40 terms

PBMF Ch 3 Business Law and Ethics

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Contract
legally binding agreement between two or more people or businesses
Offer
proposal to provide a good or service
Acceptance
all parties involved must agree to the terms of the contract
Consideration
something of value must be promised in return
Intention of legal consequences
parties entering into the contract must understand that it can be enforced by law
Capacity
a person is legally able to enter into a binding agreement
Contract law
regulates how contracts are written, executed, and enforced
Breach of contract
when one or more parties do not follow the agreed terms of a contract without having a legitimate reason
Sales and service contracts
list the goods or services provided by a business and the price the customer pays in exchange
Lease
contract to rent something
Software license
a type of lease because the software publisher keeps ownership of the software
Partnership agreement
contract used when two or more individuals create a business
Employment contract
describes the terms of employment between a business and an employee
Fair Competition
Regulate business activities and practices to ensure fair business practices
E-Commerce
Businesses that operate online
Antitrust laws
relate to businesses buying or investing in other businesses
Bankruptcy laws
apply to the handling of business debts when a business is no longer profitable
Securities laws
regulate businesses that have publicly traded stocks and bonds.
Employer identification number (EIN)
assigned by the IRS for use when preparing federal tax forms
Consumer Bill of Rights
basic expectations of fair treatment of consumers
Recall
an order to remove or repair unsafe products in the market
Occupational Safety and Health Association (OSHA)
established by the US Department of Labor to assure safe working conditions for employees
US Equal Employment Opportunity Commission (EEOC)
enforces federal laws that regulate unfair employment practices
Collective bargaining
negotiating terms with employers and union employees
Environmental Protection Agency (EPA)
enforces federal human health and environmental laws
US Department of Labor (DOL)
enforces workplace laws and regulations
Ethics
rules of behavior based on a group's ideas about what is right and wrong
Business ethics
principles that help define appropriate behavior in a business setting
Integrity
the honesty of a person's actions
Morals
an individual's ideas of what is right and wrong
Code of ethics
document that dictates how business should be conducted
code of conduct
a handbook that outlines expectations of employee behavior both at work and when representing the company outside of work.
Confidentiality
specific information about a company or its employees is never shared, except with those who have clearance to receive it
Proprietary information
any work created by company employees on the job that is owned by that company
trade secret
is confidential information a company needs to keep private and protect from theft
False advertising
overstating the features and benefits of products or making false claims about them
Social responsibility
behaving with sensitivity to social, environmental, and economic issues
Corporate social responsibility
all the actions taken by a business to promote social good
Corporate culture
how the owners and employees of a company think, feel, and act as a business
Philanthropy
promoting the welfare of others
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