Getting the label (in Javascript) of a text field in a form (made in PHP)

The first part of aidin Tajadod comment is good - the easiest way for you to do this is by giving your label an Id. However, though I would strongly advise you look at doing this using jQuery before you go too far with it, if you want to do it old school you should use something like this:

$str .= '<td class="ft1"><LABEL id="Field_Label" for="FIELD" ACCESSKEY="none" ><b style="color:#ff6d00">* THIS IS THE LABEL TEXT I WANT TO READ IN JAVASCRIPT</b></td>';
$str .= '<td class="ft2"><select name="FIELD" id="FIELD">';

var LabelId = "Field_Label";

//This will get the innerHTML of the first child (in your case the <b> tag) if it is present, if not just the innerHTML of the label:
var LabelElem = document.getElementById(LabelId);
var LabelText = LabelElem.childNodes.length > 0 ? LabelElem.childNodes[0].innerHTML : LabelElem.innerHTML;
if(LabelText == '')
{
    //Do something
}
else
{
    //Do something different
}

In jQuery this would be something like:

var LabelId = "Field_Label";

//This will get the innerHTML of the first child (in your case the <b> tag) if it is present, if not just the innerHTML of the label:
var LabelElem = $("#" + LabelId);
var LabelText = LabelElem.children().length > 0 ? LabelElem.children().get(0).text() : LabelElem.text();
if(LabelText == '')
{
    //Do something
}
else
{
    //Do something different
}

This looks longer but because of the guys at jQuery, it is faster :D

You should improve either of the codes above for getting the relevant text to suit your specific needs but it is a good general start.

Hope this helps,

Ed :)