What Is Business Law Quizlet?

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Author: Artie
Published: 25 Nov 2021

The DOCTRINE OF STARE DECISIS: A New Practice of Resolution

Business Law Chapter 3 Quiz answered question 1 The motion for summary judgment is different from the motion for judgment on the pleadings. Correct answer: true question 2

Any judgment will be enforced. 9 hours ago definition The duty of all persons to care for others is established by the law.

The reasonable person standard is used to determine the extent of the tort of negligent behavior. Term. The duty of lumberjacks.

9 hours ago growth and expansion of commerce in the U.S. The DOCTRINE OF STARE DECISIS is the practice of deciding new cases with reference to previous decisions. The general principles developed by the court to resolve individual disputes will be applied to future cases with the same issues.

Business Law and Intellectual Property

There are many types of business entities in the country. The entities that a new business can choose from varies by state. The process to establish a business in a state can be different.

A business might need employees once it is up and running. Businesses need legal advice to understand how to hire and fire employees. They need to know how to handle employee disputes.

Businesses need to know what their employees' pay and benefits are. There are also payroll taxes. Business and immigration law can be related.

Businesses may want employees from other countries. They may need to bring in a worker for a short period of time for a special event, or they may need to hire international employees on a full-time basis. Business law helps companies get the manpower they need by knowing how to navigate federal immigration laws.

When a business invents a new product, they need to make sure they protect their ability to profit from it. Intellectual property and copyright law apply to making sure a business gets to use their own products. Intellectual property is complex.

A Penalization for a Corporation that Sells Products That Are Not Good

A company may have sold a product that was not good, and then decided to sell it again. You can file a lawsuit against the company if you can prove that the president knew about the defect and ordered the product to be sold, but you can't file criminal charges against the company. Since a corporation can't do jail time, fines or court judgments are the only way to penalize them.

What if another company offered you the same job but less than $5,000 per year?

There may be restrictions inside the contract. Imagine that you were hired by the company to work for $55,000 per year, plus benefits, and for two years. You might be happy about that.

Business Organizations

A business organization is a company that provides goods or services to meet needs of customers. The common features of all business organizations are formal structure, aim to achieve objectives, use of resources, requirement of direction, and legal regulations. Sole proprietorship, general partnership, limited partnership, corporation, and limited liability company are some of the different forms of business organizations.

Law of Contract and Construction: A Case Study

Contractors must fulfill their promises in legal agreements. If you can't perform the duties in the contract, you shouldn't sign or agree to it. The exchange of value is the reason for the agreement.

Take the sale of a car. The money paid for the car is considered by the contract. The sale covered in the contract has an obligation for each party to follow through.

The seller is obligated to give the buyer the title of the car, and the buyer is obligated to give the seller money. Money is usually one of the main considerations in a contract. One of the parties involved in a contract is agreeing to pay money if they don't.

The buyer is agreeing to pay a certain amount for the goods. The amount and the payment schedule should be specified in the contract. If a homeowner enters into a contract with a construction company to add an addition to their house, the construction company may bring in other companies to handle certain parts of the project, such as plumbing or painting.

The construction company is still following its obligations, but not doing everything. You can post your legal need on UpCounsel if you need help with business law obligation and contract. UpCounsel only accepts the top 5 percent of lawyers.

An illegal agreement in business law is a contract that was made for an illegal reason and is against the law. The contract is illegal if the content causes the parties to perform illegal actions. An agreement to kill somebody is one of the examples of an illegal contract.

The illegality is not influenced by an outside force and is correlated with what is written in the contract. A contract that might lead to an illegal action but doesn't explicitly mention it would be considered legal. It can be difficult to prove a contract is illegal.

If a contract requires either party to do something that is not legal, then it is not binding. A person who is involved in an illegal agreement is at risk of losing. The advice of an attorney before signing a contract is important because the attorney can tell you if the contract is legal or not.

Even if the contract is found to be illegal, a party can recover the value of the goods or services completed. If the services were legal and one party fails to follow their part in the contract, the other party may recover their money. When a contract is broken because the person doesn't pay for services, a quantum meruit is needed to preserve the right to recover.

A void contract can be legal, and those involved can be fined for signing it. A void contract is not a problem in court. The reverse is not true, as all illegal contracts are void.

The Law of Company

In civil-law countries, company law consists of statute law, while in common-law countries it is partly the ordinary rules of common law and equity. The theory of limited liability and the concept of legal personality are two fundamental legal concepts. Statutory rules are meant to protect either investors or the creditor.

Common Law in Europe

Common law is made by judges. Common law is a feature of most countries that were colonized by Great Britain. Civil law was developed in continental Europe where judges do not have the power to create law.

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