Chapter 5: Legal Environment

Module: Legal Environment

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Why It Matters: Legal Environment

Why does the Legal Environment matter?

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Show What You Know

Take this pre-test to see what you already know about the concepts in this section. The pre-test does not count toward your grade, but will help you plan where to focus your time and effort as you study. The pre-test is optional.

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The Law

Define law and differentiate between law, the legal system and the rule of law

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Statutory, Common and Tort Law

Distinguish the differences between types of law including civil, criminal, statutory, common, tort, and intellectual property law

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Contracts

Explain the role of contracts in the business environment and the requirements of an enforceable contract

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Liability, Negligence and Fraud

Explain product liability, forms of negligence, fraud, and the “theories of recovery” in a product liability claim

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Warranties

Define a warranty and differentiate between express warranties and implied warranties

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Damages

Distinguish between compensatory damages and punitive damages

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Putting It Together: Legal Environment

Legal Environment

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Quiz

You can take this quiz twice. Your highest score will count as your grade. Don’t wait until the last minute to take the quiz – take the quiz early so you’ll have plenty of time to study and improve your grade on your second attempt.