McGraw-Hill/ Irwin © 2002 by The McGraw-Hill Companies, Inc. All Rights Reserved. LE-1 Appendix Working Within the Legal Environment of Business

McGraw-Hill/ Irwin © 2002 by The McGraw-Hill Companies, Inc. All Rights Reserved. LE-2 U. S. Court System  Trial Courts  Criminal Law  Civil Law  Appellate Courts

McGraw-Hill/ Irwin © 2002 by The McGraw-Hill Companies, Inc. All Rights Reserved. LE-3 Sources of U.S. Law Common Law Statutory Law Administrative Law Federal State Local Court Decisions FTC OSHAEPA SEC FPC FCC FDAITC

McGraw-Hill/ Irwin © 2002 by The McGraw-Hill Companies, Inc. All Rights Reserved. LE-4 Categories of Business Law BusinessLaw BankruptcyLaw TortLaw ContractLaw SalesLaw Law of Agency PropertyLaw

McGraw-Hill/ Irwin © 2002 by The McGraw-Hill Companies, Inc. All Rights Reserved. LE-5 Intellectual Property  Patents  Copyright  Trademark

McGraw-Hill/ Irwin © 2002 by The McGraw-Hill Companies, Inc. All Rights Reserved. LE-6 Types of Patents Issued ® Design Patents ©Utility Patents ™ Plant Patents Source: Entrepreneur Magazine

McGraw-Hill/ Irwin © 2002 by The McGraw-Hill Companies, Inc. All Rights Reserved. LE-7 Sales Law $ Uniform Commercial Code $ Warranties $ Express $ Implied $ Full $ Limited $ Negotiable Instruments

McGraw-Hill/ Irwin © 2002 by The McGraw-Hill Companies, Inc. All Rights Reserved. LE-8 Contract Law  Contract  Legally Binding  Offer  Acceptance  Consideration  Competent  Legal  Proper Form  Breach  Consequences  Specific Performance  Payment of Damages  Discharge of Obligation  Writing

McGraw-Hill/ Irwin © 2002 by The McGraw-Hill Companies, Inc. All Rights Reserved. LE-9 Criteria for a Valid Contract 1. Lawful 2. Voluntary Acceptance 3. Consideration 4. Competence 5. Proper Form

McGraw-Hill/ Irwin © 2002 by The McGraw-Hill Companies, Inc. All Rights Reserved. LE-10 Business Law/Legislation  Sherman Antitrust  Clayton Act  FTC Act  Robinson- Patman Act  Consumer Protection  Tax  Bankruptcy  Chapter 7  Chapter 11  Chapter 13  Deregulation