Shared Flashcard Set

Details

JMC ENT EXAM
To help get your shit together
35
Business
Undergraduate 1
03/29/2016

Additional Business Flashcards

 


 

Cards

Term
What Are the two types of law?
Definition
Common and Statute Law
Term
Describe the difference between Criminal andCivil law
Definition

Criminal is against society.

Civil is a feud between people.

Term

In a civil law case;

describe the difference between

Plaintiff and

Defendant

Definition
Plaintiffmakes the complaint, Defendantis defending themselves in regards to that complaint
Term

 

The rule of law is connected to which concept within the Australian Constitution?

Definition
The Separation of Powers
Term
What are the 4 methods of despute resolution used instead of litigation?
Definition

(F MAN!)

 

Facilitation

Mediation

Arbitration

Negotiation

Term
What are the 4 main types of law in Australia?
Definition

(CELD!)

 

Common Law

Equity

Legislations

Delegated Legislation

Term
Which source of law underpins the concept of Fairness and Justice
Definition
Equity
Term
Acts of Parliament are also known as what?
Definition
Legislation
Term
What specific action does an enabling act serve?
Definition
It empowers statutory athorities to create laws.
Term
What are the 3 key elements that a plaintiff must prove in an action of negligence?
Definition

1- That a duty of care was owed to you

2- That there was a breach of duty of care

3- That there is an actionable loss that was forseeable

Term

The term TORT is a general heading for a number of legal actions.

Name 4 key areas TORT can be applied to.

Definition

(NSTD!)

[or N(o) STDS! thats what helps me remember it anyway]

 

Negligence

Slander

Tresspass

Deceit

Term
In a Criminal case, the prosecution must be able to prove that the law was:
Definition

"Broken Beyond a reasonable Doubt"

 



Term
In a civil law case, proving the law is based on?
Definition
The Balance Of Probabilities
Term
Name the 4 legal actions that can be applied to the majority of legal cases.
Definition

(PBBB!)

 

Prosecution

Breach of contract

Preach of Tortuous Law

Breach of Statutory Duty

Term
What is the main difference between a Barrister and a Solicitor?
Definition
Solicitor builds the case whilst the Barrister pleads your case in court
Term
The Australian Security and Investment Commission (ASIC) create ad govern which area of law?
Definition
Corporation Law
Term
What are the 4 main business structures?
Definition

 

1- Sole Trade

2- Partnership

3- Company

4- Joint Venture

Term
According to their validity, what are 5 categories that contracts can be classified under?
Definition

1- Valid Contract

2- Void Contract

3- Voidable Contract

4- Under Enforceable Contract

5- Illegal Contract

Term
Define the difference between and executed contract and execurity contract
Definition

Executed - When one party has performed their part

 

Executory - When both parties have not completed their obligations

Term
Contracts can be formed expressively, impliedly or independently of the wishes of the partied by operation of law. Which type of contract is created by te operation of law?
Definition
Quasi Contract
Term
What are the 6 essential elements required to form a contract?
Definition

(FROLIC!)


Form (Or Consideration)

Reality of Contract

Offer and Acceptance

Legality of object

Intention to create a legal relationship

Capacity of parties

Term
Under the Sale Of Goods Act, the 3 types of goods that can be the subject of a contract are?
Definition

1- Specific goods

2- Unascertained goods

3- Future goods

Term
Define "Specific Goods"
Definition
In existence and identifyable at the time of contract.
Term
Define " Unascertained Goods "
Definition
Not identifiable at the time that the contract was made.
Term
Define "Future Goods"
Definition
Manufactured by the seller adter the contract is made.
Term
IP (Intellectual Property) refers to a bundle of rights that can generally be put into 4 categories. Name those 4 Categories
Definition

1- Copyrights

2- Patents

3- Trademarks

4- Design

Term
Provide an example of Copyright
Definition
Song, Script or Photo.
Term
Provide an example of a Patent
Definition
A right granted for a device or process which is new
Term
Provide an example of a Trademark
Definition
Makes it possible to distinguish your goods and services from others.
Term
Provide an example of a Design
Definition
Overall appearance of your product (i.e. the designs visual features)
Term
When is a contract deemed to be valid?
Definition
It is enforceable by law when all of the six elements (FROLIC) are present.
Term
Provide an example of why a contract may be considered voidble
Definition
If a party enters a contract under misrepresentation, duress or under the influence of mind altering substances.
Term
When could a contract be considered uninforeable?
Definition

If all elements are present but a technicality made it impossible to be enforces.

 

OR 

 

If the contract required the assignment of copyright to be in writing and it was not.

Term
When could a contract be considered illegal?
Definition
When the object of the contract is to be considered illegal under common or statute law. (i.e. burglary, murder, e.t.c)
Term

Unquestionable Conduct, Unfair Practices, Product Safety, Manufacturers and Importers Liability.

 

These come under the jurisdiction of which act?

Definition
The Consumer and Competition Act (2010) - Commonwealth
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