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Midterm

Test 3 Notes

17 Pages
82 Views

Department
Management
Course Code
MGM102H5
Professor
Ayesha Khan

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Description
MGM1012Legal environment Part 11 What is criminal law Criminal law defines crimes establishes punishments and regulates the investigation and prosecution of people accused of committing crimes 2 What is civil law Civil law involves legal proceedings that do not involve criminal acts 3 What is business law Business law involves rules statutes codes and regulations that are established to provide a legal framework within which business may be conducted and that are enforceable by court action 4 What are the two major kinds of law 1 Statutory law written law established by or through the legislative branch of government 2 Common law the body of law that comes from decisions handed down by judges also referred to as unwritten law 5 Describe precedents Precedents are decisions judges have made in earlier cases that guide the handling of new cases 6 What are administrative agencies Administrative agencies are federal or state institutions and other government organizations created by Parliament or provincial legislatures with delegated power to pass rules and regulations within their mandated area of authority 7 What is tort Tort is a wrongful act that causes injury to another persons body property or reputation 8 Describe negligence Negligence in tort law is behaviour that does not meet the standard of care required and causes unintentional harm or injury 9 What is product liability Product liability is a part of tort law that holds businesses liable for harm that results from the production design sale or use of products they market 10 Describe strict product liability Strict product liability is legal responsibility for harm or injury caused by a product regardless of fault 11 What is a patent A patent is a form of intellectual property that protects a creators rights to materials such as books articles photos and cartoons 12 What is a copyright Copyright is a form of intellectual property that protects a creators rights to materials such as books articles photos and cartoons 13 What is a trademark A trademark is a brand that has been given exclusive legal protection for both the brand name and the pictorial design 14 What is an industrial design An industrial design is a form of intellectual property that protects the owners exclusive rights to use the visible features of a finished product that identify it15 Describe express warranties Express warranties are specific representations by the seller that buyers rely on regarding the goods they purchase 16 What are implied warranties Implied warranties are guarantees legally imposed on the seller 17 What are negotiable instruments Negotiable instruments are form of commercial paper such as cheques that are transferable among businesses and individuals and represent a promise to pay a specified amount 18 What is a contract A contract is a legally enforceable agreement between two pr more parties 19 Describe contract law Contract law is a set of laws that specify what constitutes a legally enforceable agreement 20 What are the conditions that need to be met for a contract to be legally binding 1 An offer is made 2 There is a voluntary acceptance of the offer 3 Both parties give consideration 4 Both parties are competent 5 The contract must be legal 6 The contract is in proper form 21 What is breach of contract Breach of contract is when one party fails to follow the terms of a contract
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