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Business Law > PART 1 (CHAPTER 1) > Flashcards

PART 1 (CHAPTER 1) Flashcards

1
Q

The LAW

A

system of rules regulating the conduct of individuals within a society, assisted by a set of mechanisms put in place to ensure its enforceability

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2
Q

The law exists because…

A

Ubi homo, ibi societas (where there is man, there is a society)
Ubi societas, ibi jus (where there is a society there is the Law)

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3
Q

The state

A

politically organized community, established on a specific territory, which is exclusive to it characterized by being independent and sovereign

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4
Q

Key elements of a state

A

The people
The territory
The political power

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5
Q

Religion

A

religions set rules that should be followed by its believers (cannot be enforced)

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6
Q

Moral

A

aims at orienting individuals’ conduct to practice good

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7
Q

Social rules of conduct

A

rules regarding the social conduct of individuals within the society

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8
Q

Natural law

A

claims that humans are born with a certain moral compass that guides behaviors

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9
Q

Positive law

A

system of legal rules and principles that are enforced by the government

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10
Q

Key elements in law:

A

A system
Legal provisions
Enforceability

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11
Q

Legal Systems

A

The Law is not a mere set of rules, these rules are part of a system

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12
Q

Legal systems: common law

A
  • relies on previous court decisions (precedents) to guide future rulings
  • judges interpret laws based on past cases
  • used in countries like UK, US, Canada and Australia
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13
Q

Legal systems: civil law

A
  • relies on written laws (statutes) rather than court decisions
  • laws are typically codified and cover many aspects of daily life
  • used in countries like France, Germany, Japan
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14
Q

Statutes

A

are legislative acts that contain rules of conduct. They are composed of legal provisions

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15
Q

Legal provisions

A

all statutes, laws, ordinances, rules, regulations, judgments, orders and decrees of any Governmental Entity

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16
Q

Main characteristics of legal provisions

A
  • Generic
  • Abstract
  • Mandatory
  • Breakable
  • Enforceable
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17
Q

Legal provisions (Generic)

A

basic rules that apply to many different situations. They’re written broadly so they can cover a lot of different cases

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18
Q

Legal provisions (abstract)

A

described in a broad and non-particular manner, they do not contemplate particular cases

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19
Q

Legal provisions (mandatory)

A

issue a command that should be complied

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20
Q

Legal provisions (breakable)

A

they apply to free people, therefore there is a possibility that someone may choose to break the law

21
Q

Legal provisions (enforceable)

A

supported by a system with the means to enforce them

22
Q

National legal provisions

A

apply to the entire territory

23
Q

regional legal provisions

A

apply within the autonomous regions

24
Q

local legal provisions

A

apply within local municipalities

25
Perfect legal provisions
sanction illegal acts by rendering them invalid or null and void
26
More than perfect legal provisions
in addition to the invalidity of the act, a penalty is established
27
Less than perfect legal provisions
establish a penalty but do not invalidate the illegal fact
28
Imperfect legal provisions
legal provisions without a sanction
29
Direct legal provisions
provide the solution to the case
30
Indirect legal provisions
created to solve legal problems, they indicate the applicable law
31
Enforceability (Sanctions)
unfavorable consequences imposed by law upon the offender as a result of an infringement of a law. Sanctions are imposed by the state
32
TYPES OF SANCTIONS
(i) Compulsory (ii) Reconstructive (iii) Compensatory (iv) Preventive (v) Punitive
33
Compulsory penalties
intended to guarantee that, after an infringement, the law is complied with (Periodic penalty payment, Right of retention)
34
Periodic penalty payment
the Court may order the debtor to pay a monetary amount for each day of delay in complying with his obligations or for each offense
35
Right of retention
the right to retain possession of certain things owned by another person until the possessor’s claim against the owner has been satisfied
36
Reconstructive sanctions
seek to reconstitute the situation exactly as it was prior to the infringement as if the infringement never occurred (Reconstitution in natura, Specific execution)
37
Specific execution
a contract has been signed and all the terms and conditions have been satisfied
38
Specific damages
If the debtor is under the obligation to replace the damaged good, they must compensate
39
Compensatory penalties
aims to create a situation that is equivalent to the situation that would exist if the breach did not occur
40
Punitive penalties
aim to impose suffering upon the offender and to reprove his conduct
41
Types of punitive penalties
Criminal penalties Civil penalties Disciplinary sanctions Sanctions related to administrative offenses
42
Criminal penalties
Fines or imprisonment
43
Civil penalties
involves monetary payment, or a court order to do or not to do something
44
Disciplinary sanctions
like a warning, such as probation, suspension, dismissal, etc.
45
Sanctions related to administrative offenses
Non-submission of tax returns/statements within the legal deadlines
46
Preventive penalties
aim at preventing future violations, thus in addition to imprisonment, supplementary penalties may also apply
47
4 entities exercising sovereignty in Portugal
the parliament, the court, the president, the government
48
Sovereign
people/groups having the power to make rules

Business Law (17 decks)

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