Overview

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By the end of this course, you will be able to identify the elements of a legally enforceable contract, distinguish between bilateral and unilateral agreements, differentiate express and implied contracts, and analyze how contracts are formed and enforced under both common law and the Uniform Commercial Code. Contracts shape nearly every business relationship — from employment agreements and vendor arrangements to online terms of service and sales transactions. In this course, you will move beyond memorizing definitions and instead learn how to recognize how contracts operate in real-world business settings. Through practical examples, you’ll examine how mutual promises create obligations, how conduct can form binding agreements, and how courts determine enforceability. What makes this course unique is its applied business focus. Rather than treating contract law as abstract doctrine, you’ll evaluate everyday commercial scenarios and build the analytical judgment needed to interpret agreements with confidence. Whether preparing for professional licensure or strengthening your business decision-making skills, you’ll develop a clear framework for understanding how contracts function in modern commerce.

Syllabus

Negligence and Strict Liability

In this module, you'll explore the core concepts behind negligence and strict liability, how businesses can avoid such liabilities, as well as how businesses can be negatively impacted. You'll learn how to define negligence in the context of a business setting, how a negligence claim is established, and how a business can potentially defend itself from a negligence claim. Beyond negligence, you will further analyze strict liability and its impacts on various types of businesses.

Product Liabilities

In this module, you'll learn about how businesses that make and produce their own goods for sale may be at exposure for unique liabilities where users of the goods may have legal recourse against the business. You will explore various types of product defects such as manufacturing defects and design defects. You will also dive into the liability a business is exposed to when it fails to reasonably warn product users of known issues that may harm users. Finally, you will gain an understanding about how a business can defend itself against product liability lawsuits.

Accountants' Liabilities

In this module, you'll apply concepts of negligence and other liabilities towards accountants performing various roles within an organization. Specifically, you'll learn how accountants may be held liable for negligence and fraud when preparing financial statements for a business. Also, you'll explore the concept of reasonably foreseeable users and how the work accountants perform may impact certain parties resulting in the opportunity for legal recourse against an accountant.

Applying Liability and Legal Responsibility Knowledge

This final module brings everything together. You’ll review key concepts from the course and apply what you’ve learned to real-world business situations. By stepping back and looking liabilities, you’ll strengthen your ability to analyze how risks influence day-to-day business decisions and hopefully keep a business out of court and needing to settle for large amounts in court—skills that are essential for accountants and business professionals alike.