Legal Aspects

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Legal Aspects

Intellectual Property

License

temporary access to property

Patents

exclusive rights to make, use or sell product

Trademark

protecst a representative entity of company

Copyright

protects creative work

Unfair Practice

Federal agencies against it

federal communications commissions

security and exchange comission

food and drug administration

misleading advertising

untrue claims regarding function, quality and effectiveness

-fraudulent -illegal limiting to free competition

Easements

-appurtenant -in gross -by necessity -by prescription

Irrevocable rights to limited use of another's land for given period of time

Types Of Businesses

Corporation

whole committee own

Partnership

2 or more owners

Sole Propirietorship

one owner

Contracts

Types of Practice

Written

Oral

Legally Binding agreement between 2 parties

Types of Contracts

Requirements

consideration

capacity

legality

genuine asset

offer and acceptance

Legal Contract

clears out ambiguities

created during negotiations

Employment Agreements

-wages -benefits -employment policies

more complex between worker and employee

Employment contracts

-express agreements between employer and employee -implied agreements between employer and employee -employment federal and state laws and regulations

between worker and employee

Employing

Agents

May bind them to contracts

Represent businesses

Employees

Unions

Paid based on amopunt of work time

Independent Contractors

Do not need to follow the rules

Hired to do specific tasks

Credit

Interest

Credit cards

Most common