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Business Law Final
Business Law Final
54
Business
Undergraduate 3
10/24/2011

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Term
Public Law
Definition
Theory of law governing the relationship between individuals and the STATE.
Term
Subdivision of Public Law
Definition
CONSTITUTIONAL, ADMINISTRATIVE, and STATUTORY LAW
Term
Private Law
Definition
affects the relationship between individuals or groups without the intervention of the state or government
Term
Criminal Law
Definition
Violation of a criminal law is a WRONG AGAINST SOCIETY
Term
Civil Law
Definition
Deals with disputes between individuals and/or organizations, in which compensation may be awarded to the victim
Term
Substantive Law
Definition
Defines crimes and punishments as well as civil rights and responsibilities in civil law
Term
Procedural Law
Definition
Establishes process for settling disputes
Term
Common Law
Definition
Case law or precedent
Term
Common law incorporates what?
Definition
predictability and flexibility
Term
Stare Decisis means?
Definition
Let the decision stand
Term
Statutory Law
Definition
Written or Codified Law
Term
Equity
Definition
Body of law that attempts to do justice when the law does not provide a remedy
Term
Admiralty Law
Definition
A matter is admiralty if it has a maritime flavor
Term
Admiralty Law is given jurisdiction by what part of the US constitution?
Definition
Section 2 Article III
Term
Another source of Admiralty Law is..?
Definition
The first judiciary Act of 1789
Term
Admiralty Law is the jurisdiction of...?
Definition
Federal Courts
Term
Trial courts do what?
Definition
1.) Hear witnesses 2.) Receive evidence 3.) search out facts
Term
Special Trial Courts of limited jurisdiction are:
Definition
Tax court, U.S. Claims Court, U.S. Court of International Trade, Bankruptcy Court
Term
Trial Courts (lesser courts)
Definition
Small claims, justice of the peace courts, traffic courts, probate courts, family courts
Term
Appellate Courts often called...
Definition
court of appeals
Term
Supreme Courts
Definition
court of last resort, instance, or judgement; a high or highest court
Term
U.S. Courts of Appeals considered most powerful because...
Definition
of ability to set legal precedent in regions that cover million of people, they have strong policy influence on US law; because US supreme court chooses to hear fewer than 100 more than 10000 cases filed with it annually
Term
Supreme Courts jurisdiction is narrowly focused on:
Definition
1. Ambassadors 2. other public ministers and consuls 3. those in which a state shall be party
Term
In personam jurisdiction
Definition
part resided, conducted business or had substantial business relations
Term
Criteria for determining in personam jurisdiction:
Definition
Ownership of property within the state
Volunteer Jurisdiction
Presence in the state
Term
Presence in the state is:
Definition
Residence, Minimum contacts, long arm statutes
Term
Savings to Suitors
Definition
allows a party to PURSUE A REMEDY FOR A MARITIME CLAIM IN A STATE COURT WHEN ENTITLED TO SUCH REMEDY
Term
Arbitration
Definition
oldest form of ADR, resolves desputes outside of the courts
Term
Mediation
Definition
Third party assists the parties to negotiate their own settlement
Term
Medarb
Definition
parties attempt to resolve in mediation and what is failed to be resolved is done with arbitration
Term
Minitrial
Definition
small scale trial where parties present case to a judge with experience in the field or to a neutral advisor
Term
rent-a-judge
Definition
concept launched in 1976 by some californian dudes
Term
summary jury trial
Definition
a mock trial is held; a jury is selected and in some cases presented with the evidence that would be actually used
Term
Early Neutral Evaluation
Definition
asses strengths and weaknesses of each of the parties
Term
Peer Review
Definition
popular between employers and employees
Term
What are the steps for starting a lawsuit?
Definition
1. filing complaint
2. supena
3. the answer
4. ending a suit through motions
5.
6. Discovery
7. the trial
8. the appeal
Term
Affection
Definition
court states "if it is interstate commerce that feels the pinch, it does not matter how local the squeeze."
Term
Sherman Anti-trust Act
Definition
Very broad
Term
Clayton Antitrust Act
Definition
narrower application
Term
robinson-patman act
Definition
most stringent
Term
Horizontal Trade Restraints
Definition
1. Price Fixing
2. Division of Markets
3. Group Boycotts
4. Interlocking Directorates
Term
Vertical Trade Restraints
Definition
1. Resale price maintenance
2. tying arrangements
3. exclusive dealing arrangement
4. price discrimination
Term
Embezzlement
Definition
Misappropriation of items with which a person had been entrusted

Kind of financial fraud performed in a manner that is PREMEDITATES, SYSTEMATIC, and/or METHODICAL
Term
Elements of employee theft:
Definition
1.) the fradulent
2.) conversion
3.) of the property
4.) of another
5.) by a person who has lawful podsession of the property
Term
Why dont white-collar criminal go to jail?
Definition
The best lawyers, favorable laws, individual perception, little police effort, difficult to assign blame
Term
Types of torts
Definition
1.) Intentional
2.) Competition
3.) Negligence
Term
Elements of Negligence
Definition
1. duty
2. breach of duty
3. causation
4. proximate cause
5. damages
Term
Defense to negligence
Definition
contributory, comparative, assumption of risk
Term
Sources of contract law
Definition
uniform commerical code published in 1952
Term
Formation of contracts
Definition
Offer
acceptance
consideration
creation
Term
Formation of contracts
Definition
Offer
acceptance
consideration
creation
Term
Statute of Frauds required for
Definition
land
contract that can not be performed within one year of creation
sale of goods $500+
marriage
Term
Defenses against contracts
Definition
capacity
misrepresentation
fraud
illegality
duress
undue influence
Term
Types of Intentional torts
Definition
defamation
contract interference
false imprisonment
intentional infliction of emotional distress
invasion of privacy
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