Legal Systems Flashcards
What is a legal system
a country’s set of laws and regulations, how its laws are enacted and enforced, and how its courts hold parties accountable
-> influenced by political moods and upsurges of nationalism
What are the 3 types of legal systems
- common law
- civil law
- theocratic law
What is common law composed of
- tradition (country’s legal history)
- precedent (past cases that have come before the courts)
- usage (how laws are applied in specific situations)
What is civil law
legal system based on a detailed set of written rules and statutes that constitute a legal code
What is theocratic law
legal system based on religious teachings (Islamic, Hindu, Jewish)
What is the global legal issues
firms must adapt to dissimilar legal systems in global market because there is no clearly defined body of international law that all nations accept (movement towards standardizing the interpretation and application of laws in more than one country)
What is an intellectual property
result from people’s intellectual talent and abilities (considered essential to achieving the United Nation’s sustainable development goals because it incentivizes innovation and creativity)
What is cloud computing
delivery of computing services over the internet, or the cloud
What is a trademark
property right in the form of words or symbols that distinguish a product and its manufacturer
What is industrial property
consists of patents and trademarks
what is a patent
property rights granted to the inventor of a product or process that excludes others from making/using/selling the invention
What is copyright
property right giving creators of an original work the freedom to publish or dispose of it as they choose
What is product liability
responsibility of manufacturers, sellers, individuals, and others for damage, injury, or death caused by defective products
What do antitrust laws do
governments try to guarantee consumers a wide variety of products at fair prices and support the growth of commerce
What is taxation
nations pass indirect taxes, called “consumption taxes” which help pay for the consequences of using particular products