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LGS-200 Final > Final > Flashcards

Final Flashcards

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1
Q

Importance of Choosing the Right Business Organization

A

Entrepreneurs must pick the right structure (sole proprietorship, partnership, LLC, corporation) because it affects liability, taxes, and control.

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2
Q

Due Diligence / Business Judgment Rule

A

Due diligence means careful research; the business judgment rule protects leaders from being sued if they act honestly and carefully.

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3
Q

Securities

A

Stocks, bonds, or other investments that represent ownership or debt.

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4
Q

Electronic Data Record Storage System

A

A digital system that safely stores business records and documents.

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5
Q

Securities Act of 1933 / Purpose of Laws

A

Requires companies to share financial information to protect investors during the sale of securities.

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6
Q

Securities Exchange Act of 1934

A

Regulates trading of stocks after they are sold and created the SEC.

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7
Q

IPO (Initial Public Offering)

A

When a company sells its stock to the public for the first time.

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8
Q

Registration Statement

A

A document companies must file with the SEC before selling stock, explaining finances and operations.

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9
Q

Prospectus

A

A document given to investors that summarizes company risks and financial information.

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10
Q

SEC (Securities Exchange Commission)

A

The federal agency that enforces securities laws and regulates the stock market.

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11
Q

Short Swing Profits / Trading

A

Profits made by insiders who buy and sell company stock within six months; must be returned to the company.

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12
Q

Insider Trading (Sec. 10(b)(5))

A

Illegal trading of stock based on secret, important information.

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13
Q

Misappropriation Theory

A

Trading on confidential information that was wrongfully taken from someone else.

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14
Q

Material Information

A

Information that a reasonable investor would want to know before buying or selling stock.

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15
Q

U.S. v. Baghat (2006)

A

Case where an employee was guilty of insider trading after buying stock based on secret news.

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16
Q

Vicarious Liability

A

When a principal or employer is legally responsible for an agent’s or employee’s actions.

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17
Q

Agency – How Formed, Types, Characteristics

A

Agencies are created by agreement, ratification, estoppel, or law and are based on trust.

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18
Q

Employer-Employee Relationship

A

When an employer controls how an employee does their work, leading to legal responsibility.

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19
Q

Employer – Independent Contractors

A

Independent contractors are hired for tasks but not controlled in detail; employers are less responsible for them.

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20
Q

Respondeat Superior

A

Employers are liable for employees’ actions done within the job’s scope.

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21
Q

Liability for Intentional Torts/Fraud

A

Employers can be responsible for employees’ intentional wrongs if done within job duties.

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22
Q

Contract Liability of Principal and Agent

A

Principals are liable for contracts made by agents with proper authority.

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23
Q

Principal – Agent

A

A principal hires an agent to act for them; the agent must act loyally and carefully.

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24
Q

Line and Scope of Employment

A

Employee’s work duties where employers are liable for their actions.

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25
Defenses for Employer / Principal
Employers can avoid liability by showing the worker acted outside their duties.
26
Frolic and Detour
Minor detours still hold employer liable; big frolics (personal trips) do not.
27
Coming and Going Rule
Employers are not liable for employee accidents while commuting.
28
Bosse v. Brinker dba Chili’s
Chili’s was not liable because the person causing harm was not their agent.
29
Fiduciary Relationships
Special trust relationships where the agent must act in the principal’s best interest.
30
Termination of Agency / Operation of Law
Agency ends by mutual consent, time limit, death, or incapacity.
31
ADA (Americans with Disabilities Act)
Law that bans discrimination against people with disabilities.
32
Protected Class – Who is in It?
Groups protected by law: race, color, religion, sex, national origin, age, disability.
33
EEOC (Equal Employment Opportunity Commission)
Government agency that enforces anti-discrimination employment laws.
34
Title VII Civil Rights Act 1964
Law that bans job discrimination based on race, color, religion, sex, or national origin.
35
Lilly Ledbetter Fair Pay Act
Extends the time to sue for unfair pay with every paycheck.
36
FMLA (Family Medical Leave Act)
Lets employees take unpaid leave for family or medical issues.
37
Sexual Harassment Types
Quid pro quo (job benefits tied to favors) and hostile work environment (offensive atmosphere).
38
Employment Discrimination (Types/Defenses)
Disparate treatment (intentional) and disparate impact (unintentional); defenses include necessity or BFOQ.
39
Disparate Treatment
Treating someone differently on purpose based on a protected trait.
40
Discriminatory Impact / As Applied
A neutral policy that unfairly affects a protected group.
41
ADA (Americans with Disabilities Act)
Requires employers to make reasonable changes to help disabled employees work.
42
ADEA (Age Discrimination in Employment Act)
Protects workers age 40 and older from discrimination.
43
Reasonable Accommodations
Adjustments employers must make to help disabled employees work.
44
BFOQ Defense
Allowing discrimination if necessary for the job (like hiring only female restroom attendants).
45
Sexual Harassment (Types) QPQ, Hostile Environment
Quid pro quo (favors for job benefits) or hostile work environment (unwelcome behavior).
46
Pregnancy Discrimination
Discriminating against a woman because of pregnancy or related conditions.
47
ADEA (Age Discrimination)
Protects workers 40 and older from being unfairly treated.
48
Affirmative Action Plans
Programs that promote hiring and diversity to fix past discrimination.
49
OSHA
Federal agency that sets workplace safety rules.
50
Workers Compensation Statute
Pays workers injured on the job, no matter who was at fault.
51
Family Medical Leave Act (FMLA)
Gives eligible workers up to 12 weeks unpaid leave for family or health reasons.
52
Bailments
When one person gives goods to another to hold and return later.
53
Gifts / Elements
A gift must have intent, delivery, and acceptance.
54
Duty Owed by Bailor / Bailee
Bailee must care for goods; bailor must warn of known dangers.
55
Lost, Mislaid, or Abandoned Property
Lost: accidentally dropped. Mislaid: intentionally set down. Abandoned: owner gives up ownership.
56
Land / Real Estate / Ownership Rights / Types
Includes possession, control, enjoyment, exclusion, and disposition.
57
Fixtures
Personal property that becomes real property by being attached to land or a building.
58
Air Rights
Rights to the space above land.
59
Recording Statutes
Require public recording of land ownership documents.
60
Statute of Frauds
Certain contracts must be in writing, like for real estate sales.
61
Estate in Land
A legal interest in real estate, either ownership or leasing.
62
Types of Ownership / JT, TIC, CP
Joint tenancy (JT), tenancy in common (TIC), community property (CP).
63
Fee Simple
Full ownership of land with no restrictions.
64
Deeds / Types / Quitclaim vs. Warranty
Deeds transfer land; quitclaim gives no promises; warranty promises good title.
65
Community Property Rights
Property earned during marriage belongs equally to both spouses.
66
Joint Tenancy
Co-ownership with right of survivorship.
67
Tenancy in Common
Co-ownership without survivorship; owners can leave shares to heirs.
68
Tenancy by the Entirety
Joint ownership for married couples with survivorship rights.
69
Life Estate
Ownership of land for the lifetime of a person.
70
Bundle of Rights: Ownership of Land
Includes the rights to use, sell, rent, or give away land.
71
Ownership Interests
Different ways to hold legal rights in property.
72
Right of Survivorship
Ownership automatically goes to the co-owner when one owner dies.
73
Adverse Possession
Taking land by living openly on it without permission for a legal period.
74
Eminent Domain
Government can take private land for public use but must pay fair compensation.
75
Kelo v. City of New London
Supreme Court allowed private property to be taken for economic development.
76
Takings Clause / Just Compensation
Part of the Fifth Amendment that requires payment when property is taken by the government.
77
Easements
The right to use another’s land for a specific purpose.
78
Leases / Tenant / Landlord
Agreement where a landlord rents property to a tenant.
79
Non-Possessory Rights
Rights to use land without owning or living on it.
80
Mineral Rights
Ownership of valuable minerals beneath the land surface.
81
Bailments / Duty
Bailees must return goods and take reasonable care.
82
Contracts for Sale of Land vs. U.C.C Sale of Goods
Land sales require written contracts; goods sales are governed by the U.C.C.
83
Finders of Lost, Mislaid Property
Lost property goes to the finder; mislaid property stays with the place owner.
84
Methods of Transferring Property at Death
Wills, trusts, and intestacy (no will).
85
Right of Reversion
Future interest where land goes back to the original owner.
86
Remainder Interest
Future interest where land goes to someone else after a life estate ends.

LGS-200 Final (1 decks)

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