Business in Action Study Set 2

Business

Quiz 21 :

Appindex

Quiz 21 :

Appindex

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What are the three types of U.S. laws, and how do they differ from one another? What additional laws must global companies consider?
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The three types of U.S laws are as under:
• Statutory laws : The statutory law deals with the components that affect the trade and is intended to settle several conflicts between the state rulings in order to make things easier for interstate commerce.
• Administrative laws : The administrative law is concerned with the definite regulations and have the control to examine corporations that are alleged of breaking those laws.
• Common law : The common law is related to the judgement and decisions made in the courtroom.
Legislative and administrative acts are in the form of written official papers whereas common law is recognized through norm and the standards set in the courtroom proceedings.
The additional laws that the global companies must consider is international laws that rule commerce and other connections across national borders. Prosperous global corporate necessitates an understanding of the national laws of dealing partners and also recognized international exchange standards and legal strategies.

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What is the difference between negligence and intentional torts?
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Difference between intentional torts and negligence is as follows:
• Intentional torts happen when the party who is guilty tries to harm somebody intentionally. On the other hand, negligence happens when the party has no such motive to do so and remain failed to take some actions that could have prohibited the damage from occurring.
• An intentional tort is a conscious and determined act that results into damage. On the other hand, negligence means failure to use a realistic proportion of attention essential to protect others from irrational risk of damage.

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What are the seven elements of a valid contract?
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The seven elements of a valid contract are as under:
• An offer must be made : The offer should be either in written or oral or but it must be stable, definite and confident enough to make it strong.
• An offer must be accepted : An order to get accepted, the offer must be evidently spoken and written to come into a contract.
• Both parties must give consideration : An agreement is legitimately compulsory only when the parties have bargained with each other and have exchanged something of value such as money or property.
• Both parties must give genuine assent : Both the parties must agree to the contract voluntarily.
• Both parties must be competent: Some people do not have the right to enter into contract such as minor and senseless.
• The contract must not involve an illegal act: In case of unlawful acts, court of law does not apply a promise.
• The contract must be in proper form: most of the contract can be made orally but there are certain contracts that are required to be in written as per the court of law.

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How can companies protect their intellectual property?
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What criteria must an instrument meet to be negotiable?
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What is precedent, and how does it affect common law?
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What does the concept of strict product liability mean to businesses?
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Why is agency important to business?
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How can intellectual property rights help spur innovation?
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Ethical Considerations. Should products that can be used in the commission of a crime be declared illegal? For example, DVD burners can be used to make illegal copies of movies pirated from the Internet. Why wouldn't the government simply ban such devices?
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Should individual employees or managers of a corporation be penalized (through fines or imprisonment) if they are responsible when their companies commit illegal acts? For example, if a company is fined for polluting, should the people who authorized and carried out the pollution be fined as well? Why or why not?
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Would musicians, artists, writers, and inventors continue to create if they had no patent or copyright protection? Explain your answer.
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What is the difference between pure risk and speculative risk?
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What is risk management?
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What are the four general requirements of insurability?
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What are the three steps to controlling risk?
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What is the difference between workers' compensation insurance and disability income insurance?
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How do insurance companies calculate their premiums?
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Is self-insurance the same as going without insurance? Why or why not?
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Why is it a good idea to purchase business interruption insurance?
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