Chapter 21: Bonus Chapter A: Working within the Legal Environment

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exclusive dealing

selling goods with the condition that the buyer will not buy from a competitor

EEOC

Equal Employment Opportunity Commission

SEC

Securities and Exchange Commission

breach of contract

a failure to follow the terms of a contract

warranty

a guarantee that the product sold will be acceptable for the purpose for which the buyer intends to use it

contract

a legally enforceable agreement between two or more parties

endorsement

a payee's signature

consumerism

a social movement that seeks to increase and strengthen the rights and powers of buyers in relationship to sellers

full warranty

a warranty that requires a seller to replace or repair a product at no charge if the product is not functioning or defective

limited warranty

a warranty that typically limits the defects or mechanical problems that the seller covers

intentional tort

a willful act that results in injury

tort

a wrongful act that causes injury to another person's body, property or reputation

tax credit

an amount firms can deduct from their tax bill

conditions of legally binding contract

an offer is made, voluntary acceptance of an offer, both parties give consideration, both parties are competent, the contract covers a legal act and the contract is in proper form

four conditions of negotiable instruments

be written and signed by the maker or drawer, be made payable on demand or at a certain time, be made payable to the bearer or to specific order and contain an unconditional promise to pay a specified amount of money

negligence

behavior that causes unintentional harm or injury

Uniform Commercial Code (UCC)

comprehensive commercial law that covers sales law and other commercial laws

civil law

covers noncriminal acts like marriage and personal injury suits

precedent

decisions judges have made in earlier cases that guide the handling of current cases

criminal law

defines crimes, establishes punishments and regulates the investigation and prosecution of people accused of committing crimes

patent

document that gives inventors exclusive rights to their inventions for 20 years from the date they file the patent applications

administrative agencies

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

forms of commercial paper (such as checks) that are transferable among businesses and individuals; they represent a promise to pay a specified amount

contract law

law that specifies what constitutes a legally enforceable agreement

trademark

legally protected name, symbol or design that identifies the goods or services of one seller and distinguishes them from those of competitors

strict product liability

liability without regard to fault

interlocking directorate

occurs when a company's board of directors includes members of the boards of competing corporations

product liability

part of tort law that holds businesses liable for harm that results from the production, design or inadequate warnings of products they market

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

passed to reduce the total number of bankruptcy filings and to eliminate the perceived ease of filing for bankruptcy

bearer

person holding a negotiable instrument

Clayton Act of 1914

prohibits exclusive dealing, tying contracts, interlocking directorates and buying large amounts of stock on competing corporations

Robinson-Patman Act of 1936

prohibits price discrimination and applies to both sellers and buyers who knowingly induce or receive price discrimination

Federal Trade Commission Act of 1914

prohibits unfair methods of competition in commerice

copyright

protects a creator's rights to materials such as books, articles, photos, paintings and cartoons

tying contract

requires a buyer to purchase unwanted items in order to purchase desired ones

consideration

something of value

outcomes of breach of contract

specific performance, payment of dances or discharge of obligation

express warranties

specific representations by sellers that buyers rely on regarding the goods they purchase

statutory law

state and federal constitutions, legislative enactments, treaties of the federal government and ordinances; written law

common law

the body of law that comes from decisions handed down by courts; unwritten law

judiciary

the branch of government chosen to oversee the legal system through a system of courts

involuntary bankruptcy

the creditors start legal action against the debtor

voluntary bankruptcy

the debtor applies for bankruptcy

deregulation

the government withdraws certain laws and regulations that seem to hinder competition

bankruptcy

the legal process by which a person, business or government entity, unable to meet financial obligations, is relieved of those debts by a court

damages

the monetary settlement awarded to a person who is injured by a breach of contract

business law

the rules, statutes, codes and regulations that provide a legal framework for the conduct of business and that are enforceable by court action

taxes

the way that federal, state and local governments raise money

reoragnizations

used almost exclusively by businesses

straight bankruptcy

used by businesses and individuals

repayment

used by individuals

implied warranties

warranties legally imposed on the seller specifying that a product will conform to the customary standards of the trade or industry in which it competes


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