Comprehensive commercial law
Constitutional Law
·
defines the
relationship of different entities within a state; U.S. Constitution
Common Law
·
the body of law that
comes from decisions handed down by courts; often called unwritten law because
it does not appear in any legislative enactment, treaty, or other written
document
Statutory Law
·
includes state and
federal constitutions, legislative enactments, treaties of the federal
government, and ordinances (i.e. written law)
Administrative Law
·
governs the activities
of administrative agencies of government; considered a branch of public law
Administrative
Agencies
·
federal or state
institutions and other government organizations created by Congress or state
legislatures with power to create rules and regulations within their area of
authority
Tort
·
a wrongful act that
causes injury to another person's body, property, or reputation; although they
are often noncriminal acts, courts can award victims compensation
Negligence
·
in tort law, describes
behavior that causes unintentional harm or injury
Product Liability
·
holds businesses
liable for harm that results from the production, design, or inadequate
warnings of products they market.
Strict Product
Liability
·
liability without
regard to fault
Patent
·
a document that gives
investors exclusive rights to their inventions for 20 years from the date they
file the patent applications
Copyright
·
protects a creator's
rights to materials such as books, articles, photos, paintings, and cartoons
Trademark
·
a legally protected
name, symbol, or design (or combination) that identifies the goods or services
of one seller and distinguishes them from those of competitors
Uniform Commercial
Code (UCC)
·
a comprehensive
commercial law that covers sales laws and other commercial laws
Warranty
·
guarantees that the
product sold will be acceptable for the purpose of which the buyer intends to
use it
Express Warranty
·
specific
representations by sellers that buyers rely on regarding the goods they
purchase
Implied Warranty.
·
legally imposed on the
seller, who implies that a product will conform to the customary standards of
the trade or industry in which it competes
Negotiable Instruments
·
forms of commercial
paper that are transferable among businesses and individuals; they represent a
promise to pay a specified amount
Contract
·
a legally enforceable
agreement between two or more parties
Breach of Contract
·
occurs when one party
fails to follow the terms of a contract
Consumerism
·
a social movement that
seeks to increase and strengthen the rights and powers of buyers in
relationship to sellers; it is the people's way of getting a fair share and
equitable treatment in marketing exchanges
Sherman Act
·
forbids contracts,
combinations, or conspiracies in restraint of trade and actual monopolies or
attempts to monopolize any part of trade or commerce
The Federal Trade
Commission Act of 1914
·
prohibits unfair
methods of competition in commerce - false and deceptive advertising
Clayton Act
·
prohibits exclusive
dealing, tying contracts, interlocking directorates, and buying large amounts
of stock in competing corporations
The Robinson Patman
Act of 1936
·
prohibits price
discrimination and applies to both sellers and buyers who induce or receive
price discrimination
Taxes
·
they way federal,
state, and local governments raise money; affect almost every individual
business in the U.S.
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
Chapter 7
·
'stright bankruptcy'
or liquidation
Chapter 11.
·
reorganization
Chapter 13
·
repayment
Deregulation
·
means that the
government withdraws certain laws and regulations that seem to hinder
competition
USA 
India