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Business Law Exam 1
Professor Joy Jackson, Westminster College, Fulton Missouri
107
Business
Undergraduate 4
09/19/2017

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Term
law
Definition
the order or pattern of rules society uses to govern the conduct of individuals and their relationships
Term
Principle
Definition
fundamental truth or propisition that serves as the foundation for a system of beliefs or behavior before a chain of reasoning
Term
Principles
Definition
The law consists of a body of ______
Term
Duty
Definition
something a person is obligated to do, but there may not be a law to back it up
Term
Right
Definition
A legal capacity to require another person to refrain from or perform another act
Term
Places rights originate from
Definition
Us constitution
federal acts/statutes/laws along with State and Loacal versions
regulations
treaties
Term
Trail Order
Definition
1.Opening Statements (both sides)
2.Prosecutor presents
3.Defendant presents
4.Evidence
5.Motion for directed verdict (does not happen very often)
6.Closing arguments (reminding jury about evidence and arguments)
7.Jury instructions
8.Verdict
9.Other misc. motions/ motion mistrial/ judgement
Term
Deposition
Definition
when a person is called before a court date to give evidence or statements
Term
Execution of Judgement
Definition
turning a judgement into actual cash owed to someone. They can do this by wage garnishment, bank account withdrawals, general execution, or a judgement lien
Term
Alternative Dispute Resolution
Definition
When parties use means other than litigation to resolve disagreements or disputes
Term
voir dire
Definition
jurors are drawn for service by being questioned by a judge and lawyers to determine whether they are biased or have any preformed judgements about the parties in the case
Term
Arbitration
Definition
disinterest persons selected by the parties to the dispute hear evidence ans determine a resolution
Term
Mediation
Definition
a neutral person acts as a messenger between opposing sides of a dispute, carrying to each the latest settlement offer made by the other
Term
Emmanuel Kant's categorical imperative
Definition
you cannot use others for a one-sided benefit
Term
John Locke/John Rawls social contract theory/theory of justice
Definition
humans will make the decision to treat each other right, and may even come to a decision for a reason that is rooted in self-interest
Term
Nozick's entitlement theory/rights theory
Definition
everyone is entitled to a certain set of rights, and and its the governments job to protect those rights
Term
Ethical egoism
Definition
we all make decisions based on self-interest, even morally righteous ones
Term
Bentham & Mill Utilitarianism
Definition
you want to make the decision that will do that will do the most possible good
Term
Moral Relativists
Definition
your ethical decisions are based on the circumstances you are in
Term
Plato & Aristotle Value Ethics
Definition
The idea that, to be ethical, training and study are required
Term
What business ethics protect
Definition
Ourselves(personal rights, personal interests)
Societal stability
property
safety, health
trade (capitalism)
Contract (personal agreements
Term
Legislative Branch
Definition
one of the three branches of government, makes the laws
Term
Executive Branch
Definition
one of the three branches of government, enforces the laws
Term
Judicial Branch
Definition
One of the three branches of government, interprets the laws
Term
Strict constitutionalist
Definition
the way of viewing the constitution in which what it says is always true
Term
Living document
Definition
the way of viewing the constitution in which the document has changed before, and will probably need to change again if needed over time
Term
27
Definition
number of constitutional amendments
Term
three ways to amend the constitution
Definition
1)by interpretation
2)expressly
3)by practice
Term
Financial powers of the federal government
Definition
Tax
Spending
Borrowing
Printing coin money
Term
Price Fixing
Definition
an agreement among competitors to set the same price, or minimum/maximum prices for good and services.
Term
Monopoly
Definition
one entity has sole control of a supply or trade of a particular good or serrvice. Measured by market power
Term
Administrative Agencies
Definition
these entities fill in the laws ans statutes that are put in place by the state. (departments, commissions, boards, bureaus, administrations)
Term
Felony
Definition
lawbreaking that results in a sentence of more than one year
Term
Misdemeanor
Definition
crimes that result in a sentence of less than a year
Term
2 elements of committing a crime
Definition
mental state/intent
Act or omission
Term
Restitution
Definition
when a criminal is convicted, sometimes they have to pay into a govt fund that will go to people wrong in court crimes
Term
Conspriacy
Definition
multiple people agreeing together to complete an illegal act
Term
money laundering
Definition
concealing the source of a certain amount of money
Term
forfeiture
Definition
govt confiscates property used or gined from crime.
Term
RICO (Racketeer Influences and Corrupt Organizations Act)
Definition
can be used on things other than organized crime.
A pattern of racketeering (dishonest and fraudulent business doings) activity must be established (2 acts within 10 years)
Term
Bribery
Definition
Giving money, property, or any other benefit to influence persons in favor of the gver
Term
Commercial bribery
Definition
giving the money to an agent working on behalf of a principle to sway their decision
Term
extortion
Definition
give to a public officer
Term
Blackmail
Definition
threatening someone publicly to damage their reputation
Term
FCPA
Definition
felony to influence decision makers in other countries
Term
Counterfeiting
Definition
making, with fraudulent intent, a document or coin that appears to be genuine, but it is not becaussue you so not have the authority to make it
Term
Forgery
Definition
fraudulently making or altering an instrument that creates or alters legal liabilities
Term
Uttering
Definition
the crime of issuing fraudulent documents
Term
Perjury
Definition
Knowingly giving false testimony
Term
TORT
Definition
civil actions, some may also violate a criminal statute as well, that affect another person negatively
Term
assault
Definition
conduct that threatens of immediate wrongdoing with intent
Term
battery
Definition
the actual contact physically tuching someone else with intent (but need to show the damages that came with the contact)
Term
Intentional infliction of emotional destress
Definition
outrageous (exceeding all bounds of decency) conduct done to another person that has done damages to a person mentally or otherwise
Term
False Imprisonment
Definition
intentional detention of a person without that person's consent
Term
Misappropriating image/The right of publicity
Definition
when you take someone's image, name, or likeness to use it for your own benefit
Term
misappropriating image/the right of publicity
Definition
when you take someone's image, names, or likeness to use it for your own benefit
Term
defamation
Definition
false statement about another
Term
slander
Definition
spoken defamation
Term
libel
Definition
written (or visual) slander
Term
elements of defamation
Definition
1. make a false statement
2. publish it
3. it causes damages
4. (if a public figure) with malice
Term
Product disparagement
Definition
making false statements of a product or business
Term
trespassing (land)
Definition
unauthorized entry on, across, or below the land
Term
Negligence
Definition
failure to take proper care of something/someone

Elements: duty, breech the duty, which causes damages
Term
Contributory Negligence
Definition
the person contributed to the bad thing that happened because of "negligence"- complete bar
Term
Comparative Negligence
Definition
compare the degree of the fault, and then divide the damages up that way.
Term
4th Amendment
Definition
protects citizens from unreasonable searches and seizures. This protect your privacy.
Term
Assumption of Risk
Definition
Expressed-written (when there is a sign saying not responsible)
Implied- plaintiff participated despite knowing the risks
Term
Immunity
Definition
protection and exemption from something (US Govert, states, cities)
Term
Strict liability
Definition
absolute standard of liability, you are doing something so dangerous, any damage that comes from the act is automatically your fault.
Term
Trademark
Definition
a mare that defines a product
Term
servicemark
Definition
a mark that defines a service
Term
The Landtham Act
Definition
protect your mark by registering it with the US patent and trademark office in DC, internationally, you register it with the Madrid Protocol Sysytem
Term
categories used to describe trademarks
Definition
coined/fanciful arbitrary suggestive (easier to market) descriptive Generic (usually denied protection) Personal name can be used Color cannot be used
Term
Abandonment
Definition
let others use, mark loses its exclusive nature and it becomes generic
Term
remedies for trademark infringement
Definition
1) Cease and desist letter
2) Injunction (Temp court order)
3) Enjoin (permanent court order)
Term
Trade Dress
Definition
product total image (including packaging)
Term
Cybersqautters
Definition
people who take a trademark name and register a domain name of a trademark of a famous person or name
Term
Copyrights
Definition
exclusive rights given by federal statute to the creator of a literary item, or an artist ability to reproduce and display the work for limited times
Literary- books
Music- composition
Dramatic- chreographed
Artistic- maps, paintings, photos
Term
Needs to be copyright holder
Definition
1. has to be original
2. needs to be independantly created by the author
3. Minimal degree of creativity
Term
Rights of the copyright holder
Definition
1. Reproduce work
2. Distribute copies
3. Prepare derivative works
4. Publicly performed
5. Publicly displayed work
Term
Fair use limitation
Definition
1. teaching
2. criticism
3. research
4. news
Term
Factors to consider when applying for a copyright
Definition
1. purpose of the character 2. nature of the work 3. how much do you use the work 4. what is the effect of the use of the copyrighted work on the market
Term
Contributory Infringement
Definition
they had the ability to stop the infringement, but did nothing to stop it
Term
Vicarious Infringement
Definition
they had the ability to stop violating a copyright, but did nothing to stop it
Term
Patent
Definition
3 types-
Utility patent: proces machine, improvement of a device (20 yrs)
Design Patent: ornamental feature (14 yrs.)
Plant patent: 20 years after filing

Always on a first to file basis, and gives rights to sell, produce, or use
Term
Trade Secrets
Definition
example- coca-cola formula. Formula's, devices, confidential customer info. Something that your business uses to gain to gain a distinct advantages from your competitors
Term
dumping
Definition
selling something overseas for less than its net worth
Term
Distributor
Definition
someone who buys a product and sells it to other people
Term
franchising
Definition
type of licensing that lets people use copyrights, trademarks,or patents for a specific situation
Term
UCC/uniform commercial code
Definition
federal law which covers the sale of goods
Term
choice of law provision in contract
Definition
the people in the contract get to pick which state, country, or even county laws are mediating the contract.
Term
Contracts elements
Definition
1.agreements
2.between competent parties
3. based on genuine assent of the parties
4. needs to be a lawful objective
Term
Consideration
Definition
happen both in the offer, and in the acceptance. The offer both had to have value, and the acceptance need to have value
example- a service for money
Term
Necessities
Definition
something you cannot live without (doctrine of necessaries)Things the are necessary for your life, so if you receive them, you are liable to pay for them
Term
Express contract
Definition
an actual written and signed contract or a contract that is discussed beforehand
Term
Implied Contract
Definition
not actually written or spoken about beforehand
Term
Bilateral Contract
Definition
both parties make a promise. (employer/employee)
Term
Unilateral contract
Definition
one party solely makes a promise to another (rewards)
Term
unjust enrichment
Definition
when someone has been overcompensated for something (shocks the conscience)
Term
fraud
Definition
misrepresenting what something can do (makes a contract voidable)
Term
4 characteristics of TORT
Definition
1)duty of reasonable care
2)breach of duty
3)causing something
4)damages
Term
case law
Definition
sets precendednt, on a case by base basis, interprets cases using the precedent set in prior cases. Sometimes expands existing laws
Term
what law protects
Definition
ourselves
stability of society
trade
real property (land, buildings)
personal property (intellectual,smaller possessions)
Term
copyright infringement characteristics
Definition
1) similarity of product
2) strength of mark
3) likelihood to enter others market
4) quality of product
5) sophistication of customers
6) strength of mark
7) lack of good faith
Term
Article 5
Definition
part of the constitution that allows you to expressly amend it, or you can amend it by practice
Term
right to due process
Definition
the right to be heard, question witnesses, and present video evidence before any criminal conviction can occur
Term
rights theory
Definition
Nozick's theory of ethics that we all have a set of rights that must be honored and protected by the government
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