vocab business ch 8

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  1. Intellectual property law
    the group of laws that regulates the ownership and use of creative works
    Is the basis of all intellectual property
  3. Patent Law
    • protecting an invention; grants an inventor the right to exclude others
    • from making, using, or selling an invention during the term of the patent
  4. Trademark Law
    protecting a logo for a business; a work, symbol, design, or color that a business uses to identify itself or something it sells
  5. Copyright Law
    • protecting written music, software, movies or books; a legal device that protects original
    • works of authors
  6. Trade Secrets
    protect anything not covered under the above three laws.
  7. Patent
    is a document that grants an inventor the right to exclude others from making, using, or selling an invention during the term of the patent.
  8. Public Domain
    • comprises all intellectual property whose protection has expired which means now anyone can use the invention or any part of it
  9. Rule to Create a Patent
    • •1.
    • The invention must not contain prior art; and not be based on anything publicly
    • available before its invention
    • •2.  The invention must fit into one of five
    • classes; a
    • machine (rocket or fax), a process (chemical reaction), articles of manufacture
    • (furniture), a composition (gasoline), or a new use for one of the four
    • categories.
    • •3.  The invention must be “unobvious,”
    • even to someone skilled in the field.
    • •4.  The invention must have utility,
    • which means it must be useful, not just whimsical or silly.
  10. Patent Pending
    is the time between the application and the acceptance or rejection. 
  11. Patent Infringement
    • occurs when someone makes and sells a product that contains all elements of a patent
    • claim.
  12. Copyright
    • is a legal device that protects original works of authors
    • A copyright lasts for the life of the author plus 70 years. 
  13. Trademark
    • is a word, symbol, design, or color that a business uses to identify itself with
    • something it sells.
  14. A Service Mark
    is a work, symbol, design, or color that describes a service business
  15. Permits and Licenses
    are legal documents giving official permission to run a business 
  16. Contract
    is a binding legal agreement between two or more persons or parties
  17. Contract must meet 4 conditions
    • occurs when one party to a contract makes an offer or promises to do or refrain
    • from doing something, and the other party accepts.
    • is what is exchanged for the promise
    • is the legal ability to enter into a binding agreement
    • –LEGALITY-there cannot be provisions that are illegal or that would result in illegal
    • activities.
  18. An Oral Contract
    is an unwritten contract that does not last for more than one year.
  19. A Void Contract
    • contract is one that never existed in the first place because the parties did not have
    • the capacity to enter into the contract.
  20. A Valid Contract
    is most common for businesses because it meets several important criteria.
    is the government agency charged with protecting the rights of employees.
  22. Federal Child Labor Laws
    • –Under
    • 18 cannot work in hazardous jobs
    • –Under
    • 16 can only work a restricted number of hours
    • –Under
    • 14 can only work in certain jobs, like delivering newspapers or working for
    • their parents
  23. Wrongful Termination
    • is the right of an employee to sue his or her employer for damages if they feel they
    • have been terminated for an unacceptable reason.
  24. Sexual Harassment
    • is any unwelcome sexual conduct on the job that creates an intimidating, hostile,
    • or offensive working environment
  25. Price Discrimination
    is the charging of different prices for the same product or service in different markets or to different customers
  26. Uniform Commercial code
    • is a group of laws that regulate commercial business transactions. It applies to
    • sales transactions among merchants
  27. Warranty
    • FORMATION OF CONTRACTS is covered under UCC to determine valid contracts
    • •WARRANTIES are also part of UCC and help to protect buyers
    • A WARRANTY OF MERCHANTABILITY is a guarantee about the quality of goods or
    • services purchased that is not written down or explicitly spoken. It assures a
    • new item will work for its specified purpose.
  28. Product Liability
    covers the legal theory that manufacturers are responsible for injuries caused by their products
  29. Increased Cost
    is part of product liability due to insurance. Manufacturers must give clear warnings of potential dangers.
  30. Truth in Lending
    is enforced by the Federal Trade Commission (FTC) and requires those businesses who give credit to reveal all terms and conditions of their credit agreements
  31. Laws that regulate Trade
    • Product Liability
    • Increased Cost
    • Truth in Lending
  32. Bait and Switch
    involves advertising at a very low price to attract customers who are then persuaded to switch to a more expensive product
  33. 4 Rules to false of misleading advertising
    • Misleading Ads
    • Sale Prices
    • Price Commissions
    • Bait and Switch
  34. Tax Laws
    • •SALES TAX is a percentage of the price of an item that goes to a state or local government
    • •PAYROLL TAX are certain taxes that are deducted from an employees earnings;
    • •FICA, or Social Security Tax is a percentage of an employees income which must be matched by the employer. There is a ceiling on this tax.
    • •INCOME TAX is also withheld; federal and state in California
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vocab business ch 8

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