After you have read and studied this chapter, you should be able to - Define business law,
distinguish between
statutory and common
law, and explain the role of
administrative agencies.
- Define tort law and explain
the role of product liability
in tort law.
- Identify the purposes and
conditions of patents,
copyrights, and trademarks.
- Describe warranties and
negotiable instruments
as covered in the Uniform
Commercial Code.
- List and describe the
conditions necessary to
make a legally enforceable
contract, and describe the
possible consequences if
such a contract is violated.
- Summarize several laws
that regulate competition
and protect consumers in
the United States.
- Explain the role of tax laws
in generating income for
the government and as a
method of discouraging
or encouraging certain
behaviors among
taxpayers.
- Distinguish among
the various types of
bankruptcy as outlined by
the Bankruptcy Code.
- Explain the role of
deregulation as a
tool to encourage
competition.
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