BUS LAW

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Author:
bpotter2008
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102877
Filename:
BUS LAW
Updated:
2011-09-21 14:39:48
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Business Law
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Flashcard for Business Law Quiz #1
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  1. What is the law?
    A rule that must be obeyed
  2. What kind of legal system does the U.S. have? (excluding Louisiana)
    Common Law
  3. What are the sources of law?
    • US Constitution
    • State Constitution
    • Treaties
    • Equities
    • Statutes
    • Common Law
    • Administrative Law
  4. Law defined by Black's Law Dictionary.
    A rule that must be obeyed by citizens
  5. What is the Common Law System?
    • Judge-made laws includes cases, tribunals etc... that are more flexible thatn civil law.
    • Use Precendents
  6. What is a Precedent?
    Case is decided on using the same principles as previous cases were decided upon.
  7. What is a treatie?
    Eg. (NAFTA) Agreed upon and ratified agreement with foreign nations.
  8. What is Stare Decisis?
    "To let a decision stand" Precedent is binding on later cases.
  9. What are Equities?
    Judges POWER increases to make things right.
  10. What are Statutes?
    • Congres has the power to pass laws on certain subjects. (Military).
    • State also has this power (Family laws)
  11. What is Administrative Law?
    Administrative agencies oversee day to day work. (Regulators of U.S. and State Laws)
  12. What are the classifications of law?
    • 1. Criminal and Civil
    • 2. Substantive and Procedural
    • 3. Public and Private
  13. What is Criminal Law?
    • -Concerns behaviors society has outlawed due to its threatening nature.
    • -Guilt is determined
    • -Punishments include fines or imprisonment
  14. What is civil law?
    • -Regulates the rights and duties between parties.
    • -Damages are determined
    • -Remedy: Compensation
  15. What is Substantive Law?
    Defines the rights of people (landlord-leasee) which restricts conduct (you should not murder).
  16. What is Procedural Law?
    Establishes the process of settling disputes
  17. What is Public Law?
    Rights and obligations of governments as they deal with the nation's citizens. (between you and the government)
  18. What is Private law?
    Regulates duties between individuals, private sector (landlord-tenant laws)
  19. Who were the Federalists?
    Those who supported strong central government.
  20. Who were the Anti-Federalists?
    Those who supported strong state government.
  21. What is the Constitution?
    • A series of compromises about power between the Federal and State governments.
    • Supreme law of the land.
  22. What is the Bill of Rights?
    Part of the constitution that guaranteed many liberties to individual citizens.
  23. What is the Commerce Clause?
    Congress has power to regulate commerce with foreign nations and among the states.
  24. What is International Commerce?
    Exclusive power for the Federal government to regulate commerce/trade among nations.
  25. What is Domestic Commerce?
    The States and Congress both regulate commerce/trade among states.
  26. What is the Substantial Effect Rule?
    Congress may regulate any activity that has substantial economic effect on interstate commerce.
  27. What are the three separations of power?
    • 1. Executive
    • 2. Legislative
    • 3. Judicial
  28. What is Executive Power?
    Power of the President
  29. What are the 3 key powers of the President?
    • 1. Appointment - appoint heads of administrative agencies
    • 2. Legislation- propose/veto bills
    • 3. Foreign Policy- conduct the nation's foreign affairs (military command)
  30. What is Judicial Power?
    Power of the Supreme and Judicial Courts. Includes 2 key functions.
  31. What are the two key functions of the Judicial branch?
    • 1. Adjudicating- Fed Court hears civil and criminal cases
    • 2. Judicial Review- Federal courts can declare a statue or government action unconstitutional/void
  32. What is Judicial Activism?
    The Court's willingness/eagerness to become involved in major issues.
  33. What is Judicial Restraint?
    The attitude that courts should leave the lawmaking to legislators and nullify a law when it unquestionably violates the constitution.
  34. Why is Business Law important?
    • 1. It is mandatory
    • 2. Needed to achieve success
  35. What is the First Amendment?
    Freedom of Speech, Assembly, Press, Religion
  36. What is the Second Amendment?
    Right to Bare Arms
  37. What is the Third Amendment?
    Right to Privacy
  38. What is the Fourth Amendment?
    Right to due process, double jeopardy.
  39. What is the Fifth Amendment?
    Protection from self-incrimination. (I plead the fif)
  40. T/F Constitution has 3 compromises:
    1. Separation of Power
    2. Federalism (defines Federal power)
    3. Defines individual rights
    True.
  41. What is the Checks and Balances system?
    • Each of the three branches of government can limit the power of another branche(s) so that no one
    • branch achieves excessive power.
  42. Most business laws are _______ laws.
    A. Federal
    B. State
    B. State
  43. What are individual rights?
    Rights that protect people from teh Government or anyone who has government power.
  44. What are the restrictions on the freedom of speech?
    • 1. Time, Place, Manner
    • 2. Morality/Obscenity
    • 3. Commercial Speech (false, misleading)
    • 4. Fighting Words
    • 5. Inciting Lawlessness
    • 6. Libel/Slander
  45. What is the Takings Clause?
    Governement can take private property for public use as long as the owner is justly compensated.
  46. What is the Fourteenth Amendment?
    Equal Protection Clause. All people must be treated equally.
  47. What are the three groups under the equal protection clause?
    • 1. Minimal Scrutiny (economic and social)
    • 2. Intermediate Scrutiny (gender, place/time/manner)
    • 3. Strict Scrutiny (race, fundamental rights)
  48. How is a law made?
    State/local bill is sent to Congress (HoR and Senate) then to the President where it is vetoed or passed as a law.
  49. What is the 3 step process to interpret the law?
    • 1. Plain Meaning
    • 2. Legislative Intent (What the court believes the legislature indends)
    • 3. Public Policy
  50. What are the 3 types of U.S. Court Systems?
    • 1. Trial Court
    • 2. Appellate Court
    • 3. Supreme Court
  51. What is Jurisdiction?
    The courts ability to hear a case and make a binding decision.
  52. What does the Appellate Court do?
    • Reviews Trial Courts decicion and facts.
    • Looks for errors of law (is the judge's interpretation correct?)
  53. What is the 3-step process to Civil Litigation?
    • 1. Pre-trial. Pleadings
    • 2. Discovery (fact find)
    • 3. Trial
  54. What is the difference in the Burden of Proof pertaining to a Criminal and Civil trial?
    • Criminal- needs to be beyond a reasonable doubt that the defendent is guilty
    • Civil- majority vote (51/49)
  55. What are the 5 steps to start a business?
    • 1. Figure out what laws apply
    • 2. Pick a Business Entity
    • 3. File Business Name with the Secretary of the State
    • 4. Taxes and Employees (FEIN or TIN)
    • 5. Licensure and Permits
  56. What are the different Business Entities?
    • 1. Sole Proprietorship
    • 2. General/Limited Partnership/LLP
    • 3. LLC
    • 4. S-Corp
    • 5. C-Corp
  57. Describe a Sole Proprietorship pertaining to:
    Liability, Raising Capital, Management, Taxes and Formation/Operating Regulations.
    • 1. Liability: Unlimited Personal
    • 2. RC: Limited what can be obtained
    • 3. Mgt: 100% management
    • 4. Tax: Taxed as an individual
    • 5. Formation/Operating Regulations: N/A
  58. What is Voir Dir?
    Jury Selection
  59. Describe a General Partnership pertaining to:
    Liability, Raising Capital, Management, Taxes and Formation/Operating Regulations.
    • Liability: Unlimited liability for both partners
    • RC: Limited to Partner Resources
    • MGT: 50-50
    • Taxes: Individual
  60. What is Partenership by Estoppel?
    Partnership is stopped by denying there is a partnership unless it looks/feels/acts like a partnership in the government's eyes.
  61. What is a Limited Partnership?
    Investor, non-managers that have little say in daily operations.
  62. Describe a LLC pertaining to:
    Liability, Taxes and Formation/Operating Regulations.
    • Liability: Limited
    • Taxes: no double taxation
    • F/O REG: Operating Agreement, Articles of Organization

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