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Chapter 8
Legal Issues Facing Start-Ups
45
Business
11th Grade
12/05/2007

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Term
Intelectual Property Law
Definition
is the group of laws that regulates the ownership and use of creative works
Term
Trade Secrets
Definition
Is the base of all intellectual property, gives the owner a competitive advantage
Term
Patent
Definition
is a document hat grants to an inventor the right to exclude others from making, using, or selling an invention or other intellectual property
Term
Public Domain
Definition
comprises all intellectual property whose protection has expired
Term
Provisional Patent
Definition
Your first patent application
Term
Patent Pending
Definition

is the status of an invention between the time a patent appilication ahs been filed and when it is issued or rejected

Term
Copyright
Definition
is a legal device that protects original works of authors
Term
Trademark
Definition
is a word, symbol, design, or color that a bussiness uses to identify itself or something it sells
Term

Service Mark

Definition
A word, symbol, design, or color that describes a service business
Term
Permit
Definition
is a legal document giving official permission to run a business
Term
License
Definition
is a certificate that shows you have the necessary education and training to do a job
Term
Contract
Definition
is a binding legal agreement between two or more persons or parties
Term
Oral Contract
Definition
is an unwritten contract that does not last for ore than one year
Term
Void Contract
Definition
is one that never existed in the first place
Term
Equal Employment Opportunity Comission
Definition
is the gov't agency charged with protecting the rights of employees
Term
Child Labor Law
Definition
Protects young workers
Term
Wrongful Temination
Definition
is the right of an employees to sue his/ her emploer for damaes if he/ she is terminated for an unacceptable reason
Term
Sexual Harassment
Definition
is any unwelcome sexual conduct on the job
Term
Americans With Disabilities Act
Definition
requires employers to provide reasonable accommodation to the workplace that allows qualified employees to do the basic functions of their jobs
Term
Family Medical Leave Act (FMLA)
Definition
provides employees with the right to an unpaid leave of absence for up to 12 weeks
Term
Equal Pay Act of 1963
Definition
all employers must pay men and women on the same wage for the same work
Term
Fair Labor Standards Act
Definition
a law that established a minimum wage and maximum working hours
Term
The Occupational Safety and Healthy Act(OSHA)
Definition
was passed to ensure safe, healthful working conditions for employees
Term
Food And Drug Administration (FDA)
Definition
it researches and tests new products and inspects the operations of food and drug manufacturers
Term
Consumer Product Safety Comission (CPSC)
Definition
serves as a watchdog for consumers over products that may be hazardous
Term
Fair Packaging and labeling act
Definition
requires that manufacturer label truthfully list all ingredients and raw materials used in production
Term
Warranty of merchantability
Definition
is a guarantee about the quality of goods or services purchased that is not written down or explicitly spoken
Term
Product liability
Definition
is the legal theory that manufacturers are responsible for injuries caused by their products
Term
Consumer Credit Protection Act
Definition
requires those who give credit to reveal all terms and conditions of their credit agreement
Term

Federal Trade Comission

Definition

concerned about protecting customers from false and misleading advertising

Term
Bait-and-Switch Advertising
Definition
is an illigal way of selling that involves advertising a product at a very low price in order to attract customers.
Term

Sales tax

Definition
is apercentage os the price of an item that goes to a state or a local gov't
Term
Federal Insurance Contributions Act(FICA)
Definition
the tax that is figured as a percentage of an employee's income
Term
Federal Unemployment Tax Act (FUTA)
Definition
designed to help workers who are temporarily unemployed
Term
Business income taxes
Definition
your business is responsible for paying federal and possibly state and local taxes on the income it earns
Term
Valid contract
Definition
is the most common contract for business
Term
Consideration
Definition
is what is echanged for the promise
Term
Capacity
Definition
is the legal ability to enter into a binding agreement
Term

Legality

Definition
The final contract element that is, it cannot have any provisions that are illegal or that would recsult in illegal activites
Term
Zoning Laws
Definition
addresses enviromental issues; may define the type and style os signs that businesses can use and appearance ofbuildings
Term
Building Codes
Definition
Laws that relate to the actual constructin of your facility
Term
lease
Definition
is a contract to use a facility or equipment for a specified time
Term
lessee
Definition
the person who is leasing the building or equipment
Term

lessor

Definition
th eperson who owns the building or equipment
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