Business Law

The flashcards below were created by user adushack on FreezingBlue Flashcards.

  1. What are the purposes and managerial implications of the law?
    7 step process

    •  1.  Identify potential legal issue
    •  2.  Assess the imminence and level of any legal challenge and decide whether to confer with counsel
    •  3.  Analyze the legal implications of the legal challenge using the worst-case scenario and include an estimate of costs including legal fees and courts costs, a losing judgment, and potential draws on human resources required to meet the challenge.
    •  4.   Evaluate alternatives by developing a list of various approaches that could be used to meet the legal challenge.
    •  5.  Compare the alternatives with the business’s mission, objectives, and ethical codes of conduct.
    •  6.  Implement the chose alternative and adjust the solution based on your monitoring of the costs, values, and opportunities.  Be ready to revise and seek more opportunities as more information about the challenge becomes available.
    •  7.  During monitoring and after the legal challenge has been met, evaluate how the challenge could have been prevented or handled better.  Devise a system or process that will help to limit future legal challenges.
  2. What is a statute? Give an example.
    * A statute is law passed by a legislative body: federal statutes passed by Congress & at the State level it has different names.

    * Oklahoma Dog Bite Law: the dog’s owner is responsible for any bite made by the dog.
  3. What is case law (otherwise known as common law)? Give an example.
    * The court system use a set of laws not necessarily passed by legislature, but laws commonly agreed upon by other court systems.  The court makes decisions based on evidence brought to court to resolve differences between parties.  The decision made by the judge sets a standard for subsequent court cases judging similar differences.  

    * Hass vs. Money
  4. Compare and contrast the processes of mediation and arbitration.
    Similarities:*Both are done outside a "court room"  *There is a person (either a arbitrator or mediator) is appointed by both parties mutually agreed upon *3rd party nutural.

    Differences: *Arbitration can render a decision where as that is not so in mediation. *Arbitration is more like a trial with opening and closeing statements and cross examinations where as mediation goal is to work toward a mutually satisfactory resolution. *Mediation are less expensive.
  5. What are three advantages of alternative dispute resolution as comparedto the traditional litigation system?
    • 1.  Costs: ADR potentially cost a fraction of the normal legal costs.
    • 2. Time: The time spent in ADR is a small % of the normal 2 or 3 year (or more) period normally associated with discover, a civil jury trial, and possible appeal.
    • 3. Expertise: In some cases the parties may choose their own party to help resolve the dispute and this party may be an expert in the industry in question.When a case is before a jury, there is an uncontrollable risk that the jury may have a difficult thime grasping the details of a complex case.
    • 4.  Privacy: ADR may be held in private with no public record required.  The privacy factor is also helpful in avoiding any unwanted publicity in the matter.
  6. Define the following term: tort.
    a civil wrong where on party has acted, or in some cases failed to act, and that action or inaction causes a loss to be suffered by another party. Best understood as intending to compensate injured parties for loses resulting in harm from some unreasonable conduct by another.
  7. List and discuss the four elements of negligence.
    • *All must be present
    •  1.  Duty: Did the tortfeasor owe a duty of care to the injured party? Dr must get all the clips out of the patient
    •  2.  Breach of Duty: Did the tortfeasor fail to exercise reasonable care? Dr forgot to get all the clips out
    •  3.  Causation: Except for the breach ofduty by the tortfeasor, would the injured party have suffered damages? Was there a legally recognized and close-in-proximity link between the breach of duty and the damages suffered by the injured party?The patient began to have pains associated with the clips left in
    •  4.  Damages: Did the injured party suffer some physical harm that resulted in identifiable losses? The patient can money due to the negligence
  8. Define a Copyright
    the right of literary property as recognized and sanctioned by positive law.  More precisely copyright protections is anintangible right granted by the Copyright Act of 1976 (a federal statute) to the author or originator of an original literary or artistic production, wherethe artist is invested, for a specified period, with the sole and exclusiveprivilege of multiplying copies of the work along with the right to profit bypublication and sale. Page 612
  9. Define Patent
    a government-sanctioned monopoly right that allows an inventor the exclusive entitlement to make, use, license,and sell her invention for a limited period of time.  They are important in the entire businesses community, bur are particularly vital to the manufacturing, technology, and pharmaceutical sectors.
  10. Define Trademark
    A word, symbol, or phrase used to identify a particular seller’s products and distinguish them from other products.
  11. Define Trade Secret
    • The Uniform Trade Secrets Act (UTSA)2 defines trade secrets as information or articles that are to be kept secret because of its particular value.  A TS is described as formula, pattern, compilation, program, device, method, technique, or process that meets the following criteria:
    •  a.  Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by other persons who can obtain economic value from its disclosure or use.
    •  b.  Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.  Economic value must be identified by the owner and secrecy must be kept.
  12. Discuss two defenses against the tort of negligence.
    • 1.  Comparative Negligence: a case where the injured party’s conduct has played a factor in the harm suffered, the restatements allow the tortfeasor to assert this defense.  This defense requires a jury to divide the proportion of negligence committed by the parties in terms of %.    
    • 2.  Assumption of Risk: When the injured party knows that a substantial and apparent risk was associated with certain conduct, and the party went ahead with the dangerous activity anyway, the restatements allow the tortfeasor to assert this defense.   
    •   a.  the injured party/plaintiff knew or should have known that a risk of harm was inherent in the activity 
    •   b.  the injured party/plaintiff voluntarily participated in the activity.
  13. Give an example/scenario where each element of negligence is present.
    Someone slipping at Wal Mart and falling

    • 1. Duty: WalMart (tortfeasor) owes the duty of having dry floors so the customers do not slip and fall.
    • 2. Breach of Duty: If the ice machine malfunctions and the ice begins to melt and it leaks out of the machine causeing water to spill on the floor. Causing an unsafe walking area.
    • 3. Causation: If the water was not on the floor the customer would not have fallen.
    • 4. Damages: The customer who fell broke a wrist trying to stop the fall.  Wal Mart will be liable for the damages of the customer.
Card Set:
Business Law
2013-02-01 01:21:43
Business Law

Business Law Quiz
Show Answers: