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SOM 122 Midterm > Appendix II > Flashcards

Appendix II Flashcards

1
Q

laws

A

codified rules of behavior enforced by a society

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2
Q

types of law

A

common law
statutory law
regulatory
deregulation

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3
Q

common law

A

body of decisions handed down by courts ruling on individual cases

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4
Q

statutory law

A

law created by constitutions or by federal, state, or local legislative acts

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5
Q

regulatory law

A

law made by the authority of administrative agencies

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6
Q

deregulation

A

elimination of rules that restrict business activity

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7
Q

trial court

A

general court that hears cases not specifically assigned to another court

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8
Q

appellate court

A

court that reviews case records of trials whose findings have been appealed

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9
Q

contract

A

agreement between two or more parties enforceable in court

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10
Q

parts of a contract

A 
agreement
consent
capacity
consideration
legality
proper form
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11
Q

capacity

A

competence required of individual entering into a binding contract

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12
Q

consideration

A

item of value exchanged between parties to create a valid contract

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13
Q

tort

A

civil injury to people, property, or reputation for which compensation must be paid

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14
Q

intentional tort

A

tort resulting from the deliberate actions of a party

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15
Q

compensatory damages

A

monetary payments intended to redress injury actually suffered because of a tort

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16
Q

punitive damage

A

fines imposed over and above any actual losses suffered by a plaintiff

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17
Q

negligence

A

conduct that falls below legal standards for protecting others against unreasonable risk

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18
Q

product liability

A

tort in which a company is responsible for injuries its products

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19
Q

strict product liability

A

principle that liability can result not from a producer’s negligence but from a defect in the product itself

20
Q

property

A

anything of value to which a person or business has sole right of ownership

21
Q

tangible real property

A

land and anything attached to it

22
Q

tangible personal property

A

any moveable item that can be owned bought, sold, and leased

23
Q

intangible personal property

A

property that cannot be seen but exists by virtue of written documentation

24
Q

intellectual property

A

property created through a person’s creative activity

25
Q

copyrights

A

exclusive ownership right belonging to the creator of a nook, article, design, illustration, photo, film, or musical work

26
Q

trademark

A

exclusive legal right to use a brand name or symbol

27
Q

patent

A

exclusive legal right to use and license a manufactured item or substance, manufacturing process, or object design

28
Q

restrictions on property rights

A

eminent domain

29
Q

eminent domain

A

government may claim private land for public use by buying at a fair price

30
Q

agent

A

individual or organization acting for and in the name of another party

31
Q

principal

A

individual or organization authorizing an agent to act on its behalf

32
Q

express authority

A

derived from written agreement to bind a principal to a certain course of action

33
Q

implied authority

A

derived from business custom, to bind a principal to a certain course of action

34
Q

apparent authority

A

based on principal’s compliance to bind a certain course of action

35
Q

uniform commercial code

A

body of standardized laws governing the rights of buyers and sellers in transactions

36
Q

warranty

A

seller’s promised to stand by its products or services if a problem occurs after the sale

37
Q

express warranty

A

warranty whose terms are specifically stated buy the seller

38
Q

implies warranty

A

warranty, dictated by law, based on the principle that products should fulfill advertised promises and serve the purposes for which they are manufactured and sold

39
Q

main factors of bankruptcy

A

increased credit availability
“Fresh start” provisions
growing acceptance of bankruptcy

40
Q

involuntary bankruptcy

A

initiated by the creditors of an indebted individual or organization

41
Q

voluntary bankruptcy

A

initiated by an indebted individual or organization

42
Q

ways of filing business bankruptcy

A

liquidation
repayment plan
reorganization

43
Q

international law

A

general set of cooperative agreements and guidelines established by countries to govern the actions of individuals, business and nations

44
Q

liquidation plan

A

cease to exist

45
Q

repayment plan

A

works out new payment method

46
Q

reorganization plan

A

explain sources for financial difficulties

propose new plan for the remaining business

SOM 122 Midterm (6 decks)

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