BLS 7-9, 21, 43,45

Market-share liability

A theory under which liability is shared among all firms that manufactured and distributed a particular product during a certain period of time.

Privity of contract

The relationship that exists between the promisor and the promisee of a contract.

Product liability

The legal liability of manufacturers, sellers, and lessors of goods to consumers, users, and bystanders for injuries or damages caused by the goods.

Product misuse

A defense against product liability that may be raised when the plaintiff used a product in a manner not intended by the manufacturer.

Statutes of repose

A statute of limitations not dependent on the occurrence of a cause of action, typically beginning earlier and running longer than regular statutes of limitations.

Strict liability

Liability regardless of fault, imposed in cases involving abnormally dangerous activities, dangerous animals, or defective products.

Tolling

The temporary suspension of the running of a prescribed period, such as a statute of limitations.

Unreasonably dangerous product

A product that is defective to the point of threatening a consumer’s health and safety.

Certification mark

A mark used by one or more persons to certify the region, materials, mode of manufacture, quality, or accuracy of the owner’s goods or services.

Collective mark

A mark used by members of a cooperative, association, or other organization to certify the quality of specific goods or services.

Copyright

The exclusive right of authors to publish, print, or sell an intellectual production for a statutory period of time.

Dilution

A doctrine under which distinctive or famous trademarks are protected from unauthorized uses regardless of competition or likelihood of confusion.

Intellectual property

Property resulting from intellectual, creative processes, including patents, trademarks, and copyrights.

License

A contract permitting the use of a trademark, copyright, patent, or trade secret for certain purposes.

Service mark

A mark used to distinguish the services of one person from those of others.

Trade dress

The overall appearance of a product, including decor, menu, and style of service.

Trade name

A term used to indicate part or all of a business’s name directly related to its reputation and goodwill.

Trade secret

Information or a process that gives a business an advantage over its competitors.

Trademark

A distinctive mark or symbol affixed to goods to identify their origins.

Cloud computing

The delivery of on-demand services from third-party servers over a network.

Cookies

Small files sent from a website and stored in a user's browser to track web activities.

Cybersquatting

Registering a domain name similar to a trademark and offering to sell it back to the trademark owner.

Cyber torts

A tort committed via the internet.

Distributed network

A network that allows persons distributed around the globe to share computer files.

Domain name

The series of letters and symbols used to identify a site operator on the Internet.

Goodwill

The reputation of a business viewed as an intangible asset.

Internet service providers (ISPs)

Businesses that offer users access to the Internet and related services.

Peer-to-peer (P2P) networking

The sharing of resources among multiple computers without a central server.

Social media

Forms of communication where users create and share information via the Internet.

Typosquatting

Cybersquatting that relies on typographical errors made by users.

Act of state doctrine

A doctrine that prevents courts from examining the validity of public acts by recognized foreign governments.

Civil law system

A system of law based on codes rather than case law, mainly found in continental Europe.

Comity

A deference by which one nation recognizes the laws and judicial decisions of another.

Confiscation

A government's taking of property without proper purpose or compensation.

Distribution agreement

A contract outlining the terms and conditions between a seller and a distributor.

Dumping

Selling goods in a foreign country at prices lower than in the domestic market.

Export

To sell products to buyers in other countries.

Expropriation

The government's seizure of private property for public use with just compensation.

International law

The law that governs relations among nations.

International organizations

Organizations mainly composed of nations, often established by treaty.

National law

Law that relates to a specific nation.

Normal trade relations (NTR) status

A status under which member nations must treat others at least as well as their most favored nation.

Sovereign immunity

A doctrine that protects foreign nations from U.S. court jurisdiction.

Adjudication

The process of resolving a dispute through evidence presentation before a neutral party.

Administrative law judge

An official who oversees administrative agency hearings and makes determinations.

Administrative process

Procedures used by agencies for rulemaking, enforcement, and adjudication.

Bureaucracy

A large, hierarchical organization designed to carry out specific functions.

Delegation doctrine

A principle allowing Congress to delegate power to administrative agencies.

Enabling legislation

A law that creates and defines the purpose and powers of an administrative agency.

Exhaustion doctrine

The requirement that all administrative remedies must be exhausted before judicial review.

Final order

The last decision of an administrative agency, becoming final unless appealed.

Initial order

A preliminary decision by an administrative law judge that can become final unless appealed.

Interpretive rules

Nonbinding statements by an agency explaining its interpretation of statutes.

Legislative rules

Rules that have the same legal effect as laws passed by Congress.

Notice-and-comment rulemaking

A procedure where proposed rules are published for public comment before finalization.

Rulemaking

The process by which an agency formally adopts new regulations or amends existing ones.

Environmental impact statement

A required analysis for major federal actions that significantly affect the environment.

Environmental, social, and corporate governance (ESG)

Standards for a company’s behavior that socially conscious investors use to screen investments.

Nuisance

A legal doctrine holding individuals liable for unreasonably interfering with others’ property rights.

Potentially responsible party (PRP)

An entity liable for costs of cleaning up hazardous waste sites.

Sustainability

The practice of maintaining the environment for current and future generations.

Toxic torts

Civil wrongs resulting from exposure to harmful substances.

Antitrust laws

Laws designed to protect commerce from unfair competition practices.

Attempted monopolization

Anti-competitive behavior aimed at gaining monopoly power.

Concentrated industry

An industry dominated by a single firm or a few firms.

Divestiture

The sale of a business division under court order to enforce antitrust laws.

Exclusive-dealing contract

An agreement preventing buyers from purchasing products from competitors.

Group boycott

An agreement by multiple sellers to refuse to deal with a specific entity.

Horizontal merger

A merger between two competing firms in the same market.

Horizontal restraint

Agreements that inhibit competition between rival firms.

Market concentration

The extent to which a few firms dominate the market.

Market power

A firm's ability to control the price of its product.

Monopolization

The acquisition or maintenance of monopoly power through anti-competitive practices.

Per se violations

Trade restraints deemed inherently illegal due to their anti-competitive nature.

Predatory pricing

Setting prices below cost to eliminate competition.

Price discrimination

Charging different prices to competing buyers for the same product.

Price-fixing agreement

An agreement between competitors to set prices at a certain level.

Resale price maintenance agreement

An agreement dictating retail prices set by the manufacturer.

Restraints of trade

Contracts that reduce competition or create monopolistic conditions.

Rule of reason

A legal standard evaluating whether a trade restraint is reasonable based on specific factors.

Treble damages

Damages that are three times the amount of actual damages suffered.

Tying arrangement

Conditioning the sale of one product on the buyer's agreement to purchase additional products.

Vertical merger

An acquisition between firms at different stages of the production process.

Vertical restraint

Agreements between firms at different production levels that restrict trade.

Vertically integrated firms

Companies that handle multiple phases of production, distribution, and retail.