1. Chpt. 14 and 15 Agencies, Business Structures, Warranties, and Consumer Protection Laws

2. Agency  Agency: ____________________________________________ ______________________________________.  An agent can ___________ business deals and enter into _________________.  The principal is legally bound by the agreements the agent makes.  An obligation an agent has to the principal is _________________.

3. Business Structures  Sole Proprietorship : Is a form of business that is owned by ________________ _______________. The owner is responsible for all _________________.  Partnership : Is a form of business that is owned by ________________ that one person. The owners _____________the liability.  Corporation :  Is a form of business that is setup as a body and acts as a __________________ _________________.  Sometimes they issue ____________________ on the stock market.  The business is responsible for all _________________________.  The downside is they get taxed at __________________ rate and get taxed twice (____________________and _______________).

4. Warranties  Warranty: __________________________________________________________.______  Express Warranty: An __________________ or _______________ statement detailing the quality, ability, or performance of a product.  Implied Warranty : Is a guarantee of ________________ imposed by law.  Uniform Commercial Code (UCC): Is a standardized set of __________________________ _____________________regulating the sale of goods nationwide. It states that implied warranties are applied only to goods that are sold (not services).  Full Warranty: Promises to fix or _________________ a defective product at no charge to the consumer.  Limited Warranty : Gives you something __________________than the full warranty…usually will fix the product rather than give you a new one.

5. Consumer Protection Laws  Usury : Charging more than the allowable ______________ _____________ __________.  Bait and Switch : Advertising a nonexistent ________________to lure customers in and then selling the customers more expensive _______________.  Trademark : The right to use an established trade name and ____________ in selling goods or services.

6. Employment Laws  Justified Discrimination: The right of an employer to hire someone based on their ________________________ over someone without experience.  Independent Contractor : A person hired on a one-time basis to produce a particular outcome without _________________.  Collective Bargaining : The process union representatives use to _______________ employment terms and benefits with management.