Business Law Vocab

intellectual property

a work or invention that is the result of creativity, like an invention, brand, artwork, or design, that someone has exclusive legal rights to, allowing them to control its use and benefit from it, typically through patents, copyrights, trademarks, or trade secrets

trademarks

a form of protecting intellectual property; that is a unique symbol, word, phrase, logo, design, or combination, that distinguishes a product or service and sets it apart in the market. trademarks protect brand identity and prevents consumer confusion

copyrights

a form of protecting intellectual property that grants creators exclusive, time-limited rights to their original works, such as literature, art, music, etc… basically for any artistic/literary works

patent

a form of protecting intellectual property that gives an inventor the exclusive control to make, use, and sell their invention for a limited time, preventing others from doing the same (basically they can’t make/use/sell the same invention)

trade secrets

a form of protecting intellectual property; it is valuable, confidential business information (formulas, processes, etc.) that provides a competitive edge b/c it is not generally known

licensing

a form of protecting intellectual property where an owner (licensor) grants another party (licensee) permission to use, manufacture, or sell their intellectual property, such as patents, trademarks, or copyrights, usually in exchange for royalties or fees

employment law

governs the employer-employee relationship ensuring fair workplace practices, safety, and compliance to prevent lawsuits; laws related to hiring, firing, discrimination, and benefits

contract law

law of contract in business governs binding agreements between parties, requiring an offer, acceptance, consideration, and mutual intent

taxation law

determines how companies will report income, pay taxes, etc.; businesses must comply with tax laws and pay the appropriate taxes on their profits

consumer protection laws

safeguards buyers from fraudulent, deceptive, or unfair business practices; businesses must comply with consumer protection laws

business torts

wrongful acts that hurt a business or its assets, usually by causing financial loss or damage to reputation

tortious interference

a type of business tort where a third party unfairly interferes between two parties who had a deal or relationship. This meddling can lead to financial harm for one or both parties and can result in a legal case

libel

a form of defamation that involves written or published (not spoken) false statements that harm a person’s reputation; covers permanent records like newspapers, emails, or social media posts

slander

a form of defamation that involving false, spoken statements that damage a person’s reputation

defamation

a business tort involving false, published (libel) or spoken (slander) statements that harm a person or company’s reputation

breach of contract

a business tort when someone fails to fulfill their part of a contract

theft of trade secrets

a business tort where someone steals confidential and valuable information from your business; this stolen information could be about your special processes, techniques, or ideas

breach of fiduciary duty

a type of business tort that occurs when someone has a responsibility to act in the best interests of another person and fails to do so

negligence

a type of business tort when a business fails to exercise reasonable care causing physical, financial, or reputational harm to another party; is a result from carelessness so NOT intentional

contracts

an agreement made between two or more parties and is enforceable by law

offer

to form a contract, there must be a definitive and clearly stated offer to do something

acceptance

to form a contract, after one party makes an offer, the other must accept it. Acceptance may be given in writing, verbally, or inferred by action which clearly indicates agreement to carry through with the contract

intention of a legal consequence

to form a contract, it necessitates that the parties involved are intending to enter into a legally binding agreement. All parties must acknowledge that they are obliged by law to adhere to the contract and that the agreement can be enforced by law

consideration

to form a contract and for it to be binding, something of value must be exchanged between the parties; one party promises to do something in return for a promise from the other party to provide a benefit of value (e.g. money for services)

capacity to contract

the legal competence of a person or entity to enter into a binding agreement, generally requiring them to be of legal age (usually 18), mental competence (meaning no severe mental impairment), and no severe cognitive disabilities

human resources regulations

federal, state, and local laws governing employment, including anti-discrimination, compensation, and workplace safety; designed to protect the rights and interests of employees, and to ensure that employers provide a safe & fair work environment

Occupational Safety and Health Administration (OSHA)

a US federal agency under the Department of Labor that ensures safe working conditions by setting, enforcing, and providing training on workplace safety standards; it is set to primarily prevent work-related injuries, illnesses, and death

Americans with Disabilities Act (ADA)

a federal civil rights law prohibiting discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and public/private places, guaranteeing equal opportunities and requires reasonable accommodations to ensure people w/ disabilities have the same rights as everyone else

Fair Labor Standards Act (FLSA)

a federal law establishing minimum wage ($7.25/hr), overtime pay (1.5 × for over 40hrs) , recordkeeping, and child labor standards for covered employees in the public and private sectors

Equal Employment Opportunity (EEO)

prohibits discrimination based on race, color, religion, gender, national origin, age, or disability

sole proprietorship

owned by one person where the owner has complete control and receives all profits