Study Guide for Final Exam Business Law 2

Flashcard maker : Lily Taylor
4 primary sources of law
– Constitutions, Statutes, Administrative Rules and Regulations, and Common Law.
Stare Decisis
– the legal principle of determining points in litigation according to precedent.
Precedent
– a prior reported opinion of an appeals court which establishes the legal rule (authority) in the future on the same legal question decided in the prior judgment.
Standing
– the right to file a lawsuit or file a petition under the circumstances.
Jurisdiction
– the authority given by law to a court to try cases and rule on legal matters within a particular geographic area and/or over certain types of legal cases.
Equitable Remedies
– Court-ordered action that directs parties to do or not to do something; such remedies include injunctive relief and Specific Performance.
Writ of Certiorari
– a writ (order) of a higher court to a lower court to send all the documents in a case to it so the higher court can review the lower court’s decision.
Statute of Limitations
– is a law which forbids prosecutors from charging someone with a crime that was committed more than a specified number of years ago.
Sarbanes-Oxley Act
– often shortened to SOX) is legislation passed by the U.S. Congress to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise, as well as improve the accuracy of corporate disclosures. The U.S. Securities and Exchange Commission (SEC) administers the act, which sets deadlines for compliance and publishes rules on requirements.
Business Ethics
– The study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities.
Stakeholder Approach
– looks at the relationships between an organization and others in its internal and external environment. It also looks at how these connections influence how the business conducts its activities.
Corporate Social Responsibility
– is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.
Type of alternate dispute resolution
– Alternative dispute resolution (ADR) is a means of addressing and settling parties’ disputes outside of court’s traditional adversarial setting. Today, alternative out-of-court mechanisms for settling disputes are so effective that courts often require parties to pursue these alternatives before litigating. For example, both mediation and arbitration, the two most common ADR procedures, may be court-ordered. Settling one’s disputes through mechanisms external to the court system may save you time and money.
Diversity of Citizenship
– a basis for taking a lawsuit to federal court, in which the opposing parties are citizens of different states (including corporations incorporated or doing business in different states) or one is a citizen of a foreign country.
Minimum Contacts
– is a term used in the United States law of civil procedure to determine when it is appropriate for a court in one state to assert personal jurisdiction over a defendant from another state.
Commerce Clause
– refers to Article 1, Section 8, Clause 3 of the U.S. Constitution, which gives Congress the power “to regulate commerce with foreign nations, and among the several states, and with the Indian tribes.”
First Amendment
– freedom of religion, speech, and press.
The Bill of Rights
– the first ten amendments
Negligence
– failure to use reasonable care, resulting in damage or injury to another. type of tort.
Palsgraf v Long Island RR Company
– Mrs. Palsgraf (P) was standing on a Long Island Railroad (D) train platform when two men ran to catch a train. The second man was carrying a small package containing fireworks. He was helped aboard the train by one guard on the platform and another on the train. The man dropped the package which exploded when it hit the tracks. The shock of the explosion caused scales at the other end of the platform many feet away to fall, striking and injuring Palsgraf. Palsgraf brought a personal injury lawsuit against Long Island Railroad and the railroad appealed the court’s judgment in favor of Palsgraf. The judgment was affirmed on appeal and Long Island Railroad appealed.
Defamation
– the action of damaging the good reputation of someone; slander or libel.
Comparative Negligence
– outside of the United States, is a partial legal defense that reduces the amount of damages that a plaintiff can recover in a negligence-based claim based upon the degree to which the plaintiff’s own negligence contributed to cause the injury. texas mostly all states
Contributory Negligence
– failure of an injured plaintiff to act prudently, considered to be a contributory factor in the injury suffered, and sometimes reducing the amount recovered from the defendant 3 states use this.
Negligence per se
– is a doctrine within the law of Unites States of America whereby an act is considered negligent because it violates a statute (or regulation).
REs Ipsa Loquitor
the principle that the occurrence of an accident implies negligence.
Superseding Cause
– the same as an “intervening cause” or “supervening cause,” which is an event which occurs after the initial act leading to an accident and substantially causes the accident.
Burden of Proof in a criminal case
– the obligation to prove one’s assertion.
Exclusionary Rule
– a law that prohibits the use of illegally obtained evidence in a criminal trial.
Miranda v Arizona
he was free since the cops didn’t read him his miranda rights.
Money Laundering
– is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source.
Embezzlement
– theft or misappropriation of funds placed in one’s trust or belonging to one’s employer.
NAFTA
– is an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries.
CAFTA-DR
– is an expansion of NAFTA to five Central American nations (Guatemala, El Salvador, Honduras, Costa Rica and Nicaragua), and the Dominican Republic.
Madrid Protocol
– the Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks — the Madrid Protocol — is one of two treaties comprising the Madrid System for international registration of trademarks. The protocol is a filing treaty and not a substantive harmonization treaty.
Trade Barriers
– are measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services. Not everything that prevents or restricts trade can be characterized as a trade barrier.
National Export Initiative
– (NEI) is a strategy created by the Obama administration to double U.S. exports between 2010 and the end of 2014 and support 2 million domestic jobs through increased intergovernmental cooperation in export promotion.
Confiscation
– the action of taking or seizing someone’s property with authority; seizure.
Expropriation
– The act of taking of privately owned property by a government to be used for the benefit of the public. In the United States, the government has the right to take property through eminent domain.
Patent
– a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.
Copyright
– the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.
Trademark
– a symbol, word, or words legally registered or established by use as representing a company or product.
Trade Secret
– a secret device or technique used by a company in manufacturing its products.
4 requirements of a Contract
– Specifics, consideration, capacity, legal, and proper form.
Unilateral Contract
– is a contract created by an offer than can only be accepted by performance.
Implied Contract
– is an agreement created by actions of the parties involved, but it is not written or spoken.
Mailbox Rule
– which is the default rule under contract law for determining the time at which an offer is accepted, states that an offer is considered accepted at the time that the acceptance is mailed.
Statute of Frauds
– refers to the requirement that certain kinds of contracts be memorialized in a writing, signed by the party to be charged, with sufficient content to evidence the contract.
Consequential Damages
– are damages you can prove occurred because of the failure of one party to meet a contractual obligation. They go beyond the contract itself and into the actions garnished from the failure to fulfill.
Third-Party Beneficiary
– was not a party to the contract itself, but if the contract is fulfilled, the third party stands to realize a benefit. Under certain circumstances, the third party has legal rights to enforce the contract or share in its proceeds.
Assignment
– a task or piece of work assigned to someone as part of a job or course of study.
Quasi-Contract
– an obligation of one party to another imposed by law independently of an agreement between the parties.
Product Liability
– the legal liability a manufacturer or trader incurs for producing or selling a faulty product.
Bankruptcy
– the state of being completely lacking in a particular quality or value. dischargeable in bankruptcy -Student loans. Fines and restitution. Certain taxes, such as withholding taxes if you had employees, or taxes connected to fraudulent tax returns or tax evasion. Debts incurred through fraud.
Real Property
– fixed property, principally land and buildings.
Writ of Attachment
– is a court order to “attach” or seize an asset. It is issued by a court to a law enforcement officer or sheriff. The writ of attachment is issued in order to satisfy a judgment issued by the court.
Writ of Execution
– a judicial order that a judgment be enforced.
Insider Trading
– the illegal practice of trading on the stock exchange to one’s own advantage through having access to confidential information.
Exempt Securities
– are financial instruments that do not need to be registered with the Securities Exchange Commission (SEC). They are generally backed by the government and may carry a lesser risk than securities offered by public companies.
Agency
– a business or organization established to provide a particular service, typically one that involves organizing transactions between two other parties.

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