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Business Law Exam 1 > Exam 1 > Flashcards

Exam 1 Flashcards

(80 cards)

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1
Q

Common Law

A

body of laws that have developed from court decisions

-old english court laws

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2
Q

Stare decisis

A

Court decisions work on precedent, similar cases must be handled the same.
-lower court must follow the higher court

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3
Q

Ehtics

A

study of the right and wrong behaviors

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4
Q

What is ethics in business?

A

application of moral and ethical principles in the workplace

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5
Q

Why study Ethics?

A

Profit maximization

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6
Q

Profit Maximization

A

resources flow to more highly valued organizations

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7
Q

Triple Bottom line

A

business’s profits, treatment of people, and treatment of the planet
-ie corporate citizenship.

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8
Q

Why is ethics important in business decisions?

A
  1. legal implications
  2. PR impact
  3. Safety risks to employees and public
  4. financial implications
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9
Q

Short Run profit maximization

A

company may decide to sell a defective product to increase profits

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10
Q

Long term profit maximization

A

when cost of law suits and bad publicity are considered, unethical conduct will l cause business to suffer

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11
Q

What can overemphasis of short run do?

A

Cause poor ethical decision making

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12
Q

Moral minimum

A

complying with the laws is the minimum degree required

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13
Q

How do many companies go above the minimum?

A

setting internal codes

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14
Q

How do gray areas start?

A

ethics change overtime

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15
Q

what has also changed the way companies do business? example?

A

Social media ie. hiring

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16
Q

Online discussions and firings?

A

Employees cannot be fired for having online discussions about work issues.
-employees shouldn’t slander, usually exaggerated

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17
Q

Ethical Reasoning

A

application of morals and ethics to a given situation, can be duty or outcome based)

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18
Q

Duty based ethical reasoning

A

business has a duty to care for others

  • concept of right and wrong
  • duties owed
  • rights to protect
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19
Q

Outcome- based

A

strongest duty of company is to its stakeholders

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20
Q

Explain Corporate Social Responsibility

A

corporations should be held responsible for their duty to society

  • not required by law
  • companies judged on social impact, and impact on environment
  • can increase profits from publicity
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21
Q

Business Process Pragmatism

A
  • Inquiry: understand problem, parties, and facts
  • Discussion: list possible actions
  • Decision: agreeing on the best course
  • Justification: explaining the reason for decision
  • determine effectiveness of decision
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22
Q

Foreign corrupt practices act

A

prohibits bribing foreign officials to obtain contracts

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23
Q

Why is ethical leadership important?

A

Set an example management must practice making ethical decisions so everyone else does the same.

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24
Q

Sarbanes Oxley Act

A

Companies must have confidential systems to place so employees can report unethical behavior

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25
Corporate statement of values
Respect, Integrity, Communication, Excellence
26
Six functional fields of business
- Corporate management - Production and transportation - MArketing - Research and development - Accounting and finance - HR management
27
What are the orgs of established law?
Constitution, statues, administrative law, case law
28
Primary Sources
documents where the law is contained ie. constitution
29
Secondary sources
books and articles that talk about primary sources, courts go to these for guidance
30
Constitutional law
lay out power and organization of the government
31
10th amendment
gives all power not given to the federal government to the states
32
Statutory Law
laws enacted by legislatures
33
Uniform Laws
group of laws written by scholars, can be adopted in part or whole by legislatures
34
Ordinances
statues passed by municipal courts
35
Administrative Law
written rules established by local, state, and federal agencies
36
Case law and common law
Rules of law interpreted by courts
37
Common law
body of law developed by court decisions
38
Binding Authority
any form of law a court must follow when deciding a case
39
Stare decisis 2 principles?
Lower Courts must follow higher court decisions | -courts shouldn't overturn own decisions unless strong justification
40
Remedies
given to party to compensate for a loss
41
Natural Law
higher moral law that exists, written law should follow this
42
LEGAL POSITIVISM
The law as written should be followed
43
Historical school
we should look at past to determine present laws
44
Legal realism
social and economic factors should be evaluated with the laws
45
Substantive Law
written rules that define which conduct is aloowed
46
Procedural Law
methods that must be followed in enforcing substantive law
47
Civil Law
disputes between 2 private individuals i.e.. contract law
48
Criminal Law
wrongs committed against society
49
National Law
disputes that occur in a countries borders
50
International LAw
disputes that occur among 2 or more coutries
51
Majority Opinion
views of majority of justices
52
Concurring Opinion
written by justices who agree with majority but want to add a point
53
Dissenting Opinion
Disagree with majority of justices
54
Judicial Review
process for determining whether the decision made by executive and legislative branch are constitutional
55
When was judiciary review started?
1803 Marbury vs. Madison
56
JUrisdiction
courts authority to decide a case
57
In personam jurisdiction
control of a person or corporation by court within geographic area
58
In rem jurisdiction
court control over an object
59
Long arm statues
court can control out of state defendants if enough contact is made within the state
60
Original Jurisdiction
trial court where dispute takes place
61
Appellate Jurisdiction
reviews trial courts decision for legal errors
62
When does federal court have jurisdiction?
- if a federal law is being questioned - Diversity of citizenship - 2 people reside in separate states and and exceed $75000 - corporations considered residents of state they are in.
63
Sliding scale
used to determine if courts have jurisdiction over defendant in internet cases
64
Cyber jurisdiction
when substantial business done on internet | passive advertising doesn't dont
65
Venue
location of the trial, same jurisdiction as incident occured
66
Standing to sue
party bringing the suit has had a harm, must be a justifiable controversy, actual harm has taken place
67
Pleadings
statement detailing facts, charges, and defense
68
Motion for judgement on pleadings
request to decide the issue solely on the pleadings without a trial
69
Motion for summary Judgement
request to enter judgement without a trial based on evidence outside the pleadings
70
Discovery
process by which parties obtain information from opposing party
71
Deposition
sworn testimony recorded and transcribed by a court reporter
72
Interrogtories
written questions and answers under oath
73
Pretrial conference
informal meeting with parties and judge to discuss settlement
74
Voir Dire
Jury selection,
75
Motion for Judgement NOV
granted if jury verdict was unreasonable and erroneous
76
Motion for New Trial
after looking at all evidence, judge will grant the motion if jury was error
77
ADR
Alternative dispute resolution
78
Negotiation
parties attempt to settle the dispute informally, with or without attorneys
79
Mediation
neutral third party works with both sides to reach an agreement
80
Arbitration
arbitrator hears a dispute and imposes a resolution for the parties

Business Law Exam 1 (3 decks)

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