When entering the business world, I would highly suggest you know all the legal terms to hopefully avoid lawsuits. Also in case of a lawsuit,whether it’s you having to sue or someone suing you,you will be able to understand what is being said.
First you should be able to distinguish between what is criminal law and what is civil law. Criminal law prohibits and punishes wrongful conduct. Civil law governs disputes between private parties. Click here for a more in-depth explanation on criminal law and civil law. There is also tort laws to be aware of.
Warranties or guarantees that a product meets certain standards of performance, should also be something to recognize. There are express warranties and implied warranties. You can also break implied warranties into implied warranties of merchantability and implied warranties of fitness for a particular purpose.
These are just a few terms to know when it comes to the legal environment of business. To learn about more terms and go more in-depth on these terms, those seeking business majors should take a class just for the legal environment of business.