When running a business the company needs to have a legal team. The legal team is put in place to keep the companies complaint by country or state by laws. Laws are rules put in place to enforce proper behavior. Companies such as Equal Employment Opportunity Commission, Environmental Protection Agency, Food and Drug Administration, Federal Trade Commission, and Occupational Safety and Health Administration regulate the actions of businesses. There are six areas that legal issues would fall into. These different areas are contract, tort, property, agency, commercial, and bankruptcy.
Contract Law
Any written or oral legal pact between more than one persons is a contract. Contracts have six characteristics to be consider valid. The first …show more content…
This takes place with car injuries, property damage, and any other type of situation that needs to be paid for. There are three categories that fall under tort law. The first type of tort is intentional tort. This takes place when a business purposely cause harm onto someone else. If an issue is taken to court a plaintiff or defendant will request compensatory damages and punitive damages. The second type of tort is negligence tort. Negligence takes place when a business falls below legal standards. For examples on the Morgan and Morgan Law Firm commercials they will inform you about the insurance company roll in a car crash. They also discuss how the negligence text and driving is the result of most accidents. The last type of tort is product liability. With product liability the manufactured company is legally responsible for any damages their product causes. An example of this tort is the lawsuit against Johnson and Johnson. Since the company knew of the ingredients listed in their baby power causes cervical cancer. Yet they failed to inform the public about that risk associated with the …show more content…
Since there are many different goods that can be considered property. The government broke them up into four different categories. The first type of property law is tangible real property. Tangible real property is considered land. The plants, open fields, and trees at any park here in Tennessee. Is the property of the state TN. The second characteristic is tangible personal property. Tangible personal property is any good which can be sold, bought, or leased. Car dealerships own the vehicles on their lots. The third type of property law is intangible personal property. Intangible personal property are valuable goods that are not physical objects. Stocks and bonds are intangible goods. The last property law is intellectual property. Intellectual property is the protection of a person creative work. This involves copyrights, trademarks, patents, and restrictions on property rights. When Lifetime created the Aaliyah bio movie. Aaliyah’s family did not allow them to use any music she created. They were only able to play songs she did not have a copyrights to such as the Marvin Gaye’s Got To Give It Up
Contract Law
Any written or oral legal pact between more than one persons is a contract. Contracts have six characteristics to be consider valid. The first …show more content…
This takes place with car injuries, property damage, and any other type of situation that needs to be paid for. There are three categories that fall under tort law. The first type of tort is intentional tort. This takes place when a business purposely cause harm onto someone else. If an issue is taken to court a plaintiff or defendant will request compensatory damages and punitive damages. The second type of tort is negligence tort. Negligence takes place when a business falls below legal standards. For examples on the Morgan and Morgan Law Firm commercials they will inform you about the insurance company roll in a car crash. They also discuss how the negligence text and driving is the result of most accidents. The last type of tort is product liability. With product liability the manufactured company is legally responsible for any damages their product causes. An example of this tort is the lawsuit against Johnson and Johnson. Since the company knew of the ingredients listed in their baby power causes cervical cancer. Yet they failed to inform the public about that risk associated with the …show more content…
Since there are many different goods that can be considered property. The government broke them up into four different categories. The first type of property law is tangible real property. Tangible real property is considered land. The plants, open fields, and trees at any park here in Tennessee. Is the property of the state TN. The second characteristic is tangible personal property. Tangible personal property is any good which can be sold, bought, or leased. Car dealerships own the vehicles on their lots. The third type of property law is intangible personal property. Intangible personal property are valuable goods that are not physical objects. Stocks and bonds are intangible goods. The last property law is intellectual property. Intellectual property is the protection of a person creative work. This involves copyrights, trademarks, patents, and restrictions on property rights. When Lifetime created the Aaliyah bio movie. Aaliyah’s family did not allow them to use any music she created. They were only able to play songs she did not have a copyrights to such as the Marvin Gaye’s Got To Give It Up