Differentiate Among Crimes, Torts, Contracts, and Statutory/Regulatory Schemes

Introduction

As citizens, workers, and consumers at some point we may be faced with legal issues in our life experiences. Many aspects of business ownership and management are impacted by legal issues as well. It is critical as a consumer or business owner to not only have an understanding of the concepts of law but also be able to apply that knowledge to situations and to defend determined actions, decisions, and choices. In this module, we will take a brief look at a number of legal concepts that may impact our lives.

Key Terms

Crime – an act against the public good
Tort – a private wrong committed by one person against another involving one person’s interference with another person’s rights
Contract – any agreement enforceable by law; can be as simple as an oral promise to more complex such as a consolidation of major corporations
Bankruptcy – a legal status of a person or other entity that cannot repay debts to creditors
Intellectual property – an original work fixed in a tangible medium of expression
Consumer protection law – designed to prevent the businesses that engage in fraud or specific unfair practices from gaining an advantage over competitors
Environmental law – laws that regulate the impact of human activities on the natural environment
Labor law – mediates the relationship between workers, employing entities, trade unions, and government; for example, the Age Discrimination in Employment Act of 1967 or the Americans with Disabilities Act of 1990

Lesson Focus

The law is the system of rules and regulations by which our society functions. The laws in our country are created at all three levels of government – federal, state, and local. Every state and country has its own legal system. There are many different branches of law including criminal law, tort law, contract law, and special statutory or regulatory law such as employment law and bankruptcy, just to name a few. All types of law have far-reaching effects and serve to shape politics, economics, and our society in numerous ways.

Review the document linked below to differentiate among some (but not all) various types of law.

Click here to download and review the Types of Law document.

Let's Review!

Take a moment to participate in the following activity to practice your understanding of the topics in this module. Reach out to your instructor if you have any questions.

Final Thoughts

In this lesson, you have had a brief look into differentiating among the meaning of various types of law including criminal law, tort law, contracts, and statutory and regulatory laws. In future lessons, we will take a deeper look into the definition of each and review examples as they relate to situations involving personal issues as well as in the business environment.

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