LWC1 – Fundamentals of Business Law ; Ethics – Flashcards
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legal positivism theory of jurisprudence
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a citizen must obey the law, and the law is whatever the sovereign says it is.
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Utilitarian approach
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the ethical concept that moral behaviors produce the greatest good for the greatest number
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True or False. An appellate court does not conduct a new trial but instead reviews the record of a case to determine if any errors were made during trial.
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True
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are you required to help an injured stranger
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a bystander has no obligation to assist someone unless he or she created the danger.
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Judicial activism
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philosophy that the courts should take an active role in solving problems
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Is intent required in a negligence action?
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no
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unilateral contract
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a one-sided agreement whereby you promise to do (or refrain from doing) something in return for a performance (not a promise)
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parol evidence
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oral proof of contract terms which are not contained within the written contract document
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novation
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(law) the replacement of one obligation by another by mutual agreement of both parties
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liquidated damages clause
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a contract provision that specifies what will happen in case of breach
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perfect tender rule
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the requirement that the goods delivered exactly meet the contractual specifications
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transfer warranties
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Each party that transfers an instrument and receives consideration warrants that: 1. they are entitled to enforce the instrument, 2. that all signatures on the instrument are authentic and authorized, and 3. the instrument has not been altered, and 4. that no defense or claim of any party is good against the warrantor, and 5. that the warrantor has no knowledge of any insolvency proceeding that has been instituted against the maker, acceptor, or drawer.
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buyer in the ordinary course
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A good faith purchaser, without knowledge that the sale is in violation of the security interest, who buys goods in the ordinary course of business from a merchant, other than a pawnbroker, will TAKE FREE OF ANY SECURITY INTEREST (even a perfected security interest).
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order for relief
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A court's grant of assistance to a complainant. In bankruptcy proceedings, the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.
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equal dignities
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Some states require that an authorized agent's agreement be in writing
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title VII
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part of 1964 Civil Rights Act - prohibits discrimination on the basis of race, color, religion, sex, or national origin; also prohibits discrimination against an individual because of his or her association with another individual of a particular race, color, religion, sex, or national origin
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winding up
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The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved, it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.
