Shared Flashcard Set

Details

1st Exam
Michael Costello
25
Business
Undergraduate 3
12/12/2009

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Cards

Term
The process of 'stare decisis' developed in what country prior to it being adopted by the United States?
Definition
England
Term
What are two of the primary sources of law in the United States?
Definition
1. US Constitution
2. Treaties
3. Statutes
4. Common law
Term
Why in the Pub Zone case did Kuehn sue the bar and not the bikers who beat him up?
Definition
The bar would be able to pay his damages [the bikers were in jail and unlikely to be able to pay]
Term
What does our discussion of Joya's situation in the insurance company suggest we do first when confronted with an ethical problem?
Definition
Be sure to understand the facts from opinions
Term
What are two of the differences between mediation and arbitration?
Definition

1. Mediation is non-binding and arbitration is binding [means the arbitrator makes a decision]

2. Information disclosed in a mediation is not available as evidence in a subsequent arbitration or trial

3. Mediation can be useful in continuing relationships as more likely to lead to a voluntary compromise/arbitration and litigation lead to a win-lose

Term
What are two reasons a person would choose arbitration rather than litigation?
Definition

1. Arbitration is faster and can be cheaper as it is less formal than litigation

2. Arbitration is confidential

3. Arbitration allows parties to choose many of the details of when, where and who will conduct the arbitration

4. Arbitration allows parties to avoid bias of courts favorable to a particular party

Term
What level of court generally writes the opinions we read in the textbook?
Definition
Appellate courts
Term
Why would a judge deny a request to a party seeking to start a 'class action' lawsuit?
Definition
If not a large group of plaintiffs with similar injuries, if not caused by a small group of defendants, would not result in judicial efficiency or plaintiff not representative of the proposed class to represented
Term
What are two of the forms of discovery permitted in a lawsuit?
Definition
1. Interrogatories
2. Depositions
3. Production of documents or things
4. Physical or mental exams
5. Requests for admission
Term
What does the process of 'voir dire' describe?
Definition
Process of selecting the jury
Term
What is the burden of proof for a party to win in a civil case?
Definition
Preponderance of the evidence [more than 50%]
Term
What is a reason for which a judge may set aside the decision of a jury?
Definition
1. Jury didn't follow the instructions of the judge
2. Jury decision was unduly influenced by some act or statement resulting in prejudicing their decision
3. Jury's decision was not consistent with evidence presented
4. Punitive damages award was not consistent with guidance from Supreme Court
Term
Are criminal laws created by common law, statute or set forth in the Constitution?
Definition
All criminal laws are created by statute
Term
What are two of the methods used by the courts to interpret the meaning of a statue?
Definition
1. Plain meaning
2. Legislative history
3. Public policy
Term
What is the primary difference between a department of government and an independent agency?
Definition
The head of a government department can be fired by the President/Governor
Term
Should ethical decisions be higher than, equal to or lower than the legal limit?
Definition
Ethical decisions should be higher than the law
Term
Where do you look to determine whether an administrative agency has the power to do a particular action?
Definition
The statute establishing the agency
Term
What is one of the two requirements for a court to review the act of an administrative agency?
Definition
1. The plaintiff was directly affected
2. Exhausted all administrative remedies [or proves it would be futile to try]
Term
What types of disputes does the WTO resolve?
Definition
Trade disputes between participating countries
Term
How does a letter of credit help an exporter of goods?
Definition
The exporter is assured of payment by the bank upon presentation of the documents of the transaction
Term
What is the most important rule of international law?
Definition
sovereignty
Term
What does the word 'expropriation' mean in international law?
Definition
The taking of the property [of any type] of a foreigner by the government
Term
What is a 'tariff' in international transactions?
Definition
A duty or tax on the import or export of a good or service
Term
What are two tools that companies use besides a Code of Conduct to encourage ethical behavior?
Definition
1. Chief Ethical Officers
2. Training programs
3. Confidential hotlines
Term
What is the primary responsibility of a CEO under the shareholder theory?
Definition
Maximize profits for a shareholders
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