Exam 5

Intellectual Property (IP)

Intellectual Property (IP)

An economically significant type of intangible property that includes trade secrets, trade symbols, copyrights, and patents.

Infringement

Unauthorized use of intellectual property.

Trade Secret

A commercially valuable secret information like a customer list or a production method.

Copyright

A form of protection granted to original works of authorship that lasts for the author's lifetime plus 70 years.

Patent

The exclusive right granted to inventors for a specific number of years, issued by the U.S. Patent and Trademark Office.

Patentability

The legal and substantive conditions that must be met for an invention to be granted a patent and remain valid.

What is the EEOC and what does it do?

Equal Employment Opportunity Commission: agency for federal law that makes it illegal to discriminate against a job applicant or an employee because of the person's race, color, religion, sex, national origin, disability, or genetic information. It is an objective investigator. 

Retaliation

An additional charge that can be filed when an employer punishes an employee for filing a discrimination claim.

Sexual Harassment

An illegal form of sexual discrimination involving unwelcome sexual advances or conduct.

Quid Pro Quo

One type of sexual harassment where employment opportunities are contingent upon sexual favors.

Hostile Work Environment

A type of sexual harassment where inappropriate conduct creates an intimidating or offensive work environment.

At-Will Employment

The doctrine allowing either the employee or employer to terminate employment at any time and for any reason.

Workers Compensation

A form of relief for employees injured on the job, compensating for work-related injuries.

Working Papers

Documents that accountants use to conduct their work.

SOX

Sarbanes-Oxley Act; prohibits certain non-audit services to audit clients by accounting firms.

What is the FTC and what does it do?

Federal Trade Commission; prevents unfair methods of competition and deceptive practices.

Cease and Desist Order

An order telling a party to stop a specific practice.

Fair Debt Collection Practices Act

Legislation that prohibits abusive, deceptive, and unfair debt collection practices.

Foreign Corrupt Practices Act

Law that prohibits U.S. companies from bribing foreign government officials.

Grease Payment

A legal payment made to expedite a service, as opposed to an illegal bribe.

Tenant

The possessor of the leasehold interest granted by the landlord.

Leasehold Estate

The right to possess real property for a specified period of time.

Eviction

The legal process by which a landlord removes a tenant from the premises.

Abandonment

When a tenant vacates the property, ending their obligation to pay rent if the landlord reenters or relets it.

Implied Warranty of Habitability

The assurance that leased premises are fit for ordinary residential purposes.

What does it mean to die intestate

Dying without a valid will.

Will

A written document where a person dictates the distribution of their property after death.

Living Will

An advanced medical directive that specifies a person's wishes regarding medical treatment.

What is the Fair Debt Collection Practices Act? What does it prohibit?

It prevents abusive, deceptive, and unfair practices by debt collectors in collecting consumer debts. It prohibits communicating with the consumer who is represented by an attorney, communicating with the consumer at unusual or inconvenient hours, harassing , oppressive or abusive conduct, false, deceptive or misleading representation, and unfair or unconscionable means to collect any debt.

Name three protected statuses under federal law? Can the states add to the list of protected statuses?

Three protected statuses are race, sexual orientation, and gender. States can add to the list for example Michigan added height and weight. 

What is attestation and what is it used for?

Witness who watched them sign the will. It is used to prevent fraud.

What is the BFOQ?