Updated to reflect the substance and implications of the significant changes in the law of business organizations, this fifth edition employs a variety of pedagogical approaches designed to promote a comprehensive understanding of the full body of business associations law and practice. The organization aims to promote optimal teaching flexibility, allowing professors to choose from a balanced mix the cases, problems, and textual readings most suitable for their individual course. The book is designed to be used in a three- or four-semester corporations law or business association course. The first two chapters deal with unincorporated business organizations and the remaining chapters focus on corporations. Most chapters open with a situation involving one or more hypothetical clients, with later situations building on earlier ones. These optional problems can be used to stimulate classroom discussion, to place the cases and other materials in an understandable context, or can be omitt
