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Business Law Exam 1
tturkette
136
Business
Undergraduate 3
09/19/2012

Additional Business Flashcards

 


 

Cards

Term
Deontology
Definition
looks at all steps, not just the end. (THE END DOESN'T JUSTIFY THE MEANS)
Term
Social Ethics Theories

 

-Social Egalitarians 

Definition
believe that society shold provide all its members with equal amounts of goods and services regardless of their relative contributions (e.g. Karl Marx) (Communism)
Term

Social Ethics Theories

 

Distributive Justice 

Definition
stresses equality of opportunity rather than results (level the playing field)
Term

Social Ethics Theories

 

Libertarians

Definition
Stress market outcomes as the basis for distributing society's rewards. (society controls all)
Term

Arguements against Social Responsibility

 

Profitability 

Definition
Because corporations are artificial entites establishd for profit-making activities, their only social obligation should be to return as much money as possible to shareholders.
Term
unfairness
Definition
Whenever corporations engage in social activities such as supporting the arts or education, they divert funds rightfully belonging to shareholders and/or employees to unrelated third parties
Term

Arguements against Social Responsibility

 

Accountability

Definition
a corporation is subject to less public accountability than public bodies.
Term

Arguements against Social Responsibility

 

Profititability

Definition
because corporations are artificial entities established for profit making activites their only social obligation should be to return as much money as possible to shareholders.
Term

Arguements FOR Social Responsibility

 

The Social Contract 

Definition
society allows for the creation of corporations and gies them special rights so corporations are responsible to society.
Term

Arguements FOR Social Responsibility

 

*Less Government Regulation 

 

Definition
by taking a proacive role, corporations create a climate of trust and respect that has the effect of reducing governemtn regulation
Term
Arguments FOR Social Responsibility

-*Goodwill
Definition
corporate ethical behavior and social involvement creates goodwill, which simply makes good business sense
Term
Fiduciary Duty
Definition
a corporations fundamental legal duty is to its shareholders
Term
Right of Appeal
Definition
is to the District Court of Appeal. You have a right to appeal in this court
Term
Discretionary Review
Definition
is to the FLorida Supreme Court. Decides if they will hear appeal case
Term
Stare Decisis
Definition
the doctrine that once an issue has been decided by a court, all courts MUST follow that decision even if they do not agree with it.
Term
Stare Decisis

-Subject matter Jurisdiction
Definition
authority of a court to decide a particular kind of case, based on either the type of claim or amount at issue.
Term
Stare Decisis


-Jurisdiction over the Parties
Definition
the power of a court to bind the parties to a suit.
Term
Subject Matter Jurisdiction

-Exclusive
Definition
Federal crimes, bankruptcy, antitrust, patent, trademark, copyright, and other specified cases.
Term
Subject Matter Jurisdiction

Concurrent Federal/State Jurisdiction
Definition
(concurrent means more than one court has authority to hear the same case).
Term
Example of Concurrent Federal/State Jurisdiction
Definition
State and Federal courts have concurrent jurisdiction over (1) Federal question cases (cases arising under the Constitution, statues, or treaties of the United States) that do not involve exclusive Federal jurisdiction and (2) diversity of citizenship cases involving more than $75,000
Term
Subject Matter Jurisdiction

--Exclusive State Jurisdiction
Definition
State courts have exclusive jurisdiction over all matters to which the Federal judicial power does not reach
Term
Subject Matter Jurisdiction

--Removal Jurisdiction
Definition
In most circumstances, when a case is filed in state court where there is concurrent jurisdiction, the defendant may remove it to Federal Court
Term
Jurisdiction over the Parties

--In Personam Jurisdiction
Definition
jurisdiction based upon claims against a person, in contrast to jurisdiction over the persons property.
Term
Natural Law
Definition
the law is an inherent, intuitive set of principles
Term
legal positivism
Definition
the law is what established and stated to be
Term
legal realism
Definition
the law is what the particular decision- maker decides it to be
Term
crictical legal studies
Definition
the law is an implement of societal control to maintain the pwoer of th elite class
Term
substantive law
Definition
law creating rights, duties and remedies
Term
procedural law
Definition
rules for enforcing substantive law through adminstrative or judical processes
Term
public law
Definition
law dealing with the relationship betweeen govt and indiv's [ constitutional, criminal and adminstrative law]
Term
private law
Definition
law governing the relationships among indiv's and/or legal entitites such as corporations
Term
constitutional law
Definition
fundamental law of a govt establishing its powers and limitations
Term
judical law
Definition
common law: body of law developed by the courts
Term
legislative law
Definition
statues or ordinances adopted by legislative bodies (includes Treaties) [state,congress]
Term
adminstrative law
Definition
rules,regulations, orders, and decisions made by adminstrative agencies
Term
restatement of laws
Definition
a scholarly; researched summary of the general principles of common law in a particular area of law
Term
uniform acts
Definition
model statue drafted by conference and adopted by a number of states. UCC, UPA, etc/ model of state law [ex: drinking age law has been adopted by all states]
Term
hiearchy of courts

--FL Courts
Definition
State courts
1. FL county courts
2. FL circuit courts
3. FL District Court of appeals
4. FL Supreme Court
Term
Hiearchy of courts

--US Courts
Definition
U.S Courts
1. U.S District courts
2. U.S Circuit court of appeals
3. U.S Supreme court
Term
Legal analysis

Jackson bought a new car and was going to sell his old one for 2500. His cousin trina called and said she needed a car, so jackson said he'd give it to her for free. The next day a coworker offered 3500 for the car, and he sold it to the coworker instead. Did jackson have the right to sell the car or did he legally gave it to a Trina as a gift?
Definition
Because the donor(Jackson) didnt deliver the car to the doner(Trina), legally no gift was made, Jackson was free to sell the car
Term
ethical fundamentalism
Definition
indiv's look to a central authority or set of rules to guide them in ethical decision making
Term
ethical relativism
Definition
actions must be judged by what indiv's subjectively feel is right or wrong for themselves
Term
situational ethics
Definition
one must judge a person's actions by first putting oneself in the actor's situation. (put yourself in their shoes)
Term
utilitarianism
Definition
moral actions are those that produce the greatest net happiness for society as a whole compared with net pain (E.G Jeremy Bentham)
Term
act utilitarianism
Definition
assesses each act separately accoridng to whether it maximizes good over bad
Term
rule utilitarianism
Definition
supports rules that on balance produce the greatest pleasure for society
Term
cost-benefit analysis
Definition
quantifies the benefits and cost of alternatives.
Term
slander
Definition
spoken defamation
Term
appropriation of name or identity
Definition
unauthorized use of a person's identity
Term
intrusion into seclusion
Definition
unreasonable and offensive interference with the seclusion of another
Term
public disclosure of private facts
Definition
offensive publicity of private information
Term
false light
Definition
offensive and misleading publicity about another
Term
trespass
Definition
wrongfully entering land of another
Term
nuisance
Definition
notrespassory interference eercise of control over another's personal property
Term
conversion
Definition
unauthorized intentional exercise of control over another's personal property
Term
interfernce with contractual relations
Definition
intentionally causing one of the parties to contract not to perform
Term
disparagement
Definition
publication of false statements about another's property or products; ' business defamation'
Term
fraudulent misrepresation (fraud)
Definition
false statement, made with knowledge of its falsity, intended to induce another to act
Term
consent
Definition
a person may not recover for injury for an incident to which he willingly and knowingly consents.
Term
self-defense
Definition
a person may take appropriate action to prevent harm to himself where time does not allow resort to the law
Term
legal privilege
Definition
parties may be legally entitled to act in certain ways
Term
freedom of speech
Definition
1st amendment that protects most speech
Term
corporate political speech
Definition
corporation's right to speak out on political issues
case (Citizen's United)
Term
commercial speech
Definition
expression related to the economic interests of the speaker and the audience, receives a lesser degree of protection
Term
defamation
Definition
tort consisting of a false communication that injure's a person's reputation
Term
due process
Definition
5th amendment-congress
14th amendment-states
prohibit the Fed and State gov'ts from depriving any person of life, liberty,property w/o due process of law
Term
substantive due process
Definition
determination of whether a particular governmental action is compatible w/ individual liberties
Term
procedural due law
Definition
requires gov't decision making to be fair and impartial if it deprives a person of life,liberty,or property
Term
independent administrative agencies
Definition
leaders of these agencies are appointed for set terms and usually cant be fired
Term
function of administrative agencies(rulemaking)
Definition
process by which adminstrative agencies promulgate rules of law
Term
legislative rules
Definition
substantive rules issued by an administrative agency under the authority delegated to it by the legislature
Term
interpretative rules
Definition
statements issued by an administrative agency indicating how it construes its governing statute
Term
enforcement
Definition
many agencies have investigative authorities to obtain info to determine whether rules have been violated
Term
adjudication
Definition
formal methods by which an agency resolves any disputes
Term
judicial review
Definition
acts as a control to check by a court on a particular rule or order of administrative agency
Term
debarment
Definition
when a business can no longer do business with the government (get liquor licenses, etc)
Term
In Rem Jurisdiction
Definition
Jurisdiction based on claims against property located in PERSONAM JURISDICTION
Term
Personam Jurisdiction may exist when?

***3 qualifications***
Definition
1. A person is a resident of a state
2. is served while being present in a state
3. based on a long-arm statue
Term
Long-Arm Statues
Definition
Statue that allows states to excercise jurisdiction over out-of-state defendants when there is a connection between the defendant and an event in the state
Term
Civil Procedures 1-4
Definition
1. Plaintiff drafts initial pleadings, including summons and complaints.
Term
Civil Procedures 2-4
Definition
2. Plaintiff files complaint in appropriate court and has summons issued.
Term
Civil Procedures 3-4
Definition
3. Plaintiff summons and complaint served on Defendant(s).
Term
Civil Procedures 4-4
Definition
4. Defendant(s) must answer, typically within *20 days* of service, or default may be entered.
Term
The Answer Phase
Definition
Defendant may respond in a variety of ways
Term
Motion to Dismiss
Definition
Defendants may move to dismiss complaint prior to answering; these defenses may also be included in the answer.
Term
Answer
Definition
Defendant's pleading in response to the plaintiff's complaint. May include affirmative defenses; (Counter, Cross, or Third Party Claims)
Term
Summary Judgement
Definition
Final ruling by the judge in favor of one party based on evidence disclosed by discovery.
Term
Arbitration
Definition
A non-judicial proceeding in which a neutral party selected by the the disputants renders a binding decision(award).

**(Arbitration is increasingly common)**
Term
Mediation
Definition
a formal nonbonding process in which a qualified third party acts as an intermediary between the disputing parties and proposes solutions for them to consider
Term
Disposition By Motion
Definition
In most states, much more common in federal court than in state court.
Term
Federalism
Definition
The division of governing power between the federal government and the states.
Term
Federal Supremacy
Definition
Federal law takes precedence over conflicting state law.
Term
Federal Preemption
Definition
Right of the federal government to regulate matters within its power to the exclusion of regulation by the states.
Term
Judicial Review
Definition
Court examination of government actions to determine whether they conform to the U.S. Constitution.
Term
Separation of Powers
Definition
Allocation of powers among executive, legislative, and judicial branches of government.
Term
State Action
Definition
actions of governments to which constitutional provisions apply. The constitution does not limit private behavior- it may only protect it.
Term
Federal Commerce Power
Definition
Exclusive power of the federal government to regulate commerce with other nations and among the states.
Term
Felony
Definition
A serious crime!
Term
Misdemeanor
Definition
A less serious crime lower degree number os more severe
Term
Capital felony (highest punishment level)
Definition
Death penalty
Term
Actus Reus
Definition
A wrongful or prohibited act (battery homicide)
Term
Mens Rea
Definition
criminal intent or mental fault
Term
Vicarious Liability
Definition
liability imposed for acts of employees if the employer directed, participated in, or approved of the the acts.
Term
Liability of a Corporation
Definition
under certain circumstances a corporation may be convicted of crimes and punished by fines
Term
Larceny
Definition
non-consentual taking and carrying away of personal property of another with the intent to deprive the victim permanently of the property.
Term
Embezzlement
Definition
taking of another's property by a person who was in lawful possession of the property
Term
False Pretenses
Definition
obtaining title to property of another by means of representation one knows to be materially false; made with intent to defraud
Term
Robbery
Definition
committing larceny with the use or threat of force
Term
Burglary
Definition
under most modern statues, an entry into a building with the intent to commit a felony
Term
Extortion
Definition
making unlawful threats to obtain money or property
Term
Bribery
Definition
offering money or property to a public official to influence the official's decision
Term
Forgery
Definition
intentional falsification of a document to defraud
Term
Bad checks
Definition
knowingly issuing a check without funds sufficient to cover the check
Term
Defense of Person or Property
Definition
individuals may use use reasonable force to protect themselves, other individuals, and their property
Term
Duress
Definition
coercion by threat of serious bodily harm;a defense to criminal conduct other than murder
Term
Mistake of Fact
Definition
honest and reasonable belief that conduct is not criminal (intent crimes only)
Term
Fourth Amendment
Definition
protects individuals against unreasonable searches and seizures
Term
Fifth Amendment
Definition
protects persons against self-incrimination (miranda rights), double jeopardy, and being charged with a capital crime except by grand jury indictment. Requires due process
Term
Sixth Amendment
Definition
provvides the accused with the right to a speedy and public trial, the opportunity to confront witnesses, process for obtaining witnesses, and the right to counsel
Term
eighth Amendment
Definition
prohibits excessive bail, and excessive fines or cruel and unusual punishments
Term
Tort
Definition
from the latin meaning twisted, it is an action that is wrongful under civil law
Term
Intentional Tort
Definition
A tort in which the wrongful action was undertaken deliberately with the intention to cause the specific act to occur or was taken knowing that it would occur
Term
Assault
Definition
intentional infliction od apprehensive of immediate bodily harm or offensive contact.
Term
Battery
Definition
intentional infliction of harmful or offensive bodily contact
Term
False imprisonment
Definition
intentional and unreasonable confining of a person against her will
Term
Infliction of Emotional Distress
Definition
extreme and outrageous conduct causing severe emotional distress
Term
Defamation
Definition
false communication that injures person's reputation
Term
Libel
Definition
written or electronically transmitted defamation
Term
Federal Commerce Power
Definition
Exclusive power of the federal government to regulate commerce with other nations and among the states.
Term
State Regulations of Commerce
Definition
The "Dormant" commerce clause of the constitution restricts the states' power to regulate activities if the result obstructs interstate commerce.
Term
Types of laws are likely to be invalid
Definition
Laws that levy taxes on goods moving in commerce through the state (except sales taxes to retail purchasers); Laws the unduly burden interstate commerce, such as by strict regulation.
Term
Enron (US v. Kenneth Lay et al)
Definition
defendants were prosecuted for securities fraud due to the
filing of false financial statements
Term
US v. Arthur Andersen
Definition
AA was prosecuted for obstruction of justice when one of its partners
shredded documents, but the conviction was reversed by the Supreme Court
Term
Granholm v. Heald
Definition
state laws discriminating against out–of-state direct sellers of wine violated
the dormant commerce clause, and were not authorized by the 21st Amendment
Term
Kelo v. City of New London
Definition
government may use eminent domain to acquire property as part
of a government-sponsored redevelopment plan, even if the property will eventually be used by
private businesses
Term
Citizens United v. FEC
Definition
campaign laws limiting corporations from spending money for
independent political speech are invalid under the First Amendment
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