Business Law midterm

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Business Law midterm
2012-01-23 16:50:21
Business law midterm

My Business Law midterm study cards
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  1. Morality
    involves the values that govern a groups ideas about right and wrong

  2. Ethics
    refers to the rules used to determine the difference between right and wrong.
  3. Ways to decide between right and wrong
    • Greatest good
    • Golden rule
    • Real world ethics
    • Feelings and opinions
  4. Greatest good
    • examines whether the action will cause the greatest good
    • for the greatest number of people
  5. Golden rule
    empathy, putting yourself in another persons position
  6. Real world ethics
    what you have done is less wrong.
  7. Ethical traits
    • Honesty
    • Justice
    • Compassion
    • Integrity
  8. Honesty
    a character trait of someone who is truthful in dealing with others
  9. Justice
    treating people fairly and equally.
  10. Compassion
    caring about people and the situation they are in
  11. Integrity
    a willingness and determination to do the right thing
  12. Law
    system of rules of conduct established bythe government that maintain stability and justice
  13. Constitution
    • countrys formal document that spells out the principles
    • by which its government operates
  14. Common law
    a set of laws made by the courts which provide a series of consistent rules which later courts must follow
  15. Statute
    a law passed by the government for the purpose of creating laws
  16. federal statutes
    laws that are passed by the U.S congress and signed by the president
  17. state statutes
    • every state has its own legislature cannot conflict with
    • the constitution ·
  18. administrative laws
    is the body of rules created by the government
  19. Jurisdiction
    the power of a court to hear a case and make a decision

  20. Federal Court System·
    • The U.S constitution gives the federal court system its power and jurisdiction
    • Hears the following types of cases:
    • -any case challenging the constitution or federal
    • law
    • -Any case were the US or a state is a party except when it is between a state and their own citizen
    • -Diversity of of citizen ship cases, civil cases
    • between citizens of different states for amounts greater than 50,000
    • -Admirality, patent, copyright, trademark
    • infringements
    • -Bankruptcy cases
    • -Any action involving a federal employee or
    • property
  21. Federal districts courts
    • Hear criminal and civil cases
    • Original jurisdiction- hear cases first
    • Each state has at least one
  22. Federal Appellate court
    • Also called intermediate courts
    • Appellate jurisdiction
    • Hear cases on appeal from district courts
  23. Appellate jurisdiction
    the power to hear an appeal from a lower court
  24. US Supreme courts
    • Highest court in US
    • Original and appellate jurisdiction
    • 9 supreme court justices
    • 4 out of 9 justices must favor hearing
    • hears appeals
  25. State Court Systems:
    • Local trial court
    • General trial court
    • Appellate courts
    • State Supreme Court
  26. Federal Court Systems:
    • Federal districts courts
    • Federal Appellate court
    • US Supreme courts
  27. Local trial court
    • limited jurisdiction
    • Peoples court
    • Small amount of money
  28. limited jurisdiction
    a court handles minor matters
  29. General trial courts
    • General jurisdiction
    • Decided by jury·
    • Handle criminal and civil cases
  30. General jurisdiction
    cases that involve major crimes and civil suits
  31. Original jurisdiction
    hear cases first
  32. Appellate courts
    • Appellate jurisdiction
    • Hear appeals
  33. State Supreme Court

    • Highest court in states
    • Decides matter of law appealed from lower courts
    • Appellate and original jurisdiction
  34. Alternative despute resolution ADR
    Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration, conciliation and negotiation
  35. arraignment
    A formal hearing during which the defendent is read the indictment or information and is asked to plead guilty or not guilty
  36. arrest
    Occurs when a person is legally deprived of his or her freedom
  37. Bail
    Money or other property that is left with the court to assure that a person who has been arrested , but released will return to trial
  38. Detention hearing
    A court session during which the judge tries to learn whether there are good reasons to keep an accused juvenile in custody
  39. Arbitration
    When two parties give the power to settle their dispute to a third party
  40. Precedent
    a past case that a court follows when making a present decision
  41. Laws passed by the U.S congress and signed by the president are called what?
    Federal statutes
  42. Do courts make laws?
  43. Can administrative agencies make their own rules and enforce?
  44. What are the two major court systems of the U.S?
    Federal and state
  45. adjudicatory hearing
    an informal hearing of a case in juvenile court
  46. Steps to Civil Procedures
    • 1st step: to start a civil proceeding is to file the Jury
    • 2nd step: Each side makes the facts known in an attempt to settle before going to trial
    • Third Step Hearing: Informal hearing to simplify matter, issues and see if a settlement can be reached
    • Fourth step: jury selection
    • Fifth step: Opening Statement
    • Sixth Step: Introduction of Evidence
    • Seventh step: Closing Arguments
    • Eight step: instructions to the jury
  47. Complaint
    a statement of the plaintiffs claim against the defendant
  48. Answer
    defendant admits or denies each allegation in the complaint
  49. Deposition
    Legal interview
  50. A warrant
    a court order charging a person with a crime and instructions to arrest that person
  51. Search and seizure
    a person, house motor vehicle can be searched at any time if a search warrant has been obtained
  52. Grand Jury
    • known as jury of inquiry, do not determine guilt or innocence, they determine if there is enough evidence to
    • proceed to trial
  53. Sentencing
    judge hands down sentences except for death penalty cases
  54. Dispositional hearing
    Judge decides how to resolve or dispose of the case
  55. 3 steps in juvenile hearing
    • Detention hearing
    • Adjudicatory hearing
    • Dispositional hearing
  56. Mediation
    • When parties to a dispute invite a mediator to help them solve their problem

  57. Conciliation
    The parties are kept apart and the conciliator talks to each alone·
  58. Negotiation
    each party appoints a representative and the negotiator talks to them
  59. Techniques of ADR
    • Mediation
    • Arbitration
    • Conciliation
    • Negotiation
  60. Tort
    a private wrong committed by the one person against the other.
  61. tortfeasor
    person who commits a tort (Defendant)
  62. Remedies in tort law
    compensation, compensatory, damages, usually money
  63. punitive damages
    money paid by the defendant as a form of punishment.
  64. False Imprisonment
    the interference with a persons right to move around freely

  65. Defamation of character
    damaging a persons reputation by making knowingly false statements
  66. Libel
    lies are in written,printed, or recorded form
  67. Slander
    lies that are verbal
  68. Invasion of privacy
    interferes with a persons right to be left alone
  69. Trespass
    interfering with a persons real property

  70. Conversion
    interfering with a persons right to personal property·
  71. Nuisance
    anything that interferes with a persons right to enjoy life or property·
  72. Disparagement
    lies about objects
  73. Negligence
    a tort that results when one person carelessly injures another
  74. elements of negligence
    • Duty of care
    • Breech of duty
    • Proximate cause
      Actual harm
  75. Duty of care
    • everyone is entitled to certain rights, based on obligation and responsibility of the defendant

  76. Breech of duty
    breaking the duty that is expected or required
  77. Proximate cause
    the link between the negligent conduct and the that is strong enough tobe recognized by the law
  78. Contributory negligence
    if the defendant can show the plaintiff contributed in any way to their own injuries, the plaintiff would lose the case

  79. Comparative negligence
    the negligence of each party is compared and any amount of damages the plaintiff receives is reduced by the percent of their carelessness

  80. Assumption of risk
    the plaintiff knew of the potential risk involved and still took the chance of being injured·
  81. Strict liability
    some activities are so dangerous that liability will always follow any injury that results from these activities·
  82. Product liability
    defective products
  83. Survival statutes
    • civil suits can continue even if either the plaintiff
    • or defendant dies
  84. Wrongful death statutes
    allows family members to bring a law suit on behalf of thevictim
  85. Contract
    an agreement enforceable by law

  86. The 3 contract theories
    • Equity theory
    • Will theory
    • Formalist theory
  87. Equity theory
    where the courts asked if the parties in a contract exchanged things of equal value·
  88. Will theory
    • where the courts asked if the parties in a contract agreed
    • to the terms or entered the contract under their own free
    • will·
  89. Formalist theory
    where the courts found elements that consistently appeared in genuine agreements
  90. 6 Elements of a contract
    • Offer
    • Acceptance
    • Genuine agreement
    • Consideration
    • Capacity
    • Legality
  91. Offer
    a proposal made by the offer to another party·
  92. Acceptance
    unqualified willingness to go along with an offer
  93. Genuine agreement
    created when an offer is accepted, this may be voided if there is evidence of fraud, misrepresentation or undue influence is present·
  94. Consideration
    things of value that are exchanged·
  95. Capacity
    the legal ability to enter a contract
  96. Legality
    all acts and consideration must be legal
  97. 4 characteristics of a contract
    • Valid, void, voidable, unenforceable
    • Express,Implied
    • Bilateral,Unilateral
    • Oral, written
  98. Express
    stated in words, oral or written
  99. Implied
    Contract that comes about from actions
  100. Bilateral
    containing two promises one by each party
  101. Unilateral
    one promise
  102. Unconditional acceptance
    not changing any part of the offer

  103. Mirror image rule
    the terms stated in the acceptance must exactly mirror or match the terms of the offer·
  104. Methods of acceptance
    helps determine the time when the genuine agreement was created
  105. Revocation
    taking back
  106. Disaffirm
    to show the intent not to live up to or avoid a contract
  107. Limitations in capacity
    • people with mental implements, minors, emancitated
    • minor, intoxicated persons, convicts and aliens
  108. Rights and duties of minors
    • minors still in possesion of goods purchased after they disaffirm a contract must be returned
    • Minors can not pick and choose the parts of the contract they want to keep and those they want to disaffirm
    • Minors may be held to contracts for things required by law
  109. Ratification
    act of agreeing to go along with a contract that could have been avoided
  110. Usury
    charging more than maximum legal amount of interest
  111. Licensing statutes
    • An agreement made with an unlicensed person is
    • legal
  112. Public policy
    nobody should be allowed to do something that harms the public
  113. Benefit
    what a party recieves
  114. Detriment
    What a party gives up
  115. Forebearance
    not doing what you have the right to do
  116. Characteristics
    must involve a bargained for exchange, must be something of value and benefits and detriments must be legal
  117. Unconsconable contract
    • an agreement in which the consideration is so far
    • out of line and unfair it shocks the courts conscience
  118. Adhesion contract
    a take it or leave it offer made by a party who holds most of the power in the bargaining session
  119. Types of consideration
    • property, money, and services,a promise not to
    • sue, charitable pledges, settlement
  120. Charitable pledges
    promises of donations
  121. Promissary estoppel
    the principle that a promise made without consideration may be enforced to prevent injustice
  122. Accord and satisfaction
    a legal way to settle contractual disputes by which one party agrees to accept less than the amount due as payment in full
  123. Illusory
    Promises that are not real
  124. Gift
    something for which no consideration is recieved
  125. Guardian
    the person who looks after the affairs of an incompetent person
  126. Majority
    A person is no longer a minor when they reach the age of this
  127. Minor
    a person who has not reached the age of majority
  128. Minority
    A person who has not yet reached their 18th birthday is still in the age of this
  129. Necessaries
    Minors are held responsible for the fair value of
  130. Consideration
    The exchange of benefits and detriments by the parties to a contract
  131. Emancipated
    • freeing someone from the control of another, especially a
    • parent
  132. Statute of frauds
    A state law that requires that certain contracts be in writing so that their is evidence that the contract exists and that it has certain definitive terms
  133. Restrictive covenant
    a promise not to compete
  134. A contract is divisible
    if certain promises and actions in the contract can be performed by themselves
  135. price fixing
    discourages competition and raises prices
  136. Crime
    an offense commited against the public good and society
  137. Defendant
    • the person who is accused of a crime

  138. Prosecution
    the party that accuses a person of a crime·
  139. Infraction
    minor offenses that are usually punishable with a fine and not jail time·
  140. 2 Elements of a crime
    Criminal act and the Required state of mind·
  141. Motive
    reason a person commits a crime·
  142. Defenses to crimes:
    • Insanity
    • Entrapment
    • Self defense
    • Defense of family members·
  143. Entrapment
    occurs when a person is talked into, tricked or coerced into committing a crime they would not other wise have committed·
  144. Kidnapping
    the unlawful removal or restraint of a person against his or her will
  145. Battery
    the unlawful touching of another person

  146. Assault
    • the attempt to commit battery
  147. Voluntary manslaughter
    • occurs when someone kills another person, while
    • in a state of great distress, without a prior plan to
    • kill·
  148. Involuntary manslaughter
    When someone kills another person, accidently while committing an unlawful reckless act·
  149. Murder
    the intentional killing of another person, evil intent·
  150. 1st degree murder
    if the murder was planned·
  151. 2nd degree murder
    if the murder was committed in a vicious way·
  152. 3rd degree murder
    the murder was done while committing another felony.
  153. Domestic violence
    any reckless form of physical or mental harm in a family or household·
  154. Sex offenses
    crimes involving sex·
  155. Rape
    involves the non consensual sexual intercourse·
  156. Sexual assault
    the non consensual contact·
  157. Statutory rape
    when the victim is under the legal age of consent·
  158. Vandalism
    willful or malicious damage to property·
  159. Larceny
    the unlawful taking of someone’s personal property with the intent to keep the property away from that person·
  160. Burgalry-
    the breaking and entering of someone’s property·
  161. Embezzlement
    • the wrongful taking of property by someone lawfully
    • entrusted, with possession and control of that property
  162. Fraud
    a deliberate deception intended to secure an unfair or unlawful gain·
  163. Shoplifting
    stealing goods from a store·
  164. Treason
    giving aid and comfort to enemies during war time·
  165. Bribery
    the giving of money or property to a public official in exchange for preferential treatment·
  166. Arson
    the willful and malicious burning of someone else’s property·
  167. Forgery
    the fraudent making of material alternation of a writing·
  168. Contempt
    Not obeying a court order
  169. Counteroffer
    A response to an offer in which the terms of the original offer are changed
  170. Invitations to negotiate
    Invitations, to deal, trade or make an offer
  171. Rejection
    a refusal of an offer by the offeree that brings an offer to an end
  172. Revocation
    the taking back of an offer by the offeror