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Legal Business 1 > Ch 1 > Flashcards

Ch 1 Flashcards

0
Q

Weak vs. strong nations: Dependency Theory

A

Argues economically strong nations exploit resources
And labor of weaker nations through trade

Some nations grow and flourish at the expense of keeping
Others economically poor

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1
Q

Why nations are economically weak or strong, 6 general reasons?

A 
1 dependency theory
2 natural resources
3 education and technology
4 climate
5 private market
6 law/legal system
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2
Q

3 Arguments against dependency theory

A

Strong nations invest and trade more with strong nations
Compared with weak nations

International trade usually accounts for small fraction of
income in most nations

Lack of conditions encouraging internal economic activity

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3
Q

Weak vs. strong nations: Natural resources 3 points

A

Whether or not nations have abundant natural resources
Has been offered to explain economic prosperity

Japan has few and is prosperous, Russia and African,
South American countries have many but are weak

Fairly well off resource abundant nations are well off because
They can sell to nations with strong diverse economies

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4
Q

Weak vs. strong nations: education and technology

A

Strong nations usually have more schools and implement
Technology more quickly

In some parts of the world well educated people have few
Job opportunities and powerful technologies are easily
Transferred btw countries

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5
Q

Widespread education and rapid technology implementation in nations seem to be…

A

More a result rather than the primary cause of strong

economies

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6
Q

Weak vs. strong nations: Climate

A

Geographers have thought that climate helps explain
whether nations are economically strong or weak

They believe when temperatures are too hot people are
Less able to work, especially outdoors (however Singapore
Is in hot climate)

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7
Q

Weak vs. strong nations: private market

A

Many economists feel Presence of private Market is most significant reason why some countries Are strong

Russia has a private market and is weak

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8
Q

Weak vs. strong nations: law/legal system

A

Adequately enforced system of equally applied law
Is recognized as necessary foundation for strong economies

Law secures elements of trust and certainty vital to
Economic transactions between strangers

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9
Q

3 concepts establish a necessary framework for the most effectively functioning market in the modern nation

A

1 law
2 rule of law
3 property

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10
Q

Law

A

Intended to tell members of society what they can and
Can’t do

Law is made up of rules
These rules are laid down by state and backed up
By enforcement

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11
Q

Rule of law

A

Laws made are generally and equally applicable

They apply to all or most members of society and apply
To various groups in the same way

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12
Q

Property AKA Ownership

A

Legal right that allows you to exclude others from your
Resources

It makes what is yours “yours”

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13
Q

3 types of ownership fences

A

1 public property

2 private property

3 common property

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14
Q

Public property

A

Applies to public resources owned by government

Ex. Roads, public buildings, public lands, monuments

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15
Q

Private property

A

Applies to resources you own as an individual

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16
Q

Common property

A

Applies to resources like land that more than one individual

Owns jointly

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17
Q

What is the central concept of western legal systems?

A

Property

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18
Q

Contract law

A

Enables owner to exchange resources at a future date

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19
Q

Tort law

A

Compensates owner’s whose resources are wrongfully

Harmed by actions of others

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20
Q

Criminal law

A

Punishes those who harm an owner’s resources in
particular ways

Ex. Theft

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21
Q

Law of business organizations

A

Identifies how individuals can own and use private resources

In groups

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22
Q

Regulatory law

A

Both protects ownership and sets limits on private

Resource use

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23
Q

Antitrust law

A

Forbids owners from monopolizing classes of resources

Sets rules for how businesses can compete to acquire
Ownership of new resources

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24
Q

Securities laws

A

Regulate the transfer of ownership in certain profit making

Opportunities

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25
Q

Environmental law

A

Controls how owners can. Use resources when creating

Pollution

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26
Q

Labor and anti-discriminatory laws

A

Protect empoyees’ right to exclude employers from

Interfering with certain self-ownership interests of employees

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27
Q

Constitutional law

A

Establishes the framework of the state whose purpose

Is to protect property in the broadest sense

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28
Q

Corporate governance

A

Law protecting owners of business organization from
Managers who run it

Defines legal relationship btw corporate managers/board of
Directors and shareholder owners of corporation

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29
Q

Jurisprudence

A

The philosophy of law

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30
Q

Natural law theory

A

Law contains universal moral principles observable
In nature

Can be determined through human reason

31
Q

Positive law jurisprudence, what does it run contrary to?

A

Law is simply commands of the state backed by force
And punishments

Contrary to theory of natural law

32
Q

Historical school of jurisprudence

A

Emphasizes contemporary law should focus on legal
Principles that have withstood test of time in a nation

Believes law reflects cultural traditions of people
And recognizes different nations have different
traditions/laws

33
Q

Sociology jurisprudence

A

Supports idea that law can and should change to meet

New developments in society

34
Q

Legal realism

A

Examines what police, administrators, prosecutors, and

Judges are doing to enforce, interpret and apply laws

35
Q

Common law

A

Emphasizes role of judges in determining meaning of

Laws

36
Q

Civil law

A

Relies more on legislation than judicial decisions for law

Civil courts do not make law

37
Q

Precedents

A

Judicial decisions, collected and published in book volumes

38
Q

Public law

A

Includes constitutional law, administrative law and
criminal law

Includes matters that involve regulation of society
As opposed to individuals interacting

39
Q

Constitutional law

A

Involves interpretation and application of either federal

Or state constitutions

40
Q

Administrative law

A

Covers legal principles that apply to government agencies,

Bureaus, boards or commissions

41
Q

Private law, what three things does it traditionally include?

A

Covers legal issues that concern your Private resource relationships with other people

Includes: property law, contract law, tort law

42
Q

Administrative law

A

Protects us from having others harm what is privately

Proper to people

43
Q

Substantive law

A

Defines legal relationship of people with other people
Or btw them and the state

Rules of law governing creation or enforcement of
Contractual promise are substantive in nature

44
Q

That a plaintiff must prove the defendant failed to use reasonable care in order to establish tort of negligence is an example of?

A

Substantive law

45
Q

Procedural law

A

Deals with method and means by which substantive law

Is made and administered

46
Q

What is the main difference btw substantive law and procedural law?

A

Substantive law defines rights and duties

Procedural law provides machinery for enforcing rights
And duties

47
Q

US Constitution

A

Supreme law of the nation

Any federal or state law that conflicts with the Constitution
Is void and has no legal effect

48
Q

Legislation AKA acts, statutes

A

Next in hierarchy of federal law after the US Constitution

49
Q

Codes

A

Collections of legislation on the same subject

50
Q

Hierarchy of law federal vs. state

A

All federal law prevails over state law in hierarchy of our

Sources of law

51
Q

Uniform Commercial Code (UCC)

Ordinances

A

UCC = state legislature

Ordinances = for counties and cities, lower in hierarchy of
state law

52
Q

Case law

A

Judicial decisions that apply to your legal problem

53
Q

Opinions

A

Written decisions on legal issues from Judges who decide appeals from trial courts

54
Q

Citation

A

Used to locate prior precedents

55
Q

Stare decisis

A

Doctrine of prior precedents

Follows what judges determined in prior cases

56
Q

Holding? dicta?

A

Precisely what was necessary for a decision to be reached
In a case

Dicta- whatever else was said in the case

57
Q

Constitutional relativity

A

In constitutional law where courts should understand the

Meaning of constitution relative to times they interpret it

58
Q

Originalism

A

Opposite of constitutional relativity

Courts should only the Constitution according to the
intentions of those who wrote it

59
Q

8 sources of hierarchy of US law from highest to lowest

A 
1 US Constitution and Amendments
2 statutes
3 Federal administration regulation
4 state constitutions
5 state statutes
6 state administrative regulation
7 local ordinances
8 case law
60
Q

Sanctions

A

Methods to encourage or force compliance with the law

May be used against person who fails to comply with the
Law, used as punishment for violations

61
Q

Remedy

A

Right of individual to take another person’s resources
Because that person has failed to meet requirements
Of the law

62
Q

5 sanctions for criminal conduct?

A 
1 death
2 imprisonment
3 fine
4 removal from office
5 disqualification from holding any office or voting
63
Q

Contracts

A

Legally enforceable agreements

Vitally important to business because allows buyers and
Sellers to exchange resources and shape agreements
In any legal way they wish

64
Q

Breach of contract

A

When one party to contract fails to do what they agreed

65
Q

Compensatory damages

A

Awarded to make plaintiff (victim) whole in economic sense

As if defendant hadn’t breach contract

66
Q

Specific performance

A

Order by the court commanding other party to perform

Actual bargain as agreed

67
Q

Tort

A

Civil wrong other than breach of contract

Involve improper crossing of boundaries (either physical
Or behavioral)

68
Q

3 categories of torts

A

1 intentional torts

2 negligence

3 strict liability

69
Q

Plaintiff

A

Person who initiates lawsuit

70
Q

Intentional torts, examples

A

Require plaintiff to prove defendant intended to cross
The boundaries protecting the plaintiff

Ex. Assault, battery, trespass

71
Q

Negligence

A

Tort requires plaintiff to show defendant injured what

Was proper to plaintiff through unreasonable behavior

72
Q

Strict liability tort

A

Require Plaintiff to prove only defendant has injured
something proper to plaintiff

Ex. Injury caused by hazardous blasting

73
Q

Punitive Damages AKA exemplary damages

A

Compensate plaintiffs for medical expenses, lost wages,
Earning power, damaged goods or pain and suffering

Civil punishment for intentional extremely negligent
Wrongdoing

74
Q

Corporation

A

Business chartered by the state to do business as legal

Persons

Legal Business 1 (25 decks)

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