Statutory law:

state and federal constitutions, legislative enactments, treaties of the federal government, and ordinances-in short, written law.

Common law:

is the body of law that comes from decisions handed down by courts. How statutory laws should be interpreted

hear cases involving criminal and civil law.

CRIMINAL LAW defines crimes, establishes punishment, and regulates prosecution.

CIVIL LAW involves legal proceedings that do not involve criminal acts.

hear appeals of trial court decisions.

What office handle Patents in the US?

What is their involvement in the patent process?

U.S. Patent and Trademark Office (USPTO)

The office only grants patents for a fee

does not take action on behalf of patent holders if patent infringement occurs

Intentionally delaying or prolonging the patent application process in order to sue people/corporations who invent the technology you patented

Forsee fax machine, patent the idea of a fax machine, sit on patent, and sue the company who invents it

American Inventor's Protection Act

requires patents to be made public after 18 months of initial filling

Who handle copyright applications?

How long does a copyright last?

Copyrights are filed with the Library of Congress

They last for the lifetime of the author or artist plus 70 years

can be passed on to the creator's heirs

If a work is created by an employee in the normal course of a job, the copyright belongs to the employer and lasts 95 years from publication or 120 years from creation, whichever comes first

Define: Trademark

How long do they last?

legally protected name, symbol, or design that identifies the goods or services of one seller and distinguishes them from those of competitors.

Trademarks last  forever if properly registered and renewed every 10 years.

Define: Uniform Commercial Code

What did it do?

A comprehensive commercial law adopted by every state
in the United States that covers sales laws and other commercial laws.

Unified Laws governing business between states

Express warranties are specific representations by sellers that buyers rely on regarding the goods they purchase. The warranty you receive in the box with an iPad or a toaster is an express warranty.

Implied warranties are legally imposed on the seller, who implies that a product will conform to the customary standards of the trade or industry in which it competes. An implied warranty entitles you to expect that a toaster will toast your bread to your desired degree

full warranty: requires a seller to replace or repair a
product at no charge if the product is defective

limited warranty: typically limits the
defects or mechanical problems the seller covers.

(1) be written and signed by the maker or drawer,

(2) be made payable on demand or at a certain time,

(3) be made payable to the bearer or to specific order

(4) contain an unconditional promise to pay a specified amount of money.

1. An offer is made

2. Voluntary acceptance of the offer

3. Both parties give consideration

4. Both parties are competent

5. The contract covers a legal act

6. The contract is in proper form

What is condersideration in a contract?

Give an example of consideration and not consideration

If I agree to sell you my bike for $50, the bike and the $50 are consideration, and we have a legally binding contract.

If I agree to sing at your wedding and you do not give me anything in return (consideration), we have no contract.

1) Specific Performance - The party who violated the contract may be required to live up to the agreement if money damages would not be adequate.

2)Payment of damages -  If I fail to live up to a contract, you can sue me for damages, usually the amount you would lose from my nonperformance.

3) Discharge of obligation. If I fail to live up to my end of a contract, you can agree to drop the matter. Generally you would not have to live up to your end of the agreement either.

(1) it is in writing

(2) it specifies mutual consideration
(3) it contains a clear offer and agreement

1) contracts, combinations, or conspiracies in restraint of trade

2) the creation of actual monopolies or attempts to monopolize any part of trade or commerce.

Establishes the FTC

prohibits unfair methods of competition in commerce

prohibits price discrimination and applies to both sellers and buyers who knowingly induce or receive price discrimination

prohibits advertising and promotional allowances unless they are offered to all retailers

Applies to only B2B transactions

What taxes make the most money for whom?

Fed, state, school districts

Fed Govt - income tax

State - sale tax

School - property tax

Define: Excise Tax

What are they also known as?

Taxes paid on selected items such as tobacco, alcoholic
beverages, airline travel, gasoline, and firearms.

sin taxes.

voluntary bankruptcy - the debtor applies for bankruptcy;

involuntary bankruptcy - the creditors start legal action against the debtor.

"straight bankruptcy" or liquidation (used by businesses and individuals).

requires the sale of nonexempt assets

People are allow to keep a limited amount of assests

1. Costs of the bankruptcy case.

2. Any business costs incurred after bankruptcy was filed.

3. Wages, salaries, or commissions owed (limited to $2,000 per creditor).

4. Contributions to employee benefit plans.

5. Refunds to consumers who paid for products that weren't delivered (limited to $900 per claimant).

6. Federal and state taxes.

a company sued by creditors continues to operate under court protection while it tries to work out a plan for paying off its debts.

Used by businesses

Under certain conditions it may sell assets, borrow money, and change company officers to strengthen its
market position.

A courtappointed trustee supervises the proceedings and protects the creditors' interests.

Chapter 13 - repayment (used by individuals).

permits individuals, including small-business owners, to pay back creditors over three to five years

1.   The right to SAFETY.

2.   The right to be INFORMED.

3.   The right to CHOOSE.

4.   The right to be HEARD.

What does the Wheeler-Lea Amendment do?

gave the FTC additional jurisdiction over false or misleading advertising.

Bankruptcy Reform Act of 1994

speed up and simplify the bankruptcy process.

Bankruptcy Amendments of 1984

 allow a person who is bankrupt to keep part of the equity in a house.