MGMT 246 Flashcards

Question

Law Definition and types?

Answer 1

Provide structure; criminal & civil

Answer 2

The people ex) Mexico v. United States

Answer 3

everything else (contracts/accidents) ex) people v. people

Answer 4

A case law with a judge

Answer 5

first law- U.S constitution

Answer 6

to hear and decide disputes; sometimes 3 or 1 judges reason for being a body

Answer 7

State and Federal

Answer 8

Each type of power or authority

Answer 9

(I) original jurisdiction- trial court (II) Appellate Jurisdiction - do not conduct under trial - review trial court/nothing - no new evidence (III) General Jurisdiction - state: family law (divorce, children, will) - limited: hear 1 type of matter (copy right, tax, bankruptcy)

Answer 10

a) U.S. supreme court (highest court) - picked whatever case they want -created by U.S. constitution b) federal court of appeal - circuit court c) district court - placed every city like McDonalds d) other federal courts (tax, patent, admiralty, etc.)

Answer 11

all trial courts: state supreme, state courts of appeal, superior, municipal, small claims

Answer 12

created by authors (someone signing doc)

Answer 13

decisions....

Answer 14

1) complaint - plantiff (filing sue complaint) 2) service of process (SUMMON - served) 3) Answer (other response) - defendant story; failed to respond the plantiff wins by default 4) motion - request (move court date) 5) discovery - evidence (build case) 6) trial - each side please case 7) Post trial- jury decides

Answer 15

trier of facts (jury or judge) evidence (testimony tangible) examination (direct-cross) opening statement (closing argument)

Answer 16

a) mistrial b) judgment c) appeal d) execution

Answer 17

if failed to respond, plantiff wins by default

Answer 18

criminal are priority over civil cases

Answer 19

if you didnt mean it might not be a crime called negligence ex) shot gun- cleaning riffle killed someone

Answer 20

blue sky laws

Answer 21

Typically thought of as a “mom and pop” or family business

Answer 22

(+) attributes: easy to form, manage, inexpensive, easy to control (-) attributes: personal liability, limited money- only use the money you borrow or have

Answer 23

is a contractual (contract) relationship for a common business venture that may be verbal or written

Answer 24

General - comprised of two (2) or more partners Pro: easy, inexpensive, enhance ability to raise capital, diverse, visual for al the debt Cons: joint, several personal liability of all Limited - compised of two (2) groups of partners with at least (1) partner in each group ex) doctors, lawyer that want to invest pros- raise capital (money), significant tax benefits cons - difficult manage, expensive

Answer 25

is not a type of business, it is a method of doing business. EX) mcdonald's

Answer 26

corporation and company combined - is a person, lives forever def: hybrid that combines the limited liability aspect of a corporation and the tax advantage of a partnership

Answer 27

must be filed with a central state agency--- usually the secretary of state's office

Answer 28

advantage - owners have limited liability Agreement- operate needs a structure

Answer 29

shield of liability "personal liability" - to protect you

Answer 30

if your corporation dumps poisonous toxic waste down the river, its a crime, at common law the owners' shareholders wont go to jail Modern law they don't care, you would go to jail

Answer 31

public, private you start at your home like amazon and no it is public on "air". Google is goes public with their stocks; money starts coming

Answer 32

chairty - doesnt pay taxes

Answer 33

in order to finally breath and live prepare the bylaws enter contracts, own property, party to lawsuits, hire, fire pros: raise capital, shareholders director- manage, officer cons: difficult manage, more expensive, complicated, business structure

Answer 34

debt - loans/selling bonds benefit debt - no personal liabililty equity - selling stocks

Answer 35

when a corporation makes money and earns profit pays income tax and then if your corperation gives you money you pay taxes. shareholders- tax twice, in order to avoid double taxation - we want IRS to ignore the profits earned and charge the individual shareholders owners

Answer 36

a) ownership of each type of business organization b) how to create each business organization c) how to raise capital - private vs. public and stocks vs. bonds d) role of government e) ethical issues for business f) other legal issues

Answer 37

English common law i) to the "center of the earth" and "to heaven" ii) reasonable use- modern law

Answer 38

compare and contrast intellectual, real, and personal property

Answer 39

a) fee simple b) life estate c) pur autri vie

Answer 40

a) leases i. tenancy for years ii. periodic iii. month to month b) easement - the right to use another person's property for a specific purpose

Answer 41

a) grant deed vs. bill of sale b) sole of multiple owners i. tenant in common ii. joint tenancy iii. community property (California) iv. other states c) common law vs. modern law ownership priority i. first in time- first in right ii. race notice

Answer 42

a) mortgage b)escrow c) the "players" -bank, seller, buyer, and broker -contract issues. d) basic documents e) foreclosure

Answer 43

public policy is to enhance competition in the market place by preventing unreasonable restraints on trade (monopoly -consipiracy)

Answer 44

Federal law passed in 1890 which attempts to prohibits "conspiracies" between businesses

Answer 45

prohibits monopolies

Answer 46

prohibits price discrimination

Answer 47

may violate antitrust laws (automatic)

Answer 48

federal law regulating initial issuance and resale of securtities

Answer 49

is not limites to stock

Answer 50

federal regulator

Answer 51

Prohibits fraud

Answer 52

- Short swing profits

Answer 53

proxy solicitations

Answer 54

liability and ethical issues

Answer 55

common preferred debt v. equity

MGMT 246 Flashcards

(80 cards)