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BADM 300
Final Exam, New material
106
Business
Undergraduate 3
12/05/2011

Additional Business Flashcards

 


 

Cards

Term
Proxy
Definition
Give someone else the right to vote with your shares
Term
3 main theories of tort
Definition
intentional: somebody intends to do somebody else harm
negligence: no intent but someone was harmed and they will be rewarded
strict: doesn't matter about intent, if you suffered you are being rewarded
Term
false imprisonment
Definition
guy doesn't let girl leave car when she wants to leave
Term
assault
Definition
when you see the fist coming
Term
battery
Definition
unwarranted touching, the kiss
Term
defamation
Definition
injury to ones reputation
Term
mental distress
Definition
through your conduct, you put someone in a position to be mentally unstable/distressed. need outrageous conduct to be liable
Term
trespass
Definition
unprivileged entry onto another's property
Term
conversion
Definition
property given, but never returned
Term
fraud
Definition
intentional concealment of a material fact
Term
misrepresentation
Definition
unintentional concealment of a material fact
Term
defamation rules
Definition
3rd party: deceased cannot be defamed
true facts are never defamation, absolute defense
legislator can say anything they want on the floor without being sued
hard for public figures to sue for defamation
Term
slander
Definition
spoken
Term
lible
Definition
written, published, printed
Term
letters of reference
Definition
assured to have a privacy component, person who letter is about could contain false info
Term
right of privacy - employer/employee
Definition
in most states, employer does have right to look at what you are doing on your company computer/cellphone
Term
Landlines
Definition
Warrant must be issued to be tapped and creditors cannot call at certain hours
Term
4 steps of negligence
Definition
duty
breach
proximate cause
injury
Term
Patisgraph vs. Long Island Railroad
Definition
gave rise to new theory of the law
societal shift
railroad won 4-3
Term
statute of limitation
Definition
3 yrs from the time you find out about injury, don't want cases to hang over. must act in timely fashion
Term
assumption of the risk
Definition
people take on jobs knowing the risks. paid to assume the risks and cannot sue
Term
tort and contingent fee
Definition
only part of the law that can charge contingent fee of 1/3
Term
contributory negligence
Definition
if you, the party that is suing, contribute to the fault, you will not get any compensation
Term
comparative negligence
Definition
if two sides contributed to the accident, the side less at fault can still sue but get less than the amount of negligence they contributed
only works when at 49% at fault or less
Term
liability of accountants
Definition
injured party must be in contractual agreement with accounting firm to get compensation
Term
federal register
Definition
newsparer published everyday that has proposed rule changes and allows people to comment on them
Term
adjudicatory
Definition
create and enforce rules
Term
adjudicatory hearing
Definition
starts at administrative court, if judge rules against, you can go to appellate court
Term
consent decree
Definition
EPA goes to your firm and says they will not prosecute if you stop 90% of pollution
3rd part can't rely on consent decree to sue
Term
cease and desist order
Definition
gov't has power to tell you to stop doing what you are doing. usually used with more extreme defendants.
3rd party can use cease and desist order to help sue.
Term
advisory opinions
Definition
ability to seek advisory from administrative agency, should a hypothetical situation come up
not binding, courts could rule differently
Term
FTC has widest and broadest powers of any gov't agency
Definition
Term
interlocking doctorate
Definition
one person sits on board of competing companies
-cannot have id's in this country
-cannot be vertical either: tires, ford, wheels
Term
full warranty
Definition
nobody gives these anymore
Term
limited warranty
Definition
received when you buy most things
Term
bait and switch
Definition
unlawful, lure you in and then switch out product
Term
consumer credit protection act
(truth lending act)
Definition
tells you interest being changed, issuer must give info to you about your card
Term
fair credit reporting act
Definition
if you are turned down for credit, you are allowed to see the report that was used
Term
fair issac company
Definition
comes up with your credit score to say interest rate charged
Term
usury laws
Definition
amount of interest various organizations can charge for lending
-most cards issued out of south dakota, highest interest rate able to be charged
-different organizations charge different rates
Term
equal credit opportunity act
Definition
cannot discriminate (minorities, women).
Term
redlining
Definition
-outlining area that you will not lend to
Term
uniform consumer credit code
Definition
able to reneg door to door sales
Term
factory workers wages are...
Definition
predetermined
Term
injunction
Definition
if worker go on strike/threaten to gon on strike, courts can issue injunction forcing them to go back to work
Term
black list
Definition
list shared with many employers of people likely to organize unions, not hired
Term
yellow dog contract
Definition
employees forced to sign contract saying that they will not engage in union activities
Term
lock-out
Definition
shut down factory until employees come back to work
Term
Norris Laguardia act
Definition
took away the use of injunctions/labor disputes
Term
NLRA Wagner Act
Definition
use power under commerce clause to regulate relationships between unions and employers
-establish employee rights
-some prohibited/unfair practices employers could no longer do
-establish administrative agency
Term
Problems with Wagner Act
Definition
exclude certain employees
-gov't
-agricultural
-managers
congress never fully funded
-doesn't hear as many cases as it probably should
Term
national labor relations board
Definition
investigates all unfair labor practice charges
conducts elections to determine whether a union will represent employees
In last 5-10 yrs, unions have had decertification elections
# of union employees increased greatly because of more protection
Term
taft hartley act
Definition
rebalance power, unions had too much
Term
provision
Definition
if strike is going to affect national security, president can send them back to work 80 days cool off period
-could cost votes
-not really used
Term
right to work statuate section 14b
Definition
each state can say whether or not they would like to permit union shops
Term
closed shop
Definition
could hire an employee if and only if they are already part of a union, ILLEGAL
Term
union shop
Definition
could hire anybody, but they must join the union in 30 days
Term
open shop
Definition
could hire everyone, no one has to join
Term
landrum griffin act
Definition
deal with union corruption/how unions operate
-certain financial disclosure
-must have elections for office every so many years
Term
collective bargaining process
Definition
-outsiders come and say a union would be better
-authorization cards (30% must sign)
1. union election (must get majority 51% of votes)
-can only happen once a year for elections
-each side no required to negotiate wages/hours/etc.
1. bargain in good faith (give and take negociation)
Term
fist inside a velvet glove (employer/employee relationship)
Definition
employer has certain power over employees -fist
no matter how nice the outside is, you can still take benefits/jobs away as an employer - velvet
Term
discharge and discipline
Definition
unfair to discharge or discipline if a person bring matter to the board
Term
whistle blowing
Definition
cannot be fired for telling
Term
secondary practices
Definition
not allowed to have secondary boycotts
-garbage men, conductors, etc.
Term
featherbedding
Definition
unfair labor practice, union cannot require people be paid for doing no work
Term
public employees cannot strike but are allowed to have unions
Definition
Term
age discr. employment act
Definition
protect 40-70 year olds from being paid less when hired as compared to younger people
-unless legit: girl role in a play, religion
Term
rehabilitation act of 1973
Definition
do away with discrimination agaist people with dissabilities
Term
ERISA
Definition
pension/welfare plans
-non discriminatory
-insurance policy protecting pensions from bankruptcy etc.
less than original pension plan
Term
OSHA
Definition
try to provide safe working environment
Term
Letters of credit
Definition
reduce risk between two parties
buyer-buyers bank-><-sellers bank<--Seller
Term
bill of lading
Definition
ownership of the goods
-allows buyer to review goods before payment is released.
-used for commercial tradings
1. travelers checks
Term
must put in contract you want contract to apply to US law
Definition
Term
licensing
Definition
usually used in franchise agreements
-almost all done in contract
-language
-payment
Term
acts of god
Definition
tsunami takes place or something similar, contract is voided
Term
direct investment
Definition
building factory in your country and now are subject to whatever changes take place to your jurisdiction
Term
sovereign immunity
Definition
soveriegns are immune from local jurisdiction of other companies
-if state acted in commercial, they are subject to local courts
Term
foreign investment code
Definition
usually established by 3rd world country (large 3rd world countries)
Term
repatriation provision
Definition
limits the amount of money a company can take out of country x
Term
foreign corrupt practices act
Definition
attempts to limit bribe payments oveseas. facilitating payments are illegal
Term
real estate agents work for sellers
Definition
if you decide to make an offer, your are getting into a contract
Term
offer contingencies
Definition
independent appraisal
operating inspection
go to court and find out what other guy paid for the house (stamp tax)
being able to attain a mortgage at 5% or less
Term
title search
Definition
abstract company hired to make sure the seller really is the owner of the property
Term
sit down/closing
Definition
bank runs closing usually
sign various pieces of paper
you get deed
register deed ASAP
Term
Warranty Deed
Definition
seller warrants that he is the true owner of the property and he will challenge it
Term
quick claim deed
Definition
selling not willing to defend anything
Term
mortgages
Definition
money borrowed to pay for the house
Term
conventional mortgage
Definition
buyer responsible for putting down 20% of house, 30 yr mortgage table
Term
FHA mortgage
Definition
put down 10% of purchase price, slightly higher interest rate
Term
VA mortgage
Definition
only 5% of purchase price but again higher interest - veterans
Term
adjustable rate mortgage
Definition
teasor rate, first 3 yrs 3%, end of 3 years rate usually goes up
Term
can do conventional mortgages for less than 30 yrs now
Definition
Term
Lawyer hired to represent you in closing
Definition
-whoever registers deed first wins ownership
Term
joint tenants
Definition
if you die, your wife gets property
Term
tenants in commmon
Definition
each tenant has .5 interest in the house , can give to whoever they want
Term
testate
Definition
left a will in sound body and mind
Term
intestate
Definition
no will (wife gets estate, if children they get half and wife gets half, if no wife/children ancestors up to 5th degree of blood
Term
need at least __ witness for a will to count
Definition
2
-cannot par take
-each will cancels out other wills
Term
executor
Definition
usually the person who draws up the will
Term
every life change means a new will needs to be drawn up
Definition
Term
the day you have a kid, you should write a will and wills can only be paid out once all your debt is cleared
Definition
Term
After 2 years of searching, state gets title to your property if no ancestor is found
Definition
state is sole distributor of your will once your debt is paid
Term
patent
Definition
is it new, useful, and non-obvious. your responsibility to proceed against other people using your patent
-17yrs
-when you apply for patent, other people can read and can make it better
Term
trademarks
Definition
so consumers can recognize quality of goods purchased
-every 10 yrs renew
-your responsibility to enforce
Term
copyright
Definition
intellectual property of (author/anyone with art talent
-life of the author +75yrs
-(mickey mouse)
Term
fair use doctrine
Definition
certain categories of individuals that can use your product without asking permission (non commercial)
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