Business Law I Essentials-Openstax.pdf

Essentials Business Law I Essentials OpenStax Rice University 6100 Main Street MS-375 Houston,Texas 77005 To learn more about OpenStax,visit https:/openstax.org.Individual print copies and bulk orders can be purchased through our website.2019 Rice University.Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License(CC BY 4.0).Under this license,any user of this textbook or the textbook contents herein must provide proper attribution as follows:-If you redistribute this textbook in a digital format(including but not limited to PDF and HTML),then you must retain on every page the following attribution:“Access for free at openstax.org.”-If you redistribute this textbook in a print format,then you must include on every physical page the following attribution:“Access for free at openstax.org.”-If you redistribute part of this textbook,then you must retain in every digital format page view(including but not limited to PDF and HTML)and on every physical printed page the following attribution:“Access for free at openstax.org.”-If you use this textbook as a bibliographic reference,please include https:/openstax.org/details/books/business-law-i-essentials in your citation.For questions regarding this licensing,please contact supportopenstax.org.Trademarks The OpenStax name,OpenStax logo,OpenStax book covers,OpenStax CNX name,OpenStax CNX logo,OpenStax Tutor name,Openstax Tutor logo,Connexions name,Connexions logo,Rice University name,and Rice University logo are not subject to the license and may not be reproduced without the prior and express written consent of Rice University.B&W PAPERBACK BOOK ISBN-13 978-1-975076-62-7 DIGITAL VERSION ISBN-13 978-1-947172-78-4 ORIGINAL PUBLICATION YEAR 2019 10 9 8 7 6 5 4 3 2 1 OPENSTAX OpenStax provides free,peer-reviewed,openly licensed textbooks for introductory college and Advanced Placement courses and low-cost,personalized courseware that helps students learn.A nonprofit ed tech initiative based at Rice University,were committed to helping students access the tools they need to complete their courses and meet their educational goals.RICE UNIVERSITY OpenStax,OpenStax CNX,and OpenStax Tutor are initiatives of Rice University.As a leading research university with a distinctive commitment to undergraduate education,Rice University aspires to path-breaking research,unsurpassed teaching,and contributions to the betterment of our world.It seeks to fulfill this mission by cultivating a diverse community of learning and discovery that produces leaders across the spectrum of human endeavor.PHILANTHROPIC SUPPORT OpenStax is grateful for our generous philanthropic partners,who support our vision to improve educational opportunities for all learners.Laura and John Arnold Foundation Arthur and Carlyse Ciocca Charitable Foundation Ann and John Doerr Bill&Melinda Gates Foundation Girard Foundation Google Inc.The William and Flora Hewlett Foundation Rusty and John Jaggers The Calvin K.Kazanjian Economics Foundation Charles Koch Foundation Leon Lowenstein Foundation,Inc.The Maxfield Foundation Burt and Deedee McMurtry Michelson 20MM Foundation National Science Foundation The Open Society Foundations Jumee Yhu and David E.Park III Brian D.Patterson USA-International Foundation The Bill and Stephanie Sick Fund Robin and Sandy Stuart Foundation The Stuart Family Foundation Tammy and Guillermo Trevio Study where you want,what you want,when you want.Access.The future of education.openstax.org When you access College Success in our web view,you can use our new online highlighting and note-taking features to create your own study guides.Our books are free and flexible,forever.Get started at openstax.org/details/books/business-law-i-essentialsTABLE OF CONTENTSPreface11American Law,Legal Reasoning,and the Legal System31.1 Basic American Legal Principles31.2 Sources and Types of Law51.3 Important Business Laws and Regulations72Disputes and Dispute Settlement152.1 Negotiation152.2 Mediation192.3 Arbitration223Business Ethics and Social Responsibility313.1 Business Ethics313.2 Social Responsibility354Business and the United States Constitution434.1 Commerce Clause434.2 Constitutional Protections475Criminal Liability535.1 Common Business Crimes535.2 Civil vs:Criminal Liability576The Tort System636.1 Intentional Torts and Negligence636.2 Product and Strict Liability677Contract Law757.1 Consideration and Promissory Estoppel757.2 Capacity and Legality787.3 Breach of Contract and Remedies808Sales Contracts858.1 The Nature and Origins of Sales Contracts858.2 Warranties and Sales Contracts919Employment and Labor Law979.1 Employment,Worker Protection,and Immigration Law979.2 Labor Law1019.3 Equal Opportunity in Employment10510Government Regulation11310.1 Administrative Law11310.2 Regulatory Agencies11711Antitrust Law12311.1 History of Antitrust Law12311.2 Antitrust Laws12712Unfair Trade Practices and the Federal Trade Commission13312.1 Unfair Trade Practices