Business Law
The set of rules and regulations created by agencies like the SEC, FTC, and FDA that affect businesses.
What is administrative law?
The first basic element required for a valid contract — one side proposes terms that the other side agrees to.
What is offer and acceptance?
This type of tort is a wrongful act intended to injure a person or property; examples include fraud and slander.
What are intentional torts?
The federal agency formed to support small businesses, which defines and provides resources for them.
What is the Small Business Administration (SBA)?
Business owned and controlled by one individual; easy to form but exposes the owner to personal liability.
What is a sole proprietorship?
Model laws that govern the sale of goods and commercial transactions across U.S. states.
What is the Uniform Commercial Code (UCC)?
The element of a contract that requires something of real value to be exchanged by both parties.
What is consideration?
This type of tort is based on failing to exercise reasonable care, not on intent.
What is negligence?
Entrepreneurs often have this trait — they think of new ideas, products, or ways to improve markets.
What is being innovative?
This group elects the board of directors in a company
What are shareholders?
This agency enforces national air and water quality standards and regulates pollution.
What is the Environmental Protection Agency (EPA)?
A contract provision that explains what happens if an extraordinary, uncontrollable event makes performance impossible.
What is a force majeure clause?
Legal responsibility for defects or harm from a product even if the manufacturer was not negligent.
What is strict liability (or product liability)?
A funding method where many people each give a small amount, often via an online platform like Kickstarter.
What is crowdfunding?
Selling shares on a public stock exchange changes a private corporation into this type of company.
What is a publicly traded (or public) corporation?
Laws designed to prevent monopolies, illegal mergers, and price collusion to protect consumers.
What are antitrust laws?
If a contract’s underlying purpose is illegal, this is the legal effect of the contract.
What is void (or invalid)?
Protection for original works of authorship such as books, music, and artwork.
What is copyright?
This form of external finance gives money in exchange for equity and often reduces the founder’s control.
What is venture capital (or an investor such as a VC)?
This is an element of a partnership agreement that clarifies how the partnership is funded from the partners.
What is capital contributions?
When a person or organization that cannot pay its debts; two common types affecting businesses are Chapter 7 and Chapter 11.
What is bankruptcy?
This occurs when a party fails to meet quality standards or does not complete stated obligations, potentially leading to a lawsuit.
What is a breach of contract (or nonperformance)?
Name the four main types of intellectual property protection covered in class.
What are patents, trademarks, copyrights, and trade secrets?
Name a common challenge small business owners face.
What are poor business planning, poor financial management, and unanticipated personal sacrifices?
This is the senior leadership role (C-suite) responsible for identifying and managing financial, legal and operational risks that could harm the company.
Who is the Chief Risk Officer (CRO)?