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Fianl Exam
Key Terms
113
Business
Undergraduate 1
12/05/2007

Additional Business Flashcards

 


 

Cards

Term
acceptance
Definition
a voluntary act by the offerree that shows agreement to the terms of an offer
Term
Easement
Definition
a right held by one property owner to make use of the land of another for a limited purpose, as right of passage.
Term
litigation
Definition
The process of resolving a dispute through the court system
Term
substantive due process
Definition
Deals with interstate travel, privacy, voting and all first amendments.
Term

act of state

Definition
jududicial branch of one country will not examine the validity of public acts commited by a reconginized foreign gov. within its own territory.
Term
embezzlement
Definition
to appropriate fraudulently to one's own use, as money or property entrusted to one's care.
A white-collar crime
Term
LLC
Definition

limited liability company

shareholders cannot be assessed for debts of the company beyond the sum they still have invested in the company.

Term
tariff
Definition
tax on imported goods
Term
eminent domain
Definition
the power of the state to take private property for public use with payment of compensation to the owner.
Term
LLP
Definition

Limited Liability Partnership

partners have the right to manage the business directly, and (in many areas) a different level of tax liability than in a corporation.

 

Term
environmental impact statement
Definition
Required for every major federal action that significantly impacts the environment. they must state environment, any adverse affects and iriversible impact.
Term
adverse possession
Definition
the open and exclusive occupation and use of someone else's real property without permission of the owner continuously for a period of years prescribed by law, thereafter giving title to the occupier-user.
Term
Age Discrimination in Employment Act
Definition
employers cannot discriminate against a person because of there age.
Term
mediation
Definition
implies deliberation that results in solutions that may or may not be accepted by the contending parties.
Term
Title VII
Definition
prohibits discrimination by covered employers on the basis of race, color, religion, sex or national origin
Term

agent duties

(5)

Definition
  • performance
  • loyalty
  • obedience
  • accounting
  • notification
Term

environmental laws

Definition

Clean air act 1963

clean water act 1972

CERCLA

Term

Miranda Rights

Definition

must be informed of rights

EXCEPTION

  • public saftey
  • failure to inform
  • conviction
  • legalty of evidence
Term

torts

(2)

Definition

Intentional- worongful act knowingly committed

 

Unintentional- negligence, duty, breach, causation and damages

Term
EPA
Definition
Attempt to update pollution control
Term
misdemeanor
Definition

crime punishable to up to a year in prison

minor crime

ex- hit and run

Term
trade dress
Definition

the overall image of a product used in its marketing or sales that is composed of the nonfunctional elements of its design, packaging, or labeling (as colors, package shape, or symbols)
ex- menue and decor

Trade dress is protected by the Trademark (Lanham) Act of 1946

Term
antilapse
Definition
 property that is willed to someone who dies before the writer of the will
Term

trade secret

Definition

a secret process, technique, method, etc., used to advantage in a trade, business, profession, etc.

ex- recipe

Term
apparent authority
Definition
principal leads a third party to believe that an agent has authority to bind the principal, even where the agent lacks the actual authority to bind the principal. In such circumstances, the law will hold the principal liable for the acts of the agent, out of fairness to the third party. There must be some act or some knowing omission on the part of the principal
Term
equal protection
Definition

14th amendment

no state shall… deny to any person within its jurisdiction the equal protection of the laws."

Term
trademark
Definition

any name, symbol, figure, letter, word, or mark adopted and used by a manufacturer or merchant in order to designate his or her goods and to distinguish them from those manufactured or sold by others.

ex- golden arches

Term

negligence

 

Definition

unintentional tort

1. was there a duty of care owed

2. Did the defendant breach a duty of care

3. did the plaintiff sufer recognizable injury

4. did the defendant breach cause the plaintiff injury

Term

arbitration

Definition
where the third party decides for the two parties in dispute
Term
ethics
Definition

what constitutes right and wrong

to establish an eithical tone in the work place you can: create a code of conduct, compliance program, an moral minnimum.

Term
negotiation
Definition
dispute setteled out of court between the two parties
Term
undue influence
Definition
contract can be determined illegal if there has been undue influence
Term
arbitration clause
Definition
a contract that requires the parties to resolve their disputes through an arbitration process.
Term
nominal damages
Definition

very small damages awarded to show that the loss or harm suffered was technical rather than actual.

The $1 award

Term
unilateral contract
Definition
a one-sided agreement whereby you promise to do (or refrain from doing) something in return for a performance (not a promise) 
Term
assault
Definition

reasonably believable threat

type of intentional tort

Term
offer
Definition

a promise or commitment to perform

  • must be serious
  • must be reasonable
  • must be communicated
Term
utilitarianism
Definition

ethical doctrine that conduct should be directed toward promoting the greatest happiness of the greatest number of persons.

 

COST BENIFT ANAYLSIS

Term
Attorney Fees
Definition

money you pay to your attorney

usually fixed

Term
partnership
Definition
arise from an agreement expressed or implied between two or more people
Term
venue
Definition

The proper place to hold a trial

one of the three things needed to for a court to try a case.....the other two are jurisdiction, and petition 

Civil case- where the defendant reesides

Crimminal case- where the crime occured

Term
Attorney Relationship
Definition

before entering a contract

making a wil or planning an estate

family change (marriege, divorce)

accident resulting in personal injury

Term
expropriation
Definition
to take possession of, esp. for public use by the right of eminent domain, thus divesting the title of the private owner
Term
patent
Definition

the exclusive right granted by a government to an inventor to manufacture, use, or sell an invention for a certain number of years

Aquired- filing an application

duration- 20years

remedy- royalties and lost profits plus attorneys fees-they can be tripled if it was intentional

Term
warranty deed
Definition
 grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer). The guarantee is not limited to the time the grantor owned the property—it extends back to the property's origins.
Term
battery
Definition

unprivleged offensive touching of another

type of intentional tort

Term
fee simple
Definition
absolute ownership, on death the property descends to the owner's heirs
Term
Worker's Compensation
Definition

paying for injuries that are work related

accidental- happened on the job

intentional self inflicted- not covered

injury while communting to work- not covered

employee must notify e'er within 30 days

acceptance of workers comp bars litigation for negligence

Term
bilateral contract
Definition
a contract involving mutual promises (each party is both promisor and promisee) 

 

Term
fee simple defeasible
Definition
grantor places a condition on a fee simple estate (in the deed). Upon the happening of a specified event, the estate may become void or subject to annulment
Term
precedent
Definition

authoritative rule or pattern in future similar or analogous cases.

No precedent court can  look at public policy and/or social customs

Term

Natural Law School

Definition

moral theory of law "what is right"

humans discovers law through thought and prayer

  • based on reality
  • same for all humans
  • its an unchanging rule or pattern
  • humans can giude themselves
  • knowable moral law

 

Term

wrongful interference

3 elements

Definition

a vaild enforceable contract must exist between two parties

a third party must know the contract exists

a third party must intentionally cause either of the two parties to breach the contract

Term

breach

4 categories

Definition

compensatory- covers direct losses and costs

consequential- covers  forseable losses

puntive- punish and deter wrongdoing

non punitive

Term

felony

4 degrees

Definition

capital - death

first degree- life in prison

second- ten years

third- five years

murder, rape, or robbery

Term
prima facie case
Definition
denotes evidence that (unless rebutted) would be sufficient to prove a particular proposition or fact.
Term
bribery
Definition
illegal and unethical
Term
First Amendment
Definition
freedom of worship, of speech, of the press, of assembly, and of petition to the government for redress of grievances
Term
principal duties
Definition

Compensation- pay agreed value

reimbursment- 

cooperation- help getting job done

safe woking conditions

Term
capacity
Definition
  • minors persons under 18
  • voidable at the option of the minor
  • disafermance
  • ratification
  • mentally incopetant
  • intoxication
Term
force majeure
Definition
a clause in a contract that says certain unforseable events- such as war, or acts of god- will excuse a party from liability for nonperformance
Term
categorical imperative
Definition

Kantian Ethics

duty based

individuals evalute actions in light of what everyone else would do

Term
Foreign Corrupt Practices Act
Definition

One basic provision of the FCPA is that it prohibits U.S. partnerships, companies, and organizations from not only giving payments but also offering or authorizing payments to foreign officials or political parties with the objective of encouraging or assuring business relationships.

*Stop bribery*

Term
profit
Definition
In real property the right to enter upon and remove things from the property of another
Term

puffery

Definition
exagerated claims or opinions
Term
choice-of-language
Definition
designates the official language of interpertation
Term
choice-of-forum
Definition
desigantes the court, jurisdiction, or tribunal
Term
punitive damages
Definition
money damages that may be awarded to a plaintiff to punish the defendant and deter future conduct
Term
choice-of-law
Definition
designates what law will govern
Term
Hiring an Attorney
Definition

comparison shopping

Questions: expiernce? rates? alternatives? documentation? *How will you keep me informed*

Term
quitclaim deed
Definition

person (the "grantor") disclaims any interest the grantor might have in a piece of real property, and passes that claim to another person (the grantee). A quitclaim deed neither warrants nor professes that the grantor's claim is actually valid.

*No promises*

Term
click-on agreement
Definition

computer contract

"I Agree"

Term
Historical School
Definition
looks at the past to discover what the principle of contemporary law should be
Term
quota
Definition
A set limit on the amount of goods that can be imported
Term
comity
Definition
one nation defers and gives effect to the laws and judicial decrees to another nation
Term
implied authority
Definition
of an individual to make a legally binding contract on behalf of an organization, by way of uniform or interaction with the public on behalf of that organization. When a person is wearing a uniform or nametag bearing the logo or trademark of a business or organization; or if that person is functioning in an obviously authorized capacity on behalf of a business or organization, that person carries an Implied Authority of Contract.
Term
reformation
Definition
a court ordered correction of a written contract so that it refelects  the true intentions of the parties
Term
compensatory damages
Definition
A money award equivalent to the actual vlaue of the injuries or damages
Term
implied-in-fact contract
Definition
contract formed  in whole or in part from the conduct of the parties
Term

implied-in-law contract

Definition

Quasi contract

lmplied by the courts

Term
rescission
Definition
unmaking of a contract between the parties
Term
consequential damages
Definition

foseable damages

ex- loss of profits

Term

revocation

Definition

withdraw by express statement or perfomance

effective when recieved

offers to public

Term
consideration
Definition

needed in order to have a valid contract

something of value

Term
incontestability clause
Definition
insurance policy stating that the insurer cannot contest the policy after a stated period of time
Term
sexual harassment
Definition

Quid pro Quo- _in exchange for_

Hostile enviroment

Same gender harrassment

online harrassment

Term

Conversion

Definition
wrongfully taking or retaining possession of an individuals personal property
Term
infancy
Definition
the period of life to the age of majority, 21 years at common law but now usually 18; minority; nonage
Term
shrink-wrap agreement
Definition
terms are expressed in a document located inside a box of goods (usually software)
Term
copyright
Definition

intellectual property

applies exclusivley to  works of art, literature and other works of authorship

Term
intoxication
Definition

in terms of contracts:

gen. rule- viodable even if intoxication was voluntary

Exception: when you understand the consequences

Term
Sociological School
Definition
legal thought  that views the law as a tool for promoting justice in society
Term
counteroffer
Definition
rejects the original offer but offers a new deal
Term
joint tenants
Definition

each party owns an undivided interest that passes to surving tenants at death

"Last man Standing"

Term
sole proprietorship
Definition

Advantages:

  • owner recieves all profits
  • easiest and least expensive
  • ultimate control

Disadvatages:

  • unlimited liability
  • lacking continuity
  • limited liability to raise capital
Term
crime
Definition
crimminal law
Term

joint venture

 

Definition
normally is not legal entity and is treated like a partnership
Term
sovereign immunity
Definition
immunizes foreign nations from the jurisdiction of the U.S courts
Term
crime v. tort
Definition

tort: defendandt sues and the assailient may have to pay for damdges

crimes: The state prosecutes the assailent, and a court decides to either fine or send to jail

Term
jurisdiction
Definition
the authority of a court to hear and decide a specific action
Term

defamation

Definition

anything published or spoken that cause injury to anothers good name reputation or character

slander- verbal

liable- written

Term
specific performance
Definition
equitable remedy requiring the performance that was specified in the contract
Term

standing to sue

 

Definition

sufficient stake in the case

justicable controversay

Term
license
Definition
a revocable right or privelage of a person to come onto another persons land
Term
stare decisis
Definition
judges follow precendants
Term
dumping
Definition

selling goods in a foreign country for less than market price.

US has laws against this

Term

life estate

Definition
an interest in land that only lasts for the duration of the persons life
Term
duress
Definition
Forcing a party to take action based on fear, created by threats blackmail or extortion
Term

Statute of Frauds

Definition

States that certain contracts must be in writing

Term
liquidated damages
Definition
estimation of damages that will occur in the event of a breach
Term
substantial performance
Definition
can be a basis for the discharge of a contract
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