BLAW200 Final – Flashcards
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Compliance with the law
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The "moral minimum" of business ethics
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Duty and outcome based
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Two fundamental approaches to ethical reasoning in a business environment
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Principles rooted in religion
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Duty-based ethical standards very often derive from:
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Categorical Imperative
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The morality of an action should be judged by the effects the action would have if everyone in the same situation or category acted the same way.
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The outcome of actions
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The primary focus of utilitarian ethics
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Foreign Corrupt Practices Act
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An act that prohibits the bribery of a prime minister of a foreign country to further the chances that the company paying the bribe will obtain a lucrative government contract.
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Confederal
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The form of government established in the US right after the Revolutionary War
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Congress to regulate commerce
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The commerce clause of the US Constitution authorizes
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The US Constitution is the supreme law of the land
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The supremacy clause of the U.S. Constitution states that:
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Supremacy Clause
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When a federal law takes precedence over a conflicting state law
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To promote any objective Congress deems worthwhile, so long as it does not violate the Bill of Rights
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Congress may choose to spend taxpayers money:
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Bill of Rights
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The first ten amendments to the US Constitution:
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The power of the federal government only
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The Bill of Rights limited:
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Fullest possible protection
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Courts traditionally give the rights guaranteed in the 1st Amendment:
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not be protected under the Constitution
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Speech consisting of a false statement that harms someone's good reputation will:
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The establishment clause
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prohibits the government from creating a state-sponsored religion
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Enabling legislation is passed by Congress
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The legal action taken to create a federal administrative agency
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Securities and Exchange Commission
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An example of an independent regulatory agency
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Executive agencies are subject to the authority of the president to a greater degree than the independent regulatory agencies are
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The major difference between independent regulatory agencies and executive agencies
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Article I of the Constitution
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The basis for all administrative law
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The fourth branch of government
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Administrative agencies are often referred to as:
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Publish a notice of the proposed rulemaking proceeding in the Federal Register
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The first step when an administrative agency decides to create a new rule
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Duces tecum
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Compels and individual or organization to hand over books, papers, records, or documents to an administrative agency
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Administrative Law Judge
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Charges that an individual or firm violated an administrative rule are first brought before:
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Initial Order
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Following a hearing, an administrative law judge first issues:
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Government-in-the-sunshine Act
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Meetings of administrative agencies must be open to public observation
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Beyond a reasonable doubt
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The standard of proof in a criminal law case is:
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Felony
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For this type of crime you may face federal or state penitentiaries, death penalty, life imprisonment
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Misdemeanor
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You paid a fine and nothing more. You probably committed a:
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Responsible Corporate Officer
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Corporate officers may be held liable for statutory violations committed by employees under their supervision
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Larceny
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Wrongfully or fraudulently taking and carrying away someone's personal property
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Embezzlement
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When a person wrongfully appropriates property that has been entrusted to him or her by another
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Duress
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Being induced to commit a crime by wrongful threatening, a defense to a crime
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Cyber crime
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not a new type of crime but a new way of committing crime- in cyberspace
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Counterfeit Access Device and Computer Fraud and Abuse Act
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Makes a crime those who access or attempt to access computers online, without authorization, to obtain classified, restricted, or protected data
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Provide remedies for the invasion of protected interests
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The basic purpose of tort law:
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Defamation
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Harm to someone's good reputation
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Bona fide competition
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a legitimate defense to wrongful interference
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Conversion
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the wrongful taking, using, or retaining possession of personal property that belongs to another
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Duty of care
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The duty to act as a reasonable person would act in the same circumstances
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Palsgraf v. Long Island Railroad Co.
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Landmark case that established "foreseeability" as a test for proximate cause
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the facts speak for themselves
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Res ipsa loquitur
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Rylands v. Fletcher
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The modern concept of strict liability traces its origins to what famous English case?
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Manufacturers and sellers
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Which groups are product liability laws aimed at holding accountable?
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1. Warning defects 2. Design Defects 3. Manufacturing defects
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Three categories of product defects from the Restatement (3rd) of Torts
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Assumption of risk
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A defense to product liability
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Contract Law
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The type of law that primarily governs franchises
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Must be given a reasonable time to wind up the business
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If no set time is given in a franchise agreement for winding up a franchisee's business, a franchisee:
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Franchisee will be provided with a remedy for wrongful termination
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If a court decides that a franchisor has arbitrarily or unfairly terminated a franchise:
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1. An equal right in the management of the business 2. The sharing of profits or losses 3. Joint ownership in the business
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Essential elements to determine if a partnership exists
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An aggregate or entity
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Partnerships may be classified as general or limited and also as:
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Dissolution
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The first stage in the termination of a partnership
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LLC
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Has the tax characteristics of a partnership, plus the liability of a corporation, was first authorized in the US in 1977 by Wyoming
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Foreign investors are allowed to become LLC members
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A great benefit to LLC
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LLC member
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Someone who has an ownership interest and the limited liability of the company's debts
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There is no uniform law governing them
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A disadvantage to an LLC
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Manager-managed LLC
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The managers may be members only, nonmembers only, or a combination of both
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File a certificate of limited partnership
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In order for an LP to be legally valid, it must:
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Bankruptcy of a general partner
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a LP may be dissolved by this event
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State and federal governments
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Corporations are taxed by:
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S-Corporation
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A corporation whose shareholders have limited liability but avoid corporate income taxes
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Articles of incorporation
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Informs about the corporation, including its organization and functions
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Pierces the corporate veil
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The court disregards the corporate entity and exposes the shareholders to personal liability
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Duty of loyalty and care
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The fiduciary duties of directors and of corporate officers
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Business judgment rule
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Corporate directors and officers are immune from liability for exercising poor business judgment in certain circumstances
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Proxy
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(n.) an agent, substitute; a written permission allowing one person to act in another's place
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Preemptive right
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Stockholders' right to maintain their proportionate interest in a corporation with any additional shares issued.
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Cash, property, or services rendered
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A buyer may use these methods to purchase shares of stock
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Agency
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A fiduciary relationship between two parties, in which one party agrees to represent or act for the other
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Ratification
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A principal's approval or affirmation of a contract that was formed by someone who was not an agent or by an agent who was not authorized to form the contract
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Loyalty, Performance, Notification
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duties of an agent
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Withholding further performance and demanding an accounting
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A remedy an agent may seek when the principal breaches a duty owed to the agent
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The power of attorney
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The person who is given this power has express authority to act as an agent
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Disclosed Principal
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A principal whose identity is known to a third party at the time of a contract
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Respondeat Superior
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The principle is responsible for the agent's torts that are committed in the course and scope of employment
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Vicarious Liability
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Means that an employer may be held liable for an agent's tort regardless of whether the employer know about the action or was personally at fault
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1. Purpose is achieved 2. Lapse of time 3. Operation of LAw
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Methods for terminating an agency
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Deceptive Advertising
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when a reasonable consumer is misled by an advertising claim
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Cease-and-desist order
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an order requiring that unfair or deceptive advertising be stopped
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Telephone or mail-order sales
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The greatest source of complaints to the nation's Better Business Bureaus
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Regulation Z
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Rules designed to implement the provisions of the Truth-in-lending act
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Cooling off laws
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Permit buyers of goods sold door to door to cancel their contracts within a specified time period, usually two or three days
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Safe and effective
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In order for the FDA to approve a drug for sale, the pharmaceutical company must show it is:
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Court may rescind the credit contract
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If a creditor fails to follow exactly the provisions of the TILA:
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true
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State consumer protection laws often provide more extensive protections for consumers than federal laws
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