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What is the definition of law in its generic sense?
What is the definition of law in its generic sense?
A body of rules of action or conduct prescribed by controlling authority and having binding legal force.
What are the two main legal systems?
What are the two main legal systems?
Civil law system and common law system
What is the purpose of "business organizations"?
What is the purpose of "business organizations"?
To make a profit from commercial activities.
A legal person can be defined through three distinct elements.
A legal person can be defined through three distinct elements.
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What are two jurisprudential rules that have been developed to determine who is considered a merchant?
What are two jurisprudential rules that have been developed to determine who is considered a merchant?
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What are the four crucial issues to be considered when thinking of a business organization?
What are the four crucial issues to be considered when thinking of a business organization?
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What is the simplest type of business entity to organize and operate?
What is the simplest type of business entity to organize and operate?
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In what way does a limited partnership offer an advantage over a regular partnership?
In what way does a limited partnership offer an advantage over a regular partnership?
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How does a limited liability company differ from a stock company?
How does a limited liability company differ from a stock company?
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What are the fundamental functions of a trademark?
What are the fundamental functions of a trademark?
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Patent protection in most countries is provided by a combination of national legislation and international conventions.
Patent protection in most countries is provided by a combination of national legislation and international conventions.
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What are the three key principles of "national treatment", in the context of patent protection?
What are the three key principles of "national treatment", in the context of patent protection?
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What are the three key issues regarding individual rights and freedoms in cyberspace?
What are the three key issues regarding individual rights and freedoms in cyberspace?
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What are three categories of websites, based on their level of interaction with users, as defined by the “Zippo” case?
What are three categories of websites, based on their level of interaction with users, as defined by the “Zippo” case?
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What are the two key aspects of "contract law"?
What are the two key aspects of "contract law"?
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What two elements are required for the formation of a contract?
What two elements are required for the formation of a contract?
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Name one key element that must be present for an agreement to be considered a valid contract, under English common law.
Name one key element that must be present for an agreement to be considered a valid contract, under English common law.
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What are the three key elements of "consideration", under US law?
What are the three key elements of "consideration", under US law?
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The fundamental principle of contract is "freedom of contract".
The fundamental principle of contract is "freedom of contract".
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A contract might be considered invalid without a court's decision.
A contract might be considered invalid without a court's decision.
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A fundamental breach of contract can lead to the "termination" of that contract.
A fundamental breach of contract can lead to the "termination" of that contract.
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What are the three methods typically used for resolving "commercial disputes"?
What are the three methods typically used for resolving "commercial disputes"?
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What are three key reasons for using commercial dispute resolution?
What are three key reasons for using commercial dispute resolution?
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What are common forms of dispute resolution?
What are common forms of dispute resolution?
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The technological revolution has made electronic commerce more prevalent and has also created certain challenges for legal systems.
The technological revolution has made electronic commerce more prevalent and has also created certain challenges for legal systems.
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Name at least two international initiatives aimed at regulating electronic commerce.
Name at least two international initiatives aimed at regulating electronic commerce.
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The concept of "cybercrime" is emerging as a global concern due to new forms of criminal activity that exploit the Internet and technology.
The concept of "cybercrime" is emerging as a global concern due to new forms of criminal activity that exploit the Internet and technology.
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Name two key areas of government efforts to protect consumers.
Name two key areas of government efforts to protect consumers.
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One of the biggest challenges in fighting "cybercrime" is ensuring adequate coordination of laws and international law enforcement.
One of the biggest challenges in fighting "cybercrime" is ensuring adequate coordination of laws and international law enforcement.
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The "governmental governance" of cyberspace is a clear-cut issue with no significant disagreements among experts.
The "governmental governance" of cyberspace is a clear-cut issue with no significant disagreements among experts.
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The "concept of law" has not been significantly challenged by the development of the Internet.
The "concept of law" has not been significantly challenged by the development of the Internet.
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What are some of the major rights and freedoms that are being debated in cyberspace?
What are some of the major rights and freedoms that are being debated in cyberspace?
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What are three key challenges that concern "intellectual property rights" in relation to cyberspace?
What are three key challenges that concern "intellectual property rights" in relation to cyberspace?
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What role do judicial decisions play in common law countries?
What role do judicial decisions play in common law countries?
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What is the main distinction between how court decisions are viewed in civil law and common law countries?
What is the main distinction between how court decisions are viewed in civil law and common law countries?
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What concept encompasses the relationship between law and economic activity?
What concept encompasses the relationship between law and economic activity?
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Which term is considered more accurate in describing the relationship between law and economic activity?
Which term is considered more accurate in describing the relationship between law and economic activity?
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What is the primary source of most legal rules that govern behavior in business?
What is the primary source of most legal rules that govern behavior in business?
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Which issue is less likely to be considered a basic concept that holds true in most countries regarding law?
Which issue is less likely to be considered a basic concept that holds true in most countries regarding law?
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What legal framework allows businesses to operate within specific guidelines related to employee treatment?
What legal framework allows businesses to operate within specific guidelines related to employee treatment?
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What does modified universalism allow local courts to do in the context of bankruptcy proceedings?
What does modified universalism allow local courts to do in the context of bankruptcy proceedings?
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Which category does copyright law fall under in relation to intellectual property?
Which category does copyright law fall under in relation to intellectual property?
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What is the primary purpose of providing legal protection for intellectual property?
What is the primary purpose of providing legal protection for intellectual property?
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In the context of bankruptcy, what consequence may arise from a local court deferring to a home-country court?
In the context of bankruptcy, what consequence may arise from a local court deferring to a home-country court?
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Which of the following is NOT typically protected under intellectual property rights?
Which of the following is NOT typically protected under intellectual property rights?
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What is typically the first step taken during bankruptcy liquidation proceedings?
What is typically the first step taken during bankruptcy liquidation proceedings?
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Which of the following best describes the automatic stay in bankruptcy proceedings?
Which of the following best describes the automatic stay in bankruptcy proceedings?
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In the context of bankruptcy, when creditors with equal priority cannot all be paid in full, what typically occurs?
In the context of bankruptcy, when creditors with equal priority cannot all be paid in full, what typically occurs?
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What happens to the debtor's liability at the conclusion of the liquidation phase of bankruptcy?
What happens to the debtor's liability at the conclusion of the liquidation phase of bankruptcy?
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Which of the following creditors usually has priority in claiming proceeds from a specific asset during liquidation?
Which of the following creditors usually has priority in claiming proceeds from a specific asset during liquidation?
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Which outcome is analogous to rehabilitation in bankruptcy?
Which outcome is analogous to rehabilitation in bankruptcy?
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What is one critical question regarding the automatic stay in bankruptcy proceedings?
What is one critical question regarding the automatic stay in bankruptcy proceedings?
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Which of the following typically does NOT qualify as an exception to the discharge of liability for debtors?
Which of the following typically does NOT qualify as an exception to the discharge of liability for debtors?
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How is the person responsible for managing bankruptcy proceedings characterized in certain legal systems?
How is the person responsible for managing bankruptcy proceedings characterized in certain legal systems?
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What is the significance of the term 'automatic stay' during bankruptcy?
What is the significance of the term 'automatic stay' during bankruptcy?
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What is primarily required for the declaration of dividends in a company?
What is primarily required for the declaration of dividends in a company?
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Which characteristic is exclusive to stock companies compared to limited liability companies?
Which characteristic is exclusive to stock companies compared to limited liability companies?
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What role do officers and directors have in a stock company?
What role do officers and directors have in a stock company?
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Which statement is incorrect regarding the benefits of a stock company?
Which statement is incorrect regarding the benefits of a stock company?
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In what circumstance can a limited liability company be dissolved?
In what circumstance can a limited liability company be dissolved?
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How is the status of a stock company primarily established?
How is the status of a stock company primarily established?
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What key attribute allows stock companies to play a significant role in capitalism?
What key attribute allows stock companies to play a significant role in capitalism?
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What distinguishes the separate legal entity status of stock and limited liability companies?
What distinguishes the separate legal entity status of stock and limited liability companies?
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What is a potential restriction faced by ownership interests in a limited liability company?
What is a potential restriction faced by ownership interests in a limited liability company?
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What is the role of the drawer in a check transaction?
What is the role of the drawer in a check transaction?
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Which treaty was created in the twentieth century to address rules about bills of exchange and promissory notes?
Which treaty was created in the twentieth century to address rules about bills of exchange and promissory notes?
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What is a key characteristic of a promissory note to qualify as a commercial instrument?
What is a key characteristic of a promissory note to qualify as a commercial instrument?
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Which organization finalized the Convention on International Bills of Exchange and Promissory Notes?
Which organization finalized the Convention on International Bills of Exchange and Promissory Notes?
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What is one limitation mentioned about the UN Convention on International Bills of Exchange and Promissory Notes?
What is one limitation mentioned about the UN Convention on International Bills of Exchange and Promissory Notes?
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Which historical set of rules governed the use of bills of exchange before national rules were developed in Europe?
Which historical set of rules governed the use of bills of exchange before national rules were developed in Europe?
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What attribute is essential for a promissory note to produce the desired financial effects?
What attribute is essential for a promissory note to produce the desired financial effects?
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What international agreement was established in 1988 to address aspects of trade and finance?
What international agreement was established in 1988 to address aspects of trade and finance?
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Which of the following represents a primary function of the UN Convention finalized in 2001?
Which of the following represents a primary function of the UN Convention finalized in 2001?
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Who is the payee in a check transaction?
Who is the payee in a check transaction?
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Study Notes
Business Law Overview
- Business law regulates individuals, businesses, and organizations within a society
- Law is a body of rules of action or conduct, having binding legal force.
- Law differs from moral rules through established sanctions
- Law maintains social order, shapes moral standards, promotes social justice, and facilitates orderly change.
- Law facilitates planning, allowing organizations to allocate resources and assess risks.
- Principles of law are based on state authorities, human rights, and individual freedoms.
- Law's functions include maintaining social peace, encouraging moral standards, promoting social justice, upholding the status quo, facilitating orderly change, and assisting with business planning.
Schools of Jurisprudential Thought
- Jurisprudence is the philosophy or science of law.
- Natural Law School: Law is based on what is correct and moral, discovered through reason.
- Historical School: Law develops through social traditions and customs; evolution through precedence influences present-day law.
- Analytical School: Law is shaped by logic and applying principles to specific facts
- Sociological School: Law is a means for achieving social objectives.
- Command School: Law is a set of rules created, enforced, and communicated by the governing body.
- Critical Legal Studies School: Legal rules are unnecessary tools used by influential groups to maintain the status quo.
- Law and Economics School: Law should focus on promoting economic efficiency.
Sources of Law
- Law sources have a hierarchical structure, varying by the enacting authority.
- Civil law systems: Codes and statutes are the primary sources.
- Common law systems: Judge-made precedents, statutes, and administrative rules are all sources.
- Constitutions are considered supreme law, typically outlining governance structure.
- Statutes are written rules establishing conduct to be followed.
- Regulatory decisions, executive orders, treaties, and judicial decisions are also considered important sources of law.
Business Entities
- Businesses in most countries take many legal forms.
- Sole Proprietorship: One person has full ownership and liability.
- Partnership: Two or more individuals share ownership and liability.
- Limited Partnership: Some partners have limited liability.
- Limited Liability Company (LLC): Owners have limited liability.
- Stock Company: Ownership represented by shares; corporations.
- Cooperative: Owned and operated by members who use its services.
- Government Enterprises: Owned by the state; often involved in essential services.
- Multinational Enterprises (MNEs): Operate internationally; various structures.
Business Financing & Accounting
Stock and bonds are common financial instruments used for financing.
- Equity financing involves new investors becoming owners.
- Debt financing involves borrowing money from external entities.
- Accounts receivables can work as collateral to obtain financing.
- Security interests involve pledging assets as collateral for loans, used in short-term financing.
- Legal rules (as well as international conventions) provide framework for commercial documents like promissory notes and bills of exchange.
Competition Law
- Competition law ensures adequate competition in the market.
- Competition law prohibits monopolies, price fixing, and market allocation.
- National and international competition laws help promote competition.
Bankruptcy Law
- Bankruptcy law assists when a business is experiencing severe financial issues.
- Bankruptcy involves providing a debtor with a fresh start and equal treatment for creditors.
- Bankruptcy proceedings vary in structure, depending on the type of entity, jurisdiction, and other factors.
Intellectual Property
- Legal rules on intellectual property cover inventions, brand names, and designs.
- Patents protect inventions.
- Trademarks protect brand names and designs.
- Copyright protects writings such as books, films, and music.
- Laws regarding intellectual property vary from country to country.
- Copyright offers protection for works such as writing, music, movies, video games, and more.
Cyber Law
- Cyber law is a new field of law addressing digital technologies.
- Issues regarding cyberspace, rights, freedom of expression, and privacy are essential considerations.
- Governance of cyberspace is a notable area, especially regarding legal jurisdiction and regulation of activities.
- Digital and international transactions, including fraud (including electronic fraud), identity theft, and illegal copyright infringement, need to be handled appropriately.
Product Liability and Consumer Protection
- Product liability laws concern the legal responsibility of businesses for products that cause harm.
- Many jurisdictions have developed legal mechanisms to protect consumers and hold businesses accountable.
- Traditional models for dealing with consumer harm vary (contract and tort).
- Consumer protection often involves consumer rights, including their right to information and their right to demand protections like remedies.
- Governmental oversight plays an increasingly important role in consumer protection.
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Description
Explore the essentials of business law and the various schools of jurisprudential thought. This quiz covers the principles, functions, and philosophical underpinnings of law that shape societal norms and facilitate business practices. Test your understanding of how law maintains social order and justice.
