Study sets matching "legal environment of business"

Study sets
Classes
Users

Study sets matching "legal environment of business"

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
71 terms
Legal Environment of Business Midterm
What is the law?
General principles of the law
functions of the law
Criminal law vs. Civil law
rules of action or code of conduct that must be obeyed by cit…
1) have general application to society... 2) developed by legiti…
1) keep the peace... 2) enforce standards of conduct (legal mini…
criminal -- gov. can impose punishment for failure to comply…
What is the law?
rules of action or code of conduct that must be obeyed by cit…
General principles of the law
1) have general application to society... 2) developed by legiti…
Legal Environment of Business - Cases
Davis VS. Baugh Industrial Contractors…
Davis VS. West
Blimka VS. My Web Wholesalers
Erie Railroad VS. Tompkins
Doctrine of Completion and Acceptance is outmoded - once an i…
derived judicial immunity - extension of Radoff being immune…
Long arm statute - forum state has the power to reach power o…
The concept of Federal Common Law in diversity-citizenship ca…
Davis VS. Baugh Industrial Contractors…
Doctrine of Completion and Acceptance is outmoded - once an i…
Davis VS. West
derived judicial immunity - extension of Radoff being immune…
65 terms
Legal environment of business final
Principal
Agent
Fiduciary relationship
Who can be a principal?
person who employs another to act on his behalf
Acts on behalf of the principal
Agent must act with the utmost trust, loyalty and good faith.…
Any person who has legal capacity to enter into a contract
Principal
person who employs another to act on his behalf
Agent
Acts on behalf of the principal
52 terms
Legal Environment of Business
List the remedies of Law
Criminal Law
Administrative Law
Intentional Torts
1. Criminal Law... 2. Administrative Law... 3. Intentional Torts... 4.…
Found in Title 18 Pa Statutes
Rules & regulations of administrative agencies both federal a…
Civil wrong where defendant acts with intent.
List the remedies of Law
1. Criminal Law... 2. Administrative Law... 3. Intentional Torts... 4.…
Criminal Law
Found in Title 18 Pa Statutes
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…
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…
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
General rule of damages in contracts
Liquidated damages
Duty to mitigate
Consequential damages - Hadley v. Baxe…
Compensatory damages.... General: non-monetary, such as pain and…
Monetary compensation for a loss, detriment, or injury to a p…
The duty of someone who was wronged to make reasonable effort…
Innocent party may recover damages arising naturally from the…
General rule of damages in contracts
Compensatory damages.... General: non-monetary, such as pain and…
Liquidated damages
Monetary compensation for a loss, detriment, or injury to a p…
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…
53 terms
Legal Environment of Business Midterm
Common Law Marriage
Compensatory Damages
Punitive Damages
Statute of Limitations
A marriage in which the parties have the capacity to marry, a…
A sum of money that will return an aggrieved party to the sta…
A sum of money awarded to punish the tort-feasor for his or h…
The time period within which an aggravated party must institu…
Common Law Marriage
A marriage in which the parties have the capacity to marry, a…
Compensatory Damages
A sum of money that will return an aggrieved party to the sta…
45 terms
Legal Environment Of Business
Secondary Sources of Law
Constitutional Law
Tenth Amendment
Statutory Law
Books, articles that summarize and clarify primary sources of…
Set powers and the organization of government power.
The U.S Constitution reserves to the states power not granted…
Law that enacted by a legislative body.
Secondary Sources of Law
Books, articles that summarize and clarify primary sources of…
Constitutional Law
Set powers and the organization of government power.
LEGAL ENVIRONMENT OF BUSINESS
"We hold these truths to be self-evide…
Judges use several types of reasoning…
John Doe was driving his car lawfully…
A murder in which premeditation and de…
The Natural Law School
Deductive reasoning
Contributory negligence
First degree murder
"We hold these truths to be self-evide…
The Natural Law School
Judges use several types of reasoning…
Deductive reasoning
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 (Terms)
Adhesion Contract
Anticipatory repudiation
Assignment
Consequential damages
A "standard-form" contract, such as that between a large reta…
An assertion or action by a party indicating that he or she w…
The act of transferring to another all or part of one's right…
Special damages that compensate for a loss that is not direct…
Adhesion Contract
A "standard-form" contract, such as that between a large reta…
Anticipatory repudiation
An assertion or action by a party indicating that he or she w…
75 terms
Legal Environment of Business Test # 1
Constitutional law
Statutory Law
Ordinances
Administrative Law
Constitutional law is the law as expressed... in these constitut…
Laws enacted by legislative bodies at any level of government…
Statutes (laws, rules, or orders) passed by municipal or... coun…
The rules, orders, and decisions of administrative agencies
Constitutional law
Constitutional law is the law as expressed... in these constitut…
Statutory Law
Laws enacted by legislative bodies at any level of government…
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…
61 terms
Legal environment of business final
Genuineness of Assent
Mistake
Unilateral mistake
Mutual mistake
A valid contract may still be unenforceable if the parties ha…
Some cases contract law allows a contract to be avoided on th…
When 1 party is mistaken as to a material fact, generally doe…
When both parties are mistaken about the same material fact t…
Genuineness of Assent
A valid contract may still be unenforceable if the parties ha…
Mistake
Some cases contract law allows a contract to be avoided on th…
|Business Law & The Legal Environment|
Adjudicate
Administrative agency
Administrative law
Administrative law judge (ALJ)
To render a judicial decision. Adjudication is the trial-like…
A federal, state, or local government agency created by the l…
The body of law created by administrative agencies in order t…
The one who presides over an administrative agency hearing an…
Adjudicate
To render a judicial decision. Adjudication is the trial-like…
Administrative agency
A federal, state, or local government agency created by the l…
Legal Environment of Business: Test 3
contract
source of law
who are the parties to an agreement?
what does an agreement create?
an agreement that can be enforced in court
traditional common law contracts
the offeree and the promisee
an offer and an acceptance
contract
an agreement that can be enforced in court
source of law
traditional common law contracts
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.
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…
Legal Environment of Business Ch. 19
Incidental damages
Consequential damages
Nominal damages
Mitigation of damages
Expenses that are caused directly by a breach of contract - s…
Foreseeable damages that result from a party's breach of cont…
A small monetary award (often one dollar) granted to a plaint…
A rule requiring a plaintiff to have done whatever was reason…
Incidental damages
Expenses that are caused directly by a breach of contract - s…
Consequential damages
Foreseeable damages that result from a party's breach of cont…
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…
Legal Environment of Business
Legal (Bastiat)
Liberty (Bastiat)
Private law
Common Law
when the gov't takes from one person and gives to another
When individuals can choose tot give or not to give and are l…
Laws created by individuals that the government will enforce…
Laws based on the opinion given by judges in previous similar…
Legal (Bastiat)
when the gov't takes from one person and gives to another
Liberty (Bastiat)
When individuals can choose tot give or not to give and are l…
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…
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…
Legal Environment of Business Test 1
The Four Sources of Law
Conflicts of Law
Situations of Federal Court Jurisdiction
Federal District Courts
- Constitutional Law: comes from a state or the federal const…
Happen when there are interactions between people in differen…
- U.S. is a party... - U.S. Constitution or Federal Law issue... -…
Federal trial courts. The starting place for a federal case.
The Four Sources of Law
- Constitutional Law: comes from a state or the federal const…
Conflicts of Law
Happen when there are interactions between people in differen…
Legal Environment of Business Ch. 15
Voluntary consent
Latent defects
Scienter
Innocent misrepresentation
Voluntarily saying yes
Defects that could not readily be ascertained
"guilty knowledge", knowledge by the misrepresenting party th…
A false statement of fact or an act made in good faith that d…
Voluntary consent
Voluntarily saying yes
Latent defects
Defects that could not readily be ascertained
40 terms
Ethics - Legal Environment of Business
Ethics
What branch of philosophy does ethics…
Business Ethics focuses on...
Moral Minimum
the study of what constitutes right or wrong behavior.
morality and the way in which moral principles are (1) derive…
what constitutes right or wrong behavior in the business worl…
The minimum acceptable standard for ethical business behavior…
Ethics
the study of what constitutes right or wrong behavior.
What branch of philosophy does ethics…
morality and the way in which moral principles are (1) derive…
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…
Legal Environment of Business: Test 2
tort
what source of law does tort law come…
civil litigation
2 basic concepts of tort law
a civil wrong that arises from unreasonable conduct
common/case law
the burden of proof (by a preponderance of credible evidence)
1. Wrongs/ wrongful conduct... 2. compensation
tort
a civil wrong that arises from unreasonable conduct
what source of law does tort law come…
common/case law
70 terms
Legal Environment of Business Final
contract
bilateral contract
unilateral contract
express contract
a promise or promises enforceable in court
an agreement containing mutual promises, with each party bein…
an agreement involving only one promise, which is exchanged f…
an agreement that is either spoken or written by the parties
contract
a promise or promises enforceable in court
bilateral contract
an agreement containing mutual promises, with each party bein…
64 terms
Exam #1 - Legal Environment of Business
Law
Functions of a Law
Substantive Law
Procedural Law
A body of enforcable rules governing relationships between in…
Protection, Social Order, & Social Justice
Sets out rights and duties
Sets the substantive law into action
Law
A body of enforcable rules governing relationships between in…
Functions of a Law
Protection, Social Order, & Social Justice
12 terms
Chapter 10 Legal Environment of Business
Consideration
Forbearance
To be legally sufficient, consideratio…
Rescission
The value given in return for a promise or performance in a c…
The act of refraining from an action that one has a legal rig…
1. A promise to do something that one has no prior legal duty…
A remedy whereby a contract is canceled and the parties are r…
Consideration
The value given in return for a promise or performance in a c…
Forbearance
The act of refraining from an action that one has a legal rig…
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…
Legal Environment of Business - Agency
Agency
Fiduciary
Employer-Employee Relationships
Employer-Independent Contractor Relati…
One of the most common, important, and pervasive legal relati…
a person having a duty created by his or her undertaking to a…
Normally, all employees who deal with third parties are deeme…
(1) one who works for, and receives payment from, an employer…
Agency
One of the most common, important, and pervasive legal relati…
Fiduciary
a person having a duty created by his or her undertaking to a…
Legal Environment of Business
civil litigation
Although much of the language of the l…
Constitutional law is the foundation f…
Although much of the language of the l…
dispute resolution process to argue their views of a non crim…
False
True
True
civil litigation
dispute resolution process to argue their views of a non crim…
Although much of the language of the l…
False
57 terms
The Legal Environment of Business - Ch. 1
administrative law
binding authority
breach
case law
The body of law created by administrative agencies (in the fo…
Any source of law that a court must follow when deciding a ca…
The failure to perform a legal obligation.
The rules of law announced in court decisions. Includes the a…
administrative law
The body of law created by administrative agencies (in the fo…
binding authority
Any source of law that a court must follow when deciding a ca…
69 terms
Legal Environment of Business
Contract
Offeror
Offeree
Promisor
Promise or set of promises enforceable by law.
The party that makes the offer.
The party to whom the offer is made.
The party making the offer.
Contract
Promise or set of promises enforceable by law.
Offeror
The party that makes the offer.
Legal Environment of Business Ch. 14
Contractual capacity
Age of majority
Emancipation
Disaffirmance
The legal ability to enter into a contractual relationship
When a person is no longer a minor
Occurs when a child's parent or legal guardian relinquishes t…
The legal avoidance, or setting aside, of a contractual oblig…
Contractual capacity
The legal ability to enter into a contractual relationship
Age of majority
When a person is no longer a minor
138 terms
Legal Environment of Business Final
Bilateral k
Common Law
Executory k
Executed k
a promise for a promise
case law (c/l), real estate, insurance, and service contracts
both or one of the parties have not fully performed under the…
discharged, both of the parties have performed and have no fu…
Bilateral k
a promise for a promise
Common Law
case law (c/l), real estate, insurance, and service contracts
51 terms
Business Law and the Legal Environment
jurisdiction
subject matter jurisdiction
original jurisdiction
general jurisdiction
the power of a court to hear and determine a given class of c…
judicial authority to hear a particular type of case
the authority to hear a controversy when it is first brought…
the power to hear and decide most controversies involving leg…
jurisdiction
the power of a court to hear and determine a given class of c…
subject matter jurisdiction
judicial authority to hear a particular type of case
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…
34 terms
LEGAL ENVIRONMENT OF BUSINESS FINAL
Civil Rights Act of 1964
Bona Fide Occupational Qualification (…
Disparate Impact
Disparate Treatment
Can't discriminate based on race, gender, colour, religion, o…
Is a quality or an attribute that employers are allowed to co…
You put something in place and the unintended consequences di…
Blatant discrimination. Not hiring someone because they are a…
Civil Rights Act of 1964
Can't discriminate based on race, gender, colour, religion, o…
Bona Fide Occupational Qualification (…
Is a quality or an attribute that employers are allowed to co…
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…
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…
52 terms
Legal Environment of Business
Articles of Confederation
Separation of Powers
Preemption
Legislative Branch
The first Constitution of the United States of America; it es…
Division between the different powers of government, typicall…
The doctrine that permits federal law to trump, and render un…
Article 1 of the Constitution establishes the legislative bra…
Articles of Confederation
The first Constitution of the United States of America; it es…
Separation of Powers
Division between the different powers of government, typicall…
55 terms
Legal Environment of Business Final
Burglary
Criminal Trespass
Larceny
Retail Theft
entry into any building or occupied structure with the intent…
No intent to commit a crime
The taking and carrying away of property that belongs to anot…
Shoplifting. No permission
Burglary
entry into any building or occupied structure with the intent…
Criminal Trespass
No intent to commit a crime
1 of 10