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Chapter 8 Terms

arbitration

a method of conflict resolution that uses a neutral third party to make a binding decision

civil law

a complete set of rules enacted as a single written system or code

common law

a legal system that relies on the accumulation of decisions made in prior cases

contract

a legally enforceable agreement between two or more persons either to do or not to do a certain thing or things

copyright

a legal right that protects the original works of authors, music composers, playwrights, artists, and publishers

intellectual property

the technical knowledge or creative work that an individual or company has developed

International Court of Justice

a court that settles disputes between nations when both nations request that it do so and also advises the United Nations on matters of international law

liability

a broad legal term referring to almost every kind of responsibility, duty, or obligation

litigation

a lawsuit brought about to enforce the rights of a person or an organization or to seek a remedy to the violation of their rights

mediation

a dispute resolution method that makes use of a neutral third party

negligence

the failure of a responsible party to follow standards of due care

patent

the grant of an exclusive right of an inventor to make, sell, and use a product or process

product liability

specific responsibility that both manufacturers and sellers have for the safety of their products

property

everything that can be owned

property rights

exclusive rights to possess and use property and its profits, to exclude everyone else from interfering with it, and to dispose of it in any legal way

statutes

laws that have been enacted by a body of lawmakers

strict liability

responsibility on a manufacturer or seller for intentionally causing injury to another

trademark

a distinctive name, symbol, word, picture, or combination of these that is used by a business to identify its services or products

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