The answer is that basket-weaving is not offered in law school, so you will not be able to enroll in that course. Also, this last semester is not the best time to take five (5) "easy" courses (if there is such a thing in law school), or five (5) seminar courses, either. Yes, you are winding down, but you are also ramping back up, too. You are getting ready to do the bar exam.
Therefore, you should enroll in bar exam courses and enroll in as many of them as you can tolerate. You may have a series of back to back exams in late April, or early May. You can handle it. I can tell. Now, what courses are available to you in the last semester that you do not want to have to learn for the first time during the bar exam study period?
1. Commercial Paper: This course is not too difficult to learn for the bar exam, but it really is not a course that you want to learn during the bar exam study period. Let us look at the title of the subject.
Commercial (commerce) + (institutions) Paper (money) & (letters of credit)& (foreign currency) & (other funding sources) = a lot of ways to exchange or transfer paper money from one lending source to a paying source to another lending source, etc. There are a lot of ways in which a party can loan money to another person and just as many ways for the other person to pay it back.
However, what happens if that money is stolen, lost, given to the wrong party, not endorsed properly, someone gives the other person the wrong amount, or some person fails to transfer money when that person or entity is required to do so? Who is liable for what amount? Although you won't hear this in a commercial paper course, the question also arises - who is responsible for the interest that failed to accrue on the instrument because it is lost, stolen, etc. This is a question that you would probably encounter in a finance or banking course, however, liability will likely be established in commercial paper. Of course, if someone is responsible for doing something a certain way, which is deemed incorrect (wrong), that person is likely to scream out to the world that the person or entity has some type of defense.
In commercial paper there are a lot of defenses to learn, so you need to know that they are and how to apply them to certain situations. Sounds interesting, though, doesn't it. The exchange of paper money.
So, you have to own the paper first, transfer it to someone, the other person gains control over it in the bank (or, some other financial institution)(which bank or financial institution has its own set of rules in commercial paper), then the money is transferred to someone else, and it no longer belongs to the original owner. As you can see "the paper trail" (a/k/a the money) can go from one person or bank to another person or entity as many times as the paper can travel from one set of hands to another.
Your job will be (in, part) to track the paper on the examination and explain where things went wrong and what must be done in order to make things right again. What happens if . . . is your question on the bar examination? It is your job to answer that question. It is so much easier to learn it from a professor than a commercial bar prep course representative. I'm not ragging on the bar prep course people, but you can learn it in two days for a couple of hours. Or, you can try to learn it over an entire semester, ask questions, take practice exams, discuss with colleagues and do the same stuff above over again until the last day of class for that semester.
You choose.
Subjects for discussion: Family Law, Wills & Estates, Secured Transactions.
Prof. Smith
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