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Tort Law

Week 1 Business Law Presentation
by

Sara Skowronski

on 25 March 2015

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Transcript of Tort Law

Tort and Legal Environment in Business Law
FONTS
Civil Law vs Criminal Law
Civil law : concerned with private or purely personal rights.
Criminal law : injures society as a whole.
Felony vs Misdemeanor
Felonies – punishable by over 1 year in prison.
A more serious crime
Example: Forgery
Misdemeanors – less than 1 year.
A less serious crime
Examples: disorderly conduct and unauthorized entry of a dwelling

Business Ethics
Legally Enforceable.
Codes of Professional Responsibility for various professions, including realtors, doctors, lawyers, and accountants.

A Precedent
A court decision that determines the decision in a subsequent, similar case.
Business Law
Business law is concerned with what is right or wrong regarding business transactions.

The law is also concerned with establishing a framework in which society can operate as smoothly as possible to avoid disputes.

Tort
Antitrust Law
Laws which promote business competition.
Monopolizing a business is a felony.
Federal Trade Commission established.

Environmental Protection Law
The Clean Air Act.
EPA sets minimum national standards for air quality and regulates hazardous air pollutants.

Water Pollution and Control Act.
Seeks to prevent discharge of hazardous waste and pollutants into interstate and navigable waters.
Criminal liability.

Protection from Liability.
Investigations on potential property to own.
Banks/lending institutions should require assessments on properties before loaning or foreclosing.

A tort is a private civil wrong or injury by a ‘tortfeasor’
for which the law provides damages.
A tort may be intentional or unintentional (negligence).
Negligence is the failure to exercise reasonable care.

Business Torts
Product Liability
: manufacturers, dealers, suppliers, and rental companies can be sued based on negligence or strict liability.

Negligence
: manufacturers and suppliers are liable for use or condition of the product, design defect, or failure to warn.

Strict Liability
: any business in the product chain (manufacturer, wholesaler, or retailer) can be liable without fault if the product is dangerous to consumer.


Business Torts
Interference with a Contract or Economic Advantage
.
Occurs when a business relationship has been formed, and a third party causes a breach of that business relationship.

Confusion About a Product.
Injurious falsehood (also called commercial disparagement or trade libel).
Trademarks:
words, symbols, or devices used to distinguish one’s goods from another’s.

Business Crimes
Theft:
shoplifting, embezzlement, larceny.

Computer crimes
. Committed with aid of a computer.

RICO Cases
Next Contracts...
A contract can be defined as a legally enforceable agreement between two or more competent persons.

A breach of contract is the failure of one of the parties to perform the obligations assumed under the contract.

Requirements of a Valid Contracts
Based on a mutual agreement by the parties
Made by competent parties
Supported by consideration given by each party to the contract
Be for a lawful purpose
Sometimes meet certain formal requirements

Your Contract Assignment
Worth 40 points
You will find and present a contract to the class.
Create a Power Point which will have the following:
Link to the contract (5 pts)
Description of who the contract is between (5pts)
Overview of the contract terms (10 pts)
Two things you learned/found interesting from the contract. (10 pts)
If you were to change something about this contract, what would it be and why (10 pts)

Statue?
What is an important statue in business law?

UCC
In the field of business law, the most important statute is the Uniform Commercial Code (UCC)
Statutes are laws enacted by legislative bodies.
Uniform Commercial Code
The UCC regulates sales and leases of goods, negotiable instruments, such as checks, secured transactions, and particular aspects of banking and fund transers, letters of credit, warehouse receipts, bills of lading, and investment securities.

Although all fifty states have enacted at least some portions of the UCC, individual states have made changes, therefore variations to the UCC exist from state to state.
Sources of Law
Stand by The Decision
McDonald's Hot Coffee Case
Full transcript