Business law Tst 1

Question 1

Business Law

Answer 1

Enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges

Question 2

Law

Answer 2

Rules of conduct in any organized society that are enforced by the governing authority of the community

Question 3

Constitutional Law

Answer 3

General limits and powers of a government as interpreted from its written constitution

Question 4

Statutory Law

Answer 4

Assortment of rules and regulations put forth by legislatures

Question 5

Model laws

Answer 5

Laws created to account for the variability of laws among states. These laws serve to standardize the otherwise different interstate laws

Question 6

Case Laws

Answer 6

Collection of legal interpretations made my judges. They are considered to be law unless otherwise revoked by statutory law

Question 7

Precedent

Answer 7

Judges make decisions based on rulings in previous similar cases

Question 8

Stare Decisis

Answer 8

Rulings made by upper courts are binding for lower courts

Question 9

Restatements of Law

Answer 9

Summaries of common law rules in a particular area of the law. Restatements do not carry the weight of law but can be used to guide interpretations in certain cases

Question 10

Administrative law

Answer 10

Collection of rules and decisions made by administrative agencies to fill in particular details missing from constitutions and statutes

Question 11

Natural Law

Answer 11

School of Jurisprudence hat recognizes the existence of higher law, or law that is morally superior to human laws

Question 12

Legal positivism

Answer 12

You should obey the law because someone in authority made it

Question 13

Identifying with the vulnerable

Answer 13

People who think society should be fair. Particular attention is paid to the sick, poor, ill and old

Question 14

Historical school

Answer 14

Uses traditions and the past for future laws

Question 15

Legal realism

Answer 15

Context must be taken into account when enforcing the law. Like Economic conditions and social

Question 16

Cost benefit analysis

Answer 16

Cost and benefits of everything are given monetary values. And then choose the one with the best ratio of benefits to costs

Question 17

Ethics

Answer 17

Study and practice of what is good and right

Question 18

Business Ethics

Answer 18

Use of ethics and ethical principles to solve business dilemmas

Question 19

Ethical Dillema

Answer 19

Know when there’s not a clear right or wrong. A question on how one should behave in a situation. No clear right answer

Question 20

Values

Answer 20

Positive abstractions that capture our sense of what is good and desiresble. Gotten from religion, family, culture, experience,..

Question 21

WH approach

Answer 21

Set of ethical guidelines that urges us to consider Whom an action affects, the purpose of the action, and how we view its morality.

Who How

Question 22

Ways to make ethical decisions

Answer 22

Golden Rule (do unto others)
Public Disclosure Test (How would it look on the news?)
Universalization test (How would the world look if everyone acted this way?)

Question 23

Trial Court

Answer 23

Court in which most civil or criminal cases start when they first enter the legal system. Parties present evidence and call witness to testify. AKA court of original jurisdiction and court of first instance

Question 24

Appellate court

Answer 24

Higher court usually consisting of more than one judge. Reviews decision and results of a lower court when a party filed for an appeal. Do not hold a trial but may request additional arguments from each party. They issue written decisions which collectively constitute case law or common law

Question 25

Jurisdiction

Answer 25

Power to hear trials.

Question 26

In personam jurisdiction

Answer 26

Power of a court to require a party or witness to come before the court. Court must have personal jurisdiction to enforce its judgments or orders against a party.

Extends only to the states boarders in the court system and across the courts geographic district in Federal system

Question 27

In rem jurisdiction

Answer 27

Power of a court over the property or status of an out of state defendant when that property or status is within the courts jurisdiction area

Question 28

Subject matter jurisdiction

Answer 28

Power of the court over the type of case presented to it

Question 29

Long arm statute

Answer 29

A statute that enables a court to obtain jurisdiction against an out of state defendant as long as the defendant has sufficient minimum contacts within the state such as committing a tort or doing business in the state

Question 30

Court Process

Answer 30

Must have standing to take action 
Claim 
Answer/Counter claim
Discovery (find stuff the other side has to avoid surprises in court)
THE TRIAL 
Pick Jury
Opening statements
Examination of witness and evidence
Closing arguments 
Jury instructions

Question 31

Forms of ADR

Answer 31

Negotiation (meet informally to resolve dispute)
Mediation (more intense negotiation disputing parties pick someone to help them solve dispute)
Arbitration (dispute are taken to a panel of non official people provided by law)

Question 32

Administrative Law

Answer 32

Collection of rules and decisions made by administrative agencies to fill in particular details missing from constitutions and statues

Question 33

Administrative Agency

Answer 33

Any government body created by the legislative branch to carry out specific duties

Question 34

Enabling Legislation

Answer 34

Statute that specifies the name, functions, and specific powers of an administrative agency and grants the agency broad powers for the purpose of serving the public interest, convenience, and necessity

Question 35

Executive Agency

Answer 35

An agency that is typically located within the executive branch, under one of the cabinet level departments. The agency head is appointed by president with advice and consent of senate

Question 36

Independent agency

Answer 36

Agency that is typically not located with in a government department. Governed by board of commissioners who are appointed by the president with the advice and consent of senate

Question 37

Hybrid Agency

Answer 37

Agency that has characteristics of both executive and independent agencies

Question 38

Informal rule making

Answer 38

Agency publishes rule in federal register, considers public comments and then publishes final rule

Question 39

Formal rule making

Answer 39

Legislation requires formal hearing process with a complete transcript. Consists of publication of the proposed rule in the federal register, public hearing, publication of formal findings, and publication of final rule if adopted