Bus 21 Working within the Legal Environment
The way federal, state and local governments raise money
Taxes
Jim claims that Tom breached a contract. What can a judge do?
Award damages, cancel a contract, or direct a party to do or not to do an act
What is the legal process by which a person, business, or government entity, unable to meet financial obligations, is relieved of those debts by a court?
Bankruptcy
a legally enforceable agreement between two or more parties.
Contract
The Robinson-Patman Act of 1936
Made certain acts of price cutting punishable as criminal offenses by fine and imprisonment
The Clayton Act of 1914
Prohibited exclusive dealing and tying contracts
The act that makes it illegal to create a monopoly or stifle competition is the:
Sherman Antitrust Act of 1890
A comprehensive commercial law that covers sales laws and other commercial laws
The Uniform Commercial Code (UCC)
What are some key responsibilities of legislators to maintain the free-market system?
To pass laws that ensure a competitive atmosphere and promote fair business practices
Patent is
a document that gives inventors exclusive rights to their inventions for 20 years from the date they file the patent applications
A social movement that seeks to increase and strengthen the rights and powers of buyers in relation to sellers is called
consumerism
The Smith's new roof, installed by John's company, leaked in several places during the next rain. A ceiling and wall had to be replaced and they had to pay a different company to tear off the roof. They were now suing for
damage
Government withdrawal of certain laws and regulations that seem to hinder competition is called
deregulation
Administrative agencies are
federal or state institutions and other government organizations created by congress or state legislatures with delegated power to create rules and regulations within their given area of authority
Negotiable instruments are
forms of commercial paper (ex checks) that are transferable among businesses and individuals
Statutory law
includes state and federal constitutions, legislative enactments, treaties of the federal government, and ordinances - written law
A willful act that results in injury is called a(n):
intentional tort
The part of tort law that holds businesses liable for harm that results from the production, design, or use of products they market is called:
product liability
written law is ______
statutory law
The branch of government chosen to oversee the legal system through a system of courts
the Judiciary
Guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it
warranty
