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Business Law 3500 Final Review
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65
Law
Undergraduate 2
04/24/2013

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Term
tort
Definition
any wrong other than a breach of contract; easy to confuse torts and crimes, but they’re different because crimes are charged by the state, but torts are injured party vs. other party…
Term
intentional tort
Definition
civil wrong resulting from an intentional act on the part of the tortfeasor; damages are broader and more generous for these torts than any others (deceit, disparagement, palming off, interference with contract...)
Term
deceit
Definition
a fraudulent misrepresentation used by one person to trick another, who is ignorant of the facts, to the damage of the latter
Term
disparagement
Definition
an untrue or misleading statement about a competitors’ business or goods to make influence, the public not buy from the competitor
Term
palming off
Definition
to impose by fraud; to pass off a product as another product by unfair means.
Term
interference with contract
Definition
when a person intentionally damages the plaintiff’s contractual or other business relationships.
Term
negligent tort
Definition
results from the failure of the tortfeasor to take sufficient care in fulfilling duty owed
Term
strict liability tort
Definition
the imposition of liability on the tortfeasor without a finding of fault; the claimant need only prove that the tort occurred and the defendant was responsible
Term
caveat emptor
Definition
“let the buyer beware;” it basically means once someone buys a house, it’s not the seller’s responsibility if things go wrong unless they intentionally hid flaws; the buyer must shop responsibly
Term
compensatory damages
Definition
paid to compensate the claimant for loss, in jury, or harm suffered as a result of another’s breach of duty
1. special- relatively easy to prove; doctor, hospital bills, lost wages
2. general- non-monetary aspects of the specific harm suffered; pain, suffering, emotional loss of consortium
Term
punitive damages
Definition
- to reform or deter the defendant from engaging in conduct similar to that which formed the basis of the lawsuit; must be able to prove you suffered special damages, must be intentional tort, punitive damages must be less than 10X compensatory damages
Term
actual malice
Definition
this is required to establish libel against public officials or public figures and is defined as "knowledge that the information was false;” public officials need to prove actual malice in order to recover damages for libel
Term
libel per se
Definition
broadcast or written publication of a false statement about another which accuses him/her of a crime, immoral acts, inability to perform his/her profession, having a loathsome disease, or dishonesty in business. Such claims are considered so obviously harmful that malice need not be proved to obtain a judgment for "general damages," and not just specific losses.
Term
negligence per se
Definition
an act is considered negligent because it violates a statute (or regulation); to prove it the plaintiff must show:
• the defendant violated the statute
• the statue provides for a criminal penalty
• the act caused the kind of harm the statute was designed to protect
• the plaintiff was a member of the statute’s protected class
Term
res ipsa loquitur
Definition
“the thing speaks for itself;” rule of evidence whereby negligence of the defendant is inferred from the circumstances as a result of a reasonable belief that the injury could not have happened without such negligence.
Term
contributory negligence
Definition
conduct by the plaintiff which is a contributory factor to his/her own injury, thus barring any recovery against the defendant
Term
comparative negligence
Definition
a plaintiff’s negligence as a factor in his/her own injury is assigned a percentage value, and his/her recovery from the defendant is reduced proportionally
Term
respondeat superior
Definition
let the master answer;” provides that an employer or master is responsible for the acts of an employee or servant committed within the scope of the employment
Term
joint and several liability
Definition
a plaintiff may recover all the damages from any of the defendants regardless of their individual share of the liability. The rule is often applied in negligence cases.
Term
strict liability
Definition
liability without fault; a case is one of strict liability when neither care nor negligence, neither good nor bad faith, neither knowledge nor ignorance exonerate the defendant.
Term
property
Definition
any physically or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation
Term
personal property (chattels)
Definition
private property that is movable
1. tangible- any type of property that can be moved, touched, or felt.
2. intangible- cannot be moved, touched, or felt (securities, services, and intangible assets)
Term
real property
Definition
real estate; immovable property; any subset of land that has been legally defined and any buildings and such on it.
Term
abandoned property
Definition
if it’s found in a place where the true owner likely intended to leave it, but has no intention of returning to get it.
Term
Lost property
Definition
anyone who finds it has superior ownership, other than the true owner
Term
Mislaid property
Definition
put somewhere for safe-keeping; owner expected to come get it
Term
Stolen property
Definition
thief can never get good title; if you buy unknown stolen ring in a ring shop you have superior ownership to true owner, but if you buy stolen ring in a car shop you do not.
Term
UCC 2-403(2)- Uniform Commercial Code Article 2:
Definition
power to transfer; good faith purchase of goods; “entrusting”
Term
Gifts
Definition
must be intended to give to them, must be accepted, must be delivered
Term
Bailments
Definition
a delivery of goods from the bailor to the bailee in trust for the accomplishment of a specific purpose involving the goods on an express or implied contract to carry out such trust and subsequently return the goods to the bailor.
..know the types
Term
Trade fixtures
Definition
An important exception to the usual treatment of fixtures is the category of trade fixtures (often called “chattel” fixtures) - chattels installed by a tenant on leased commercial property specifically for their use in a trade or business. These may always be removed by the tenant, so long as any damage to the structure caused by the removal is repaid or repaired.
Term
annexation
Definition
affecting personal property so they can’t be moved without causing significant damage
Term
adaptation
Definition
adapted to a space so it becomes a part of it
Term
life estate
Definition
deeded to your kids but you still get to live in it until you die
Term
fee simple
Definition
a form of freehold ownership; the highest ownership interest possible that can be had in real property
Term
easement
Definition
a certain right to use the real property of another without possessing it
Term
Profits/licenses
Definition
a profit gives one the right to remove something from someone else’s land, and is an interest in the land, while a license is not. A license is a right to enter the land for a particular purpose
Term
Intellectual Property
Definition
Deals with the rights of individuals and businesses in applied ideas
(patents, copyrights, trademarks)
Term
Patents
Definition
AUTHORIZED BY THE CONSTITUTION, limited monopoly to make, use, and sell, an invention, granted by the government.
Term
Copyrights
Definition
protected in AIS8 of the Constitution, covers a broad span of business and creative arts; a limited monopoly granted by the federal government to protect literary type works
Term
trademarks
Definition
originating in common law, involving both federal and state law; a word, name, symbol, or device used by a manufacturer or merchant to identify goods and distinguish them from those manufactured by others
Classifications- generic, descriptive, suggestive, and arbitrary.
Term
Principal/agency relationship
Definition
the party for whom an agent acts is the principal; legally, they’re one person
Term
Express authority
Definition
a written or oral agreement that gives another the real authority to act as one’s agent
Term
Implied authority
Definition
usually arises as a natural addition to express authority
Term
Apparent authority
Definition
a doctrine whereby an agent binds a principal to a third party because the principal invests the agent with the appearance of authority, even though actual authority is absent.
Term
ratification
Definition
a principal may ratify, or approve, unauthorized action taken by the agent
Term
Independent contractors
Definition
aren’t subject to minimum wage; quarterly payments to IRS, employer doesn’t have that much control
Term
Sole proprietorships
Definition
owned by a single person, usually a small business; owner has exclusive control over entire operation
Term
partnerships
Definition
two+ people go into business together, create “Articles of Partnership,” lasts until death of one, equal rights, “fiduciary responsibility”-utmost trust in each other; partners pay the taxes; limited partners are not liable with personal assets; they’re transferrable, like stock
Term
Corporations
Definition
a business organization which is a legal entity formed in compliance with statutory law whose owners enjoy limited liability; taxed separately from owners; owned by shareholders who receive dividends which are then taxed again; controlled by a BOD; stocks are liabilities, but personal assets can’t be taken.
Term
“piercing the corporate veil”
Definition
if you don’t comply with rules of a corporation your personal assets could be at stake by creditors
Term
S corporation
Definition
if you meet the certain requirements you can elect to be taxed as a partnership; <35 shareholders, and they all must agree to do this
Term
LLC (limited liability company)
Definition
everything is spelled out in the contract; it’s NOT technically a corporation; it provides limited liability to its owners
Term
Employment at will
Definition
employee can quit at any time, employer can fire at any time, no reason needed
Term
Disparate treatment
Definition
(intentional discrimination) not easy to prove, must be a protected class
Term
Disparate impact
Definition
neutral standards that are reasonable but are discriminatory against a protected class
Term
BFOQ
Definition
bona fide occupational qualifications- a quality or attribute that employers are allowed to consider when making decisions on hiring and retention of employees
Term
Business necessity
Definition
a legitimate business purpose that justifies an employment practice as valid and necessary for the effective achievement of the organization’s objectives and the safe and efficient operation of the business
Term
Griggs v. Duke Power Co.
Definition
they were discrimination against minority races with the college degree requirement and intelligence requirement for the higher-paying inside jobs.
Term
Quid pro quo harassment
Definition
date me for a job…etc.
Term
Hostile environment harassment
Definition
unwanted sexual attention creates an intimidating or hostile environment
Term
ADEA
Definition
age discrimination 40+ protected
Term
FMLA
Definition
Family and medical leave act- 12 weeks of unpaid leave for new parents, even if you’re adopting…
Term
COBRA
Definition
consolidated omnibus budget reconciliation act…sets minimum wage and length of workweek
Term
IRCA
Definition
immigration reform and control act…can’t hire illegals
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