Appendix B Flashcards
What is the difference between statutory and common law?
Statutory - written laws established by the legislative branch of government
Common - law that comes from decisions of judges
What is a tort and what are the two kinds?
A wrongful act that causes injury to another person’s body, property or reputation
- Unintentional (negligence)
- Intentional
What is product liability?
Covered under tort law, holds businesses liable for harm that results from the production, design, sale or use of products they market
What is strict product liability?
Means a company could held liable for damages caused by a defective product on shelves even if the company did not know of the defect at the time of sale
What is a patent?
Gives investors exclusive rights to their inventions for 20 years from the date they file their patent application
What is a copyright?
Protects a creators right to materials such as books, articles, photos and paintaings
What is a trademark?
A brand that has been given legal protection for both the brand name and the pictorial design; belong to owner forever if registered and renewed every 15 years
What is an industrial design?
A copyright of an industrial process (ex: fine china)
What is a warranty?
Guarantees that the product sold will be acceptable for the purpose of which the buyer intends to use it
What are express warranties?
Specific representations by the seller that buyers rely on regarding the goods they purchase (ex: warranty received with a toaster)
What are implied warranties?
Legally imposed by the seller (ex: toaster will toast bread to desired degree)
What is a full warranty?
Requires a seller to replace or repair a product at no charge if the product is defective
What is a limited warranty?
Typically limited the defects or mechanical problems that are covered
What is a contract?
A legally enforceable agreement between two or more parties
What is contract law?
specifies what constitutes a legally enforceable agreement
