deca marketing BL

business law

contract law

governs oral and written agreements/promises that involves exchange of goods, services, money and/or property

constitutional law

addresses issues related to constitution and constitutional rights

probate law

legal process of validating a will and distributing assets to beneficiaries

patent law

protects owner’s inventions from use and distribution by unauthorized individuals

joint ventures

arrangement that involved two or more businesses entering relationship by combining resources like tech, skills, capital, or channels to benefit all parties.

• short term, usually for execution of a single project

• used by all businesses

capacity

parties entering contract must have mental capacity to understand what they are agreeing to

consideration

both parties are getting something out of the deal

legality

purpose of contract falls within the law

offer and acceptance

one party offering something and the other party accepting it (in a contract)

fiduciary

relationship where the agent has the responsibility of acting solely in the best interest of the principal, rather than for any other person

• includes confidentiality, accounting, and obedience

bilateral contract

mutually beneficial agreement between two parties in which both parties promise to perform certain activities

sole proprietorship

business owned by one person who receives all profits and takes all risks

• experiences unlimited liability → all debts can be collected from personal assets

• minimal gov intervention and not a lot of capital needed to get started

partnership

business owned by two or more people

• often formed to combine capital, experience, and abilities

• general partnership (both have unlimited liability), or limited partnership (only limited liability)

corporation

business that functions independently from its owners but is treated as a person w legal rights, duties, and powers

• owner becomes stockholder (shareholder)

• private: does not offer shares to general public

  • taxed on: profits made by company + dividends earned by shareholders (double taxation)

s corp

private corp that taxes as if business were partnership (no double taxation)

• must have 100 or fewer shareholders

public (open) corporation

can sell millions of shares to general public

hybrid business structures

LLP (limited liability partnership) and LLC (limited liability company)

• limited liability, limited life, limited taxation, unlimited owners/partners

tort

private wrongdoing that potentially harms another person or entity