How can we help?

You can also find more resources in our Help Center.

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
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…
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…
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
37 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
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.
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…
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
40 terms
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…
12 terms
legal environment of business 2
genuineness of assent
undue influence
can-spam
communications decency act
...
...
...
...
genuineness of assent
...
undue influence
...
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…
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…
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
30 terms
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…
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
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
61 terms
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…
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…
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…
26 terms
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…
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…
53 terms
Legal Environment of Business Contracts
Contracts
Contract Principles
Common Law
Legislation
1. A promise or set of promises.... 2. For the breach of which t…
Agreement between two or more parties to perform or refrain f…
That body of law deriving from judicial decisions as opposed…
Laws passed by an elected body such as Congress, a state legi…
Contracts
1. A promise or set of promises.... 2. For the breach of which t…
Contract Principles
Agreement between two or more parties to perform or refrain f…
31 terms
Legal Environment of Business (contract)
Bilateral
Unilateral
Void
Voidable
typical; two promises (one in exchange for the other)
clearly communicated; given in exchange for performance
contract never existed; any contract prohibited by law
contract with minor; forcing a party to enter a contract by a…
Bilateral
typical; two promises (one in exchange for the other)
Unilateral
clearly communicated; given in exchange for performance
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…
32 terms
Legal Environment of Business
Common Law
Statutory Law
Procedural Law
Substantive Law
-Began in England in 1066... -Non-statutory... -Exists in court dec…
-Passed by government body... -Also known as codified law
Means or procedures for enforcing substantive rights... -Court p…
Gives rights and responsibilities... -Your constitutional rights
Common Law
-Began in England in 1066... -Non-statutory... -Exists in court dec…
Statutory Law
-Passed by government body... -Also known as codified law
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
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…
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…
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…
35 terms
Legal Environment of Business #3
Sole Proprietorship
Partnership
Corporation
Limited Partnership
Creation: No formal documentation... Continuity: Can continue as…
Creation: Automatic based on conduct; modified by agreement... C…
Creation: File articles of incorporation, prepare bylaws, sha…
Creation: Partnership agreement and file certificate with Sec…
Sole Proprietorship
Creation: No formal documentation... Continuity: Can continue as…
Partnership
Creation: Automatic based on conduct; modified by agreement... C…
46 terms
Legal Environment of Business Vocab
Alternative Dispute Resolution (ADR)
Answer
Arbitration
Arbitration clause
The resolution of disputes in ways other than those involved…
Procedurally, a defendant's response to the plaintiff's compl…
The settling of a dispute by submitting it to a disinterested…
A clause in a contract that provides that, in the event of a…
Alternative Dispute Resolution (ADR)
The resolution of disputes in ways other than those involved…
Answer
Procedurally, a defendant's response to the plaintiff's compl…
106 terms
Legal Environment of Business Final
5 Elements to a Valid K
Case Law
Types of Contracts Under The Common Law
Types of Contracts Under the UCC
1. offer... 2. acceptance... 3. consideration... 4. capacity... 5. legality
What common law is based on
Real Estate & Services
Any sale of goods
5 Elements to a Valid K
1. offer... 2. acceptance... 3. consideration... 4. capacity... 5. legality
Case Law
What common law is based on
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…
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
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…
126 terms
Legal Environment of Business 1
K stands for...
UCC stands for...
C/L
The 5 elements of a valid K are:
Contract
Uniform Commercial Code— governs Ks concerning the sale of go…
Common Law— Governs Ks concerning services, real estate, and…
Offer, acceptance, consideration, capacity & legality.
K stands for...
Contract
UCC stands for...
Uniform Commercial Code— governs Ks concerning the sale of go…
115 terms
Legal Environment of Business
Constitutional Law
Statutory Law
Ordinances in Statutory Law
Uniform Commercial Code (UCC 1952)
federal and state
Laws passed by legislation, includes ordiances
laws,, rules, or orders
created through joint efforts of NCCUSL and American Law inst…
Constitutional Law
federal and state
Statutory Law
Laws passed by legislation, includes ordiances
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.
67 terms
Legal Environment of Business Final
• Age of majority:
• Contractual capacity:
• Usury:
• Unconscionable:
The age at which an individual is considered legally capable…
The legal ability to enter into contracts. The threshold ment…
Charging an illegal rate of interest.
A contract or clause that is void on the basis of public poli…
• Age of majority:
The age at which an individual is considered legally capable…
• Contractual capacity:
The legal ability to enter into contracts. The threshold ment…
150 terms
Legal Environment Of Business Midterm
Law
Consequences for breaking a law
Common Law
Stare Decisis
A group of rules that controls or regulates human conduct and…
Life, prison, or monetary compensation
Made by judges, can be taken from one case and applied to oth…
Case Law
Law
A group of rules that controls or regulates human conduct and…
Consequences for breaking a law
Life, prison, or monetary compensation
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
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…
84 terms
legal and social environment of business
case law
defendant
plaintiff
precedence
Also known as common law. The law created by judges when deci…
An individual or group being sued or charged with a crime.
A person or party filing a lawsuit
-Basing current action on lessons, rules, or guidelines deriv…
case law
Also known as common law. The law created by judges when deci…
defendant
An individual or group being sued or charged with a crime.
84 terms
The Legal and Social Environment of Business
Venue
The First Amendment
The Fourth Amendment
Exclusionary Rule
Specific geographic location in which a court holding jurisdi…
Forbids 1. The establishment of an official state region. 2.…
The right of the people to be secure in their persons, houses…
That evidence secured in violation of the fourth amendment ma…
Venue
Specific geographic location in which a court holding jurisdi…
The First Amendment
Forbids 1. The establishment of an official state region. 2.…
21 terms
Legal Environment of Business
law
natural law
primary source of law
Constitution
_____ consists of enforceable rules governing relationships a…
________ _____ is a system of moral and ethical principles th…
a document that establishes the law on a particular issue, su…
The U.S. _________________ distributes power among the branch…
law
_____ consists of enforceable rules governing relationships a…
natural law
________ _____ is a system of moral and ethical principles th…
85 terms
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
110 terms
Legal and Ethical Environment of Business
Law
Functions of Law
Law and Morals
Law and Justice
"A rule of civil conduct prescribed by the supreme power in t…
To maintain stability in the social, political, and economic…
Are different but overlapping; law provides sanctions while m…
Are separate and distinct concepts; justice is the fair, equi…
Law
"A rule of civil conduct prescribed by the supreme power in t…
Functions of Law
To maintain stability in the social, political, and economic…
45 terms
Legal Environment of Business FINAL
Personal Property
Gift
Donor
Donee
all property other than real property
a voluntary transfer of property from one person to another w…
a person who gives property away
a person who receives a gift of property
Personal Property
all property other than real property
Gift
a voluntary transfer of property from one person to another w…
49 terms
Legal and ethical environment of business
standing to sue
jurisdiction
jurisdiction requires
commerce clause
plaintiff must have some stake in the outcome of the suit
power t hear a case
subject matter jurisdiction and either in personam jurisdicti…
gives the federal government the power to regulate commerce t…
standing to sue
plaintiff must have some stake in the outcome of the suit
jurisdiction
power t hear a case
32 terms
Business and its Legal Environment
Law
Liability
Breach
Primary source of law
body of enforceable rules governing relationships among indiv…
the state of being legally responsible for something, such as…
the failure to perform a legal obligation
document that establishes the law on a particular issue, such…
Law
body of enforceable rules governing relationships among indiv…
Liability
the state of being legally responsible for something, such as…
1 of 10