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User:Jukeboksi/BBA studies/Law

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Revision as of 15:16, 26 November 2014 by wikistudy>Jukeboksi (→‎Lesson 3 - Contract law: adding translations)

“Law is a system of rules and guidelines which are enforced through social institutions to govern behavior”

“In law particular case interpretations are deduced from the general law.”

~ Teacher on application of laws

How laws are structured / how to refer to law

  • Luku n == chapter n
    • Pykälä ( § ) n == section n
      • Momentti( 1,2,3.. ) == moment ( 1,2,3.. )

Where to find the law

Business Law

Commercial law, also known as 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.

It is often considered to be a branch of civil law (common law) ( w:fi:Yksityisoikeus ) and deals with issues of both
private law ( w:fi:Yksityisoikeus myös ) and
public law ( w:fi:Julkisoikeus ). ( Wikipedia )

Obs. w:Civil law (common law) != w:Civil law (legal system)

Yritysjuridiikka ( Commercial law practice ) on kauppatieteellinen tieteenala, jonka tarkoituksena on tutkia fi:liiketoimintaa ja sen päätöksentekoa oikeudellisesta näkökulmasta.( Suomenkielinen Wikipedia )

This article outlines commercial law and contains among other things

Business Law classes

Lesson 1 - Introduction

Levels of negligence

  • Minor negligence ( lievä tuottamus, vähäinen huolimattomuus, vähäinen varomattomuus, vähäinen tuottamus )
  • w:Negligence ( huolimattomuus, varomattomuus, tuottamus) ( 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. ( törkeä huolimattomuus, törkeä varomattomuus, törkeä tuottamus )( Wikipedia )
  • Willful intention ( tahallinen, harkittu )

w:Corporate law (also called "company" or "corporations" law) is the study of how w:shareholders, directors, w:employees, w:creditors, and other stakeholders such as w:consumers, the w:community and the 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

Lesson 2 - Compensation law, product liability

  • Compensation law
  • In law, Damages ( w:fi:vahingonkorvaus )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 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 )
  • 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 )

Making a contract:

  1. ) Preparatory stage
  2. ) Contract period
  3. ) End of contract
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 ) :

  1. ) A patent (/ˈpætənt/ or /ˈpeɪtənt/) ( w:fi:Patentti ) is a form of intellectual property. It consists of a set of w:exclusive rights 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.
  2. ) An w:Utility model ( small patent )( w:fi:Hyödyllisyysmalli )
  3. ) 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 )

Lesson 3 - Contract law

Topics: Contract law ( w:fi:Sopimusoikeus ) deals with w:contracts

  • A w:waiver ( toimenpiteestä luopuminen ) is the voluntary relinquishment or surrender of some known right or privilege. ( Wikipedia )
  • 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) ( w:fi:työoikeus ) 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 )
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 ( kollektiivinen neuvottelu ) is a process of negotiations between employers and a group of employees aimed at reaching agreements that regulate working conditions. ( Wikipedia )

Lesson 4 - Consumer law, companies law

Topics: Contract law continues, marketing and Consumer Law ( redirects to w:Consumer protection ), Companies law

  • w:Articles of association ( w:fi:yhtiöjärjestys ) is a document which, along with the memorandum of association (in cases where the memorandum exists) form the company's constitution, defining the responsibilities of the directors, the kind of business to be undertaken, and the means by which the shareholders exert control over the board of directors. ( Wikipedia )
  • 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 (a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into shares of w:common stock in the issuing company or cash of equal value, at an agreed-upon price. ( Definition )

Lesson 5 - Wrap up

Topics: w:Company law continues, wrap-up

Exam

Final examination

International Law

“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 legal systems in that it is primarily applicable to countries rather than to private citizens.”

“Private international law concerns relations across different legal jurisdictions between persons, and sometimes also companies, corporations and other legal entities”

“Public international law concerns the structure and conduct of sovereign states; analogous entities, such as the Holy See; and intergovernmental organizations. To a lesser degree, international law also may affect multinational corporations and individuals, an impact increasingly evolving beyond domestic legal interpretation and enforcement.”

Week 44

  • Schools of thought defining the basis of international law: cosmopolitans, positivists and hobbesians.
  • In law, comity specifically refers to legal 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 executive, 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

In Finland you can be made to pay the legal fees of the winning party. In USA you don't have to.

Week 46

Intellectual property (IP) is a legal concept which refers to creations of the mind for which exclusive rights are recognized. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property rights include copyright, trademarks, patents, industrial design rights, trade dress, and in some jurisdictions trade secrets. ( Wikipedia )

IP's two principle branches:

Copyright is a legal concept, enacted by most governments, giving the creator of an original work exclusive rights 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 patent is a set of exclusive rights granted by a sovereign state to an inventor or their assignee for a limited period of time, in exchange for the public disclosure of the 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:

also petty patent aka utility model exists.

Week 47

  • Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. ( Wikipedia )
  • A mortgage ( w:fi:kiinnitys ) is a security interest in real property held by a 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 security for the loan that the lender makes to the borrower. ( Wikipedia )
  • 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 )
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.

Week 49

Risk can come in the form of economic risk, financial risk and legal risk when doing international business.

Law and terminology regarding contracts

Contracts are covered in Business Negotiations and Contracts course

Types of business entity in a nutshell

A business ( w:fi:yritys )may be one of the following:

"All companies are businesses, but not all businesses are companies." -- jubo-jubo

the owners are never liable for it's liabilities.
  • 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.

Examples of three competing players using different forms of business can be found in Finnish daily

  • The S-group customer owned cooperative
  • the K-Group is a PLC ( Kesko Oyj ) with Ltd's owned by the merchants.
  • Parent company of w:Lidl is a w:Stiftung ( w:fi:Säätiö ) and Lidl Suomi is a limited partnership

Further information: w:Types of business entities ( Contains list for all types of businesses for all w:locales )

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