About This Chapter
Business Law and Regulation - Chapter Summary
In this chapter, our video instructors explain how the first, fifth, and fourteenth amendments to the Constitution apply to business law. You'll be introduced to due process and the equal protection clause. This chapter will also discuss contract law, including parties to a contract and contract terms.
You'll learn about trademark, patent, and copyright infringements as well as corporate criminal responsibility. As you progress through this chapter, you'll study legal ethics and laws designed to deter business crime, such as Sarbanes-Oxley and the False Claims Act. After you complete this chapter, you should be able to:
- Define business law
- Discuss the Constitutional amendments and protections that apply to businesses
- Define contract law and the parties to contract law
- Differentiate between patents, copyrights, and trademarks
- Define vicarious liability and legal ethics
- Name the major statutes designed to deter corporate crime
- Discuss credit, consumer, privacy, and product liabilities
Our online video lessons on business law and regulations each include a video presentation designed by an experienced educator. Each lesson comes with a self-assessment quiz, so you can gauge how well you're learning the material as you go. Lessons also include a written transcript as an alternative way to access the information in the lesson. Key words in the transcript are clickable links that take you to more in-depth information for further study.
1. Major U.S. Federal Regulatory Agencies in Business: Types, Functions & Authority
Federal regulatory agencies oversee the operations of companies to ensure ethical, safe, and professional business practices. Learn about the types, functions, and authority of major U.S. federal regulatory agencies in business.
2. What Is Business Law? - Definition & Overview
Business law encompasses all legal aspects of running a business, including employment law and contract law. Explore a definition and overview of business law, including the rules of starting, buying, managing, and closing a business.
3. The First Amendment: Commercial Speech, Scrutiny & Restrictions
The First Amendment to the U.S. Constitution gives freedom of speech, religion and press to individual citizens. Business communication, on the other hand, is considered 'commercial speech' and is subject to government limitations Learn more about commercial speech and when the government is allowed to interfere including false advertising, puffery, disclaimers, content-neutral restrictions, and strict scrutiny.
4. Due Process & Taking the Fifth & Fourteenth Amendments
In the U.S. Constitution, there are two amendments related to the rights of life, liberty and property with regard to due process: the 5th and the 14th amendments. Discover the importance and some examples of the 5th and 14th amendments when it comes to procedural due process and substantive due process.
5. The Equal Protection Clause in the Fifth and Fourteenth Amendments
The United States Constitution grants citizens equal protection in the 5th and 14th Amendments. Learn about the 5th Amendment and 14th Amendment and how they compare and contrast.
6. Contract Law Terms: Definitions & Contract Types
Contract law terms include six elements in order to make contracts legal. Explore the six elements and the definitions and types of contracts including express, implied in-fact, implied in-law, and illusory promise.
7. Parties to a Contract: Promisor, Promisee & Beneficiary
A contract is defined as a legally binding agreement between two parties who are referred to as a promisor, promisee, and beneficiary. Learn about contracts, the roles and relationships of all parties and third-party beneficiaries.
8. What is Employment Law? - An Introduction to Employment Law
Employment law is the state and federal laws that protect worker rights, prevent discrimination, and promote safe work environments. Learn how to recognize state and federal employment laws by completing the introduction to employment law.
9. Trademark Infringement: Laws and Penalties
Trademark infringement occurs when a party uses a trademark or a service mark without the permission of its owner. Learn about trademark confusion and explore the laws, penalties, and remedies for trademark infringement.
10. Patent Infringements: Definition and Cases
Patents are important legal documents that secure one's intellectual property. Examine cases to learn what patents are and how they are used, and explore the definition of patent infringement, how it can occur, and what happens when it does, such as patent claims and litigation.
11. What is Copyright Infringement? - Understanding Copyright Law
Copyright infringement occurs when a copyrighted work is used without the copyright owner's permission. Understand copyright law, recognize exceptions to infringement, and learn the difference between registered and unregistered copyright protections.
12. What Is Vicarious Liability? - Definition and Examples
When vicarious liability applies to a situation, then a third party may be held responsible for the actions of another party, such as a parent being fined for the actions of their child. Learn the definition of vicarious liability and its different forms, the meaning of negligent entrustment, and explore examples of how indirect parties can be involved in a lawsuit.
13. Corporate Criminal Liability: Definition & Examples
Criminal liability is the concept that any individual or entity that breaks the law may be held accountable and subject to legal ramifications. Explore the definition of criminal liability and review examples of corporate crime including the case of United States v. Park in order to gain a further understanding.
14. Deterring Business Crime: RICO, False Claims Act, & Sarbanes-Oxley Act
To deter business crime, Congress has three different laws, including the Racketeer Influenced and Corrupt Organizations, or RICO Act, the False Claims Act, and the Sarbanes-Oxley Act, which made executives accountable for the financial dealings of their business. Examine the types of business crimes addressed and how each law protects shareholders, employees, and consumers.
15. Unfair Competition: Methods, Elements & Laws
The term unfair competition encompasses a tort, or action taken by businesses and individuals intentionally that cause economic injury to another business. Explore elements of unfair competition, methods of deceptive advertising, and laws that govern the modern economy.
16. What Is Privacy Protection? - Laws & Rights
Financial privacy protection is a collection of laws and regulations that protect the privacy of the consumer's information. This lesson unpacks that definition further, explores the laws put into place to offer that protection, and discusses the rights of consumers.
17. What Is Credit Protection? - Laws & Services
Credit protection refers to the laws and services that strive to protect consumers from circumstances, including predatory creditors as well as personal issues like unemployment, that can lead to credit problems. Learn about the laws and services that comprise credit protection, and explore the roles of the Bureau of Consumer Protection and credit protection laws.
18. What Is Product Liability? - Definition & Laws
Product liability refers to the legal responsibility of a business if it produces and/or sells a faulty good or service. Explore the definition and three different theories of product liability: breach of warranty, negligence, and strict liability.
19. What Is Consumer Protection? - Product Liability, Laws & Rights
The laws that establish consumer rights in business practices fall under the umbrella of consumer protection. Learn how the Federal Trace Commission enforces consumer protection laws, and discover the principles of product liability by exploring a famous case example, Escola vs Coca-Cola.
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- How Organizations are Structured & Designed
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- Ethics and Social Responsibility in Organizations
- Economic Basics
- Business and the Economy
- The Economy and the US Government
- Entrepreneurship & Types of Businesses
- Marketing Basics
- Product Pricing & Selling
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- Selling & Customer Service
- Market Research and Segmentation
- Strategic Planning for Marketers
- Global Business Strategies and Challenges
- Business Communication
- Business Analytics
- Computer Basics for Business
- The Internet and Business
- Marketing Education
- Career Planning for High School Students
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- Marketing Employment Skills
- Marketing Career Stages
- Marketing Instruction & Assessment