{"id":84,"date":"2015-04-20T18:17:18","date_gmt":"2015-04-20T18:17:18","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=part&p=84"},"modified":"2020-08-20T02:26:35","modified_gmt":"2020-08-20T02:26:35","slug":"legal-environment","status":"publish","type":"part","link":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/part\/legal-environment\/","title":{"raw":"Chapter 5: Legal Environment","rendered":"Chapter 5: Legal Environment"},"content":{"raw":"
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Module: Legal Environment<\/h1>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\"icon\"<\/div>\r\n
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Why It Matters: Legal Environment<\/div>\r\n
\r\n\r\nWhy does the Legal Environment matter?\r\n\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\"icon\"<\/div>\r\n
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Show What You Know<\/div>\r\n
\r\n\r\nTake 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.\r\n\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\"icon\"<\/div>\r\n<\/div>\r\n
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The Law<\/div>\r\n
\r\n\r\nDefine law and differentiate between law, the legal system and the rule of law\r\n\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n
Reading: The Law<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Reading: The Legal System<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Self-Check: The Law<\/td>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\r\n\r\n\"icon\"\r\n\r\nfocus\r\n\r\n<\/div>\r\n<\/div>\r\n
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Statutory, Common and Tort Law<\/div>\r\n
\r\n\r\nDistinguish the differences between types of law including civil, criminal, statutory, common, tort, and intellectual property law\r\n\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Reading: Types of Law: Criminal, Civil, Tort, Statutory, Common, and Intellectual Property<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Reading: Intellectual Property<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Video: What Is Intellectual Property and Why Do I Care?<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Self-Check: Statutory, Common and Tort Law<\/td>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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Contracts<\/div>\r\n
\r\n\r\nExplain the role of contracts in the business environment and the requirements of an enforceable contract\r\n\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n
Reading: What Is a Contract?<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Reading: Parts of a Contract<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Self-Check: Contracts<\/td>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\r\n\r\n\"icon\"\r\n\r\nfocus\r\n\r\n<\/div>\r\n<\/div>\r\n
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Liability, Negligence and Fraud<\/div>\r\n
\r\n\r\nExplain product liability, forms of negligence, fraud, and the \"theories of recovery\" in a product liability claim\r\n\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Reading: Product Liability<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Video: What Is Negligence?<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Reading: Dimensions of Tort Liability<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Self-Check: Liability, Negligence and Fraud<\/td>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\r\n\r\n\"icon\"\r\n\r\nfocus\r\n\r\n<\/div>\r\n<\/div>\r\n
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Warranties<\/div>\r\n
\r\n\r\nDefine a warranty and differentiate between express warranties and implied warranties\r\n\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Reading: Warranties<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Reading: Product Liability and Agency Law<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Video: Legal Rights Under Implied Warranties<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Self-Check: Warranties<\/td>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\r\n\r\n\"icon\"\r\n\r\nfocus\r\n\r\n<\/div>\r\n<\/div>\r\n
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Damages<\/div>\r\n
\r\n\r\nDistinguish between compensatory damages and punitive damages\r\n\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n
Video: What Are Punitive Damages?<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Video: Compensatory Damages<\/td>\r\n<\/td>\r\n<\/tr>\r\n
Self-Check: Damages<\/td>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\"icon\"<\/div>\r\n
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Putting It Together: Legal Environment<\/div>\r\n
\r\n\r\nLegal Environment\r\n\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n
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\"icon\"<\/div>\r\n
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Quiz<\/div>\r\n
\r\n\r\nYou 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.\r\n\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>","rendered":"
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Module: Legal Environment<\/h1>\n<\/div>\n<\/div>\n<\/div>\n
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\"icon\"<\/div>\n
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Why It Matters: Legal Environment<\/div>\n
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Why does the Legal Environment matter?<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\"icon\"<\/div>\n
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Show What You Know<\/div>\n
\n

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.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\"icon\"<\/div>\n<\/div>\n
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The Law<\/div>\n
\n

Define law and differentiate between law, the legal system and the rule of law<\/p>\n<\/div>\n\n\n\n\n\n
Reading: The Law<\/td>\n<\/td>\n<\/tr>\n
Reading: The Legal System<\/td>\n<\/td>\n<\/tr>\n
Self-Check: The Law<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\"icon\"<\/p>\n

focus<\/p>\n<\/div>\n<\/div>\n

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Statutory, Common and Tort Law<\/div>\n
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Distinguish the differences between types of law including civil, criminal, statutory, common, tort, and intellectual property law<\/p>\n<\/div>\n\n\n\n\n\n\n
Reading: Types of Law: Criminal, Civil, Tort, Statutory, Common, and Intellectual Property<\/td>\n<\/td>\n<\/tr>\n
Reading: Intellectual Property<\/td>\n<\/td>\n<\/tr>\n
Video: What Is Intellectual Property and Why Do I Care?<\/td>\n<\/td>\n<\/tr>\n
Self-Check: Statutory, Common and Tort Law<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\"icon\"<\/p>\n

focus<\/p>\n<\/div>\n<\/div>\n

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Contracts<\/div>\n
\n

Explain the role of contracts in the business environment and the requirements of an enforceable contract<\/p>\n<\/div>\n\n\n\n\n\n
Reading: What Is a Contract?<\/td>\n<\/td>\n<\/tr>\n
Reading: Parts of a Contract<\/td>\n<\/td>\n<\/tr>\n
Self-Check: Contracts<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\n
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\"icon\"<\/p>\n

focus<\/p>\n<\/div>\n<\/div>\n

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Liability, Negligence and Fraud<\/div>\n
\n

Explain product liability, forms of negligence, fraud, and the “theories of recovery” in a product liability claim<\/p>\n<\/div>\n\n\n\n\n\n\n
Reading: Product Liability<\/td>\n<\/td>\n<\/tr>\n
Video: What Is Negligence?<\/td>\n<\/td>\n<\/tr>\n
Reading: Dimensions of Tort Liability<\/td>\n<\/td>\n<\/tr>\n
Self-Check: Liability, Negligence and Fraud<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\"icon\"<\/p>\n

focus<\/p>\n<\/div>\n<\/div>\n

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Warranties<\/div>\n
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Define a warranty and differentiate between express warranties and implied warranties<\/p>\n<\/div>\n\n\n\n\n\n\n
Reading: Warranties<\/td>\n<\/td>\n<\/tr>\n
Reading: Product Liability and Agency Law<\/td>\n<\/td>\n<\/tr>\n
Video: Legal Rights Under Implied Warranties<\/td>\n<\/td>\n<\/tr>\n
Self-Check: Warranties<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\"icon\"<\/p>\n

focus<\/p>\n<\/div>\n<\/div>\n

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Damages<\/div>\n
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Distinguish between compensatory damages and punitive damages<\/p>\n<\/div>\n\n\n\n\n\n
Video: What Are Punitive Damages?<\/td>\n<\/td>\n<\/tr>\n
Video: Compensatory Damages<\/td>\n<\/td>\n<\/tr>\n
Self-Check: Damages<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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\"icon\"<\/div>\n
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Putting It Together: Legal Environment<\/div>\n
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Legal Environment<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\"icon\"<\/div>\n
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Quiz<\/div>\n
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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.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"parent":0,"menu_order":50,"template":"","meta":{"pb_part_invisible":false,"pb_part_invisible_string":""},"contributor":[],"license":[],"class_list":["post-84","part","type-part","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/parts\/84","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/parts"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/types\/part"}],"version-history":[{"count":1,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/parts\/84\/revisions"}],"predecessor-version":[{"id":5954,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/parts\/84\/revisions\/5954"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/media?parent=84"}],"wp:term":[{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/contributor?post=84"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/license?post=84"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}