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Legal Environment
| Term | Definition |
|---|---|
| Intellectual Property Law | Group of laws that regulates the ownership and use of creative works. |
| Patent | Document that grants to an inventor the right to exclude others from making, using, or selling an invention or other intellectual property during the term of the patent. |
| Public domain | Comprises all intellectual property whose protection has expired. |
| Patent pending | Status of an invention between the time a patent application has been filed and when it is issued or rejected. |
| Copyright | A legal device that protects original works of authors. |
| Trademark | A word, symbol, design, or color that a business uses to identify itself or something it sells. |
| Service Mark | A word, symbol, design, or color that describes a service business |
| Permit | A legal document giving official permission to run a business. |
| License | A certificate that shows you have the necessary education and training to do a job. |
| Contract | A binding legal agreement between two or more persons or parties. |
| Consideration | What is exchanged for the promise. |
| Capacity | The legal ability to enter into a binding agreement. |
| Equal Opportunity Employment Commission | The government agency charged with protecting the rights of employees. |
| Wrongful Termination | The right of an employee to sue his/her employer for damages if he or she is terminated for an unacceptable reason. |
| Price Discrimination | The charging of different prices for the same product or service in different markets or to different customers. |
| Uniform Commercial Code | A group of laws that regulates commercial business transactions. |
| Warranty of Merchantability | A guarantee about the quality of goods/ services purchased that is not written down or explicitly spoken. |
| Bait-and-Switch Advertising | An illegal way of selling that involves advertising a product at a very low price in order to attract customers who are then persuaded to switch to a more expensive product. |
| FICA | A Social Security payroll tax, figured as a percentage of an employee's income; an employer is required to contribute an amount equal to the amount deducted from each employee's paycheck. |
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