Intro to Business – Chapter 2 Appendix – Flashcards
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business law
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refers to the rules and regulations that govern the conduct of business
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lawsuits
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there one individual or organization takes another to court using civil laws
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jurisdiction
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is the legal power of a court, through a judge, to interpret and apply the law and make a binding decision in a particular case
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trial court
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two tasks must be competed. First, the court must determine the facts of the case. Second, the judge must decide which law or set of laws is pertinent to the case and must then apply those laws to resolve the dispute.
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appellate court
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deals solely with appeals relating to the interpretation of law
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mediation
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is a form of negotiation to resolve a dispute by bringing in one or more third-party mediators, usually chosen by the disputing parties, to help reach a settlement
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arbitration
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involves submission of a dispute to one or more third-party arbitrators, usually chosen by the disputing parties, whose decision usually is final
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mini trial
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both parties agree to present a summarized version of their case to an independent third party
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private court system
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is similar to arbitration in that an independent third party resolves the case after hearing both sides of the story
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Federal Trade Commission
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most influences business activities related to questionable practices that create disputes between businesses and their customers
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Uniform Commercial Code
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is a set of statutory laws covering several business law topics
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express warranty
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stipulates the specific terms the seller will honor
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implied warranty
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is imposed on the producer or seller by law, although it may not be a written document provided at the time of sale
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tort
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is a private or civil wrong other than breach of contract
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fraud
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is a purposefully unlawful act to deceive or manipulate to damage others
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product liability
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businesses' legal responsibility for any negligence in the design, production, sale and consumption of products
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contract
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a mutual agreement between two or more parties that can be enforced in a court if one party chooses not comply with the terms of the contract
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breach of contract
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is the failure or refusal of a party to a contract to live up to his or her promises
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agency
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is a common business relationship created when one person acts on behalf of another and under that persons control
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principal
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is the one who wishes to have specific task accomplished
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agent
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the one who acts on behalf of the principal to accomplish the task
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real property
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consists of real estate and everything permanently attached to it
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personal property
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basically is everything else
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intellectual property
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refers to property, such as musical works, artwork, books, and computer software, that is generated by a person's creative activities
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Sherman Antitrust Act
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passed in 1890 to prevent businesses from restraining trade and monopolizing markets, condemns "every contract, combination, or conspiracy in restraint of trade"
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Clayton Act
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prohibits price discrimination, tying and exclusive agreements, and the acquisition of stock in another corporation when the effect may be to substantially lessen competition or tend to create a monoply
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Sarbanes Oxley Act
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which criminalized securities fraud and strengthened penalties for corporate fraud
