BLAW FINAL!

what is a buy-sell agreement

A buy-sell agreement, also known as a buyout agreement, is a legally binding agreement (contract) between co-owners of a business that governs the situation if a co-owner dies or is otherwise forced to leave the business, or chooses to leave the business

Stare decisis - what is it?

A common law doctrine under which judges are obligated to follow the precedents established in prior decisions. ●It helps the courts be more efficient and makes the law more stable and predictable ●A court should not overturn its own precedents unless there is a compelling reason to do so. ●Decisions made by a higher court are binding on lower courts

executory contracts, basic elements of a contract, definition and examples of securities

A contract that has not been fully performed by the parties is called an executory contract A contract is "a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty."

what is a franchise

A franchisee (a purchaser of a franchise) is generally legally independent of the franchisor (the seller of the franchise). At the same time, the franchisee is economically dependent on the franchisor's integrated business system and obtains the advantages of a regional or national organization.

know the differences between LLC, C corp and partnerships/sole proprietorships

A limited liability company (LLC) is a corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities. A C corporation, under United States federal income tax law, refers to any corporation that is taxed separately from its owners. a sole proprietorship, which is the simplest form of business. In this form, the owner is the business. Thus, anyone who does business without creating a separate business organization has a sole proprietorship. A partnership arises from an agreement, express or implied, between two or more persons to carry on a business for a profit. Partners are co-owners of the business and have joint control over its operation and the right to share in its profits.

What is treble damages where does it come from and why is it important

A private party who has been injured as a result of a violation of the Sherman Act or the Clayton Act can sue for treble damages (three times the actual damages suffered) and attorneys' fees.

What is Worker's Compensation law

A state law that provides employees with the right to workers' compensation benefits for on-the-job injuries is a substantive law because it creates legal rights. Procedural laws establish the method by which an employee must notify the employer about an on-the-job injury, prove the injury, and periodically submit additional proof to continue receiving workers' compensation benefits.

What happens to copyrighted material after the copyright expires?

After the period of copyright protection has expired, a work becomes available for use without permission from the copyright owner; it is said to be "in the public domain." life plus 70 years

what is the purpose of bankruptcy

Bankruptcy law in the United States has two main goals: 1. To protect a debtor by giving him or her a fresh start without creditors' claims. 2. To ensure equitable treatment of creditors who are competing for a debtor's assets. Thus, the law attempts to balance the rights of the debtor and of the creditors.

Know how the Sherman act and Clayton act differ

Congress enacted the Clayton Act to strengthen federal antitrust laws. The act was aimed at specific anticompetitive or monopolistic practices that the Sherman Act did not cover. The substantive provisions of the act set out in Sections 2, 3, 7, and 8 deal with four distinct forms of business behavior, which are declared illegal but not criminal. For each provision, the act states that the behavior is illegal only if it tends to substantially lessen competition or to create monopoly power.

What can be copyrighted? What can be patented? Trademarked? Know the distinctions

Copyright, a form of intellectual property law, protects original works of authorship including literary, dramatic, musical, and artistic works, such as poetry, novels, movies, songs, computer software, and architecture. Under U.S. patent law, any person who "invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof, may obtain a patent." A trademark is generally a word, phrase, symbol, or design, or a combination thereof, that identifies and distinguishes the source of the goods of one party from those of others.

Examples of information important to investors in an IPO that the Securities Act of 1933 governs?

Debt Insiders amount they have in stocks CEO and CFO must sign off on financial statements Cash

Be able to discuss the Colorado baker/homosexual wedding cake case and specifically what it mean for business, what rights are at stake and why, and who you think will/should win the case and why.

Discrimination, freedom of religion and speech. Homosexual couple will likely win, freedom of religion doesn't justify discrimination of a protected class.

identify major federal agencies and their areas of regulation

Federal Reserve System (the Fed) Board of Governors Determines policy with respect to interest rates, credit availability, and the money supply (including various "bailouts" in the financial sector). Federal Trade commission (FTC) Prevents businesses from engaging in unfair trade practices; stops the formation of monopolies in the business sector. Securities and Exchange Commission (SEC) Regulates the nation's stock exchanges, in which shares of stock are bought and sold; enforces the securities laws. Federal Communications Commission (FCC) Regulates communications by telegraph, cable, telephone, radio, satellite, Internet, and television. National Labor Relations Board (NLRB) Protects employees' rights to join unions and bargain collectively with employers; attempts to prevent unfair labor practices by both employers and unions. Equal Employment Opportunity Commission (EEOC) Works to eliminate discrimination in employment based on religion, gender, race, color, disability, national origin, or age; investigates claims of discrimination. Environmental Protection Agency (EPA) Undertakes programs aimed at reducing air and water pollution; works with state and local agencies to help fight environmental hazards. Nuclear Regulatory Commission (NRC) Ensures that electricity-generating nuclear reactors in the United States are built and operated safely; regularly inspects operations of such reactors.

Which federal statute provides the basis for regulating air pollution?

Federal involvement with air pollution goes back to the 1950s and 1960s, when Congress authorized funds for air-pollution research and enacted the Clean Air Act.2 The Clean Air Act provides the basis for issuing regulations to control multistate air pollution. It covers both mobile sources (such as automobiles and other vehicles) and stationary sources (such as electric utilities and industrial plants) of pollution.

What is deceptive advertising

Generally, deceptive advertising occurs if a reasonable consumer would be misled by the advertising claim. Vague generalities and obvious exaggerations are permissible. These claims are known as puffery. When a claim takes on the appearance of authenticity, however, it may create problems.

Which federal statute provides the basis for regulating water pollution

In 1972, Congress passed amendments to the FWPCA, and the amended act became known as the Clean Water Act (CWA). The CWA established the following goals: (1) make waters safe for swimming, (2) protect fish and wildlife, and (3) eliminate the discharge of pollutants into the water.

what is the difference between arbitration and mediation

In mediation, a neutral third party acts as a mediator and works with both sides in the dispute to facilitate a resolution. Arbitration differs from other forms of ADR in that the third party hearing the dispute makes a decision for the parties. (legally binding)

Independent contractor versus employee

Independent contractors are not employees because those who hire them have no control over the details of their work performance. Employers are required to pay certain taxes for employees but not for independent contractors. Is it an employee or independent contractor? Employers are required to pay certain taxes for employees but not for independent contractors. skills if the employee uses own tools

be able to identify some of the "first principles" or "founding principles" of the U S Constitution

Individual Liberty: Each person is born with freedom from arbitrary or unjustified restraint Federalism: In this system of dual sovereignty, the people delegate certain powers to the national government, while the states and the people retain all other powers. Limited Government: The national government has only those powers granted in the Constitution. If a power is not listed, the national government is assumed not to have it. Representative Government: A republican system in which the people select representatives to represent their interests as they make and carry out laws. Private Property: Individuals have the right to obtain and control possessions, as well as the fruits of their own labor. "All Men Are Created Equal": There is no natural class of rulers among people, and everyone is born with the same unalienable rights to life, liberty, and the pursuit of happiness. Separation of Powers/Checks and Balances: The Constitution establishes a system of distinct powers to prevent an accumulation of power in one branch of government, and to ensure that each branch can stop the others from growing too powerful.

What is strict liability, what are the basic elements of a tort claim?

Liability regardless of fault. Under the doctrine of strict liability, a person who engages in certain activities can be held responsible for any harm that results to others, even if the person used the utmost care. (Wild animals, defective products, etc.) Tort law is designed to compensate those who have suffered a loss or injury due to another person's wrongful act. In a tort action, one person or group brings a lawsuit against another person or group to obtain com- pensation (monetary damages) or other relief for the harm suffered.

define common law versus civil law

One of the unique features of the common law is that it is judge-made law. The body of principles and doctrines that form the common law emerged over time as judges decided legal controversies. (Stare decisis) Because of our colonial heritage, much of American law is based on the English legal system. Much of the law that we discuss in this text is civil law, including contract law and tort law. Between person and person Branch of law dealing with the definition and enforcement of all private or public rights.

What is predatory pricing

Predatory pricing occurs when one firm (the predator) attempts to drive its competitors from the market by selling its product at prices substantially below the normal costs of production. Once the competitors are eliminated, the predator presumably will raise its prices far above their competitive levels to recapture its losses and earn higher profit

What is bait and switch advertising

The FTC has issued rules that govern specific advertising techniques. One of the most important rules is contained in the FTC's "Guides Against Bait Advertising."3 Some retailers systematically advertise merchandise at low prices to get customers into their stores. But when the customers arrive, they find that the merchandise is not in stock. Salespersons then encourage them to purchase more expensive items instead.

two major pieces of securities regulation legislation and their basic functions and who they cover

The Securities Act of 1933 governs initial sales of stock by businesses. The act was designed to prohibit various forms of fraud and to stabilize the securities industry by requiring that investors receive financial and other significant information concerning the securities being offered for public sale. Basically, the purpose of this act is to require disclosure. (Protects investors) 1933 - governs registrations 1934 - quarterly earnings The 1934 Securities Exchange Act provides for the regulation and registration of securities exchanges, brokers, dealers, and national securities associations, such as the National Association of Securities Dealers (NASD). Unlike the 1933 act, which is a one-time disclosure law, the 1934 act provides for continuous periodic disclosures by publicly held corporations to enable the SEC to regulate subsequent trading.

Judicial review - what is it?

The process by which courts decide on the constitutionality of legislative enactments and actions of the executive branch.

What is monopoly and who are monopolizers

The term monopoly generally is used to describe a market in which there is a single seller or a very limited number of sellers.

What are the amounts and types of penalties that exist for violation of federal clean water statutes

Violators are subject to a variety of civil and criminal penalties. Depending on the violation, civil penalties range from $10,000 to $25,000 per day, but not more than $25,000 per violation. Lying about a violation is more serious than admitting the truth about improper discharges. Criminal penalties apply only if a violation was inten- tional. Criminal penalties range from a fine of $2,500 per day and imprisonment for up to one year to a fine of $1 million and fifteen years' imprisonment. Injunctive relief and damages can also be imposed. The polluting party can be required to clean up the pollution or pay for the cost of doing so.

What's a wrongful discharge?

When an employer discharges an employee in violation of an employment contract or a statutory law protecting employees, the employee may bring an action for wrongful discharge. Even if employer's actions do not violate any express employment contract or statute, liability may still attach based on tort theory or agency. Protected class whistle blowing

know about corporate free speech

corporations have the same free speech rights as individuals so they are therefore covered by the First Amendment.

Where does intellectual property protection come from?

patent, copyright, trademark Article I, Section 8, Clause 8, of the United States Constitution grants Congress the power "To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries."

What is fair use in copyright law?

such as to comment upon, criticize, or parody a copyrighted work. Such uses can be done without permission from the copyright owner.

What are the amounts and types of penalties that exist for violation of federal clean air statutes

the EPA can assess civil penalties of up to $25,000 per day. Additional fines of up to $5,000 per day can be assessed for other violations, such as failure to maintain the required records. Those who knowingly violate the act, including cor- porate officers, may be subject to criminal penalties. For instance, knowingly making false statements or failing to report violations may be punishable by fines of up to $1 million and imprisonment for up to two years.

What is antitrust law

the laws regulating economic competition in the United States today are referred to as antitrust laws. The Sherman Antitrust Act