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Business Law > Exam 3 > Flashcards

Exam 3 Flashcards

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1
Q

Administrate agencies

A

Often called the 4th branch of the government

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2
Q

Enabling Statute

A

Legislative or executive branch creates administrative agencies by passing this.

Sets forth the powers and responsibilities of the agency

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3
Q

Why do the legislative and executive branches delicate power to agencies?

A

Time

Technical expertise

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4
Q

The legislative and executive branch must approve agency rules. T or F

A

T

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5
Q

Open meeting act

A

Requires all meetings of public bodies to be held publicly and votes casted publicly

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6
Q

Public body

A

Governing body of a state, county, or city supported by public funds or taxes

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7
Q

Meeting

A

Conducting of business by the majority of members of a public body

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8
Q

Open meeting act

When must agenda be posted

A

24 hrs before meeting excluding Saturday and Sunday

Must be in public view at the meeting place or office

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9
Q

Agenda must include…

A

All items to be discussed or acted upon.

Except new business

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10
Q

New business

A

Any matter not known about or could not have been reasonably foreseen prior to notice

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11
Q

Special meeting

A

Called by filing 48 hr notice

No new business

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12
Q

Can votes be taken in executive session?

A

No

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13
Q

All discussions must be held in public besides….

A

Those in executive session

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14
Q

Open records act

A

Public has access to records generated or received by public bodies

Paper or electronic docs, computer files, video or audio recordings

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15
Q

Anti Trust Acts

there are two

A

Sherman Act
Clayton act

Implemented by FTC Federal trade commission

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16
Q

Horizontally restraints on trade

A

Competition coordinating price and or supply

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17
Q

Predatory pricing

A

Firm sells at below cost in order to drive out competition

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18
Q

Financial and securities regulation

A

Intended to provide potential investors with sufficient information so they can make intelligent investment decisions BASED ON FACTS

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19
Q

Security

A

Note stock treasury stock or bond

Security exists when one person invest money and looks to others to manage the money for them

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20
Q

Primary administrative agency created to regulate securities law

A

Securities and exchange commission

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21
Q

Sarbanes oxley act 20002

A

Increase the independence of auditors and require accounting firms to separate their auditing and consulting services

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22
Q

Dodd frank wall street reform and consumer protection act 2010

A

Control executive compensation and corporate governance, regulate the trading of derivatives, and too big to fail bale out

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23
Q

Crime

A

Wrong against society and government

In criminal case plaintiff must prove case beyond a reasonable doubt

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24
Q

Most crimes require both

A

Actus reus - criminal conduct

Mens rea- criminal thought

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25
Principle
Person who committed or aided during commission of a crime
26
Accessory
Person who conceals or aids the principal after the commission of the crime
27
Are you entitled to a plea bargain?
No Offered if too many cases
28
Suspended Sentence
You are convicted of your crime but this sentence is withheld if you do probation
29
Deferred sentence
Conviction is not entered If probation is satisfied
30
If you break probation the gov will try to...
Accelerate your conviction
31
RICO | Racketeer influences and corrupt organizations act
Pattern of racketeering activity 2 or more acts of murder, robbery, bribery, extortion, kidnapping, gambling, arson, fraud, obstruction of justice, forgery, or trafficking Enhanced sentencing and forfeit ill gotten gains
32
Perjury and subornation
Perjury - when you make a statement under oath that you know is false Subornation - when you get someone else to commit perjury 1-20 years
33
Articles of confederation
Allowed various states to adopt different regulations over interstate commerce Federal government had very few powers
34
Marbury v Madison
Judicial branch has the power of judicial review to resolve question of whether executive branch or legislative branch action violates the Constitution
35
Commerce clause
Clause 3gives Congress the right to regulate commerce between the various states
36
Dormant commerce clause
If state law impacts local and out of state businesses similarly than likely no commerce clause violation However if the purpose or affect of a state law is to favor local businesses over out of state competitors then it will likely be a violation of the commerce clause
37
Due process
Government action must not violate a persons fundamental rights life liberty and property
38
Equal protection
Government action must treat people equally
39
Rational Basis
No fundamental right or equal protection violation. Rationally related legitimate
40
Intermediate level of scrutiny
Substantially related two important government interest. Quasi suspect classification’s
41
Strict scrutiny
Applied to laws that infringe on fundamental rights and or classify based on suspect classification. Must be necessary to achieve a compelling government interest
42
Procedural due process
Requires notice and opportunity to contest government action
43
Substantive due process
Guarantees outlaws will not violate peoples fundamental rights.
44
Non-commercial speech
Expressions of political, social, or religious views. Very great protection
45
Commercial speech
Speech that proposes a transaction. Examples; advertising or promotional material. Still protected but less protection than non-commercial speech
46
Unprotected speech
Government chooses how they want to treat these. Offensive subject, no redeeming literary or artistic value, appealing to sexual interest, offends local community standards
47
Taking power
Government has the power of eminent domain. Fifth amendment. Government must be able to claim private land for public use. Examples parks and roads
48
Every country is a sovereign entity. T or f?
T
49
Choice of language provision
Designates official language in which contract will be drafted and interpreted
50
Terms of payment clause
Designate currency to be used to for fill the contract
51
Force majeure clause
Identify circumstances in which non-performance can be excused. Weather, war, and acts of God
52
Government approval clause
Designates which party is responsible for securing government approval of the contract if necessary
53
Choice of forum clause
Designates in what country a lawsuit must be brought
54
Choice of law clause
Designate what countries law will apply in the event of a lawsuit
55
What are the two sources of international law?
Organizations and treaties
56
United nations security council
15 members of security council. Five permanent members. USA, United Kingdom, China, Russia, and France,. 192 members of general assembly
57
Foreign corrupt practices act
Enforced by the SEC. Restricts US companies from bribing foreign companies.
58
When in employment contract does not exist the employee is an?
Employee at Will | The employment relationship may be terminated by either party
59
Fair labor standards act
Provides hourly minimum wage, overtime, and minimum age requirements Overtime must be at least 1.5 times the employees regular rate for any hours worked over 40 14 is the minimum age for employment. People under 16 have limited hours
60
Occupational safety and health act
Requires employers to furnish a workplace Free from recognized hazards
61
National Labour relations act
Workers have the right to unionize and bargain collectively
62
Consolidated omnibus budge reconciliation act
Allows a terminated employee the right to purchase the same group health insurance coverage provided through his former employer for up to 18 months following termination. No gross mess conduct. Employee pays for insurance.
63
Family and medical leave act
12 weeks of unpaid leave to care for oneself or immediate family members with serious health condition, the birth or placement of a child. Applies to non-government employers with 50 or more employees.Employer generally required to provide employees with same position when they return from leave
64
Civil rights act of 1964. Title seven
Prevents employers from discriminating against an employee or applicant based on race, color, national origin, religion, or sex. Applies to employers with 15 or more employees
65
Civil rights act of 1866
Protects a person from refusal to hire, refusal to promote, or termination based on a persons race.
66
Age discrimination in employment act 1967
Prohibits intentional or unintentional employment discrimination based on age. 40 years or older. Applies to employer with 20 or more employees. There are exemptions. Pilots, air traffic controller’s
67
Americans with disabilities act
``` Disability defined as a physical or mental impairment that substantially limits one or more major life activity. These activities include seeing, hearing, walking, standing, major bodily function 15 or more employees ```

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