Consumer Law
This federal agency in the United States is responsible for enforcing consumer protection laws and regulations.
Federal Trade Commission (FTC)
The highest level of courts
US Supreme Court
Name one type of person who cannot enter into a contract.
Minor
Intoxicated Person
Mentally Disabled
A business owned by one person
sole proprietorship
Give the ethical solution to this scenario:
You see a customer drop a $20 bill while they're checking out groceries.
Pick it up and tell them they dropped it or give it to the cashier
A deceptive practice where a company advertises a product at a lower price, only to reveal hidden costs later
bait and switch
A group of people summoned to a court to hear evidence and determine the outcome of a trial
A jury
Legal term for an agreement between two or more parties that is enforceable by law
contract
A business owned and operated by two or more individuals, sharing profits and losses, and jointly liable for the business's debts
Partnership
Give the ethical solution to this scenario:
Your friend asks you to share your homework with them so they can copy it for a class assignment.
Tell your friend they need to do their own homework. Don't share with them.
A product's guarantee that it will function as expected for a certain period of time or under certain conditions.
warranty
A legal order for a person to appear in court or produce certain documents
Subpoena
Breach of contract
Type of business organization combines features of a corporation, offering limited liability protection to its owners while allowing them to participate in management
Limited Liability Corp
LLC
This refers to a company's efforts to positively impact society and the environment through ethical business practices and contributions to social causes.
Corporate Social Responsibility
Something consumer law protects you from
Unfair trade, inaccurate information, unethical ways of doing business, etc.
This type of law deals with disputes between individuals or organizations, often involving contracts or personal injury
Civil Law
3 components of a valid contract
offer
acceptance
consideration
Type of business organization is a separate legal entity from its owners, offering limited liability protection to its shareholders
Corporation
Reflect you as an individual regarding your values and beliefs in your everyday life.
Morals
The practice of a company using false or misleading statements to convince consumers to buy a product or service
false advertising
The principle that requires courts to follow precedents established in previous court decisions
Stare Decisis
A one-sided contract agreement in which an offeror promises to pay only after the completion of a task by the offeree
unilateral contract
Legal document is required to establish a partnership and outlines the rights, responsibilities, and profit-sharing arrangements among the partners
Partnership Agreement
Partnership Contract
Acting with integrity by being honest, professional, and fair.
Ethical Behavior