Editing User:Jukeboksi/BBA studies/Law backported to Wikipedia

This article has been [https://en.wikipedia.org/wiki/User:Jukeboksi/wikireader_into/Law_and_business backported to Wikipedia once].

To access the old form retaining correlation to GloBBA curriculum structuring see [[Law]]

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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|In law particular case interpretations are '''[[w:Deductive reasoning|deduced]]''' from the general law.|Teacher|application of laws}}

'''How to read law?'''
*Luku n == chapter n
**Pykälä ( § ) n == section n
***Momentti( 1,2,3.. ) == moment ( 1,2,3.. )

'''Where to find the law'''
* '''[http://www.finlex.fi/fi/ Legislation of Republic of Finland and more online]''' in Finnish / suomeksi
* '''[http://www.finlex.fi/en/laki/kaannokset/ Translations of finnish laws and regulations at finlex.fi]'''
* '''[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 legislated by the parliament, they offer wide variety of weekly and monthly magazines from all over the world.


= Types of business entity in a nutshell =

A '''[[w:business|business]]''' ( [[w:fi:yritys]] )may be one of the following: 
* '''Private incorporated ( Inc. LLC. Ltd. )''' [[w:fi:Osakeyhtiö_(Suomi)#Yksityinen_osakeyhti.C3.B6_.28oy.29|Yksityinen osakeyhtiö, Oy]] )
* '''Public incorporated ( PLC. )''' ( [[w:fi:Osakeyhtiö_(Suomi)#Julkinen_osakeyhti.C3.B6_.28oyj.29|Julkinen osakeyhtiö (oyj)]] )
*A '''[[w:Cooperative]]''' ( [[w:fi:Osuuskunta]] ). '''Obs.''' there are cooperatives owned by their workers __and__ cooperatives owned by their customers.
* A "person" company such as 
::**A '''[[w:Sole proprietorship]]''' ( also known as the [[w:Sole trader]] ) ( [[w:fi:Toiminimi]] )
::**A '''[[w:General partnership]]''' ( [[w:fi:Avoin yhtiö]] )
::**A '''[[w:Limited partnership]]''' ( [[w:fi:Kommandiittiyhtiö]] )

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

::* '''"Incorporated"''' means it forms a '''[[w:legal personality]]''' ( [[w:fi:oikeushenkilö]] ) of its own and 
:::the owners are <u>'''never liable'''</u> for it's liabilities.

::* '''Non-incorporated''' ( [[w:fi:henkilöyhtiö]] ) there is at least one person who has <u>'''personal liability'''</u> 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:locale]]s )

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= Business Law =

	
Teacher: Janne Jokinen

Type of course:  [[:Category:Mandatory courses in GloBBA|Mandatory course in GloBBA]] in [[:Category:Law|Law]]

Course code:  Unknown

Part of [[:Category:Developing Entrepreneurial Competencies|Developing Entrepreneurial Competencies]] (BUS1LF001)

Course material: Access to Finnish Law by Aapo Surakka, ISBN 978-951-0-33696-0. Published by SanomaPro. '''Note:''' Also available as an e-book.


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

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

'''[[w:fi:Yritysjuridiikka|Yritysjuridiikka]]''' ( Commercial law practice ) on kauppatieteellinen tieteenala, jonka tarkoituksena on tutkia [[w:fi:liiketoiminta|fi:liiketoiminta]]a ja sen päätöksentekoa oikeudellisesta näkökulmasta.( Suomenkielinen Wikipedia )

'''[[w:Outline of commercial law|Outline of commercial law article]]''' contains among other things 
* '''[[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#History of commercial law|History of commercial law]]'''
* '''[[w:Outline of commercial law#Business entities|Types of business entities]]'''
* '''[[w:Outline of commercial law#Contracts|Contracts]]'''
* '''[[w:Outline of commercial law#Intellectual property|Intellectual property]]'''
* '''[[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]]''' 

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== Business Law - Lesson 1 - Introduction ==
* Choose '''[[w:arbitration]]''' ( [[w:fi:Välimiesmenettely]] ) as preferred method of '''[[w:dispute resolution]]''' especially if dealing with businesses outside of EU

* In Finland ( Civil law ) you can be made to pay the legal fees of the winning party. In USA ( common law ) you don't have to. 

* In [[w:USA]] a company may have to pay '''[[w:punitive damages]]''' ( Rangaistusluonteinen vahingonkorvaus ) whereas in Finland you have to pay only '''[[w:compensation]]''' ( [[w:fi:korvaus]] ) i.e. '''[[w:Damages]]''' ( [[w:fi:Vahingonkorvaukset]] )

* '''[[w:Legal personality]]''' ( [[w:fi:oikeushenkilö]] )
* '''[[w:Capacity (law)]]''' [[w:fi:oikeuskelpoisuus]] ( eri kuin [[w:fi:Oikeustoimikelpoisuus]] )
* A '''[[w:tort]]''' ( [[w:fi:Vahingonkorvausoikeus]] ), in [[w:common law]] jurisdictions, is a [[w:civil wrong]] which unfairly causes someone else to suffer loss or harm resulting in [[w:legal liability]] for the person who commits the tortious act, called a ''tortfeasor''. Although [[w:crime]]s may be torts, the [[w:cause of action|cause of legal action]] is not necessarily a crime as the harm may be due to [[w:negligence]] which does not amount to [[w:criminal negligence]].

'''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]], [[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). ( Wikipedia )

Relevant corporate laws in Finland are 
* '''[[w:fi:Osakeyhtiölaki]]''' for LTD's and additionally 
* '''[[w:fi:Suomen arvopaperimarkkinalaki]]''' for PLC's.

== Business Law -  Lesson 2 - Compensation law, product liability  ==

* '''Compensation law'''
:* In law, '''[[w:Damages|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 )

*'''Consumer complaint''' ( [[w:fi:Reklamaatio]] )

*'''[[w:Contract|Contract]]s''' ( [[w:fi:Sopimus]] )  ( See course '''[[#Business Negotiations and Contracts|Business Negotiations and Contracts]]''' for keys )
::* Both verbal and written are [[w:legally binding]]
::* '''[[w:breach of contract|breach of contract]]''' ( sopimusrikko, sopimusrikkomus ) can land you and your business in [[w:court|court]].

*'''[[w:Liability|Liability]]''' ( sitoumus, vastuu ) ( '''Obs.''' [[w:Liability (financial accounting)]] and '''[[w:Legal liability]]''' are two distinct things. )

*'''[[w:limited liability|Limitation of liabilities]]''' or full liability

*'''[[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]] ) and reverse legal burden of proof when there is a contract

*''' [[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]] )

Making a contract:
:#) Preparatory stage
:#) Contract period
:#) End of contract

*'''[[w:Standard form contract]]''' ( [[w:fi:Vakiosopimus]] ) aka. boilerplate 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]] ) :
#) 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.
#) An '''[[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 )

== Business Law - Lesson 3 - Contract law == 
Topics: '''Contract law''' ( [[w:fi:Sopimusoikeus]] )  deals with '''[[w:contract]]s'''

* 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 )

* In contract law, '''[[w:rescission]]''' ( [[w:fi:purkaminen]] )  has been defined as the unmaking of a contract between parties. 
:: 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 )

== Business Law - Lesson 4 - Consumer law, companies law ==

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

*'''[[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: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 )

* '''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 )

* '''[[w:Preferred stock]]''' (also called preferred shares,preference shares or simply preferreds) ( [[w:fi:etuoikeutettu osake]] ) 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:fi:vaihtovelkakirja]] ) (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 )

== Business Law -  Lesson 5 - Wrap up ==
Topics: [[w:Company law]] continues, wrap-up

== Business Law -  Exam ==
Final examination

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= International Law =


[[w:Private international law|Private international law]] concerns relations across different legal jurisdictions between persons, and sometimes also companies, corporations and other legal entities ( Wikipedia on private international law according to [[w:Conflict of laws|Conflict of laws]] )

[[w:Public international law|Public international law]] ( [[w:fi:Kansainvälinen oikeus]] ) 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: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 )


* '''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]]''' )
* '''Basic [[w:legal principles]]''' and [[w:legislation|legislative]] [[w:framework|framework]] of the [[w:European Union|European Union]]
* '''[[w:Conflicts of laws|Conflicts of laws]]''' and '''[[w:jurisdiction|jurisdiction]]''' ( tuomiovalta tai toimivalta )
* '''[[w:Dispute resolution|Dispute resolution]]''' ( kiistanratkaisu )
* '''International [[w:contract|contract]]s''' ( [[w:fi:Sopimus]] ) and [[w:international trade|trade]]
* '''International [[w:competition law|competition law]]''' ( [[w:fi:Kilpailuoikeus]] ) principles

== International Law - Lesson 1 - Introduction ==

* 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|legal positivists]] ( [[w:fi:oikeuspositivismi]] ) and hobbesians.

* In law, '''[[w:comity|comity]]''' specifically refers to legal [[w:reciprocity (international relations)|reciprocity]]&mdash;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 )

== International Law - Lesson 2 - Non-business entities ==
* '''[[w:NGO|NGO]]s''' ( [[w:fi:kansalaisjärjestö]] )
* '''[[w:Intergovernmental organization|IGO]]s''' 

* [[w:European Parliament|European Parliament]] ( [[w:fi:Euroopan parlamentti]] )
* [[w:European Court of Justice|European Court of Justice]]

*'''[[w:Civil law (legal system)]]''' ( [[w:fi:säädösoikeus]] ) and '''[[w:common law|common law]]''' ( [[w:fi:tapaoikeus]] tai "maan laki" ) are competing legal systems

::'''Obs.''' In Finland ( Civil law ) you can be made to pay the legal fees of the winning party. In USA ( common law ) you don't have to.

* '''Dispute [[w:Settlement (litigation)|settlement]]''' is a resolution between disputing parties about a legal case, reached either before or after court action begins. ( Wikipedia )

== International Law - Lesson 3 - Intellectual property ==
* '''[[w:Intellectual property|Intellectual property]]''' ('''IP''') ( [[w:fi:Immateriaalioikeus]] ) 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]]''' ( [[w:fi:Tekijänoikeus]] ) 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]]''' ( [[w:fi:Patentti]] ) 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]]''' ( [[w:fi:Hyödyllisyysmalli]] ) exists.

* '''A [[w:trademark|trademark]]''' ( [[w:fi:Tavaramerkki]] ) 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 )

== International Law - Lesson 4 - When business goes wrong ==
* '''[[w:Bankruptcy|Bankruptcy]]''' ( [[w:fi:konkurssi]] ) 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. ( Suomessa käytännössä ilmeisesti [[w:fi:pakkohuutokauppa]] ? )

* 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:fi:vakuus]] 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. [ ... ] Where security equivalent to a charge is given by a natural person (as opposed to a corporate entity) it is usually expressed to be a bill of sale, and is regulated under applicable bills of sale legislation.

* Fringe benefit is a type of '''[[w:employee benefit|employee benefit]]''' ( [[w:fi:luontoisetu]] )

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== International Law - Lesson 5 - Risks ==
*'''[[w:Risk|Risk]]''' ( [[w:fi:riski]] ) can come in the form of 
:** '''[[w:Risk#Economic risk|economic risk]]''' ( macro ), 
:** '''[[w:financial risk|financial risk]]''' ( talousriski ) 
:** '''[[w:legal risk|legal risk]]''' when doing [[w:international business]]. ( Teacher )

=== Additional reading regarding risks ===

* '''[[w:Financial risk]]''' is an umbrella term for multiple types of [[w:risk]] associated with [[w:finance|financing]], including [[w:financial transaction]]s that include company loans in risk of [[w:default (finance)|default]]. Risk is a term often used to imply [[w:downside risk|downside risk]], meaning the uncertainty of a return and the potential for financial loss. 
:: In addition to financial risks, there are five broad categories of investment risks known as [[w:five risks|five risks]]. ( Wikipedia )
:::* The '''[[w:Five risks]]''' are the five types of [[w:financial risk]] faced by long-term investors as opposed to those faced by short-term [[w:Trader (finance)|traders]] ( Wikipedia )

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= Business Negotiations and Contracts =
== Business Negotiations and Contracts - Lesson 1 - About forming contracts ==

In '''[[w:common law|common law]]''' ( [[w:fi:tapaoikeus]] ) legal systems, a '''[[w:contract|contract]]''' is an agreement having a lawful object entered into voluntarily by two or more [[w:party (law)|parties]], each of whom intends to create one or more legal obligations between them. 
::The elements of a contract are "offer" and "acceptance" by "competent persons" having [[w:legal capacity|legal capacity]] who exchange '''[[w:consideration|consideration]]''' to create "mutuality of obligation." ( Wikipedia )

'''[[w:Offer and acceptance|Offer and acceptance]]''' are elements required for the formation of a legally binding [[w:contract|contract]]: the expression of an offer to contract on certain terms by one person (the '''[[w:offeror|offeror]]''') to another person (the '''[[w:offeree|offeree]]'''), and an indication by the offeree of its acceptance of those terms. The other elements traditionally required for a legally binding contract are (i) '''[[w:consideration|consideration]]''' and (ii) an '''[[w:intention to be legally bound|intention to create legal relations]]'''. ( Wikipedia )

'''[[w:Consideration|Consideration]]''' is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more. ( Wikipedia )

* A '''[[w:counter offer|counter offer]]''' is regarded by law to be a '''rejection''' of the original offer.
* '''[[w:Express contract|Express contract]]''' vs. '''[[w:Implied-in-fact contract|Implied-in-fact contract]] or implicit contract'''

* A '''[[w:third party beneficiary|third party beneficiary]]''' ( [[w:fi:Kolmas osapuoli]] ), in the [[w:law|law]] of [[w:contract|contract]]s, is a person who may have the right to sue on a contract, despite not having originally been an active [[w:party (law)|party]] to the contract. ( Wikipedia )


* An '''[[w:unenforceable|unenforceable]]''' contract or transaction is one that is valid, but which the court will not enforce. ( Wikipedia )


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== Business Negotiations and Contracts - Lesson 2 - A proper offer ==

A proper offer is:
:# Valid
:# Detailed
:# Specifically adressed

[[w:Contract of sale|Sale of Goods]] legislation and [[w:United Nations Convention on Contracts for the International Sale of Goods|United Nations Convention on Contracts for the International Sale of Goods]] affect sales of goods

[[w:UNIDROIT|UNIDROIT]] is the [[w:International Institute for the Unification of Private Law|International Institute for the Unification of Private Law]]

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== Business Negotiations and Contracts - Lesson 3 - Breach of contract ==

'''[[w:Breach of contract|Breach of contract]]''' ( [[w:fi:sopimusrikkomus]] tai sopimusrikko ) is a [[w:legal|legal]] [[w:cause of action|cause of action]] in which a [[w:binding agreement|binding agreement]] or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. ( Wikipedia )
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== Business Negotiations and Contracts - Lesson 4 - Delivery terms ==

* The '''[[w:Incoterms|Incoterms]]''' rules or International Commercial Terms ( [[w:fi:Incoterm]] ) are a series of pre-defined commercial terms published by the [[w:International Chamber of Commerce|International Chamber of Commerce]] (ICC) that are widely used in International [[w:commercial transaction|commercial transaction]]s or [[w:procurement|procurement]] processes.  A series of three-letter trade terms related to common contractual sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods. ( Wikipedia )

::* '''[[w:Risk of loss|Risk of loss]]''' is a term used in the [[w:law|law]] of [[w:contract|contract]]s to determine which party should bear the burden of risk for damage occurring to goods after the sale has been completed, but before delivery has occurred. ( Wikipedia )

What triggers ''transfer of ownership'' and ''risk of loss''?
# [[w:Law|Applicable law]]
# [[w:Contract|Contract]]
# [[w:Breach of contract|Breach of contract]] ( breaching party is liable )
# [[w:Delivery (commerce)|Delivery]] by [[w:common carrier|common carrier]] other then [[w:sales|seller]] ( loss of risk is transferred to buyer when delivery is completed as agreed in the contract ) ( Teacher )

== Business Negotiations and Contracts - Lesson 4.5 - Confidentiality ==

* '''[[w:Confidentiality|Confidentiality]]''' ( [[w:fi:Vaitiolovelvollisuus]] ) is a set of rules or a promise that limits access or places restrictions on certain types of information. ( Wikipedia )

* A '''[[w:non-disclosure agreement|non-disclosure agreement]]''' ('''NDA''') ( [[w:fi:Salassapitosopimus]] ), [...] is a [[w:law|legal]] [[w:contract|contract]] between at least two [[w:party (law)|parties]] that outlines confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict access to or by third parties. ( Wikipedia)

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== Business Negotiations and Contracts - Lesson 5 - Damages ==

* '''remedy''' == '''[[w:Financial compensation|compensation]]''' == '''[[w:damages|damages]]''' ( [[w:fi:vahingonkorvaus]] )

* '''damage''' ( [[w:fi:vahinko]] ) != '''[[w:damages|damages]]'''

'''[[w:pecuniary|pecuniary]]''' ( money )  vs. non-monetary relief

'''[[w:expectation damages|expectation damages]]''' are [[w:damages|damages]] recoverable from a [[w:breach of contract|breach]] of [[w:contract|contract]] by the non-breaching party. 
::It originates from an injured party's interest in realizing the value of the expectancy that was created by the promise of the other party. ( Wikipedia )

The most common test of proximate cause under the American legal system is '''[[w:Proximate_cause#Foreseeability|foreseeability]]'''. It determines if the harm resulting from an action was reasonably able to be predicted. ( Wikipedia )

'''[[w:General damages|General damages]]''', sometimes styled [[w:hedonic damages|hedonic damages]], compensate the claimant for the non-monetary aspects of the specific harm suffered. ( Wikipedia )
 
* In [[w:contract law|contract law]], '''rescission''' ( [[w:fi:purkaminen]] ) ( verb [[w:rescind|rescind]] ( purkaa )) has been defined as the unmaking of a contract between parties. 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|status quo]] ante''). ( Wikipedia )

'''[[w:Status quo ante|Status quo ante]]''' is [[w:Latin|Latin]] for "the way things were before" and incorporates the term [[w:status quo|status quo]]. ( Wikipedia )

The law of '''[[w:restitution|restitution]]''' is the law of gains-based recovery.  It is to be contrasted with the '''[[w:damages|law of compensation|]]''' , which is the law of loss-based recovery. ( Wikipedia )

In [[w:criminal law|criminal law]], '''[[w:fraud|fraud]]''' ( [[w:fi:Petos]] ) is [[w:Intent (law)|intentional]] ( [[w:fi:tahallisuus]] ) [[w:deception|deception]] made for personal gain or to damage another individual;  the related adjective is '''fraudulent''', and verb is '''defraud''' ( Wikipedia )

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== Business Negotiations and Contracts - Lesson 6 - Power of attorney ==

A '''[[w:power of attorney|power of attorney]]''' ('''POA''') or '''letter of attorney''' ( [[w:fi:valtakirja]], valtuutus ) is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other's. ( Wikipedia )

== Business Negotiations and Contracts - Terminology / vocabulary ==

* '''covenant''' == an agreement w/a specific promise to do or not to do something
::: non-competition covenant
* '''whereas''' == in contrast
* injunction == obligation
* '''breach''' == to break a boundary, to violate, to not fulfill
* '''rescind''' cancel w/ effect of being the same position as before signing the contract
* '''unwarranted''' == uncalled for, unjustified
* '''contention''' == disagreement
::: contentious ( adj. )
* '''efficacious''' == effective


* an offer => offeror - offeree
* a lease => lessor - lessee

* '''statute''' == law/rule
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