Bonus Chapter A McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding Working

Bonus Chapter A McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding Working

Bonus Chapter A McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding Working Within The Legal Environment LE-1 1-1 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved.

The Judiciary Branch of government chosen to oversee the legal system through the court system LE-2 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. U. S. Court System Organized at federal, state, and local levels

LE-3 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. U. S. Court System Trial Courts Appellate Courts Supreme Courts LE-4 McGraw-Hill/Irwin

McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. U. S. Court System Trial Courts Hear cases involving criminal and civil law LE-5 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding

2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. U. S. Court System Criminal Law Defines crimes, establishes punishment, and regulates prosecution LE-6 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved.

U. S. Court System Civil Law Involves legal proceedings that do not involve criminal acts LE-7 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. U. S. Court System Appellate Courts In federal and state systems,

hear appeals of trial court decisions LE-8 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. U. S. Court System Supreme Courts In federal and state systems, may hear appeals of appellate court decisions LE-9

McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Sources of U.S. Law LE-10 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005

The McGraw-Hill Companies, Inc., All Rights Reserved. Sources of U.S. Law State Local Federal Court Decisions Common Law Statutory Law EPA FTC

Administrative Law PUC FCC EEOC McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding SEC OSHA FDA LE-11

2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Statutory Law Written laws Includes: State and federal constitutions, legislative enactments, treaties of federal government, and ordinances. LE-12 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005

The McGraw-Hill Companies, Inc., All Rights Reserved. Common Law Unwritten law Comes from decisions handed down by judges Precedents Decisions made in earlier cases that guide the handling of new cases Lower courts must abide by higher court precedents LE-13 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005

The McGraw-Hill Companies, Inc., All Rights Reserved. Administrative Law Administrative agencies Created by Congress or state legislatures with delegated power to pass rules and regulations within their mandated area of authority Administrative Law Judge LE-14 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights

Reserved. Administrative Agencies EPA FTC SEC OSHA Administrative Law PUC FCC EEOC FDA

LE-15 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Business Law LE-16 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights

2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Business Law Rules, statutes, codes, and regulations established to provide legal framework within which business may be conducted and are enforceable by court action LE-17 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights

Reserved. Tort Law LE-19 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Tort Law Tort -- A wrongful act that causes injury to another persons body, property or reputation. An intentional tort is a willful

act that results in injury. Negligence -- An unintentional tort that causes harm or injury that was not intended. LE-20 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Product Liability LE-21 McGraw-Hill/Irwin McGraw-Hill/Irwin

Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Product Liability Product Liability -- Holds businesses liable for harm that results from the production, design, or inadequate warnings of products they market. LE-22 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding

Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Strict Product Liability Strict Product Liability -Liability without regard to fault; a company can be held liable for a defective product even if they didnt know of the defect. LE-23 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding

2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Intellectual Property LE-24 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Intellectual Property Patents

Copyrights Trademarks LE-25 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Intellectual Property Patent Exclusive rights to Invention 20 years USPTO LE-26

McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Patent Facts Patent applicants should seek the advice of a lawyer. Foreign companies are eligible to file for U.S. patents. Patent owners have the right to sell or license the use of their patent to others. LE-27

McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Intellectual Property, cont. Copyright - Rights to Literary Work and Art Work (including sound, visual, and performing arts) lifetime of author + 70 yrs LOC Trademark - Protects Name, Symbol, Design, or a combination of, and identifies goods or services of a

seller belong to owner forever USPTO McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding LE-28 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Sales Law LE-29 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding

Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. WHATS the UNIFORM COMMERCIAL CODE? Uniform Commercial Code (UCC) A comprehensive commercial law that covers sales laws and other commercial laws. LE-30 McGraw-Hill/Irwin McGraw-Hill/Irwin

Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. WHATS the UNIFORM COMMERCIAL CODE? Adopted by every state 11 Articles: covers sales, commercial paper, bank deposits and collections, letters of credit, bulk transfers, warehouse receipts, bills of lading, and other

documents of title; investment securities; and secured transactions LE-31 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Sales Law Warranties (Article 2) Negotiable Instruments (Article 3)

LE-32 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Warranties (Article 2) LE-33 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding

2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Express Warranties Specific representations by seller that buyers rely on regarding goods they purchase LE-34 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights

Reserved. Implied Warranties Legally imposed on the seller, who implies that a product will conform to the standards of trade. LE-35 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Negotiable Instruments

(Article 3) LE-36 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Negotiable Instruments Forms of commercial paper, e.g., checks, that are transferable among businesses and individuals and represent promise to pay specified amount

LE-37 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Negotiable Instruments Four conditions for using negotiable instruments: 1. They must be written and signed by the maker or drawer. 2. Be made payable on demand or at a certain time. 3. Be made payable to the bearer. 4. Contain an unconditional promise

to pay a specified amount. LE-38 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Contract Law LE-39 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding

2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Contract Law Set of laws that specify what constitutes a legally enforceable agreement LE-40 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved.

Contract Law Contract Legally Binding Legally enforceable agreement between two or more parties An offer is made.

There is a voluntary acceptance of the offer. Both parties give consideration. Both parties are competent. The contract must involve a legal act. The contract is in proper form. LE-41 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights

Reserved. Contract Law Breach of Contract -- When one party fails to follow the terms of a contract. LE-42 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Contract Law If a contract is breached the

following may be ordered: Specific performance Payment of damages Discharge of obligation LE-43 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Business Law/Legislation LE-44 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding

Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Sherman Antitrust Act (1890) The Act Forbids: 1. Contracts, combinations, or conspiracies in restraint of trade 2. Actual monopolies or attempts to monopolize any part of trade or commerce LE-45 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding

2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. HISTORY of HIGH PROFILE ANTITRUST CASES Case Year Outcome U.S. v. Standard Oil 1911 Standard Oil broken into 34 companies

U.S. v. American Tobacco 1911 American Tobacco split into 16 companies U.S. v. E. I. du Pont de Nemours 1961 DuPont ordered to divest its 23% ownership in General Motors U.S. v. AT&T 1982

Settled after Ma Bell spun off into regional companies U.S. v. Microsoft 2000 Microsoft ordered to halt prior anticompetitive practices LE-46 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved.

Clayton Act (1914) Tying Contracts Interlocking Directorates LE-47 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. FTC Act (1914) The Federal Trade Commission Act of 1914 created the FTC and prohibits unfair methods of competition in commerce.

The Wheeler Lea Amendment of 1938 gave the FTC additional control over false and misleading ads. The Robinson-Patman Act of 1936 prohibits price discrimination and applies to buyers and sellers. McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding A-48 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc.,

All Rights Reserved. Robinson-Patman Act (1936) Prohibits price discrimination Applies to buyers and sellers B2B transactions, not consumer LE-49 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved.

Consumerism Social movement seeking to increase and strengthen rights and powers of buyers in relation to sellers The Consumer Product Safety Commissio n provides information concerning consumerism and consumer protection. LE-50 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Tax Laws

LE-51 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Taxes Governments collect money Encourage businesses to hire or purchase via tax credits Discourage citizen bad practice LE-52

McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Types of Taxes Income Taxes Property Taxes Sales Taxes Excise Taxes LE-53 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding

2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. SIN TAXES State Tax Rates per Pack of Cigarettes State(s) Rate per Pack New York $4.35 Massachusetts $3.51

Rhode Island $3.50 Connecticut $3.40 Hawaii $3.20 Washington $3.025 Minnesota $2.83

McGraw-Hill/Irwin McGraw-Hill/Irwin A-54 Source: Tobacco Free Kids, www.tobaccofreekids.org, accessed 2014. McGraw-Hill Companies, Inc., All Rights November 2005 The Understanding 2005 The McGraw-Hill Companies, Inc., All Rights Understanding Reserved. Bankruptcy

LE-55 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. 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. LE-56 McGraw-Hill/Irwin

McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Bankruptcy Options Chapter 7 Straight Bankruptcy (Liquidation) Voluntary and Involuntary Businesses and Individuals LE-57 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding

2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. How Assets are Divided in Bankruptcy LE-58 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Bankruptcy Options

Chapter 7 Straight Bankruptcy (Liquidation) Voluntary and Involuntary Businesses and Individuals Chapter 11 Reorganization Businesses Chapter 13 Repayment Plan Individuals LE-59 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved.

GOING, GOING, GONE Big Bankruptcies of 2008-2014 Circuit City KB Toys Linens N Things Borders City of Detroit McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding A-60 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All

Rights Reserved. Deregulating Commerce LE-61 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Deregulation The government withdraws certain laws and regulations that seem to hinder competition

Deregulation efforts were active in: - The airline industry - Telecommunication - Some public utilities LE-62 McGraw-Hill/Irwin McGraw-Hill/Irwin Understanding Understanding 2005 The McGraw-Hill Companies, Inc., All Rights 2005 The McGraw-Hill Companies, Inc., All Rights Reserved.

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