CBF Review

Part 1

This module outlines what is covered on the CBF Exam.  Material covered includes the Legal Environment of Law:  Civil Law, Common Law, Constitutional Law, Statutory Law, Damages Available as Remedies, and Elements to Prove Negligence.  Contracts:  Definition of a Contract, Parole Evidence Rule, Conversion, Requirements of a Contract, Types of Contracts, Methods to Terminate a Contract, Transferring Rights Under a Contract, Discharge by Operation of Law, Methods to Settle a Legal Claim, Promissory Estoppel, Anticipatory Repudiation, Novation, E-Signature, and the Plain Meaning Rule.  Title and Risk of Loss:  The Uniform Commercial Code (UCC), Contract for Sale of Goods, and Warranties and Product Liability. There is no quiz for this module.

Part 2

This module outlines what is covered on the CBF Exam.  Material covered includes Sale and Lease of Contracts:  Non-Conforming Goods Shipped, Lease, Sale, Shipment Contract, Destination Contract, Installment Contract, and Bill of Lading.  Negotiable Instruments:  Negotiable Instrument, Draft, Parties to a Draft, Accommodation Party, Third Party Beneficiary, Indorser, Types of Indorsements, Requirements for Negotiability, Check Collection Process, Holder, and Holder in Due Course.  Debtor-Creditor Relationships:  Surety, Guarantor, Garnishment, Lien, Execution and Levy, and Types of Liens (Mechanic’s, Artisan’s, Judicial).  Government Regulations:  Fair Debt Collection Practices Act, Fair Credit Reporting Act, Truth-in-Lending Act, Horizontal Restraints, Vertical Restraints, and Tying Agreements.  Business Organizations:  Partnership, General Partnership, Limited Liability Partnership, Limited Partnership, Syndicate, Joint Venture, Franchise, Business Trust, Elements of a Partnership, Partner by Estoppel, Corporations, S-Corporations, Articles of Incorporation, Bylaws, Stock Certificates, Preemptive Rights, Prospectus, Proxy, Dividends, and Violations of Corporate Director’s Duty of Loyalty. There is no quiz for this module. 

Speaker Bio:

Deborah L. Thorne, Esq. is a partner in the Chicago office of Barnes & Thornburg LLP. She serves as the Chicago Administrator for the Finance, Insolvency and Restructuring Department. Ms. Thorne concentrates her practice in the areas of creditors’ rights, bankruptcy, financial restructurings, secured lending, and commercial transactions.  Ms. Thorne received her B. A. degree in history from Macalester College in 1975, her M.A.T. degree from Duke University in 1976, and her J.D. with honors in 1983 from the Illinois Institute of Technology, Chicago Kent College of Law.  Ms. Thorne is a frequent lecturer and has authored numerous articles for legal and business publications, including the National Association of Credit Management's Business Credit.

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