Category 1: Contracts
A legally binding agreement between two or more parties.
What is a contract?
A civil wrong that causes harm or injury to another person.
What is a tort?
These organizations protect consumers from unsafe or unfair business practices.
What are consumer protection agencies?
A business owned and operated by one person.
What is a sole proprietorship?
Something of value exchanged between parties in a contract.
What is consideration?
This legal concept means a person must act with reasonable care to avoid harming others.
What is negligence?
This government agency protects consumers from unfair or deceptive business practices.
What is the Federal Trade Commission (FTC)?
A business owned by two or more individuals who share profits and responsibilities.
What is a partnership?
When one party fails to follow the terms of a contract.
What is breach of contract?
False statements that damage a person’s reputation fall under this legal term.
What is defamation?
This law requires businesses to ensure products are reasonably safe for consumers.
What is product liability law?
This legal protection prevents others from copying inventions.
What is a patent?
A contract that is spoken rather than written.
What is a verbal (oral) contract?
A written false statement that harms someone’s reputation.
What is libel?
This practice involves advertising that misleads or deceives consumers.
What is false advertising?
A business structure that provides liability protection for owners.
What is a corporation?
A contract that may not be enforceable because one party lacked legal capacity or consent.
What is a voidable contract?
A spoken false statement that harms someone’s reputation.
What is slander?
This federal agency protects consumers by ensuring safe food, drugs, and medical products.
What is the Food and Drug Administration (FDA)?
This type of law protects original works like books, music, and art.
What is copyright law?