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Business Law Exam 1
Terms in this set (99)
The order or pattern of rules that society uses to govern the conduct of individuals and their relationships is called ______________________________
A _____________ is a legal capacity to require another person to perform or refrain from performing an act.
A ________ is an obligation of law imposed on a person to perform or refrain from performing a certain act.
What are the two components of someones right to privacy?
1. the right to be secure against unreasonable searches and seizures by the government.
2. it protects individuals against intrusions by others.
Which amendment of the constitution guarantees someones right to privacy?
the fourth amendment
which court case directly pertains to the right to privacy?
Roe V Wade
name an example of a law regarding privacy that exists today
what is constitutional law?
Based off of our countries constitution, it contains a body of principles that establishes the structure of a government and the relationship of the government to the people being governed.
What are the 2 constitutions in force?
state and federal
who is included in statutory law?
Both Congress and the state legislatures enact statutory law.
What is statutory law?
A formal law passed by the legislature.
What are some examples of congressional legislative enactments?
1. Securities act of 1933
2. Sherman Act
Name some types of laws found at this level of government
1. traffic laws
2. zoning laws
3. pet and bicycle licensing laws
What type of federal administrative agencies are there? (Name two)
1. SEC (Securities exchange commission)
2. EPA (environmental protection agency)
What is private law?
it consists of the rules and regulations parties agree to as part of their contractural relationships
Example: landlords and tenants
What is case law?
principles that are expressed for the first time in court.
what are the 3 aspects of case law?
1. clarifying meaning of statutes / providing statutory interpretation
2. creating precedent
3. developing a body of law that is not statutory but addresses long-standing issues
What does precedent mean?
stands as the law in future cases that involve that particular problem.
Using precedent and following decisions is also known as the doctrine of _______________
What is common law?
time-honored rules of the community (includes property rights)
Name some uniform state laws
The UCC regulates the sale and lease of goods, commercial paper, fund transfers, secured transactions in personal property, banking, and letters of credit.
What is substantive law?
it creates, defines, and regulates rights and liabilities (when a contact is formed) (laws that prohibit computer theft)
What is procedural law?
it specifies the steps that must be followed in enforcing those rights and liabilities (your rights to enforce a contract and the steps necessary when there is a-breech in contract)
Define criminal law
they define wrongs against society (fines and imprisonment)
Example: running a red light
Define civil law
they define the rights of one person against another (deals with damage remedies for the wronged individual)
Example: run a red light and strike a pedestrian
What is equity?
a body of law that provides justice when the law does not offer an adequate remedy or the application of the would be terribly unfair.
Business disputes can be resolved in court or through _____________________________________
alternative dispute resolution.
What is court?
a tribunal established by government to hear evidence, decide cases brought before it, and provide remedies when a wrong has been committed.
The authority of courts to hear cases is called ________________
What is subject matter jurisdiction?
it covers the type of cases the had the authority to hear
What is original jurisdiction?
Courts that have the authority to hear the original proceedings in a case
What is general jurisdiction?
has the broad authority to hear general civil and criminal cases (it serves as the trial court for those charged with crimes.) They also have the ability to hear civil disputes and breeches of contracts
What is limited or special jurisdiction?
has the authority to hear only particular kinds of cases. Includes juvenile courts, probate courts, and domestic relations courts)
What is appellate jurisdiction?
they review the work of a lower court. When someone appeals their initial judgement.
They DO NOT hear whitenesses or take testimony.
Usually a panel of 3 judges.
What are the choices the appellate court has to choose from when presenting a remedy?
they can affirm, reverse or remand their decision.
Who are the federal district courts?
The general trial courts of the federal system. They hear BOTH civil and criminal matters.
Chat of federal court
What is specialty court?
states that have courts with limited jurisdiction such as juvenile courts or criminal matters involving someone under the age of 18.
What are municipal courts or justice courts?
counties that have even lesser courts with limited jurisdiction. They handle civil matters where a claim made in the suit is below $5000.
the highest court in most states is known as _____________
state supreme court
What is plaintiff?
The party that initiates the proceedings in a court of original jurisdiction.
Who is the party initiating the proceedings know as?
What are the steps of filing a lawsuit?
1. Commencement of lawsuit (begins with filing a complaint)
2. Service of process (once the plaintiff has filed the complaint they then have the responsibility of notifying the defendant that the lawsuit has been filed.
3. Defendants response and the pleadings (defendant is required to answer the complaint.
6. The trial
A motion to dismiss is called ________________
A testimony of a witness taken under oath outside the courtroom and transcribed by a court reports is known as _________________________
In the event the case has no material facts in dispute, either party can file for _____________________
motion for summary
What is voir dire?
What is a motion for directed verdict?
asks the court to grant a verdict because even if all of the evidence that been presented by each side were true, there is either no basis for recovery or no defense to recovery.
What is one type of alternative dispute resolution?
What is arbitration?
arbitrators hear evidence and determine a resolution. Arbitration enables the parties to present the facts before trained experts familiar with the industry practices that make affect the outcome.
Type: Uniform Arbitration act & the Federal Arbitration Act
What is summary jury trial?
dry-run mock trial in which lawyers present their claims before a jury of 6 persons
A process of grant-writing is called ____________________
writ of certiorari
Federal system has the power to...
address national concerns
When was the constitution adopted?
1789 by the 13 colonies that had won their independence from King George
What is Tripartite?
(a legislative branch, executive branch, and a judicial branch)
Congress is made up of...
senate and house of representatives (Senate: elected for 6 years / House: 2 years)
Who is the president elected by?
What are ex post facto laws?
make criminal an act that has already committed but was NOT criminal when it was committed.
What is preemption?
federal regulatory scheme is controlling.
What are the 3 ways the constitution is amended
3. by practice
which article of the constitution gives the procedure to be followed for amending the constitution
What does article 1, Section 8, Clause 3 state?
The commerce clause- the power to regulate commerce with foreign nations and amoung the several states with Indian tribes.
Explain Due Process
The power of government is limited by both the 5th and 14th amendment which prohibit national government and state governments from depriving any person of life, liberty, or property without due process of law.
What is the due process clause?
provides a guarantee of protection against the loss of property or rights without the chance to be heard
Which amendment provides protection against unreasonable searches?
Name some acts that are considered regulation of unfair competition
1. Sherman Act (first act that outlawed monopolized business practices)
2. Federal Trade Commission Act (created to prevent unfair or deceptive methods of competition)
What does per ce mean?
Applies to not only buying and selling activities but also manufacturing and production activities. (Violation of section 1 of the Sherman Act known as horizontal price-fixing.) TORT LAW***
What is price-fixing?
involves competitors agreeing not to sell below a certain price, agreeing to commission terms, credit terms or exchanging cost information.
Under the Sherman act competitors are not permitted to...
agree not to deal with certain buyers
Which two acts prohibit price discrimination?
1. Clayton act
2. Robinson- Pat-man Act
List some examples of price discrimination
good- faith effort to meet competition, difference in methods or quantities, marginal cost differences, deterioration of goods, etc
_______________________ mergers occur between firms that have buyer and seller relationships.
Which act also applies to vertical mergers?
___________________________ is a government body charged with administering and implementing legislation.
An administrative agency
Name some federal administrative agencies
1. SEC (securities exchange commission)
2. FDA (food and drug administration
Describe the structure of the Federal Trade Commission
Five commissioners with 1 serving as chair
The actions and activities of most federal agencies that are not otherwise regulated are controlled by the _____________________________
Administrative Procedure Act (APA)
the ______________________________________ provides that information contained in records of federal administrative agencies is available to citizens on proper request.
Freedom of Information Act2 (FOIA)
__________________________________ requires that proposed administrative regulation be published in the Federal Register.
Federal Register Act
An agency may issue __________________________________ to obtain information reasonably required by its investigation.20
Agency officials have the right to conduct inspections, pursuant to the warrant protections afforded by the ________________________________
Is an agency a court?
Not by law, but it may still have the power to determine whether any violations of the law or agency have occurred
______________________________or __________________________________ are practical devices used to settle administrative law complaints after wrongdoer business is notified of that complaint.
Informal settlements or consent decrees
The judge in these hearings is called an administrative law judge (ALJ) and at other levels of government is often called a ________________________________________________
hearing examiner or hearing officer.
Administrative hearings often have additional parties involved, parties with an interest in the case are permitted to participate, and are called __________________________________
Crimes are classified as __________________________ or _______________________ according to their origin
common law or statutory
cease-and-desist order does what?
decides if a practice is improper
Offenses punishable by less than one year in prison are called _________________________________
A crime generally consists of two elements which are?
(1) a mental state (scienter or intent)
(2) an act or omission.
Are corporations responsible for the acts of their employees?
What does Officer and Executive Banishment from Business Fields mean?
barring executives and officers from working in their fields if they have a criminal conviction.
Penalties are paid to the ____________________________
what is White-collar crime?
considered business crime, the type committed generally in the course of doing business and usually involving some form of deceit used to get gains.
________________________consists of knowingly giving false testimony in a judicial proceeding after having been sworn to tell the truth.
_____________________________ is the fraudulent conversion of another's property or money by a person to whom it has been entrusted.
________________________________ is the wrongful or fraudulent taking of the personal property of another by any person with fraudulent intent.
Which amendment pertains to search and seizure?
The 4th Amendment
Self incrimination is given under what amendment?
which amendment guarantees that the entire process will be completed in a timely fashion because this amendment guarantees a speedy trial.
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