Business Law Test 2

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Jessica.stark1
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183241
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Business Law Test 2
Updated:
2012-11-12 17:39:47
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Cheeseman Business Law
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Note cards for Dr Speronis Business law Exam Two
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  1. Product Liability
    The liability of manufacturers, sellers, and others for the injuries caused by defective products.
  2. Strict Liability
    A tort doctrine that makes manufacturers, distributors, wholesalers, retailers, and others in the chain of distribution of a defective product liable for the damages caused by the defect, Irrespective of fault.
  3. Chain of Distribution
    Anyone involved in the transaction is liable. All manufacturers, distributers, wholesalers, retailers, lessors, and subcomponent manufacturers involved in a transaction.
  4. Punitive Damages
    Punishment. Monetary damages that are awarded to punish a defendant who either intentionally or recklessly injured the plaintiff
  5. Statue of Limitations
    A statue that requires an injured person to bring an action within a certain number of years from the time that he or she was injured by a defective product
  6. Statute of Repose
    A Statute that limits the sellers liability to certain number of years from the date when the product was first sold
  7. Crashworthiness Doctrine
    A doctrine that says automobile manufacturers are under a duty to design automoviles so they take into account the posibility of harm from a persons body striking something inside the automobile in the case of a car accident.
  8. Contributory Negligence
    A defense that says a person who is injured by a defective product but has been negligent and has contributed to his or her own injuries cannot recover from the defendant
  9. Comparative Negligence
    A doctrine which applies to strict liability actions that says a plaintiff who is contributorily negligent for his or her injuries is responsible for a proportional share of the damages.
  10. Defect in Packaging (Defects)
    A defect that occurs when a product has been placed in packaging that is insufficiently tamperproof.
  11. Failure to Provide Adequate Instruction (Defects)
    A defect that occurs when a manufacturer does not provide detailed directions for safe assembly and use of a product.
  12. Generally Known Danger (Defense of Product Liability)
    A defense which acknowledges that certain prodcuts are inherently dangerous and are known to the general population to be so.
  13. Government Contractor Defense (Defense of Product Liability)
    A defense which provides that contractors that manufacture productsto government specifications are not usually liable if such a product causes injury
  14. Abnormal Misuse of a Product (Defense of Product Liability)
    A defense that relieves a seller of product liability if the user abnormally misused a product
  15. Superevening Event (Defense of Product Liability)
    An alternatiion or modification of a product by a party in the chain of distribution that absolves all prior sellers from strict liability
  16. Assumption of Risk (Defense of Product Liability)
    Defendant must prove that (1) the Plaintiff knew and appreciated the risk and (2) the plaintiff voluntarily assumed the risk
  17. Intellectual Property
    Patents, copyrights, trademarks, and trade secretes. Federal and state laws protect intellectual property rights from misappropriation and infringement.
  18. Patent
    A grant by the federal government upon the inventor of an invention for the exclusive  right to use, sell, or license the invention for a limited amount of time.

    • Novel (New)  
    • Useful    
    • Non-Obvious
  19. Copyright
    A legal right that give the author of qualifying subject matter, and who meets other requirements established by copyright law, the exclusive right to publish, produce, sell, license, and distribute the work.
  20. Copyright Infringement
    An infringement that occurs when a party copies a substantial and material part of a plaintiffs copyright work without permission. A copyright holder may recover damages and other remedies against the infringer.
  21. Fair Use Doctrine
    A doctrine that permits certain limited use of copyright by someone other than the copyright by someone other than the copyright holder without the permission of the copyright holder.
  22. One-year “On Sale” Doctrine
    A doctrine that says a patent may not be granted if the invention was used by the public for more than one year prior to the filing of the patent application
  23. Secondary Meaning
    A brand namethathas evolved from an ordinary term
  24. Felony
    The most serious type of crime. Inherently evil crime. Most crimes against persons and some business-related crimes are felonies.
  25. Misdemeanor
    A crime that is less serious than a felony. Not inherently evil but prohibited by society. Many crimes against property are misdemeanors.
  26. Violation
    a crime that is neither a felony nor a misdemeanor that is usually punishable by a fine.
  27. Intent Crime
    crime that requires that defendant to be found guilty of committing a criminal act (actus reus) with criminal intent (mens rea)
  28. Actus Reus
    Guilty Act- The actual performance of a criminal act
  29. Mens Rea
    Evil Intent- The possession of the requisite state of mind to commit a prohibited act
  30. Arrest Warrant(Steps on Criminal Procedure)
    A document for a persons detainment, based on a showing of probable cause that the person committed a crime.
  31. Indictment (Steps on Criminal Procedure)
    The charge of having committed a crime based on judgement of grand jury
  32. Arraignment (Steps on Criminal Procedure)
    A hearing during which the accused is brought before a court and is (1) Informed of the charges (2) asked to enter a plea
  33. Plea Bargain Agreement (Steps on Criminal Procedure)
    An agreement in which the accused admits to a lesser crime than charged. In return, the government agrees to impose a lesser sentence than might have been obtained had the case gone to trial.
  34. Criminal Trial (Steps on Criminal Procedure)
    Jurors must unanimously agree before the accused is found guilty.
  35. Information
    The charge of having committed a crime (usually a misdemeanor). Based on the judgement of a judge (magistrate)
  36. Steps to Criminal Procedure
    Arrest, Idictment or information, Arraignment, Plea Bargain, Criminal Trial
  37. Robbery
    Taking of personal property from another person by the use of fear and force.
  38. Burglary
    Taking of personal property from another’s home, office, or commercial or other type of building.
  39. White-Collar Crime
    Type of crime that is prone to being committed by business person.

    • Forgery
    • Embezzlement
    • Bribery
    • Extortion
    • Criminal Fruad
    • Money Laundering
    • Racketeering
    • Criminal Conspiracy
  40. Forgery
    The fraudulent making or alternating of a written document that affects the egal liability of another person.
  41. Embezzlement
    The fraudulent conversion of property by a person to whom that property was entrusted.
  42. Bribery
    A crime in which one person gives another person money, property, favors, or anything else of value for a favor in return. A bribe is often referred to as a payoff or kickback.
  43. Extortion
    A threat to expose something about another person unless that other person gives money or property. Often referred to as blackmail.
  44. Criminal Fraud-
    A crime that involves obtaining title to property through deception or trickery.
  45. Money Laundering
    A federal statute that makes it a crime to (1) knowingly engage in a money transaction through  a financial institution involving property from an unlawful activity worth more than $10,000 and (2) knowingly engage in a financial transaction involving the proceeds of an unlawful activity.
  46. Racketeering
    A federal act that provides for both criminal and civil penalties for racketeering. Fruadulant or Dishonest Business Deals.
  47. Criminal Conspiracy
     A crime in which two or more persons enter into Criminal an agreement to commit a crime and an overt act is taken to further the crime.
  48. Search Warrant
    A warrant issued by a court that authorized the police to search a designated place for specified contraband, articles, items, or documents. A search warrant must be based on probable cause.
  49. Exclusionary Rule
    A rule that says evidence obtained from an unreasonable search and seizure can generally be prohibited from introduction at a trial or an administrative proceeding against the person searched.
  50. Elements of a Contract
    Four Basic Requirements- 

    (1) Agreement- Offer and Acceptance/Mutual Accent   

    (2) Consideration-Promise   

    (3) Contracted Capacity- Legal Capacity - Legally allowed to sign    

    (4) Lawful Object- Contract must be lawful.
  51. Defenses of a Contract
    • (1) Was there fraud    
    • (2) Duress-Pressuring you to do something    
    • (3) Writing in Form    
    • (4) Undo Influence     
  52. Valid Contract (Classifications of Contracts)
    A contract that meets all the essential elements to establish a contract; a contract that is enforceable by at least one of the parties.
  53. Void Contract (Classifications of Contracts)
    A contract that has no legal effect; a nullity.
  54. Voidable Contract (Classifications of Contracts)
    A contract in which one or both parties have the option to void their contractual obligations. If a contract is voided, both parties are released from their contractual obligations.
  55. Unenforceable Contract (Classifications of Contracts)
    A contract in which the essential elements to create a valid contract are met but there is some legal defense to the enforcement of the contract.
  56. Executive Contract (Classifications of Contracts)
    A contact that has been fully performed on both sides; a completed contract.
  57. Executory Contract (Classifications of Contracts)
    A contract that has not been fully performed by either or both sides.
  58. Bilateral Contract (Classifications of Contracts)
    A contract entered into by way of exchange of promises of the parties. “A promise for a promise”  (Answered with a promise) (Both can agree to change a contract)
  59. Unilateral Contract (Classifications of Contracts)
    A contract in which the offeror’s offer can be accepted only by the performance of an act by the offeree; a “promise for an act” (Answered with an act)
  60. Formal Contract (Classifications of Contracts)
    A contract that requires a special form of meths of creation
  61. Informal Contract (Classifications of Contracts)
    A contract that is not formal. Valid informal contracts are fully enforceable and may be sued upon if breached.
  62.  

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