Initial post worth 20 points
In 150 words (minimum), answer the following:
Select one of the four elements of enforceable contract law and explain what it means (see Appendix A in your text). How might knowledge of this specific element help a businessperson create an enforceable contract?
Choose one of the six antitrust and business regulations (see Appendix A, p. 520, in your text). State what you feel is the key takeaway for a business manager from your chosen anti-trust and business regulation. You may wish to review this week’s highlighted video to help you craft your answer.
Once a business has secured trademarks, patents, and copyrights, they can provide legal protection for the firm. Select and define one of the three.
What is one key takeaway for any businessperson attempting to manage this business asset?
Respond to two of your peers’ initial posts in 100 words (minimum) for each. You may reply to more than two classmates, but the point limit for replies remains 10 points.
Citation Expectations: Please be sure to provide information on any source you use to develop your ideas. You will list your citation information at the bottom of your post. For now, you do not need to produce full citations; instead, simply provide as much information as you can, such as authors’ names, dates, and titles.
For support with APA-style citation, please use the reference sites below to guide your work.
Week 12: Business Law
Despite the best efforts of most businesspeople, legal issues do arise. Disputes over contracts occur, an employee may file a lawsuit for wrongful termination, or a town may challenge the environmental impact of your manufacturing facility. Good or bad, the United States has earned the dubious distinction of being the world’s most litigious society; lawsuits are as common as business deals.
This week’s journey begins with a general perspective of legislation at the federal, state, and local levels. You are encouraged to randomly select a few federal acts (laws) and become familiar with the intent of those legislative acts. These acts are intended to protect consumers, to promote competition, to provide greater employment opportunities, to ensure investor protection, and to foster cyberspace or telecommunication protection. Please note that although business executives are not expected to be legal experts, they do need to be knowledgeable and aware of laws in their specific area of responsibility.
Be mindful that a good dose of common sense also helps to avoid potential legal problems. Overall, you should walk away from this week with a high-level overview of business law, the court system, basic legal concepts, and the evolving regulatory environment in which U.S. businesses must operate.
Final course reflection. Residential students will reflect in class; online students will complete their reflection online. Throughout this course, you have had the chance to reflect on some foundational aspects of the business world. Your course reflection assignment will ask you to dig deeper into some of these aspects. Keep in mind the following:
For a business executive, ignorance of the law is no excuse.
An enforceable contract requires four key elements.
Staying compliant with regulatory law makes the business operation run smoother.
Assignment Citation Expectations (APA): Reminder: At least 1 credible source must be used to support your work on this week’s assignment. Your source(s) must be cited using APA-style format.
Week 12 Readings, Materials, and Lessons
Please read the following chapters in your course textbook, view the PowerPoint presentations (PPTs), and any other listed resources:
Appendix A: Business Law
Vocabulary Flashcard Deck: Review important terms to help you prepare for this week’s work.
Five Areas of Government Regulation of Business. Holt, M. (2019, Jan 29). smallbusiness.chron.com.
Anti-Trust Law Made Simple. (11:25). TraingingABC (2018, Jan 1). ProQuest.
5 Requirements for a Contract. Leonard, K. (2019, Feb 4). smallbusiness.chron.com
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Week 12 Vocabulary TermsWeek 12 Vocabulary Terms
Week 12 Vocabulary Terms
Review the following terms to help you find success in this course and program, as well as in your future career in business:
Contract
A legally enforceable agreement between two or more parties regarding a specific act or thing.
Agreement
One of the four key elements of an enforceable contract. An agreement between the parties arrived at through offer and acceptance.
Common Law
Body of law that comes out of judicial decisions, some of which can be traced back to early England.
Sales Law
Body of law governing the sale of goods or services for money or on credit.
Trademark
Words, symbols, or other designations used by firms to identify their offerings.
Tort
Civil wrong inflicted on one person or the person’s property by another person.
Bankruptcy
Legal dismissal of financial obligations when it is determined the filer cannot pay.
Tax
Assessment by a governmental unit.
Sarbanes-Oxley Act (2002)
Federal legislation is designed to deter and punish corporate and accounting fraud and corruption and to protect the interests of workers and shareholders through enhanced financial disclosures, criminal penalties on CEOs and CFOs that defraud investors, and more. Requires top corporate executives to attest to the validity of the company’s financial statements.
Consumer Product Safety Act (1972)
Established the Consumer Product Safety Commission with the authority to specify safety standards for most products.
Sherman Act (1890)
Set a competitive business system as a national policy goal. The act specifically banned monopolies and restraint of trade.
Americans with Disabilities Act (1991)
Ban discrimination against the disabled in public accommodations, transportation, and telecommunications.
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