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Badm 300
Midterm
138
Business
Undergraduate 3
10/07/2011

Additional Business Flashcards

 


 

Cards

Term
opening statement
Definition
short, direct introduce what you are going to do
Term
rules of evidence
Definition
certain things you can and cannot do
Term
hearsay rule
Definition
person who made statement outside of court must come into court to tesify, gives opposition to cross examine
Term
deadmans exception
Definition
if a person who is about to die, they are probably telling the truth...doesn't/cant cross examine
Term
attractive nuisance
Definition
railroad should have known children are playing on tracks....should have protected against it better
Term
motion
Definition
request, infinite #, motion for venue
Term
motion direct adverdict
Definition
plaintiff hasn't carried his burden of proof
Term
settlement discussion
Definition
between lawyers, client ultimately decides
Term
instructions to jury
Definition
plaintiff and defendant give instructions to jury, judge decides which are given
Term
closing arguments
Definition
restatement of everything that has been accomplished
Term
judgement
Definition
go to get verdict on record
Term
If other party party doesnt pay in 30 days...attachment
Definition
go to sheriff and tell them to go seize items and sell them at auction, you get the precedings
Term
if other aprty doesnt pay in 30 days...garnishment
Definition
tell sheriff to go to employer and employer will take % or amount of money until settlement is paid off
Term
judgement proof
Definition
person with no property/earnings
Term
contingent fee
Definition
only a plaintiffs lawyer can take on ...on accident cases. lawyer is entitled to 1/3 of amount won in resolvement....no other country accepts contingent fee.
Term
american rule
Definition
if i lose, i pay my guy and you pay your guy
Term
english rule
Definition
if i lose i pay my guy and your guy
Term
class action lawsuit
Definition
relatively small claim that you want to sue someone for. get all people with similar claim to sue for more money
Term
plea bargaining
Definition
90% of all criminal cases decided this way, deal being made to plea a lower charge. cost efficient towards large amount of criminal cases, must be approved by a judge
Term
articles of constitution
Definition
deal with relationship between government units
Term
1st article
Definition
legislative power, what congress can do, commerce claims
Term
2nd article
Definition
exectuive power, lays out what president can do
Term
3rd article
Definition
judicial powers, court system
Term
4th article
Definition
full faith and credit provision: each state gives credit to other states
Term
6th article
Definition
supremacy clause: if conflict between fed/state legislation...fed wins
Term
amendments
Definition
individual rights
Term
due process
Definition
fundamental fairness, substance/procedure of the law
Term
commerce clause
Definition
transformation of power between fed and state gov't
Term
commercial speech
Definition
advertising; state has a lot of power to regulate
Term
political speech
Definition
written in editorial page of the newspaper. every citizen is allowed to have their opinion in the open
Term
corporate speech
Definition
comes from corporation
Term
4th amendment
Definition
criminal process
Term
warrant
Definition
allows police to do things
Term
probable cause
Definition
need this to get a warrant, judge must determine if sufficient evidence
Term
exclusionary rule
Definition
must do their job in a legal way, anything that comes out of this cannot be used
Term
administrative warrant
Definition
computer comes up with your name randomly, past offenses
Term
5th amendment
Definition
entitled to be quiet after being arrested
Term
self incrimination
Definition
not forced to testify against yourself, corporations do not have this right
Term
self incrimination
Definition
not forced to testify against yourself, corporations do not have this right
Term
double jeopardy
Definition
cannot be tried twice for the same crime, only after not guilty
Term
eminent domain
Definition
gov't has the right to take property. property must be for public use. entitled to just compensation for market value
Term
6th ammendment
Definition
each defendant right to counsel
Term
8th amendment
Definition
cruel and unusual punishment, death penalty used mostly at state level
Term
zoning
Definition
zoning regulations separate commercial from residential, not everywhere has zoning regulations and maintain value of property.
Term
contracts
Definition
if two individuals exchange promises and one doesn't live up to it, the gov't will enforce the contract, allows each individual to determine how much risk they want to take in the future, promise to do something in the future
Term
bilateral
Definition
both parties agreeing to something
Term
reward contract
Definition
find my wedding ring and i will pay you 100$
Term
uniform commercial code
Definition
covers contracts of commercial goods
Term
to prove a contract
Definition
1. offer/accept
2. consitution
3. capacity
4. legality
Term
contracts can be terminated: revocation
Definition
pull back offer before decision is made
Term
contract cancelled if: counter - offer
Definition
terminates original offer...so does death
Term
option contract:
Definition
buyer is willing to pay seller amount of money so that they the buyer is the only one who can can buy the house for a specified amount of time. if house is bought, this goes toward the house
Term
outside directors
Definition
no direct financial incentive to the firm but still get to participate in the board of directors
Term
D and O insurance
Definition
protects directors and officers from liabilities the board creates
Term
business judgement rule
Definition
courts reluctant to review actions taken by the board
Term
FCPA
Definition
illegal to make bribes overseas
Term
When it comes to selling off the whole firm...
Definition
firm must maximize shareholder value
Term
Diversification (m&a)
Definition
it made sense for oil and gas industries to buy into retail market because it is fairly stable
Term
Junk bond
Definition
people lend money and in return they get a second place bond with a higher rate of return...used to help buyout companies
Term
control share statuette
Definition
limit the ability of a person to buy certain amounts of shares in a company. arguments against: prevents interstate commerce, violation of supremacy clause: fed has regulations that the state should not be able to to change
Term
Parts of a case brief
Definition
1. facts
2. issues
3. discussion
4. decision (who won)
Term
justice
Definition
law is the means of getting towards a just society
Term
law
Definition
dynamic/changing/slow moving institution that lags behind society
Term
The plaintiff of criminal cases is always the...
Definition
state
Term
legal citation
Definition
if you understand, you can go find and read the entire case
Term
jurisprudence
Definition
questions about the philosophy of the law
Term
naturalist (locke and jefferson)
Definition
each and every person has an idea of good/bad behavior. you have the responsibility to follow your own conscience
Term
Positivist (Hobbes and Hamilton)
Definition
As long as you are a member of society you must follow the laws set by it
Term
institutionalist (NCAA)
Definition
any institution can create rules and you must follow those institutional rules in addition to the gov't
Term
Locke vs. Hobbes
Definition
Lock believes man is good (weak gov't), Hobbes believes everyone is evil (strong gov't)
Term
Legal Realist School
Definition
gov't go into real word and write law that reflects behavior
Term
utilitarian theory
Definition
cost benefit to determine action to take, greatest good for greatest # of people
Term
Hammurabi
Definition
first set of rules .....ever
Term
Civil law (rammus & napoleon)
Definition
foundation for most codes today. as a citizen it is your duty to know the law. Louisiana still follows Napoleon code.
Term
common law/Njal's saga/English
Definition
US has common law system. base judgements off of precedents (cases similar that have been settled)
Term
Stare Decisis
Definition
"let the decision stand" use precedent to decide how present controversy should be settled. predictable but its always looking back and never moving forward
Term
Law-Equity (Battle of Rominede
Definition
King not subject to law because he has created it, magna carta signed. everyone including the king is now subject to law of the land
Term
writ
Definition
allows you to get into court and be heard
Term
equity
Definition
fairness judged, only sought if no legal remedy is ready/necessary
Term
Writ of Certiorari
Definition
means an order by a higher court directing a lower court, tribunal, or public authority to send the record in a given case for review. 10000 cases but only 90 taken
Term
Surrogate Courts deal with...
Definition
Wills
Term
Alternative Dispute Resolution (arbitrator)
Definition
hears disputes, resolves disputes
Term
Alternative Dispute Resolution (mediator)
Definition
gets parties to come together to reach an agreement
Term
Alternative Dispute Resolution (fact finder)
Definition
make recommendation of result but cannot resolve it
Term
Securities law usually goes to ...
Definition
arbitration...no write up
Term
labor law usually goes to..
Definition
arbitration, write up. split the bill
Term
final offer arbitration
Definition
arbitrator must pick one or the other
Term
statuette of limitations
Definition
case must be brought in amount of time
Term
pleadings
Definition
exchange of paperwork to get case rolling
Term
summons
Definition
notice of being sued
Term
complaint
Definition
reason for suing
Term
answer
Definition
defendant send back to plaintiff saying they dont believe it
Term
counter claim
Definition
i suffered damage and im suing you for those damages instead of you suing me
Term
discovery
Definition
both sides can find out just about any piece of info the otherside has
Term
deposition
Definition
on the record testimony of a person involved. arrangement to get people there
Term
interrogitories
Definition
mail a set of written questions. witness lives in a different area, senior citizens, could hire a lawyer in hong kong
Term
subpeona
Definition
want to get written info the other side has, most of the time doing this through a corporation
Term
privileged info
Definition
wife cannot repeat info said to her by her husband
Term
attorney-client = privileged info
Definition
lawyers need to know the truth
Term
accountant are not
Definition
privileged
Term
confessions are considered ___ info
Definition
privileged
Term
psychiatrist considered ____ for the past but not the future
Definition
privileged
Term
pre-trial conference
Definition
meeting of lawyers and judge to determine if case cant be solved
Term
voir dire
Definition
french, selecting a jury that will hear your case...get impartial people
Term
challenge
Definition
excuse people not impartial to the trial
Term
preemptory challenge
Definition
can get rid of someone w/o reason
Term
unconcionalibility
Definition
legal contract but goes against conscious of court to enforce. ex: person who couldnt read or write
Term
promissory estople
Definition
someone changes decision based on, no legal contract, on party changed position and the other party cannot reneg
Term
Remedies: compensatory
Definition
sue for the difference between two prices
Term
Remedies: nominal
Definition
$1 to indicate yes you're right
Term
Remedies: punitive damages
Definition
jury can come back with whatever changes they want. ex: odometer rollback equals value of the rollback +more. only the person suing gets the punitive damages
Term
Remedies: liquidate damages
Definition
2 parties put in what punishment will be if one party breaks contract
Term
mitigation of damages
Definition
responsibility to get an accurate price of the buyers merchandise could no long purchase. good faith effort to get the least amount of money she breeched in the contract
Term
3rd party beneficiaries
Definition
someone not a party to original contract but will benefit from the contract.
Term
3rd party beneficiaries: assignment
Definition
can assign rights of a contract to somebody else, beneficiary can be changed at anytime
Term
memorandum of agreement
Definition
contemplating entering into an agreement
Term
intentional interface w/ contractual relations
Definition
Term
independent contractor
Definition
can make their own decisions in how to do the work, responsible for their own actions
Term
employee/agent
Definition
train the horse (employee), buy the horse supplies for you (agent)
Term
fiduciary
Definition
acting in trust position for benefit of the principle
Term
agency relationship
Definition
consensual, need not compensation
Term
power of attorney
Definition
give someone else power in your behalf
Term
ratification
Definition
never had authority in the first place but principle is accepting what agent has done, must accept good and bad.
Term
expressed authority
Definition
defined
Term
implied authority
Definition
implied things such as paying for gas etc.
Term
apparent authority
Definition
never was any expressed or implied authority but 3rd party believed there was an agent relationship
Term
If principle and agent knows, the 3rd party will drop out of the equation
Definition
Term
respandia superior
Definition
principle may be responsible for actions of agent against 3rd party
Term
if agent goes out of scope, the principle is not longer responsible
Definition
Term
agency determination
Definition
agent can quit or get fired at any time
Term
responsibility of principle to inform agent of termination, reasonable to also send letter to customers of that agent. all agency relationships are also terminated through death
Definition
Term
sole proprietorship
Definition
most common form of business
Term
partner ships are always for a _____
Definition
profit
Term
Each partner is considered an _______
Definition
agent (fiduciaries)
Term
joint venture
Definition
partnership for one particular enterprise. used a lot more in international business
Term
limited partnership
Definition
possible for someone who invests capital to only be able to lose that amount of capital. limited partners cannot participate in management
Term
co-ops
Definition
incorporated and run on a democratic basis
Term
franchises
Definition
done through contract law, exchange of name/skills for share of profit
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