Introduction to Business 110-4207 Presentation provided by: Susan King Kelly Hiltbruner Shelby Simon
Under the Judicial System, two types of courts try various cases 1. Criminal Law 2. Civil LawMurder Breach of ContractRobbery MalpracticeArson DivorceVehicular manslaughter Wrongful DeathCookin’ the books- embezzlement Disputes over propertyDrug Smuggling Child CustodySexual Assault Eviction
“Quick Gun Murugan”- Bank robbery and murder!Tried in a criminal court of law- sentenced to101 years in penitentiary
Tried in a civil court--1961Tried in a civil court- yesterday Carrying a concealed weapon No Name – I’m a wasted Charges dropped Convicted of DUI Will go to county jail or prison Tried in a civil court-- 1938 Accused of adultery Spent 16 hours in jail, charges later dismissed
In our class, we are concerned with Business LawThe Judicial System oversees and governs the activities and operations of business.
In the business world, Business Law refers to rules, statutes, codes and regulations for the conduct of business. These laws are enforceable by the court system. Statutory Law is written law. Most people hire a lawyer to interpret these laws as they are very difficult for the average person to understand Common Law are decisions that have already been set by previous court cases. The judge uses these precedents to make new rulings.
Administrative Agencies- oversee business Agencies such as; Equal Employment Opportunity Commission.In December 2001, a Federal Express courier named Patricia Kennedy filed an EEOC intake questionnaire claiming that FedEx was in the habit of improperly firing older employees who did not meet the companys hourly delivery quotas.
This is a wrongful act that causes harm to a persons body, their property, or reputation. A Tort may be intentional, e.g. Did the manufacturers of VIOXX and BEXTRA medications intentionally withhold information that caused harm to people? A Tort may also be unintentional, and also negligent
McDonalds coffee case and the hot coffee lawsuit, is a 1994 product liability lawsuit - TORT – They McDonalds was found to be NEGLIGENT A jury awarded $160,000 to cover medical expenses andcompensatory damages The final settlement was actully $640,000 Classic E. coli food poisoning
When a product is inadequate or defective, as in the McDonalds coffee cup case, or Jack in the box food products the company selling the product and the manufacturer may get sued. Today, Strict product liability is put on manufacturers even if they did not know their product was defective, they can still be sued and are still liable to pay damages.
A patent is the legal documentthat states you are the inventorof a product and have exclusive rights,for 20 years from the date you filed a patent application You have the right to sue if someone steals your invention, as long as you got the patent!
A trademark is a legally protected name, symbol, or design. These companies have a legally protected name, legally protected symbol and legally protected design. Trademarks must be renewed every 10 years, and belong to the owner forever.
A Copyright is the legal protection of a creator’s rights to materials like books, music and cartoons. Filed with the Library of Congress, they last for the lifetime of the creator plus 70 years, and can be passed on to heirs. It is illegal to copy, record, or download copyrighted material without paying for it, as the creator’s do not get paid.
SALES LAW is UCCUCC has 11 laws, we will cover two laws Article 2- regulation of Warranties And Article 3- Negotiable Instruments . 1. Warranties: A & B 1a. Express warranty told to the consumer in writing; iPhone and iPod: Liquid damage is not covered by warranty
Warranties Contd. 1b. Implied warranty Items that are of “Fitness for a particular purpose”E.G. a toaster should toast your bread
Negotiable Instruments- Article 3 of UCC Checks, transferrable among individuals and businesses A promise to pay a specific amount
Contract law IS legally enforceable Between two or more parties Consideration = Must be something of value
If you Breach (or break) that contract for the car; You may be sued for specific performance AND you may be in for a surprise visit from “Operation Repo”
What is Antitrust Legislation? What are consumer protection laws?
The government raises money from it’s citizens by charging tax on property, vehicles, sales tax on good we buy, and income tax on our paychecks. With the money raised, the government builds roads, bridges, schools, parks, and provides a military to protect it’s people. The government also encourages businesses to hire/ purchase new equipment and relocate to specific areas by offering tax incentives. Which they hope in turn will create employment
Voluntary bankruptcy- You voluntarily apply because you know there is no way you can pay back the amount of money you have borrowed Involuntary bankruptcy- As the debtor, your creditors start to take legal action because you have not paid your bills
Chapter 7, usually filed by private individuals Chapter 11, usually by businesses who try to reorganize and work off their debt Chapter 13, individuals and small business owners who pay their debt back over three to five years
What are Government Regulations? What is deregulation, why does the Government deregulate, and how does this encourage competition?
At all phases in your professional career, you will be faced with issues regarding what you can and cannot do legally It is vital to understand legal issues within the business environment. Once you understand legal issues within the business environment, you will know how to avoid causing harm to your company, your co- workers, your managers and ultimately yourself.