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26 Cards in this Set
- Front
- Back
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Business Law
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- refers to the rules and regulations that govern the conduct of business.
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Problems in Business Law area are due to:
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failure to keep promises
misunderstandings disagreements about expectations attempts to take advantage of others |
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Courts and the Resolution of Disputes
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– the primary method of resolving conflicts and business disputes is through lawsuits
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Alternative Dispute Resolution Methods
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mediation
arbitration mini-trial private court system |
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Regulatory Administrative Agencies
Federal regulatory agencies influence many business activities and cover: |
product liability
safety regulation or deregulation of public utilities |
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Important Elements of Business Law
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the uniform commercial code
the law of torts and fraud the law of contracts the law of agency the law of property the law of bankruptcy |
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Uniform Commercial Code
Article II of the Uniform Commercial Code covers sales agreements for goods and services and addresses: |
the rights of buyers and sellers
transfers of ownership warranties the legal placement of risk during manufacture and delivery |
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express warranty
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– stipulates the specific terms the seller will honor
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implied warranty
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– is imposed on the producer or seller by law although it may not be a written document provided at the time of sale a consumer may assume that the product for sale has a clear title (not stolen) and that the product will both serve the purpose for which it was made and sold as well as function as advertised
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tort
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– is a private or civil wrong other than breach of contract
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fraud
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– is a purposeful unlawful act to deceive or manipulate in order to damage others
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product liability
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– businesses' legal responsibility for any negligence in the design, production, sale, and consumption of products
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The Law of Contracts
only those contracts that meet certain requirements are enforceable by the courts. |
Must contain the following elements:
voluntary agreement consideration contractual capacity of the parties legality Must be supported by consideration: money or something of value must be given in return for fulfilling a contract |
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Contractual Capacity is the legal ability to enter into a contract. A person's contractual capacity may be limited or nonexistent if he is:
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a minor (under 18)
mentally unstable retarded insane intoxicated |
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Breach of Contract
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– is the failure or refusal of a party to a contract to live up to his promises
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Law of Agency
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- is a common business relationship created when one person acts on behalf of another and under that person's control
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Two parties are involved in an agency relationship:
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principal
agent |
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3 types of The Law of Property:
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real property
personal property intellectual property |
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real property
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– consists of real estate and everything permanently attached to it
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personal property
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– basically is everything else (an estate or property consisting of movable articles both corporeal, as furniture or jewelry, or incorporeal, as stocks or bonds)
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intellectual property
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– refers to property, such as musical works, artwork, book, and computer software, that is generated by a person's creative activities
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3 types of Protection of Property
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Copyrights
Trademarks patents |
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Copyrights
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– protect the ownership rights on material for 10 yrs.
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Trademarks
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– a brand (name, mark, or symbol) that is registered with the US Patent and Trademark Office and is thus legally protected from use by any other firm
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patents
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– give inventors exclusive rights to their invention for 17 yrs.
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The Law of Bankruptcy
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Legal insolvency
businesses may take on too much debt in order to finance growth an option of last resort in these cases is bankruptcy |
