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Study sets matching "legal environment of business chapter 18"

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Study sets matching "legal environment of business chapter 18"

13 terms
The Legal Environment of Business: Chapter 18
Limited liability company (LLC)
Member
Articles of organization
Limited Liability Partnership
A hybrid form of business enterprise that offers the limited…
The term used to designate a person who has an ownership inte…
The document filed with a designated state official by which…
A form of partnership that allows professionals to enjoy the…
Limited liability company (LLC)
A hybrid form of business enterprise that offers the limited…
Member
The term used to designate a person who has an ownership inte…
7 terms
Legal Environment of Business Chapter 18
Limited Liability Company(LLC)
Members
Articles of Organization
Limited Liability Partnership(LLP)
A hybrid form of business enterprise that offers he limited l…
term used to designate a person who has an ownership interest…
The Document filed with a designated state official by which…
A form of partnership that allows professionals to enjoy the…
Limited Liability Company(LLC)
A hybrid form of business enterprise that offers he limited l…
Members
term used to designate a person who has an ownership interest…
The Legal Environment of Business: Chapter 18
Articles of organization
Certificate of limited partnership
Family limited liability partnership (…
General partner
The document filed with a designated state official by which…
The basic document filed with a designated state official by…
A limited liability partnership (LLP) in which the majority o…
In a limited partnership, a partner who assumes responsibilit…
Articles of organization
The document filed with a designated state official by which…
Certificate of limited partnership
The basic document filed with a designated state official by…
12 terms
Legal Environment of Business Chapter 18 Vocab
Affirmative Action
Bona Fide Occupational Qualification
Business Necessity
Constructive Discharge
Job-hiring policies that give special consideration to member…
Identifiable characteristics reasonably necessary to the norm…
A defense to alleged employment discrimination in which the e…
A termination of employment brought about by making the emplo…
Affirmative Action
Job-hiring policies that give special consideration to member…
Bona Fide Occupational Qualification
Identifiable characteristics reasonably necessary to the norm…
Legal Environment of Business Chapter 18: Agency Law
Agency Law
Agency
Principal
Agent
the large body of common law that governs agency; a mixture o…
the principal-agent relationship
a party who employs another person to act on is or her behalf.
a party who agrees to act on behalf of another.
Agency Law
the large body of common law that governs agency; a mixture o…
Agency
the principal-agent relationship
49 terms
The Legal Environment of Business - Chapter 18 Law and Business Associations
Corporation
Characteristics of a Corporation
Types of Corporations
Closely Held
An entity formed and authorized by state law to act as a sing…
Dominant business form... Created by state statute... Treated as a…
Closely held... Publicly held... Domestic, foreign, and alien ... Mult…
Most corporations are closely held... Stock is not traded public…
Corporation
An entity formed and authorized by state law to act as a sing…
Characteristics of a Corporation
Dominant business form... Created by state statute... Treated as a…
9 terms
Legal and Ethical Environment of Business chapter 18
Limited liability company
members
Articles of organization
operation agreement
a hybrid form that combines the limited liability aspects of…
owners of an LLC who enjoy limited liability
To form an LLC, _____________must be filed with a central sta…
typically contain provisions relating to management, how prof…
Limited liability company
a hybrid form that combines the limited liability aspects of…
members
owners of an LLC who enjoy limited liability
17 terms
Business Law and the Legal Environment ~ Chapter 18
breaching the contract
injunction
expectation damages
specific performance
Someone breaches a contract when he fails to perform a duty w…
An order forcing someone to do something, or refrain from doi…
meaning the money required to put one party in the position s…
A contract remedy requiring the breaching party to perform th…
breaching the contract
Someone breaches a contract when he fails to perform a duty w…
injunction
An order forcing someone to do something, or refrain from doi…
The Legal Environment of Business - Chapter 18 Law and Business Associations
Corporation
Characteristics of a Corporation
Types of Corporations
Closely Held
An entity formed and authorized by state law to act as a sing…
Dominant business form... Created by state statute... Treated as a…
Closely held... Publicly held... Domestic, foreign, and alien ... Mult…
Most corporations are closely held... Stock is not traded public…
Corporation
An entity formed and authorized by state law to act as a sing…
Characteristics of a Corporation
Dominant business form... Created by state statute... Treated as a…
49 terms
The Legal Environment of Business - Chapter 18 Law and Business Associations
Corporation
Characteristics of a Corporation
Types of Corporations
Closely Held
An entity formed and authorized by state law to act as a sing…
Dominant business form... Created by state statute... Treated as a…
Closely held... Publicly held... Domestic, foreign, and alien ... Mult…
Most corporations are closely held... Stock is not traded public…
Corporation
An entity formed and authorized by state law to act as a sing…
Characteristics of a Corporation
Dominant business form... Created by state statute... Treated as a…
49 terms
The Legal Environment of Business - Chapter 18 Law and Business Associations
Corporation
Characteristics of a Corporation
Types of Corporations
Closely Held
An entity formed and authorized by state law to act as a sing…
Dominant business form... Created by state statute... Treated as a…
Closely held... Publicly held... Domestic, foreign, and alien ... Mult…
Most corporations are closely held... Stock is not traded public…
Corporation
An entity formed and authorized by state law to act as a sing…
Characteristics of a Corporation
Dominant business form... Created by state statute... Treated as a…
Legal Environment Chapter 18
a party may be discharged from a valid…
precedent
subsuquent
concurrent
-a condition occurring or not occurring... -full performance or…
-condition that must be fulfilled before a party's performanc…
-when condition operates to terminate a party's absolute prom…
-when each party's performance is conditioned on the other pa…
a party may be discharged from a valid…
-a condition occurring or not occurring... -full performance or…
precedent
-condition that must be fulfilled before a party's performanc…
35 terms
Legal Environment Chapter 18
Title VII of the Civil Rights Act
The Equal Employment Opportunity Commi…
Intentional/ Unintentional Discriminat…
Intentional
Prohibits discrimination in employment on the basis of race,…
-Monitors compliance with Title VII... -Generally only investiga…
-Intentional... -Unintentional
Disparate-treatment discrimination... -Applicant must prove:... *Is…
Title VII of the Civil Rights Act
Prohibits discrimination in employment on the basis of race,…
The Equal Employment Opportunity Commi…
-Monitors compliance with Title VII... -Generally only investiga…
15 terms
Legal Environment of Business Ch. 18
Discharge
Performance
Condition
Condition precedent
Terminate
In contract law, the fulfillment of one's duties arising unde…
A qualification in a contract based on a possible future event
A condition that must be fulfilled before a party's performan…
Discharge
Terminate
Performance
In contract law, the fulfillment of one's duties arising unde…
23 terms
Legal Business Chapter 18
What are the characteristics of a part…
What is the essential characteristic o…
What are Limited Partnerships governed…
What does the adoption of partnership…
An agreement between two or more persons to carry on a busine…
All partners are not treated equally
Revised Uniform Limited Partnership Act
Particulars, general and limited partners, capital contribution
What are the characteristics of a part…
An agreement between two or more persons to carry on a busine…
What is the essential characteristic o…
All partners are not treated equally
Legal Environment: Chapter 18 LLBF
Articles of Organization
certificate of limited partnership
family limited liability partnership (…
general partner
the document filed with a designated state official by which…
the basic document filed with a designated state official by…
a limited liability partnership in which the majority of the…
in a limited partnership, a partner who assumes responsibilit…
Articles of Organization
the document filed with a designated state official by which…
certificate of limited partnership
the basic document filed with a designated state official by…
32 terms
Legal Environment of Business Chapter 9
Tort
"Wrongful" Tort
Businesses should look into...
Intentional Tort Liabilty
a wrongful act (or omission) committed by one person against…
Torts spilling over from civil to criminal. Example is the OJ…
liability insurance-it covers a portion of damages of torts c…
purposefully injuring another person or his property
Tort
a wrongful act (or omission) committed by one person against…
"Wrongful" Tort
Torts spilling over from civil to criminal. Example is the OJ…
12 terms
The Legal Environment Today-Chapter 18
Protected Class
Employment Discrimination
Disparate-Treatment Discrimination
Prima Facie Case
A group of persons protected by specific laws because of the…
Treating employees or job applicants unequally on the basis o…
A form of employment discrimination resulting when an employe…
A case in which the plaintiff has produced sufficient evidenc…
Protected Class
A group of persons protected by specific laws because of the…
Employment Discrimination
Treating employees or job applicants unequally on the basis o…
12 terms
The Legal Environment Today-Chapter 18
Protected Class
Employment Discrimination
Disparate-Treatment Discrimination
Prima Facie Case
A group of persons protected by specific laws because of the…
Treating employees or job applicants unequally on the basis o…
A form of employment discrimination resulting when an employe…
A case in which the plaintiff has produced sufficient evidenc…
Protected Class
A group of persons protected by specific laws because of the…
Employment Discrimination
Treating employees or job applicants unequally on the basis o…
12 terms
The Legal Environment Today - Chapter 18
Protected Class
Employment Discrimination
Disparate-Treatment Discrimination
Prima Facie Case
A group of persons protected by specific laws because of the…
Treating employees or job applicants unequally on the basis o…
A form of employment discrimination resulting when an employe…
A case in which the plaintiff has produced sufficient evidenc…
Protected Class
A group of persons protected by specific laws because of the…
Employment Discrimination
Treating employees or job applicants unequally on the basis o…
48 terms
Business Law and The Legal Environment Chapter 17 and 18
Actual authority (531)
Apparent authority (530, 534, 538)
Assignable (545)
Commission (541)
that the principal actually grants to the agent and that will…
when the principal creates the appearance that an agency exis…
the rights in the contract legally can be transferred from on…
a fee paid based on a percentage of the sale made by an emplo…
Actual authority (531)
that the principal actually grants to the agent and that will…
Apparent authority (530, 534, 538)
when the principal creates the appearance that an agency exis…
39 terms
Legal Environment of Business Chapter 3
Litigation
Civil
Criminal
Appellate Court
resolving a dispute in court
Plaintiff v. Defendant, plaintiff is the one suing
State v. Defendant, "prosecutions"
Appellant v. Appellee, Appellant is the previous loser... Doctri…
Litigation
resolving a dispute in court
Civil
Plaintiff v. Defendant, plaintiff is the one suing
33 terms
The Legal Environment of Business - Ch. 18
Limited Liability Company (LLC)
Uniform Limited Liability Company Act…
The Nature of the LLC
Liability under the Alter-ego Theory i…
- hybrid of limited liability aspects of a corporation, and t…
- issued by National Conference of Commissioners on Uniform S…
-share characteristics with corporations:... - Must be formed an…
- when a corporation is deemed to be merely an "alter ego" of…
Limited Liability Company (LLC)
- hybrid of limited liability aspects of a corporation, and t…
Uniform Limited Liability Company Act…
- issued by National Conference of Commissioners on Uniform S…
30 terms
Legal Environment of Business Chapter 12
Fee Simple Absolute
Life Estate
Reversion
Acquiring Title by Occupancy
this is the most complete interest a person may have in land…
ownership of property as long as you are alive. No right to d…
property is left to beneficiary on happening of a condition.…
means original entry. you take (buy) land from government (so…
Fee Simple Absolute
this is the most complete interest a person may have in land…
Life Estate
ownership of property as long as you are alive. No right to d…
8 terms
Legal Environment of Business Chapter 7
Martindale-Hubbell ratings
Attorney-Client Privilege
Duty of Loyalty
Confidentiality Agreement
5 year start with CV, after 10 it's BV, 15 goes to AV... Fees ar…
protects communications between a client and an attorney when…
an obligation imposed by law that requires, depending on the…
a provision in an employment contract requiring that the empl…
Martindale-Hubbell ratings
5 year start with CV, after 10 it's BV, 15 goes to AV... Fees ar…
Attorney-Client Privilege
protects communications between a client and an attorney when…
11 terms
Legal Environment of Business Chapter 4
ADR
Negotiated Settlements
Mediation
Magnuson-Moss Warranty Act
Alternate Dispute Resolution-avoiding litigation
usually doesn't involve lawyers
Neutral person attempts to help the disputants reach a fair s…
Act of Congress that makes warranties better understood and m…
ADR
Alternate Dispute Resolution-avoiding litigation
Negotiated Settlements
usually doesn't involve lawyers
Legal Environment of Business - Chapter 3
Stages of a Typical Civil Lawsuit... (TAP…
Affirmative Defense
Counterclaim
Default Judgement
Pleadings Stage... Discovery Stage... Pretrial Stage... Trial Stage... Ap…
defendant admits to the facts claimed by the plaintiff but of…
complaint by defendant and the plaintiff must respond to it j…
if the party does not comply w/ a court order a DF will grant…
Stages of a Typical Civil Lawsuit... (TAP…
Pleadings Stage... Discovery Stage... Pretrial Stage... Trial Stage... Ap…
Affirmative Defense
defendant admits to the facts claimed by the plaintiff but of…
Legal Environment of Business - Chapter 2
In ALL courts, the power to hear and d…
Subject Matter Courts (2)
State Courts
Federal Courts (2)
1) Subject Matter Jurisdiction... AND... 2) Personal Jurisdiction
1) Federal - U.S. District Court Northern District of OH... 2) S…
can hear ALL types of cases except cases expressively revered…
1) Federal Question Cases - US Constitution, Maritime, Patent…
In ALL courts, the power to hear and d…
1) Subject Matter Jurisdiction... AND... 2) Personal Jurisdiction
Subject Matter Courts (2)
1) Federal - U.S. District Court Northern District of OH... 2) S…
25 terms
Legal Environment of Business Chapter 1
Law
Criminal Law
Civil Law
Substantive Law
any system of regulations that govern the conduct of members…
government is involved in prosecution; the penalty is punishm…
people against other people; the punishment is damages; a sys…
rules and regulations; laws that regulate and control the rig…
Law
any system of regulations that govern the conduct of members…
Criminal Law
government is involved in prosecution; the penalty is punishm…
Legal Environment of business Ch. 18
Limited Liability Company (LLC)
Owners of an LLC are called?
Advantages of the LLC
Limited Liability Partnership (LLP)
Hybrid that combines the limited liability aspects of a corpo…
Members
1) Limited Liability ... 2) Flexibility in Taxation ... 3) Manageme…
Hybrid form of business designed mostly for professionals who…
Limited Liability Company (LLC)
Hybrid that combines the limited liability aspects of a corpo…
Owners of an LLC are called?
Members
107 terms
Legal Environment of Business
Law
Jurisprudence
Law Provides:
Why is the regulation of business nece…
Rights between governments and individuals... Rules setting for…
The study of law
Stability, Predictability and Continuity
Provides Regulation (law), Prevents unfair advantage, Levels…
Law
Rights between governments and individuals... Rules setting for…
Jurisprudence
The study of law
23 terms
Legal Environment of Business Chapter 2
US has a dual (Federal) Legal system
To determine the law that governs acti…
Three tiers of courts
Trial Courts
national and state
you have to consider where the wrong occurred, where the cont…
trial, intermediate appellate, and high/supreme
litigation begins, court hears and decides facts in dispute
US has a dual (Federal) Legal system
national and state
To determine the law that governs acti…
you have to consider where the wrong occurred, where the cont…
25 terms
Legal Environment of Business Chapter 12
Contract
Promisor
Promisee
Obligee
A binding agreement based on the genuine asset of the parties…
Person who makes a promise
Person to whom a promise is made
Promisee who can claim the benefit of the obligation
Contract
A binding agreement based on the genuine asset of the parties…
Promisor
Person who makes a promise
15 terms
Chapter 9 Legal Environment of Business
Agreement
Offer
Parts of an offer to be effective: (3)
Option Contract
A mutual understanding or meeting of the minds between two or…
A promise or commitment to perform or refrain from performing…
1. There must be a serious, objective intention by the offero…
A contract under which the offeror cannot revoke the offer fo…
Agreement
A mutual understanding or meeting of the minds between two or…
Offer
A promise or commitment to perform or refrain from performing…
37 terms
Legal Environment of Business CHAPTER 5
Affectation Doctrine
Legislative Branch
Judicial Branch
Executive Branch
If intrastate activity affects people in another state, then…
Congress.
Federal Courts.
The President.
Affectation Doctrine
If intrastate activity affects people in another state, then…
Legislative Branch
Congress.
31 terms
Legal Environment of Business Chapter 2
Ethics
Ethics decision
Life Principles
Deontological
How People should behave. Study of what is right or good for…
Any choice about how a person should behave that is based on…
the rules by which you live your life
From the Greek word for obligation; the duty to do the right…
Ethics
How People should behave. Study of what is right or good for…
Ethics decision
Any choice about how a person should behave that is based on…
38 terms
Legal Environment of Business Chapter 1
Precedent
Common Law
Sources of Law
State Constitution
The tendency to decide current cases based on previous rulings
Judge-made law. Established by precedent, or earlier cases de…
50 State Governments and One Federal Government
establishes the state government guarantees the right of stat…
Precedent
The tendency to decide current cases based on previous rulings
Common Law
Judge-made law. Established by precedent, or earlier cases de…
61 terms
Legal Environment of Business Chapter 3
Litigation
Alternative dispute resolution
Trial Courts
Jurisdiction
The process of filing claims in court and ultimately going to…
any other formal or informal process used to settle disputes…
determine the factors of a particular dispute and apply to th…
A court's power to hear cases
Litigation
The process of filing claims in court and ultimately going to…
Alternative dispute resolution
any other formal or informal process used to settle disputes…
20 terms
Legal Environment of Business Chapter 5
bill of rights (105)
checks and balances (101)
commerce clause (102)
compelling government interest (108)
the first ten amendments of the US constitution
the system by which the each of the three branches of nationa…
the provision in Article 1, Section 8, of the US Constitution…
a test of constitutionality that requires the government to h…
bill of rights (105)
the first ten amendments of the US constitution
checks and balances (101)
the system by which the each of the three branches of nationa…
Legal Environment of Business - Chapter 1
Law
Functions of Law (4)
Where do laws come from?
Differences b/w Civil and Common Law
dictates our behavior, if not their are consequences. Must be…
Resolve Disputes - most important purpose of law... Assisting so…
Constitution... Common Law... Civil Law... Legislatures... Administrative…
Civil - book, codes, statutes, judges influence is nothing... Co…
Law
dictates our behavior, if not their are consequences. Must be…
Functions of Law (4)
Resolve Disputes - most important purpose of law... Assisting so…
8 terms
Chapter 15 Legal Environment of Business
Incidental Damages
Consequential Damages
Nominal Damages
Mitigation of Damages
Damages that compensate for expenses directly incurred becaus…
Foreseeable damages that result from a party's breach of cont…
A small monetary award (often one dollar) granted to a plaint…
The requirement that a plaintiff do whatever is reasonable to…
Incidental Damages
Damages that compensate for expenses directly incurred becaus…
Consequential Damages
Foreseeable damages that result from a party's breach of cont…
49 terms
The Legal Environment of Business: Chapter 12
Tort
Licensee
Public Figure
Puffery
Wrongs and compensation. Tort law is meant to compensate thos…
One who receives a license to use, or enter onto another's pr…
Individuals who are thrust into the public limelight. Public…
A salesperson's exaggerated claims concerning the quality of…
Tort
Wrongs and compensation. Tort law is meant to compensate thos…
Licensee
One who receives a license to use, or enter onto another's pr…
25 terms
Chapter 1: Legal Environment of Business
primary sources of american law
secondary sources of law
constitutional law
statutory law
1. The US Constitution and the constitutions of various state…
Books and articles that summarize and clarify the primary sou…
-supreme law of the land... -any law that conflicts with it is i…
- legislation... - laws enacted by legislative bodies ... - statute…
primary sources of american law
1. The US Constitution and the constitutions of various state…
secondary sources of law
Books and articles that summarize and clarify the primary sou…
37 terms
Legal Environment of Business Chapter 12
Torts
Compensatory damages
Punitive damages
Tortfeasor
wrongs and compensation
are intended to compensate or reimburse a plaintiff for actua…
Applicable in tort cases. Used to punish the wrongdoer and de…
the one committing the tort.
Torts
wrongs and compensation
Compensatory damages
are intended to compensate or reimburse a plaintiff for actua…
17 terms
Legal Environment of Business Ch. 18
Limited Liability Company
Members
Articles of Organization
Preincorporation contracts
A hybrid company that combines the limited liability aspects…
Owners of an LLC.
To form an LLC, this must be filed with a central state agenc…
The contracts entered into before a corporation becomes a leg…
Limited Liability Company
A hybrid company that combines the limited liability aspects…
Members
Owners of an LLC.
15 terms
The Legal Environment of Business| Chapter 4
Defamation
Libel
Slander
Nuisance
The harming of a person's reputation and good name by the com…
The spreading of damaging statements in written form, includi…
The spreading of damaging words or ideas about a person, dire…
An unlawful interference with the enjoyment of life or proper…
Defamation
The harming of a person's reputation and good name by the com…
Libel
The spreading of damaging statements in written form, includi…
50 terms
Legal Environment of Business. Chapter 10
Contracts are a type of this law
Contract
Express Contract
Implied Contract
Common law (judge/jury made law)
Agreement, upon sufficient consideration, to do or not to do…
Written or oral expression of intent by the parties to enter…
Arises from the Actions rather than the expressions of the pa…
Contracts are a type of this law
Common law (judge/jury made law)
Contract
Agreement, upon sufficient consideration, to do or not to do…
16 terms
The Legal Environment of Business | Chapter 15
7 Ways a Contract may be Terminated:
Substantial Performance
Tender of Performance
Tender of Goods
1) Agreement.... 2) Performance... 3) Impossibility of Performance…
When a party to a contract, in good faith, executes all of th…
An offer to perform that is considered evidence of a part's w…
An offer to provide the goods agreed upon that is considered…
7 Ways a Contract may be Terminated:
1) Agreement.... 2) Performance... 3) Impossibility of Performance…
Substantial Performance
When a party to a contract, in good faith, executes all of th…
27 terms
Legal Environment of Business Chapter 11
Property Rights are fundamental to...
A primary purpose of government is...
Property rights include...
Real Property
capitalism. What we have rights to, earns us money.
to protect property rights
possession, use, and transfer
land and things that are fixed to land (includes what is abov…
Property Rights are fundamental to...
capitalism. What we have rights to, earns us money.
A primary purpose of government is...
to protect property rights
47 terms
The Legal Environment of Business Chapter 9
promise
contract
objective theory of contracts
bilateral contract
a person's assurance that he or she will or will not do somet…
an agreement that can be enforced in court; formed by two or…
a theory under which the intent to form a contract will be ju…
a type of contract that arises when a promise given in exchan…
promise
a person's assurance that he or she will or will not do somet…
contract
an agreement that can be enforced in court; formed by two or…
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