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{{Q|'''Law''' is a system of rules and guidelines which are enforced through social institutions to govern behavior|Wikipedia|[[w:law|law]]}} | {{Q|'''Law''' is a system of rules and guidelines which are enforced through social institutions to govern behavior|Wikipedia|[[w:law|law]]}} | ||
{{Q|In law particular case interpretations are '''[[w:Deductive reasoning|deduced]]''' from the general law.|Teacher|application of laws}} | {{Q|In law particular case interpretations are '''[[w:Deductive reasoning|deduced]]''' from the general law.|Teacher|application of laws}} | ||
= How laws are structured / how to refer to law = | |||
*Luku n == chapter n | *Luku n == chapter n | ||
**Pykälä ( § ) n == section n | **Pykälä ( § ) n == section n | ||
***Momentti( 1,2,3.. ) == moment ( 1,2,3.. ) | ***Momentti( 1,2,3.. ) == moment ( 1,2,3.. ) | ||
= Business law = | |||
= Business | |||
-- | {{Q|'''Talousoikeus''' on [[w:fi:yksityisoikeus|yksityisoikeuden]] alue, johon kuuluvat [[w:fi:markkinaoikeus|markkinaoikeus]], [[w:fi:maa- ja vesioikeus|maa- ja vesioikeus]] sekä [[w:fi:työoikeus|työoikeus]] ja [[w:fi:ympäristöoikeus|ympäristöoikeus]]. | ||
|Suomenkielinen Wikipedia|[[w:fi:Talousoikeus|talousoikeus]]}} | |||
'''Commercial law''', also known as '''[[w:business law|business law]]''' is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. | '''Commercial law''', also known as '''[[w:business law|business law]]'''Julkisoikeus, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.It is often considered to be a branch of '''[[w:Civil law (common law)|civil law]]''' ( [[w:fi:Säädösoikeus]] )and deals with issues of both '''[[w:private law|private law]]''' ( [[w:fi:Yksityisoikeus]] ) and '''[[w:public law|public law]]''' ( [[w:fi:Julkisoikeus]] ). ( Wikipedia ) | ||
'''[[w:Outline of commercial law|This article outlines commercial law]]''' and contains among other things | |||
'''[[w:Outline of commercial law| | |||
* '''[[w:Outline of commercial law#Branches of commercial law|Branches of commercial law]]''' | * '''[[w:Outline of commercial law#Branches of commercial law|Branches of commercial law]]''' | ||
* '''[[w:Outline of commercial law#By region|commercial laws by region]]''' | * '''[[w:Outline of commercial law#By region|commercial laws by region]]''' | ||
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* '''[[w:Outline of commercial law#Intellectual property|Intellectual property]]''' | * '''[[w:Outline of commercial law#Intellectual property|Intellectual property]]''' | ||
* '''[[w:Outline of commercial law#Dispute resolution|Dispute resolution]]''' | * '''[[w:Outline of commercial law#Dispute resolution|Dispute resolution]]''' | ||
* not to forget '''[[w:Outline of commercial law#General commercial law concepts|General commercial law concepts]]''' | * not to forget '''[[w:Outline of commercial law#General commercial law concepts|General commercial law concepts]]''' | ||
== Types of business entity in a nutshell == | |||
A [[w:business]] may be one of the following: | |||
* private incorporated ( Inc. LLC. Ltd. ) | |||
* public incorporated ( PLC. ) | |||
* A "person" company such as a [[w:Sole proprietorship]] ( also known as the [[w:Sole trader]], [[w:fi:Toiminimi]] ), [[w:General partnership]] ( [[w:fi:Avoin yhtiö]] ) or [[w:Limited partnership]] ( [[w:fi:Kommandiittiyhtiö]] ) | |||
* A [[w:Cooperative]] ( [[w:fi:Osuuskunta]] ) , there are cooperatives owned by their workers and cooperatives owned by their customers. | |||
'''All companies are businesses, but not all businesses are companies.''' | |||
- | :"Incorporated" means it forms a [[w:legal personality]] ( [[w:fi:oikeushenkilö]] ) of it's own and | ||
the owners are never liable for it's liabilities. | |||
:In a non-incorporated ( [[w:fi:henkilöyhtiö]] ) there is at least one person who has personal liability for the liabilities of the business. The [[w:silent partner]] ( hiljainen yhtiömies ) in a limited partnership does not have liability for the businesses liabilities. | |||
:Further information: [[w:Types of business entities]] ( Contains list for all types of businesses for all [[w:locale]]s ) | |||
::Parent company of [[w:Lidl]] is a Stiftung and Lidl Suomi is a limited partnership and the other players, the S-group customer owned cooperative and the K-Group is a PLC ( Kesko Oyj ) with Ltd's owned by the merchant. | |||
* | == Resources == | ||
* [http://www.finlex.fi/en/laki/kaannokset/ Translations of finnish laws and regulations at finlex.fi] | |||
* Book: Access to Finnish Law | |||
* | == Resources in Finnish / Resurssseja Suomeksi == | ||
* [http://www.finlex.fi/fi/ Legistlation of Republic of Finland and more online] | |||
* [http://lib.eduskunta.fi Library of The Parliament of Finland] is situated in the "Postitalo" right at the core of Helsinki ([http://lib.eduskunta.fi/Resource.phx/kirjasto/sijainti.htx map]). In addition to having all laws and all regulations legistlated by the parliament, they offer wide variety of weekly and monthly magazines from all over the world. '''Free entry.''' | |||
== Business Law classes == | |||
=== Law class week 4 === | |||
* Choose '''[[w:arbitration]]''' ( [[w:fi:Välimiesmenettely]] ) as preferred method of '''[[w:dispute resolution]]''' especially if dealing with businesses outside of EU | |||
* in [[w:USA]] a company may have to pay '''[[w:punitive damages]]''' ( Rangaistusluonteinen vahingonkorvaus ) | |||
* in .fi you have to pay only '''[[w:compensation]]''' ( [[w:fi:korvaus]] ) i.e. '''[[w:Damages]]''' ( [[w:fi:Vahingonkorvaukset]] ) | |||
* '''[[w:Legal personality]]''' ( [[w:fi:oikeushenkilö]] ) | * '''[[w:Legal personality]]''' ( [[w:fi:oikeushenkilö]] ) | ||
* '''[[w:Capacity (law)]]''' [[w:fi:oikeuskelpoisuus]] ( eri kuin [[w:fi:Oikeustoimikelpoisuus]] ) | * '''[[w:Capacity (law)]]''' [[w:fi:oikeuskelpoisuus]] ( eri kuin [[w:fi:Oikeustoimikelpoisuus]] ) | ||
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'''Levels of negligence''' | '''Levels of negligence''' | ||
:* '''Minor negligence''' | :* '''Minor negligence''' | ||
:* '''[[w:Negligence]]''' | :* '''[[w:Negligence]]''' ( The area of tort law known as negligence involves harm caused by carelessness, not intentional harm. ( Wikipedia ) | ||
:* '''[[w:Gross negligence]]''' is a legal concept which means serious carelessness. | :* '''[[w:Gross negligence]]''' is a legal concept which means serious carelessness. ( Wikipedia ) | ||
:* '''Willful intention''' | :* '''Willful intention''' | ||
'''[[w:Corporate law]]''' (also called "company" or "corporations" law) is the study of how [[w:shareholders]], [[w:Board of directors|directors]], [[w:employees]], [[w:creditors]], and other stakeholders such as [[w:consumer]]s, the [[w:community]] and the [[w:environment (biophysical)|environment]] interact with one another. | '''[[w:Corporate law]]''' (also called "company" or "corporations" law) is the study of how [[w:shareholders]], [[w:Board of directors|directors]], [[w:employees]], [[w:creditors]], and other stakeholders such as [[w:consumer]]s, the [[w:community]] and the [[w:environment (biophysical)|environment]] interact with one another. '''Corporate law is a part of''' a broader '''[[w:companies law]]''' (or law of business associations). | ||
Relevant corporate laws in Finland are | Relevant corporate laws in Finland are [[w:fi:Osakeyhtiölaki]] for LTD's and [[w:fi:Suomen arvopaperimarkkinalaki]] for PLC's. | ||
== | Non-[[w:incorporated|incorporated]] businesses include [[w:types of business entity|among others]] '''[[w:General partnership]]''' ( [[w:fi:Avoin yhtiö]] ) and '''[[w:Limited partnership]]''' ( [[w:fi:Kommandiittiyhtiö]] ) | ||
=== Law class week 5 === | |||
Topics: Compensation law, Product liability | |||
* '''Compensation law''' | * '''Compensation law''' | ||
:* In law, '''[[w:Damages|Damages]]''' ( [[w:fi: | :* In law, '''[[w:Damages|Damages]]''' ( [[w:fi:]] )are an award, typically of money, to be paid to a person as compensation for loss or injury;. ( Wikipedia ) | ||
* '''[[w:Product liability]]''' ( [[w:fi:Tuotevastuu]] | * '''[[w:Product liability]]''' ( [[w:fi:Tuotevastuu]] is the area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause. ( Wikipedia ) | ||
*''' | *'''Reclamation''' ( [[w:fi:Reklamaatio]] ) | ||
*'''[[w:Contract|Contract]]s''' ( [[w:fi:Sopimus]] | *'''[[w:Contract|Contract]]s''' ( [[w:fi:Sopimus]] both verbal and written are [[w:legally binding]] and '''[[w:breach of contract|breach of contract]]''' can land you and your business in [[w:court|court]]. | ||
*'''[[w:Liability|Liability]]''' ( | *'''[[w:Liability|Liability]]''' ( obs. and [[w:Liability (finance)]] and '''[[w:Legal liability]]''' are two distinct things. ) | ||
*'''[[w:limited liability|Limitation of liabilities]]''' or full liability | *'''[[w:limited liability|Limitation of liabilities]]''' or full liability | ||
*'''[[w:Force majeure]]''' ( [[w:fi:Force majeure]] | *'''[[w:Force majeure]]''' ( [[w:fi:Force majeure]] is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, or an event described by the legal term act of God (such as hurricane, flooding, earthquake, volcanic eruption, etc.), prevents one or both parties from fulfilling their obligations under the contract. ( Wikipedia ) | ||
*'''[[w:Legal burden of proof]]''' ( [[w:fi:Todistustaakka oikeustieteessä]] | *'''[[w:Legal burden of proof]]''' ( [[w:fi:Todistustaakka oikeustieteessä]] and reverse legal burden of proof when there is a contract | ||
*''' [[w:Non-disclosure agreement]] ( NDA )''' ( [[w:fi:Salassapitosopimus]] | *''' [[w:Non-disclosure agreement]] ( NDA )''' ( [[w:fi:Salassapitosopimus]] ( Maximum 1 yr for workers and 2 yrs for businesses ) ( Teacher ) | ||
*'''[[w:Non-compete clause]] ( NCC )''' ( [[w:fi:Kilpailukieltosopimus]] | *'''[[w:Non-compete clause]] ( NCC )''' ( [[w:fi:Kilpailukieltosopimus]] | ||
Making a contract: | Making a contract: | ||
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:#) End of contract | :#) End of contract | ||
*'''[[w:Standard form contract]] | *'''[[w:Standard form contract]] ( [[w:fi:Vakiosopimus]] ) aka. boilerplate contract''' ( [[w:fi:]] ) | ||
:::[[w:Boilerplate (text)]] is any text that is or can be reused in new contexts or applications without being changed much from the original. ( Wikipedia ) | :::[[w:Boilerplate (text)]] is any text that is or can be reused in new contexts or applications without being changed much from the original. ( Wikipedia ) | ||
'''Protecting [[w:intellectual property]]'''( [[w:fi:Immateriaalioikeus]] ) : | '''Protecting [[w:intellectual property]]'''( [[w:fi:Immateriaalioikeus]] ) : | ||
#) A '''[[w:patent|patent]]''' (/ˈpætənt/ or /ˈpeɪtənt/) ( [[w:fi:Patentti]] ) is a form of '''[[w:intellectual property|intellectual property]]'''. It consists of a set of '''[[w:exclusive right]]s''' granted by a [[w:sovereign state]] to an inventor or their assignee for a limited period of time, in exchange for the public disclosure of the invention. | #)A ''''[[w:patent|patent]]''' (/ˈpætənt/ or /ˈpeɪtənt/) ( [[w:fi:Patentti]] ) is a form of '''[[w:intellectual property|intellectual property]]'''. It consists of a set of '''[[w:exclusive right]]s''' granted by a [[w:sovereign state]] to an inventor or their assignee for a limited period of time, in exchange for the public disclosure of the invention. | ||
#) | #) '''[[w:Utility model]]''' ( small patent )( [[w:fi:Hyödyllisyysmalli]] ) | ||
#) A '''[[w:trademark]]''' ( [[w:fi:Tavaramerkki]] ) is a recognizable sign, design or expression which identifies products or services of a particular source from those of others. ( Wikipedia ) | #) A '''[[w:trademark]]''' ( [[w:fi:Tavaramerkki]] ) is a recognizable sign, design or expression which identifies products or services of a particular source from those of others. ( Wikipedia ) | ||
== | === Law class week 7 === | ||
Topics: '''Contract law''' ( [[w:fi:Sopimusoikeus]] ) deals with '''[[w:contract]]s''' | Topics: '''Contract law''' ( [[w:fi:Sopimusoikeus]] ) deals with '''[[w:contract]]s''' | ||
* A '''[[w:waiver]]''' | * A '''[[w:waiver]]''' is the voluntary relinquishment or surrender of some known right or privilege. ( Wikipedia ) | ||
* '''[[w: | * '''[[w:Good faith]]''' ( [[w:fi:Bona fide]] )- In [[w:law]], '''bona fides''' denotes the mental and moral states of honesty and conviction regarding either the truth or the falsity of a proposition, or of a body of opinion; likewise regarding either the rectitude or the depravity of a line of conduct. ( Wikipedia ) | ||
* | * '''[[w:Labour law]]''' (also called '''labor law''' or '''employment law''') is the body of laws, administrative rulings, and precedents which address the legal rights of, and restrictions on, [[w:working people]] and their organizations. ( Wikipedia ) | ||
* '''[[w: | * In contract law, '''[[w:rescission]]''' has been defined as the unmaking of a contract between parties.[1] Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract (the [[w:status quo]] ante). ( Wikipedia ) | ||
* '''[[w:Collective bargaining]]''' is a process of negotiations between employers and a group of employees aimed at reaching agreements that regulate working conditions. ( Wikipedia ) | |||
=== Law class week 9 === | |||
Topics: Contract law continues, marketing and Consumer Law ( redirects to [[w:Consumer protection]] ), Companies law | Topics: Contract law continues, marketing and Consumer Law ( redirects to [[w:Consumer protection]] ), Companies law | ||
*'''[[w:Companies law]] ''' (or the [[w:law of business associations]]) is the field of law concerning companies and other business organizations. '''[[w:Corporate law]]''' is a subset of companies law relating to incorporated bodies. | |||
*'''[[w:Consumer protection]]''' ( [[w:fi:Kuluttajansuojalaki]] ) it consists of laws and organizations designed to ensure the rights of consumers as well as fair trade competition and the free flow of truthful information in the marketplace. ( Wikipedia ) | *'''[[w:Consumer protection]]''' ( [[w:fi:Kuluttajansuojalaki]] ) it consists of laws and organizations designed to ensure the rights of consumers as well as fair trade competition and the free flow of truthful information in the marketplace. ( Wikipedia ) | ||
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* '''Redemption clause''' ( [[w:fi:Lunastuslauseke]] ) can be used to fend off [[w:hostile takeover]]s. | * '''Redemption clause''' ( [[w:fi:Lunastuslauseke]] ) can be used to fend off [[w:hostile takeover]]s. | ||
* A '''[[w:shareholders' agreement]]''' (sometimes referred to in the [[w:United States|U.S.]] as a stockholders' agreement) is an agreement amongst the [[w:shareholder]]s of a [[w:company]]. ( Wikipedia ) | * A '''[[w:shareholders' agreement]]''' (sometimes referred to in the [[w:United States|U.S.]] as a '''stockholders' agreement''') is an agreement amongst the [[w:shareholder]]s of a [[w:company]]. ( Wikipedia ) | ||
* '''[[w:Preferred stock]]''' (also called preferred shares,preference shares or simply preferreds | * '''[[w:Preferred stock]]''' (also called '''preferred shares''', '''preference shares''' or simply '''preferreds''') is an equity security with properties of both an equity and a debt instrument, and is generally considered a hybrid instrument. ( Wikipedia ) | ||
* '''[[w:Convertible bond]]''' or a '''convertible note''' | * '''[[w:Convertible bond]]''' or a '''convertible note''' (a '''convertible debenture''' if it has a maturity of greater than 10 years) is a type of [[w:bond (finance)|bond]] that the holder can convert into shares of [[w:common stock]] in the issuing [[w:types of companies|company]] or cash of equal value, at an agreed-upon price. ( Definition ) | ||
== | === Law class week 10 === | ||
Topics: [[w:Company law]] continues, wrap-up | Topics: [[w:Company law]] continues, wrap-up | ||
== | === Law class week 11 === | ||
Final examination | Final examination | ||
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= International Law = | = International Law = | ||
{{Q|International law is the set of rules generally regarded and accepted as binding in relations between states and between nations. It serves as a framework for the practice of stable and organized international relations. International law differs from state-based [[w:legal systems|legal systems]] in that it is primarily applicable to countries rather than to private citizens.|Wikipedia|[[w:International law|International law]]}} | |||
{{Q|Private international law concerns relations across different legal jurisdictions between persons, and sometimes also companies, corporations and other legal entities|Wikipedia|[[w:Private international law|Private international law]] ( [[w:Conflict of laws|Conflict of laws]] )}} | |||
[[w: | |||
{{Q|Public international law concerns the structure and conduct of [[w:sovereign state|sovereign state]]s; analogous entities, such as the [[w:Legal status of the Holy See|Holy See]]; and [[w:intergovernmental organizations|intergovernmental organizations]]. To a lesser degree, international law also may affect [[w:multinational corporations|multinational corporations]] and [[w:individual|individual]]s, an impact increasingly evolving beyond domestic legal interpretation and enforcement.|Wikipedia|[[w:Public international law|Public international law]]}} | |||
* '''Sources of international law''' | * '''Sources of international law''' | ||
* '''Different [[w:legal system|legal system]]s''' ( [[w:fi:Oikeusjärjestys]] ) ( '''[[w:List of national legal systems|List of national legal systems]]''' ) | * '''Different [[w:legal system|legal system]]s''' ( [[w:fi:Oikeusjärjestys]] ) ( '''[[w:List of national legal systems|List of national legal systems]]''' ) | ||
* '''Basic [[w:legal principles]]''' and [[w: | * '''Basic [[w:legal principles]]''' and [[w:legistlation|legislative]] [[w:framework|framework]] of the [[w:European Union|European Union]] | ||
* '''[[w:Conflicts of laws|Conflicts of laws]]''' and '''[[w:jurisdiction|jurisdiction]]''' | * '''[[w:Conflicts of laws|Conflicts of laws]]''' and '''[[w:jurisdiction|jurisdiction]]''' | ||
* '''[[w:Dispute resolution|Dispute resolution]]''' | * '''[[w:Dispute resolution|Dispute resolution]]''' | ||
* '''International [[w:contract|contract]]s''' ( [[w:fi:Sopimus]] ) and [[w:international trade|trade]] | * '''International [[w:contract|contract]]s''' ( [[w:fi:Sopimus]] ) and [[w:international trade|trade]] | ||
* '''International [[w:competition law|competition law]]''' ( [[w:fi:Kilpailuoikeus]] ) principles | * '''International [[w:competition law|competition law]]''' ( [[w:fi:Kilpailuoikeus]] ) principles | ||
== Week 44 == | |||
* Prefer '''[[w:Arbitration|Arbitration]]''' ( [[w:fi:välimiesmenettely]] ) over going to [[w:court|court]] | |||
* Schools of thought defining the basis of international law: cosmopolitans, [[w:Legal positivism|positivists]] and hobbesians. | |||
* Schools of thought defining the basis of international law: cosmopolitans, [[w:Legal positivism| | |||
* In law, '''[[w:comity|comity]]''' specifically refers to legal [[w:reciprocity (international relations)|reciprocity]]—the principle that one jurisdiction will extend certain courtesies to other nations (or other jurisdictions within the same nation), particularly by recognizing the validity and effect of their [[w:Executive (government)|executive]], [[w:Legislature|legislative]], and judicial acts. ( Wikipedia ) | * In law, '''[[w:comity|comity]]''' specifically refers to legal [[w:reciprocity (international relations)|reciprocity]]—the principle that one jurisdiction will extend certain courtesies to other nations (or other jurisdictions within the same nation), particularly by recognizing the validity and effect of their [[w:Executive (government)|executive]], [[w:Legislature|legislative]], and judicial acts. ( Wikipedia ) | ||
A '''[[w:supranational]] union''' is a type of multi-national organization where negotiated power is delegated to an authority by governments of member states. ( Wikipedia ) | |||
== | == Week 45 == | ||
* '''[[w:NGO|NGO]]s''' | * '''[[w:NGO|NGO]]s''' | ||
* '''[[w:Intergovernmental organization|IGO]]s''' | * '''[[w:Intergovernmental organization|IGO]]s''' | ||
* [[w:European Parliament|European Parliament]] | * [[w:European Parliament|European Parliament]] | ||
* [[w:European Court of Justice|European Court of Justice]] | * [[w:European Court of Justice|European Court of Justice]] | ||
* | *[[w:Civil law|Civil law]] vs. [[w:common law|common law]] | ||
In Finland you can be made to pay the legal fees of the winning party. In USA you don't have to. | |||
* '''Dispute [[w:Settlement (litigation)|settlement]]''' | * '''Dispute [[w:Settlement (litigation)|settlement]]''' | ||
== | == Week 46 == | ||
'''[[w:Intellectual property|Intellectual property]]''' ('''IP''') is a [[w:law|legal]] concept which refers to creations of the mind for which [[w:exclusive right|exclusive right]]s are recognized. Under intellectual property law, owners are granted certain exclusive rights to a variety of [[w:intangible asset|intangible asset]]s, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property rights include [[w:copyright|copyright]], [[w:trademark|trademark]]s, [[w:patent|patent]]s, [[w:industrial design right|industrial design right]]s, [[w:trade dress|trade dress]], and in some jurisdictions [[w:trade secret|trade secret]]s. ( Wikipedia ) | |||
IP's two principle branches: | |||
* '''artistic property''' | |||
* '''[[w:industrial property|industrial property]]''' | |||
'''[[w:Copyright|Copyright]]''' is a legal concept, enacted by most governments, giving the creator of an original work [[w:exclusive right|exclusive right]]s to it, usually for a limited time, with the intention of enabling the creator of intellectual wealth (e.g. the photographer of a photograph or the author of a book) to get compensated for their work and be able to financially support themselves. ( Wikipedia ) | |||
A '''[[w:patent|patent]]''' is a set of [[w:exclusive right|exclusive right]]s granted by a [[w:sovereign state|sovereign state]] to an inventor or their assignee for a limited period of time, in exchange for the public disclosure of the [[w:invention|invention]]. An invention is a solution to a specific technological problem, and may be a product or a process. ( Wikipedia ) | |||
Copyright does not protect the idea. A patent does. ( Teacher ) | |||
Most countries grand three basic kinds of patents: | |||
* '''[[w:Design patent|Design patent]]s''' | |||
* '''[[w:Plant patent|Plant patent]]s''' | |||
* '''[[w:Utility patent|Utility patent]]s''' | |||
::also '''[[w:petty patent|petty patent]]''' aka '''[[w:utility model|utility model]]''' | ::also '''[[w:petty patent|petty patent]]''' aka '''[[w:utility model|utility model]]''' exists. | ||
* '''A [[w:trademark|trademark]]''' | * '''A [[w:trademark|trademark]]''' is a recognizable [[w:sign (semiotics)|sign]], [[w:design|design]] or [[w:expression (language)|expression]] which identifies [[w:Good (economics and accounting)|products]] or [[w:Service (economics)|services]] of a particular source from those of others. ( Wikipedia ) | ||
== | == Week 47 == | ||
* '''[[w:Bankruptcy|Bankruptcy]]''' | * '''[[w:Bankruptcy|Bankruptcy]]''' is a legal status of a person or [[w:legal person|other entity]] that cannot repay the debts it owes to [[w:creditor|creditor]]s. In most jurisdictions, bankruptcy is imposed by a [[w:court order|court order]], often initiated by the debtor. ( Wikipedia ) | ||
* '''[[w:Foreclosure|Foreclosure]]''' is a specific legal process in which a [[w:Loan|lender]] attempts to [[w:Repossession|recover]] the balance of a loan from a borrower who has [[w:Default (finance)|stopped making payments]] to the lender by forcing the sale of the [[w:asset|asset]] used as the [[w:Collateral (finance)|collateral]] for the loan. | * '''[[w:Foreclosure|Foreclosure]]''' is a specific legal process in which a [[w:Loan|lender]] attempts to [[w:Repossession|recover]] the balance of a loan from a borrower who has [[w:Default (finance)|stopped making payments]] to the lender by forcing the sale of the [[w:asset|asset]] used as the [[w:Collateral (finance)|collateral]] for the loan. | ||
* A '''[[w:mortgage|mortgage]]''' ( [[w:fi:kiinnitys]] ) is a [[w:security interest|security interest]] in [[w:real property|real property]] held by a [[w:lender|lender]] as a security for a debt, usually a loan of money. A mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a [[w:security (finance)|security]] for the loan that the lender makes to the [[w:borrower|borrower]]. ( Wikipedia ) | * A '''[[w:mortgage|mortgage]]''' ( [[w:fi:kiinnitys]] ) is a [[w:security interest|security interest]] in [[w:real property|real property]] held by a [[w:lender|lender]] as a security for a debt, usually a loan of money. A mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a [[w:security (finance)|security]] for the loan that the lender makes to the [[w:borrower|borrower]]. ( Wikipedia ) | ||
* '''[[w:Security interest|Security interest]]''' | * '''[[w:Security interest|Security interest]]''' is a property interest created by agreement or by operation of law over assets to secure the performance of an obligation, usually the payment of a debt ( Wikipedia ) | ||
:::'''[[w:Equitable charge#Equitable charge|Equitable charge]]''' confers a right on the secured party to look to (or appropriate) a particular asset in the event of the debtor's default, which is enforceable by either power of sale or appointment of a receiver. ( Wikipedia ) It is a form of security interest. | |||
* ''' | * '''[[w:Fringe benefit|Fringe benefit]]''' is a type of [[w:employee benefit|employee benefit]] | ||
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---- | ---- | ||
== Week 49 == | |||
'''[[w:Risk|Risk]]''' can come in the form of [[w:Risk#Economic risk|economic risk]], [[w:financial risk|financial risk]] and [[w:legal risk|legal risk]] when doing international business. | |||
= | = Link to material for tomorrows exam = | ||
'''<big>[https://en.wikipedia.org/wiki/User:Juxo/Sandbox2 In Wikipedia] so that hover over info popups work</big>''' | |||
= Navboxen = | = Navboxen = | ||
{{Law}} | {{Law}} | ||