BUS 101-01

Card Set Information

BUS 101-01
2011-02-08 03:36:18
Business Law

Test 1
Show Answers:

  1. Civil Law
    Branch of law dealing with the definition and enforcement of all private or public rights.
  2. Criminal Law
    Law that defines and governs actions that constitute crimes (crimes against society).
  3. Cyberlaw
    Informal term used to refer to all laws governing electronic communications and transactions (internet).
  4. National Law
    Law that pertains to a particular nation.
  5. International Law
    Law that governs relations among nations.
  6. Substantive Law
    Law that defines, describes, regulates, and creates legal rights and obligations.
  7. Procedural Law
    Law that establishes the methods of enforcing the rights established by substantive laws.
  8. The Commerce Claus
    The provision in Article I, Section 8, of the US Constitution that gives Congress the power to regulate interstate commerce.
  9. State v Federal Regulations - which take precedence?
  10. What does the First Amendment protect?
    Freedom of religion, speech, and the press, as well as the rights to peaceably assemble, and to petition government.
  11. What do business ethics apply to?
    Focuses on what constitutes right or wrong behavior in the business world and on how business persons apply moral and ethical principles to situations that arise in the workplace.
  12. What are the (6) guidelines to evaluating ethics in a particular action? (LRVCPH)
    • Law
    • Rules and Procedures
    • Values
    • Conscience
    • Promises
    • Heroes
  13. What are some of the defenses to an allegation of assault, but not battery?
    • Consent
    • Self Defense and others
  14. Is it possible for a case to be both civil and criminal?
    No. Civil law you are attempting to get monetary damages (person to person). Criminal law the wrongdoer is looking at fines and or imprisonment (against society).

    But criminal can turn into civil - i.e. OJ Simpson Case
  15. Understand what violates privacy rights.
    Pg 25-27
  16. What constitutes a fraud?
    Fraud is a dishonesty that is committed purposely to deceive another person for dishonest gain or to damage another person.
  17. What is stare decisis?
    A common law doctrine which judges are obligated to follow the precedents established in prior decisions.
  18. What are the 4 sources of American Law? (USRC)
    • US Constitution
    • Statutes
    • Regulations created by Administrative agencies
    • Case law
  19. Know the United States v Skilling (Enron) Case
    August 2001, investigators uncovered a conspiracy to deceive investors about Enron's finances. Skilling shifted 2 billion in losses from Enron's struggling divisions to a wholesale. Books were cooked.

    Skilling remains a symbol of corporate greed and deceit.
  20. Know the most common methods of Alternative Dispute Resolution? (NMA)
    • Negotiation - parties attempt to settle their disputes informally.
    • Mediation - settling disputes outside the courts by using the services of neutral 3rd party.
    • Arbitration - settling disputes by submitting it to a disinterested 3rd party who renders a decision that is legally binding.
  21. Be able to discuss the Sarbanes-Oxley Act of 2002.
    Requires companies to set up confidential systems so that employees and others can "raise red flags" about suspected illegal or unethical auditing and accounting practices.
  22. Understand what a tort is and be able to define the two basic categories.
    • Tort - civil wrong not arrising from a breach of contract.
    • 1. Business Tort - wrongful interference with another's business rights.
    • 2. Cyber Tort - tort committed in cyber space.