Business Law Final Exam Study Guide By Liz Epple Intentional Torts Person o Assault Perceived Danger no contact need Battery Assault resulting in Physical Contact o False Imprisonment Shop Keeper s Privilege Merchants may reasonably detain customers if there is probable cause o Intentional Infliction of Emotional Distress o Defamation o Invasion of Privacy Invasion of Space Can t Use Voice Likeness Picture of Face Personal Facts o Fraudulent Misrepresentation o Abusive Frivolous Litigation Property o Trespass to Land o Trespass to Personal Property o Conversion Wrongful use of another person s property w o just cause o Disparagement of Property Defamation wrongfully hurting a person s good reputation o Breach of duty in writing or digital internet o Breach using Speech Defense Public Figures are Fair Game Unless Actual Malice is PROVEN Libel Slander o Actual Malice Statement made with either knowledge of its falsity or a reckless disregard of the truth Defense Privileged Speech In personal settings person isn t liable for defamatory statements o Unless published to a Third Party Negligent Tort Must have o Duty o Breach o Causation o Damages Injury Negligence Per Se Intangible property right granted by federal statute to creator of a literary or artistic production of a specified type Proximate Cause What started the Actual Cause o Ex Truck hitting pole Actual Cause What actually caused the damaged person property o Ex Explosion Defenses o Assumption of Risk Plaintiff had knowledge of risk but proceeded anyway o Superseding Intervening Cause Unforeseeable intervening cause o Contributory or Comparative Negligence Good Samaritan Statutes Plaintiff caused own injury o Protects someone who renders aid to an injured person from being sued for negligence Dram Shop Acts o Liability for injuries imposed upon bartender and bar owner Strict Liability Liability regardless of Fault In tort law strict liability may be imposed on defendants in cases involving o Abnormally dangerous activities o Dangerous animals o Defective products Copyright Intangible property right granted by federal statute to creator of a literary or artistic production of a specified type 70 years after death of creator Trademark Distinctive mark motto or device or emblem that a manufacturer stamps prints or otherwise affixes to the goods it produces Renewable every 10 Years Significantly Unique o Strong Marks o Secondary Meanings Registration o Mark is in commerce or is intended for commerce o Allows use of the Generics receive NO protection Ex Aspirin Service Mark Similar to trademark but used to distinguish services of one person company from another Ex Character Names Certification Mark Used to certify the region materials mode of manufacture quality of specific goods or services Collective used by an organization or association Ex Good Housekeeping union marks Patent Use and sell invention for 20 years o Design patent 14 years Exceptions o Law of Nature o Natural Phenomenon o Abstract Ideas Trade Secret Does not expire Includes o Customer lists o Plans research formulae o Pricing info o Marketing techniques Protected by State and Federal Law Sole Proprietorship No Taxes Taxes go directly to the proprietor Unlimited Liability Managed by proprietor Difficult to Transfer Typically a Short Life Death Dissolves Prop No Formal Setup Filing General Partnership No Tax Taxes are distributed upon each partner Unlimited Liability o Each person is liable for the others actions Managed by BOTH in relation to size o If UNCONTRACTED is managed equally Difficult to Transfer Short Life Shared Profit Limited Partnership 1 General Partner o Unlimited Liability o Manager Infinite Limited Partners o Limited as much as is invested o NO Liability o NO Managing Longer Life No Tax Limited Liability General Partnership L L P Same as General Partnership o Except it has Limited Liability Limited Liability Limited Partnership Same as Limited Partnership except w limited liability Limited Liability Company L L C Perks of a Gen Partnership o No Liability o Manageable Safe from Creditors Has Members Most Popular No Tax Corporation Perpetual Death of owner does not dissolve company Limited Liability C Corporation o Corporate Tax Rate Double Taxed Board of Directors o Manage Company Easiest way to Transfer Sub Chapter S Small Corporation No Tax Less Than 10 Million 100 Shareholders NO TAX STILL HAS TO FILE PROFITS WITH IRS
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