF PENNSYLVANIA ‘SPRING 2015 PROFESSOR - DR. MICHAEL ENGDAHL NOTE TO STUDENTS: For Exam 1, you are responsible for all of the readings assigned from Assignment 1 through Assignment 8 in your syllabus. The following study tips should be helpful to you in determining which parts of the readings to emphasize. When reviewing the Question Batch questions, know why the right answers are right and the wrong answers are wrong. Assignment 1 Review Question Batch 1. *Know the nine formal requirements for negotiable instruments. (pp. 420). *Review the exainples of payable to order in the side column of p. 426. *Review the examples of payable to bearer in the side column of p. 427. *Know the definition of drawer, drawee, and payee, Assignment 2 *Review Question Batch 2. *Know the definition and characteristics of blank, special, restrictive, unrestrictive, qualified, and unqualified indorsements. *Review the table entitled, “CONCEPT REVIEW 25-1” at the bottom of p. 438. *Know the five requirements of a holder in due course. (p. 440) *Know the seven real defenses. (p. 448) *Review the paragraphs under the heading, “LIMITATIONS UPON HOLDER IN DUE COURSE RIGHTS” on p 452, Assignment 3 *Review Question Batch 3. *Know the two types of potenti (p. 459) *Review the paragraph at the bottom of p. 459 and top of p. 460 concerning the definition and characteristics of primary (unconditional) and secondary (conditional) contractual liability, liability associated with negotiable instruments. Assignment 4 *Review Question Batch 4. *Know the definition of tangible property, intangible property, real property, personal property, fixture, accession, confusion, insurable interest, bailment, bailor, and bailee. Assignment 5 *Review Question Batch 5. *Know the definition of trade secret, trademark, service mark, infringement, trade name, copyright, and patent.Assignment 6 *Review Question Batch 6. “Know the definitions and characteristics of a lease for a definite term, an estate for years, a periodic tenancy, and a tenaney at sufferance. *Know the definitions and characteristics of tenancy in common, joint tenancy, tenancy by the entireties, easement, and license. Assignment 7 *Review Question Batch 7. *Know the three ways in which title to land may be transferred. (p. 969) *Know the definitions of mortgage, mortgagor, and mortgagee. *Know the definitions of quitclaim deed, adverse possession; grantor, and grantee. Assignment 8 *Review Question Batch 8. *Know the three parties to a trust. “Review the paragraph under the heading, “DECEDENT’S ESTATES” (p. 990) ‘concerning the types of property that are and are not controlled by the decedent's will. Also, review my handout, titled “PROBATE.” *Know the definition of testament, nuncupative will, codicil, living will, holographic will, and soldiers’ and sailors’ wills. *Know the definition of a(n) express trust, testamentary trust, inter vivos trust, totten ‘trust, and constructive trust.