business law final 3
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61 terms
Terms | Definitions |
|---|---|
 National Labor Relations Act 1935 | limits the means with which employers may react to workers in the private sector who create labor unions (also known as trade unions), engage in collective bargaining, and take part in strikes and other forms of concerted activity in support of their demands. right for labor to unionize, strike, engage in collective bargaining with management. |
| Chapter 7 bankruptcy | voluntary bankruptcies, filed by debtors, stating- statement of financial affairs with debtors, list of all creditors and their addresses with amounts owed, list of properties owned by debtor, statement of current income and expenses of debtor. this will cause an immediate freeze, an automatic stay is made against all actions against the debtor or property by and creditors. debtor is relieved of all property except that protected by state statute. |
| Chapter 9 bankruptcy | cities, towns, countries |
| Chapter 11 bankruptcy | Businesses that wish to remain in operation and not be liquidated. going concern surplus, creditors hope to capture. |
| Chapter 13 bankruptcy | The debtor files a plan for payment of creditors over 5 years, 60 months, installment repayment plan. appointed a trustee. |
| Sherman Act of 1890 | antitrust statute, 1890, It prohibits certain business activities that reduce competition in the marketplace, and requires the United States federal government to investigate and pursue trusts, companies, and organizations suspected of being in violation |
| Norris LaGuardia Act of 1932 | prohibits federal courts from issuing injunctions in nonviolent labor disputes. management must deal with the union or begin administrative proceedings involving the NLRB. Court can not intervene with union strikes, belonging to a union, paying strike or unemployment benefits to labor dispute participants, public labor dispute, peacefully assembling. This act also protects employees from signing yellow dog contracts, employees agree not to join union or risk being fired. have freedom to have a representative represent them. |
| Respondeat Superior | LET THE MASTER ANSWER. the principal is in better position to protect the public from such torts, by controlling the actions of its agents, and to compensate those injured. EMPLOYER MAY BE LIABLE FOR THE TORTS OF THE EMPLOYEE. |
| Res ipsa loquitur | the thing speaks for itself, get surgery and they leave a scalpel in there three years later you have pain and haven't had any other surgeries so it was obviously from that one. |
| parol evidence | restricts the use of oral (parol) statements in a lawsuit, when the evidence is contrary to the terms of a written contract. Oral evidence cannot contradict, change, or add to terms of a written contract. Parol evidence may be introduced when the written contract is incomplete or ambiguous; when it provides fraud, mistake, misrepresentation; or when the parol evidence explains the written instrument through previous trade usage of course of dealing. cannot claim anything thats not written in the contract wont change anything. |
| statute of frauds | prevents parties from claiming that a contract existed when it in fact did not. The state require that for certain contracts to be enforceable they must be in writing. must have a contract for the sale of land, contracts that cannot be performed within one year, promises to pay the debt of another, including debts of an estate, promises made in consideration of marriage. |
| ultra vires doctrine | doctrine that allows corporate veil to be penetrated when crime or fraud have been committed... In corporate law, ultra vires describes acts attempted by a corporation that are beyond the scope of powers granted by the corporation's objects clause, articles of incorporation or in a clause in its Bylaws, in the laws authorizing a corporation's formation, or similar founding documents. Acts attempted by a corporation that are beyond the scope of its charter are void or voidable. |
| independent contractor | person who contracts with another to do something for him but who is not controlled by the other no subject the other right to control with respect to his physical conduct in the performance of undertaking. is distinguished by the extent of control the employed retains over work performance. the more control the employer retains the more likely the worker will be an independent contractor. EMPLOYER IS NOT LIABLE FOR TORTS OF AN INDEPENDENT CONTRACTOR. |
| anti-trust law | 1. avoiding violating antitrust statutes and rules by their own behavior. 2. identify illegal behavior by their suppliers and its competitors 3. when competitors wish to merge or combine operations. COURT DECIDES. |
| eminent domain | when government takes private property for benefit of other private parties and provides just compensation. |
| superfund | the act provides the authority to clean up abandoned hazardous sites. |
| E- Sign Act | A signature for an online contract |
| Cooling off laws | FTC allows buyers in door to door sales with a value over 25$ to void contract in writing within three business days. |
| collective bargaining | the employer and union, on behalf of all employees in a collective bargaining unit, negotiate a contract, setting forth the terms and conditions of employment for a given period of time. |
| Endangered and threatened species habitat | a list of animals and plants declared by the government to be in danger for becoming extinct; violators may be prosecuted for killing endangered animals or plants or injuring their habitat. |
| OSHA | occupational safety and health act, employers must provide employees a workplace, "free from recognized hazards that are causing or are likely to cause death or serious physical harm and that employers must comply with occupational safety and health standards. |
| civil rights act of 1991 | Easier for job applicants and employees to bring suit against employers with discrimminatory hiring process |
| SEC act of 1933 | rules regarding initial issuance of stock |
| intellectual property is | protected under the common law. |
| sabarnes oxley act of 2002 | CEO and CFO of large companies that have publicly traded stock personally certify that financial reports made to the sec comply with sec rules and that the information in the reports is accurate. knowingly making a misstatement is a criminal offense with fines up to 5m and 20 yrs in prison. |
| three types of agents | 1. fully disclosed 2. partially disclosed 3. undisclosed |
| duties of principal to agent | 1. cooperate 2. compensate 3. reimburse 4. indemnify |
| duties of agent to principal | 1. loyalty 2. obedience 3. reasonable care 4. accounting 5. notification |
| force majeure clause | protects contracting parties from problems beyond their control, natural disasters and what not, and allows them to leave contract. |
| limits of first amendment freedoms | 1.time 2.place 3.manner |
| caveat emptor | buyer beware, rule requires that the buyer examine, judge, and test the product for himself. thus a consumer without privity took the risk that a product was safe, if a product was not safe and there was an injury the loss falls on consumer. |
| fee simple absolute | the right to exclusive possessions of a particular piece of land for an indefinite time, as well as the right to dispose of the land as the owner please. it may be inherited, transferred to others, or sold in part or in whole. |
| life estates | a piece of property that gives a person the right to be a tenant for life. |
| equal employment opportunity commission | EEOC, responsible for enforcing federal anti-discrimination laws. |
| civil rights act of 1964 | discriminating against gender, only giving females hershey kisses. |
| franchises | allow franchise to run company with brand name of parent company so-long as methods of operation are followed. |
| functions of administrative agencies | primary responsibility to environmental protection to create and force the regulations |
| EPA | environmental protection agency, protects everything outside of the workplace. |
| SEC act of 1934 | rules for securities already being traded |
| SEC | security exchange commission, regulates securities |
| tombstone ad | put in the newspaper, informs when company will be selling securities for how much and when. |
| red herring | after the first document, registration statement has been filed with the SEC, the lawyer prepares this financial data and sends it out to public of people who are acquiring this potential offering of stock. thin tissue paper. |
| SEC rule 10b-5 | because of 2 things, material misstatements about a fact and failed to tell about the SEC investigation. only have to prove one not both to win. |
| workers compensation laws | in order to get benefits of workers comp you have lost your right to sure if injured unless you are injured by something that was known to be defective. |
| articles of incorporation | have to create these and file them with the secretary of state. birth certificate of business, when was incorporated, why, purpose, where, duration. statistical data. |
| bylaws | rules that regulate and govern the internal operations of the corporation. shareholders, directors, and officers of the corporation must follow this in conducting corporate activities. |
| prima facie | 1. duty 2. breach of duty 3. breach was proximate cause, 4. of damages. |
| discovery tools | used to develop evidence out of court for use in court, interrogations, subpoenas, notice to produce/inspect. |
| doctrine of fusion | mens rea and actus reus fused together |
| express contract | clearly stated ordering food at DD and they repeat your order back to you and go get it for you. |
| implied contract | words or conduct of on party |
| bilateral | both parties are in agreement that performance will take place immediately or in the future. |
| unilateral | one sided agreement, offer has been made but yet to be accepted by a reply or performance. |
| real estate nuisance and trespass | protect you from pollution |
| regulation z | requires all honest disclosure to consumer. if you buy a bentley tila and regulation z wont apply. |
| food and drug administration | federal government agency charged with monitoring food and drug safety. |
| I C LACO | intent, capacity, legal subject matter, acceptance, consideration, offer |
| MRS M LAMB | mayhem, rape, sautomy, murder, larceny, arson, manslaughter, burglary. |
| employee polygraph of 1998 | prohibits workplace from giving polygraphs to employees |
| mechanics lien | a claim under state law to secure priority of payments for the value of work performed and materials supplied in building on or improving lands or buildings. |
| lien | a claim of encumbrance on property for payment of some debt, obligation, or duty. |
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