Business Law Chapter 1-6 Essay

question

Business Law
answer

Enforceable rules of conduct that govern commercial relationships
question

Private Law
answer

Involves disputes between private individuals or groups
question

Public Law
answer

Involves disputes between private individuals or groups and their government
question

Civil Law
answer

Involves the rights and responsibilities involved in relationships between persons and between persons and their government
question

Criminal Law
answer

Involves incidents in which someone commits an act against the public as a whole
question

Ethics
answer

The study and practice of decisions about what is good or right
question

Business Ethics
answer

The application of ethics to the problems and opportunities experienced by businesspeople
question

Ethical Dilemma
answer

A problem about what a firm should do for which no clear, right decision is available
question

Social Responsibility of Business
answer

Expectations that the community imposes on firms doing business inside its borders
question

WPH
answer

Who, Purpose, How
question

WHO (stakeholders)
answer

consumers, owners or investors, management, employees, community, future generations
question

PURPOSE (values)
answer

freedom, security, justice, efficiency
question

Freedom (P)
answer

To act without restriction from rules imposed by others To possess the capacity or resources to act as one wishes To escape the cares and demands of this world entirely
question

Security (P)
answer

To possess a large enough supply of goods and services to meet basic needs To be safe from those wishing to interfere with your property rights To achieve the psychological condition of self-confidence such that risks are welcome
question

Justice (P)
answer

To receive the products of your labor To treat all humans identically, regardless of race, class, gender, age, and sexual preference To provide resources in proportion to need To possess anything that someone else was willing to grant you
question

Efficiency (P)
answer

To maximize the amount of wealth in society To get the most from a particular output To minimize costs
question

HOW (guidelines)
answer

The Golden Rule, Public Disclosure Test, Universalization Test
question

Original Jurisdiction
answer

The power to hear and decide cases when they first enter the legal system
question

Appellate Jurisdiction
answer

The power to review previous judicial decisions to determine whether trial courts erred in their decisions
question

In personam jurisdiction
answer

The power to render a decision affecting the rights of the specific persons before the court
question

Subject-matter jurisdiction
answer

The power to hear certain kinds of cases
question

Steps in Civil Litigation
answer

The Pretrial Stage: informal negotiations, pleadings, service of process, defendant’s response, pretrial motions, discovery, pretrial conference The Trial: jury selection, opening statements, examination of witnesses and presentation of evidence, closing arguments, jury instructions Post-Trial Motions: motion for judgment in accordance with verdict, motion for judgment notwithstanding verdict, motion for new trial
question

Alternative Dispute Resolution
answer

The resolution of legal disputes through methods other than litigation, such as negotiation, mediation, arbitration, summary jury trials, mini-trials, neutral case evaluations, and private trials
question

Binding Arbitration Clause
answer

A provision in a contract mandating that all disputes arising under a contract must be settled by arbitration
question

Administrative Law
answer

Consists of substantive and procedural rules created by administrative agencies
question

Administrative Agency
answer

Any governmental body of the city, county, state or federal government
question

Administrative Law Judge
answer

Presides over administrative hearing; may attempt to encourage parties to settle, but has power to enter binding decision
question

Executive Agency
answer

Generally within executive branch of government, under a “cabinet-level” department; also referred to as “cabinet-level” agency
question

Independent Agency
answer

Governed by board of commissioners appointed by president, with “advice and consent” of U.S. Senate
question

Hybrid Agency
answer

Characteristics of an executive and independent agency
question

Limitations on Agency Powers
answer

political, statutory, judicial, informational
question

Political Limitations
answer

The Senate must approve agency heads’ Congress has power over agency budgets
question

Statutory Limitations
answer

Congress may create or eliminate agencies and amend enabling legislation; Congress reviews and may override agency rules
question

Judicial Limitations
answer

Interested parties may challenge administrative rules in the courts which may review the agency’s findings of facts, its interpretation of the rule, and the scope of the agency’s power in making the rule
question

Informational Limitations
answer

The Freedom of Information Act, Government in Sunshine Act, and Privacy Act of 1974 specify agencies’ responsibilities regarding public access to information
question

First Amendment
answer

Protects freedom of religion, press, speech, and peaceable assembly Ensures that citizens have the right to ask the government to redress grievances Not protected by the First Amendment: defamation, obscenity, fighting words
question

commerce clause
answer

The primary source of authority for federal regulation of business States that the U.S. Congress has the power to “regulate Commerce with foreign Nations, and among the several States…” Simultaneously empowers the federal government and restricts the power of state governments
question

Equal Protection Clause
answer

A clause in the 14th Amendment of the U.S. Constitution that prevents states from denying “the equal protection of the laws” to any citizen. This clause implies that all citizens are created equal.
question

“actus reus”
answer

wrongful behavior (guilty act)
question

“mens rea”
answer

Wrongful state of mind, such as purpose, knowledge, recklessness, or negligence (guilty mind)
question

Felonies
answer

Serious crimes punishable by imprisonment for greater than one year, or death
question

Misdemeanors
answer

Less serious crimes punishable by fines, or imprisonment for less than one year
question

Perry Offenses
answer

Minor misdemeanors punishable by small fines or short jail sentences
question

White Collar Crime
answer

A variety of nonviolent illegal acts against society that occur most frequently in the business context
question

Bribery
answer

The offering, giving, soliciting, or receiving of money or any object of value for the purpose of influencing the judgment or conduct of a person in a position of trust
question

Extortion (Blackmail)
answer

The making of threats for the purpose of obtaining money or property
question

Fraud
answer

A variety of means by which an individual intentionally uses some sort of misrepresentation to gain advantage over another person
question

Elements of Fraud
answer

A material false representation made with intent to deceive; A victim’s reasonable reliance on the false representation; and Damages
question

Embezzlement
answer

The wrongful conversion of another’s property by one who is lawfully in possession of that property
question

Computer Crime
answer

Any wrongful act that is directed against computers, uses computers to commit a crime, or involves computers
question

Tort
answer

A civil wrong or injury to another, other than breach of contract, giving the injured party the right to bring a lawsuit against the wrongdoer to recover compensation for economic and/or physical damages
question

Intentional Torts
answer

Occur when defendant takes action intending that certain consequences will result, or knowing they are likely to result; assault, battery, defamation
question

Negligent Torts
answer

Occur when defendant acts in a careless way that subjects other people to an unreasonable risk of harm
question

Strict Liability Torts
answer

Occur when defendant undertakes an “inherently dangerous” action (an action that cannot be undertaken safely, no matter what precautions the defendant takes)
question

Assault
answer

Situation when one person places another in fear/apprehension of immediate, offensive bodily contact
question

Battery
answer

An intentional, unwanted, offensive bodily contact
question

Defamation
answer

The intentional publication (communication to a third party) of a false statement harmful to an individual’s reputation; libel (written) and slander (oral)
question

Negligence
answer

The failure to exercise reasonable care to protect another’s person or property, causing an unreasonable risk of harm to others
question

Four Elements of Negligence
answer

duty, breach of duty, causation, damages
question

Compensatory Damages
answer

Designed to compensate the victim for all harm caused by the defendant
question

Nominal Damages
answer

Small amount of money given to recognize that defendant committed a tort, in a case where plaintiff did not experience, or failed to prove, actual damages
question

Punitive Damages
answer

Imposed to punish defendant for extremely outrageous conduct, and to deter the defendant and others from committing similar future offenses
question

Proximate clause
answer

The extent to which, as a matter of policy, a defendant may be held liable for the consequences of his or her at ions. requires that the plaintiff and the plaintiff’s damages were foreseeable at the time of the accident; exists if the defendant’s actions led to the plaintiff’s harm.

Get instant access to
all materials

Become a Member