Business Law Study Notes

Definition: Activities involved in the buying and selling of goods and services.
Key Concepts:
- Uniform Commercial Code (UCC): Governs commercial transactions in the U.S.
- Sales Contracts: Governed by UCC; must include offer, acceptance, and consideration.
- Secured Transactions: Involves security interests in personal property.
- Bankruptcy Law: Provides procedures for dealing with insolvent businesses.

Definition: Governs the creation and enforcement of agreements.
Key Elements:
- Offer: Proposal to enter into a contract.
- Acceptance: Agreement to the terms of the offer.
- Consideration: Value exchanged between parties.
- Capacity: Legal ability of parties to enter a contract.
- Legality: Contract must be for a lawful purpose.
Types of Contracts:
- Bilateral: Mutual promises between parties.
- Unilateral: Promise in exchange for an act.
- Implied: Formed through actions, rather than explicit agreement.

Definition: Protection of creations of the mind, including inventions, literary works, and symbols.
Types:
- Patents: Protect inventions for a limited period (usually 20 years).
- Trademarks: Protect brand names, logos, and symbols.
- Copyrights: Protect original works of authorship (literature, music, etc.).
- Trade Secrets: Protect confidential business information.

Definition: Framework of rules and practices that dictate how a company is directed and controlled.
Key Components:
- Board of Directors: Responsible for overseeing management and making strategic decisions.
- Shareholder Rights: Protects interests of shareholders; includes voting rights.
- Corporate Structure: Defines the roles of shareholders, directors, and officers.
- Regulatory Compliance: Adherence to laws and regulations governing corporate behavior.

Definition: Governs the relationship between employers and employees.
Key Areas:
- Employment Contracts: Agreements outlining the terms of employment.
- Labor Laws: Regulate rights of workers, including minimum wage and working conditions.
- Discrimination Laws: Protect employees from unfair treatment based on race, sex, disability, etc.
- Occupational Safety and Health Administration (OSHA): Ensures safe working conditions.
- Wrongful Termination: Protects employees from being unjustly fired.

Involves activities centered around the buying and selling of goods and services.
Governed by the Uniform Commercial Code (UCC) in the U.S., which standardizes commercial transactions.
Sales contracts require key elements: offer, acceptance, and consideration for validity.
Secured transactions create security interests in personal property, often as collateral for loans.
Bankruptcy law establishes procedures to manage and resolve the debts of insolvent businesses.

Governs how agreements are formed and enforced legally.
Comprises essential elements including:
- Offer: A proposal to enter a binding agreement.
- Acceptance: Individual's consent to the offer's terms.
- Consideration: The value exchanged between parties involved.
- Capacity: Parties must have the legal ability to enter contracts.
- Legality: Contracts must be intended for lawful purposes.
Types of contracts include:
- Bilateral: Involves mutual obligations between parties.
- Unilateral: Involves a promise that can be accepted through performance of an act.
- Implied: Formed from the actions or conduct of the parties rather than explicit terms.

Protects creations of the mind, encompassing inventions, art, and brand identity.
Major types include:
- Patents: Offer a 20-year protection for inventions, preventing others from making, using, or selling the invention without permission.
- Trademarks: Protect distinctive brand names, logos, and symbols associated with products and services.
- Copyrights: Safeguard original works of authorship, including literature and music, providing exclusive rights to creators.
- Trade secrets: Protect confidential business information, such as formulas, practices, or processes that provide a competitive advantage.

Establishes a framework for directing and controlling a company.
Key components feature:
- Board of Directors: Oversees company management and makes critical strategic decisions.
- Shareholder Rights: Ensures shareholders' interests are safeguarded, including the right to vote on significant company matters.
- Corporate Structure: Clarifies the roles and responsibilities of shareholders, directors, and officers.
- Regulatory Compliance: Ensures adherence to laws and regulations that regulate corporate conduct and operations.

Governs the employer-employee relationship and sets forth rights and responsibilities.
Key areas include:
- Employment Contracts: Define the terms and conditions of employment, outlining expectations for both parties.
- Labor Laws: Protect workers' rights regarding wages, work hours, and working conditions.
- Discrimination Laws: Prevent discriminatory practices in the workplace based on protected characteristics such as race and gender.
- OSHA: Ensures safe workplace environments by enforcing standards related to occupational health and safety.
- Wrongful Termination: Shields employees from unjust dismissal, ensuring fair treatment in employment practices.