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