Shared Flashcard Set

Details

ACC 205 Final Exam
ACC 205 final exam
222
Accounting
Undergraduate 2
04/18/2012

Additional Accounting Flashcards

 


 

Cards

Term
Classification of Private and Public Law:
Definition

Private law involves disputes between private individuals or groups

 

Public Law involves disputes between private individuals

Term
Civil Law
Definition
between persons and government
Term
criminal law
Definition
against the public as a whole
Term
States US Code & State Statutes
Definition
where model/uniform laws come in
Term
stare decisis
Definition
judges are obliged to respect the precedentsestablished by prior decisions
Term
natural law
Definition
certain ethical laws and principles that are morally right.
Term
legal position
Definition
deserves obedience
Term
Legal Realism
Definition
decisions looking at reality
Term
cost benefit analysis
Definition
examination of costs and benefit
Term
critical thinking
Definition

The ability to understand what someone is saying, and then to apply a set of evaluative criteria to determine the worth of what was said

Term
critical thinking structure
Definition
Find the facts

Determine the legal issue(s) presented to the court
Understand the court’s legal conclusions
Cite the applicable rule(s) of law
Evaluate the court’s legal reasoning

Term
The US Legal System:
State 
Definition

Justice/Magistrate

Superior Court

Court of Appeals

State Senate

Term

The US Legal System:

Federal

Definition

Magistry Court

District Court

Circuit Court of Appeals

US Supreme Court

Term
Jurisdiction
Definition
refers to the power of the court to hear a case
Term
In Personam jurisdiction
Definition
over person
Term
In rem Jurisdiction
Definition
over property
Term
quasi in rem
Definition
over property with you here
Term
Subject Matter Jurisdiction
Definition

federal

state

concurrent

Term
federal jurisdiction
Definition
bankrupt
Term
state jurisdiction
Definition
divorce and property
Term
concurrent Jurisdiction
Definition
Federal question: US Constitution, federal statute/treaty
Term
Originial Jurisdiction
Definition
the power to hear and decide cases when they first enter the legal system.
Term
long arm statutesa
Definition
allows a person to be served outside the state as long as minimum contacts are met.
Term
Subject Matter Jurisdicion
Definition
refers to the power of a court to hear cetain kinds of cases
Term
exclusive federal jurisdicion
Definition
includes bankruptsy, federal crimes, state vs state, claims against the US
Term
State Jurisdiction
Definition
Majority of cases: everything that is not exclusively federal
Term
Concurrent federal jurisdiction
Definition

federal question: US Constitution, federal statue/treaty

Diversity of citizenship

Term
venue
Definition
where the hearings will occur
Term
Federal question
Definition
some issue of federal law (subject matter)
Term
Diversity Jurisdiction
Definition
At least 75K in dispute AND complete diversity between parties
Term
The federal Court System
Definition

the united states supreme court

intermediate courts of appeals

Us district courts (federal trial courts)

Term
litigate
Definition
sew
Term
how many justices
Definition
11
Term
requirements for litigation
Definition

standing

case or controversy

ripeness

Term
standing:
Definition

must be the one that's hurt

injury traceable to actions of def.

injury redressed by favorable decision

Term
case of controversy:
Definition

adverse relationship between plantiff and defense.

actions of one party to give rise to legal dispute

court decision able to resolve dispute

Term
ripeness
Definition
decision able to affected parties immediately
Term
steps in civil litigation: the pretrial stage
Definition

informal negotiation

pleading

service of process (az = 20 days)

defendents response

pretrial motions

discovery

pretrial conference

Term
depoition
Definition
4 hours of being talked to by the opposing attorney
Term
What should you not do in a civil case?
Definition
plead the 5th
Term
steps in civil litigation: the trial
Definition

jury selection

opening statements

examination of witness and presentation of evidence

closing arguments

jury instructions

Term
steps in civil litigation: post trial motion
Definition

motion for judgment in accordance with verdict: made by winner

motion for judgement Notwithstanding verdict: made by the loser

Motion for a new trial: Made by the loser

Term
affirmation
Definition
appelate court accepts the lower courts judgement and result
Term
modification
Definition
appellate court accepts the lower court's decision, but changes the remedy
Term
reversal
Definition
appellate court overturns the ruling of the lower court
Term
remand
Definition
appellate court sends case back to lower court, usually on a specific issue.
Term
Alternative Dispute Resolution
Definition
the resolution of legal disputes through methods other than litigation
Term
negotiation
Definition
informal bargaining
Term
mediation
Definition
intensive negotiation; select neutral party to help facilitate communication and suggest ways for the parties to resolve the dispute
Term
arbitration
Definition
submit dispute to the neutral party for an ACTUAL RESOLUTION
Term
binding arbitration clause
Definition
a provision in a contract mandating that all disputes arising under a contract must be settled by arbritation
Term
Mediation Arbitration: 
Definition
Med-Arb: parties start in mediation and move to arbitration as needed
Term
summary jury trial
Definition
an abbreviated trial that leads to a nonbinding jury verdict
Term
mini trial:
Definition
similar to mini trial, except arguments are delivered to a neutral third party: NON BINDING
Term
Early Neutral Case Evaluation
Definition
Parties explain their respective positions to a neutral third party, who then evaluates the strengths and weaknesses.
Term
private trials
Definition
parties hire a neutral referee to oversee a private trial where referee will make a binding decision.
Term
ethics
Definition
the study and practice of decisions about what is good or right.
Term
business ethics
Definition
the application of ethics to the problems and opportunities experienced by business people.
Term
Ethical Dilemma
Definition
a problem about what a firm should do for which no clear, right decision is available
Term
Social Responsibility of business
Definition
expectations that the community imposes on firms doing business inside its boarders.
Term
WPH Model:
Definition

Who: most important = who will sue you

Purpose: freedom, security, justice, efficiency

How: how you want to be treated or perceived.

Term
fraud
Definition
a variety of means by which an individual intentionally uses some sort of misrepresentation to gain advantage over another person
Term
COVER:
Definition

C: Code of conduct

O: Outcome

V: values = ethics (virtue based)

E: Editorial (TV Test)

R: Rule = laws and regulations

Term
Absolutism
Definition
Natural law: Though shall not kill... UNLESS
Term
Consequentialism
Definition
What are the consequences
Term
Utilitarianism
Definition
consequentialism
Term
Deneology
Definition
Follow the Rule: Kantian Ethics
Term
Relativism
Definition
depends, all relative
Term
ethics of care
Definition
relationships
Term
Restatement
Definition

A promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.

NOT A LAW

Term
Practical Definition
Definition
A set of legally enforceable promises
Term
"K" stands for what?
Definition
contract
Term
The four Elements of a Contract
Definition

Agreement

Consideration

Contractual Capacity

Legal Object

Term
Agreement:
Definition
offer and acceptance
Term
Consideration
Definition
Bargained for exchange
Term
Contractual Capacity
Definition
Legal Ability to enter into binding K
Term
Legal Object
Definition
 K must have a lawful purpose or subject
Term
transfer of land must be in _______.
Definition
writing.
Term
good = 
Definition
tangible movable object
Term
State Common Law
Definition

derived from english common law

states have their own interpretations

Term
The Uniform commecial Code
Definition

Article 2 covers Ks for sale of goods:

sale: exchange for a price

Good: tangible movable objects

Term
Bilateral Contract
Definition
promise in exchange for a promise
Term
unilateral contract
Definition
promise in return for performance of act
Term
Expressed K
Definition
Based on written OR SPOKEN words
Term
Implied K
Definition
Based on conduct/actions of parties
Term
Quasi K
Definition
Implied-In-Law K imposed to avoid unjust enrichment, even if all elements of contract formation not satisfied. NOT A TRUE K.
Term
Valid Contact: 
Definition
 All elements of contract formation satisfied; enforceable K.
Term
Void K
Definition
Illegal purpose, illegal subject matter, improper form, etc.; NO K
Term
Voidable K
Definition
One or both parties can withdraw from contract
Term
Every K is either ____________ or __________.
Definition
executory or executed
Term
Executed K
Definition
All terms of contract fully performed
Term
Executory K
Definition
Some duties under K not performed by one/both parties
Term
Formal K
Definition
Must meet special requirements.
Term
Informal Contract:
Definition
No formalities required to making; a "simple" k. All Ks that do not require formalities are considered informal, or simple ks.
Term
Three Elements of Valid Offers:
Definition

Intent

Definite and certain terms

Communication

Term
Offeror :
Definition
Makes
Term
Offeree
Definition
Acceptor 
Term
Auction With Reserve:
Definition
expresses intent to receive offers
Term
Auction without Reserve
Definition
seller must accept highest bid
Term
revocation:
Definition
 offeror takes it back.
Term
Bribery
Definition
the offering, giving, soliciting, or receiving of money or any object of value for the purpose of influencing judgment or conduct of a person in a position of trust.
Term
Unilateral Mistake
Definition
mistake made by one contractng party; generally contract is still binding
Term
fraudulent misrepresentation:
Definition
intentional, untruthful assertion of material fact by a K party; aggrieved party can rescind contract and sue for damages.
Term
undue influence
Definition

persuasive efforts of dominant party, who uses special relationship to unduly persuade the other party

 

any relationship involving one party's unusualy degree of trust in another can give rise to undue influence.

Term
statue of frauds
Definition
rule of state law requiring certain types of contract to be in writing in order to be enforceable.
Term
purposes of statue of frauds
Definition

ease contractual negotiations

 

prevent unreliable evidence from interfering with contractual relationship

 

prevent parties from entering into contracts with which they do not agree.

Term
Ks subject to statue of frauds
Definition

ks that cannot be performed within one year from the date of their making

promises made in consideration of marriage (prenups)

ks to pay the debt/default of another party

real estate contracts

ks for the sale of goods valued at 500 or more

Term
statue of frauds exceptions
Definition

admission: statement made in court under oath that an oral contract existed

partial performance on sale of land

promissary estoppel: legal e nforcement of otherwise enforceable contract, due to party's detrimental reliance on k

miscellaneous exceptions recognized by uniform commercial code (UCC)

Term
assignment
Definition
the transfer of rights under a contract to a third party
Term
assignor
Definition
transfers
Term
assignee
Definition
receives transfer
Term
Delegation
Definition
transfer of duty under a contract to a third party
Term
delegator 
Definition
transfers duty
Term
delagatee
Definition
receives transfer of duty
Term
anticipatory repudiation
Definition
party decides before the actual time of performance not to complete contract obligations
Term
sole proprietorship
Definition

unicorporated business owned by one person

owner has total control

owner has unlimited liability

profits taxed directly as income to sole proprietor

terminated upon owners death

not a separate legal entity

Term
general partnership
Definition

unincorporated business owned and operated by two or more persons

each partner has equal control of business

each party has unlimited person liability for business debs/obligations/losses

profits taxes as income to partners

dissolves upon death of a partner

generally not a separate legal entity

Term
limited partnership
Definition

unicorporated business with at least one general partner and at least one limited partner

general partner in limited partnership has managerial/operational control over business

limited partner has no managerial/operational control over business

general partners are still 100% liable

limited partners liability is limited to extent of his/her contributions

formation requires filing a certificate with a state office

limited partner dies, partnership generally lives on

if general partner dies the partnership is usually dissolved

business name must contail the word Limited in its title

all partners pay personal taxes on their portion of the profits

Term
corporation
Definition

state sanctions business with legal identity separate and apart from its owners (shareholders)

owners' (Shareholders) liability limited to the amount of investment in corporation

double taxation: profits taxed as income to corporation, and again as income to owners/shareholders

S corporation can avoid double taxation

Term
S corporation
Definition

business organization formed under federal tax law that is considered corporation yet taxed like a partnership

formed unde federal law

no ore than 100 shareholders

shareholders must report income on their personal income tax forms.

Term
Limited Liability Company
Definition

business organization with limited liability of a corporation, yet taxed like a partnership

formed under state law w/ filing articles of organization

owners of LLC (members) pay personal income taxes on shares they report. NO DOUBLE TAXATION

Can elect for corporate taxation

no limitation on number of owner permitted in LLC

tremendous management flexibility

Term
disadvantages to sole proprietorship
Definition

personal liability for all business debts/obligations/losses

funding limited to personal funds and loans

Term
4 characteristics of partnerships
Definition

voluntary and consensual relationship

between two or more individuals

engaged in numerous business transactions over a period of time

partners share profits and management of business

Term
partnership dissolution
Definition
partnership ceases to operate as a business
Term
winding up
Definition
activity of completing unfinished partnership business, collecting and paying debts, collecting partnership assets and taking inventory
Term
limited partnership
Definition

agreement between at least one general partner and at least one limited partner

allows investor (limited partner) to share in profits of partnership

Limited partner's liability limited to amount he/she invests in business

Term
corporations have both "______" and "_______" powers.
Definition
express powers and imlied powers
Term
express powers
Definition
perpetual existience; right to litigate; right to make contracts; right to borrow/loan; right to make charitable donations; ability to establish rules for managing corporation
Term
implied powers
Definition
whatever actions necessary within the law to execute express powers
Term
voidable contract
Definition
one or both parties can withdraw from k; both parties can withdraw from k
Term
actus reus
Definition
wrongful behavior (guilty act)
Term
mens rea
Definition
wrongful state of mind such as the purpose, knowledge, recklessness or negligence (Guilty mind)
Term
strict liability crimes
Definition
crimes that do not require mens rea 
Term
felonies
Definition
serious crimes punishable for greater than one year or death
Term
misdemeanors
Definition
less serious crimes punishable by fines or imprisonment for less than one year
Term
petty offenses
Definition
minor misdemeanors punishable by small fines or short jail sentences
Term
assault
Definition
see the threat
Term
battery
Definition
force from behind
Term
larceny
Definition
unlawful taking away of another persons property with intent to deprive owner permanently.
Term
burglary
Definition
breaking and entering dwelling of another at night with intent to commit felony
Term
robbery
Definition
illegal taking of property of another by use of violence or intimidation
Term
false pretenses
Definition
obtaining title to property of another by means of representation of fact and with intent to defraud
Term
embezzlement
Definition
the wrongful conversion of another's property by one who is lawfully in posession of that property
Term
defmation
Definition
the intentional publication (commuincation to a third party) of a false statement harmful to the reuptation of an individual, business, product, group, government, or nation
Term
how many types of Defamation are there?
Definition

2:

libel and slander

Term
libel
Definition
printed words
Term
slander
Definition
spoken words
Term
defenses to defamation
Definition

truth is an aboslute defense

privilege:

absolute privilege

conditional (must be with actual malice)

public figure privilege

Term
prinicpal
Definition
one who hires agent to represent him/her
Term
agent
Definition
one authorized to act for/on behalf of principal
Term
Agency
Definition
fiduciary relationship in which agent acts on behalf of principal
Term
fiduciary
Definition
one with duty to act primarily for another person's benefit
Term
express agency
Definition
agency formed by making written/oral agreement
Term
types of agency authority
Definition

power of attorney

durable power of attorney

agency by implied authority

agency by estoppel

agency by ratification

 

Term
power of attorney
Definition
document giving agent authority to sign legal documents on behalf of principal
Term
durable power of attorney
Definition
power of attorney intended to conitnue to be effective/take effect after prinicipal incapacitated.
Term
agency by implied authority
Definition
agency formed by implication, through conduct of parties
Term
agency by estoppel
Definition
agency formed when principal leads third party to believe that another individual serves as his or her agent although prinicpal had actually made no agreement with purported agent.
Term
agency by ratification
Definition
agency that exists when individual misrepresents himself/herself as agent for another party, and principal accepts/ratifies unauthorized act
Term
requirements for "Agency by Ratification"
Definition

individual must represent himself/herself as agent for another party

prinicpal accepts/ratifies unauthorized act

principal has complete knowledge of all material facts regarding contract

prinicpal must ratify entirely on agents act

Term
agents duties to principal
Definition

loyalty

notification

performance

obedience

accounting

Term
types of agency authority
Definition

express authority

implied authority

apparent authority and estoppel

Term
express authority
Definition
prinicpal explicitly instructed agent to perform act
Term
implied authority
Definition
relationship infered from actions/conduct of parties; authoity inferred from nature of relationship
Term
employment at will
Definition

any employee not under a contract/collective bargaining agreement may quit for any reason/no reason at all with no required notice to employer.

also means employer may fire employee at any time, with no notice

Term
Title VII of the civil rights act
Definition

race

color

religion

national origin

gender

Term
Disparate Treatment Discrimination
Definition
In all aspects of human resource management (hiring, firing, promotions, etc.) if candidate/employee discriminated against based on membership in a protected class, employee has actionable claim based on intentional discrimination.
Term
Disparate Impact Discrimination
Definition
Occurs when plantiff establishes that while employwers policy/practice appears to apply to everyone equally, its actual effect is to disproportionately limit employment opportunities for a protected class.
Term
requirements for a "DISPARATE TREATMENT" discrimination case
Definition

1. Plantiff-employee must demonstrate a "prima facie" case of discrimination

2. defendent-employer must articulate a legitimate, non-discriminatory business reason for the action

3. plantiff-employee must demonstrate that the reason given by the defendant-employer is a "mere pretext".

Term
defenses to claims under title VII of the civil rights act
Definition

Bona Fide Occupational Qualification (BFOQ): Allows employer to discriminate in hiring on basis of gender, religion, or national origin (but not race/color) when doing so is "reasonably necessary" for performance of job

Merit

Seniority

Term
procedure for filing a claim under Title VII of the civil rights act
Definition

charge filed with EEOC

EEOC Concilation attempts

EEOC "Right to sue" letter

Term
Defenses to an equal pay act lawsuit
Definition

bona fide seniority system

bona fide merit system

pay system baed on quality or quantity of production

any other factors other than gender

Term
Real Property
Definition
Land and Everything permanently attached to it
Term
fee simple absolute:
Definition
Right to possess for life and devise (will) to heirs upon death; the most complete interest in real property
Term
profit
Definition
right to enter another's land and take part of the land, or take away a product of it.
Term
intellectual property
Definition
property that comes from creativity
Term
types of intellectual property
Definition

trademarks

trade dress

copyrights

patents

trade secrets

Term
functions of the US Constitution
Definition

sets forth the framework of our government

establishes a federalist system, with authority divided between federal and state governments

establishes and allocates power among three branches of government (legislative, executive, and judicial)

establishes a system of checks and balances

no laws can conflict with the constitution

Term
the commerce clause
Definition

primary source of authority for a federal regulation of business

gives US Congress the power to regulate commerce with foreign nations "Among the several states" and with Indian tribes

simultaneously empowers the federal government and restricts the power of state governments

Term
supremacy clause
Definition

article V of the Constitution

provides that federal law is the supreme law of the US

Any state or local law that directly conflicts with federal law is void

Term
Bill of Rights
Definition

first 10 amendments of the constitution are known as the bill of rights

these amendments prohibit federal government from infringing on individual freedoms

14th amendment then extends most of the Bill of Rights provisions to the states

courts apply many of these amendments to corporations as artificial persons

Term
10th amendment
Definition
provides that powers that the US constitution does not give to the federal government are reserved to the states
Term
act of state doctrine
Definition

judges of one country cannot question the validity of an act committed by another country within that other country's boarders

based on the principle that a country has absolute authority over what transpires within its own territory

Term
Comity
Definition
a courtesy that a nation may extend to another by voluntarily choosing not to apply their own laws to a dispute
Term
Sovereign Immunity Doctrine
Definition

Act of a government in a foreign country is not subject to suit in the foreign country

come countries provide absolute immunity

some contris provide limited immunity

The US Provides limited immunity

Term
Environmental Protection Agency
Definition

An Administrative agency created by Congress to coordinate the implementation and enforcement of the federal environmental protection laws

Broad rule-making powers

adjudicative powers

the EPA can initiate judicial proceedings in court against suspected violators of federal environmental laws

Term
superfund
Definition

requires the EPA to:
identify US sites where hazardous waste have been disposed, stoed, abandoned, or spilled

rank sites by severity of risk and place the highest ranked sites on a national priority list

the law provides for the creation of a fund to finance the cleanup of hazardous waste sites

can order polluter or landowner to pay for cleanup 

Term
ways attorneys bill
Definition

contingent fee

flat fee

hourly fee

Term
four elements of a valid contract
Definition

agreement: Offer and acceptance

consideration: bargained for exchange

contractual capacity: legal ability to enter into binding K

Legal object: K must have a lawful purpose or subject

Term
disaffirmance of a contract
Definition

commonly applied in situations where an individual has made an agreement and opts to cancel it, which he or she may do by right—such as a minor who disaffirms a contract.

 
Term
ratification of a contract
Definition
a principal's approval of an act of its agent where the agent lacked authority to legally bind the principal.
Term
counteroffer
Definition
an offer made in response to a previous offer by the other party during negotiations for a final contract.
Term
role of the judicial branch
Definition
The Judicial Branch is one of three independent parts of the US Government, and comprises the Article III constitutionalcourts. The primary responsibility of the judicial branch is to interpret and apply the laws, and ensure their constitutionality
Term
1st amendment protection of speech
Definition
Right to free speech is not absolute

Political speech receives the highest protection

Commercial speech receives limited protection using a four-part test

Unprotected speech obviously receives no protection
Term
employee
Definition
A person in the service of another under any contract of hire, express or implied, oral or written, where the employer has the power or right to control and direct the employee in the material details of how the work is to be performed
Term
revocation of unilateral contract
Definition
have the right to revoke before acceptance of offeree
Term
identity fraud
Definition
may occur when someone steals personal information, opens credit card accounts in the victim's name without permission, and charges merchandise to those accounts.
Term
 types of contractual/monetary damages
Definition

Compensatory

Consequential

Punitive

Nominal damages

Liquidated Damages

Term
compensatory:
Definition
damages designed to put plantiff in posititon he would have been in had K been performed
Term
Consequential:
Definition
Foreseeable damages that result from speical facts and circumstances arising outside contract itself. These damages must be within contemplation of parties at time breach occurs
Term
punitive
Definition
damages designed to punish defendant and deter him and others from engaging in similar behavior in the future. meant to punish defendent.
Term
nominal damages:
Definition
small award intended to signify that plantiff wronged by defendent
Term
liquidated damages:
Definition
damages for breach of contract specified in the contract itself.
Term
exceptions to employment at will
Definition

public policy

discrimination or retaliation

implied contract

Term
independent contractor
Definition
  a worker who provides services to a companybut is not an employee or agent of thatcompany
Term
establishment clause of constitution
Definition
Congress shall make no law respecting an establishment of religion
Term
clean waterways act of 1842
Definition
The Clean Water Act is the primary federal law in the United States governing water pollution.[1] 
Term
quota
Definition
A limited or fixed number or amount of people or things, in particular.
Term
tariffs
Definition
tax on imported goods
Term
trade agreements
Definition
wide ranging tax, tariff and trade pact that often includes investment guarantees.
Term
joint tenancy
Definition

The holding of an estate or property jointly by two or more parties, the share of each passing to the other or others on death

 

Term
forms of concurrent ownership
Definition

tenancy in common

joint tenancy

tenancy in entirety

Term
tennancy in common
Definition
each co-owner holds an undivided fractional share in the entire parcel of land, and each is entitled to simultaneous possession and enjoyment of the whole parcel. 
Term
tenancy by the entirety
Definition
requires the same four unities as the joint tenancy, plus the fifth unity of marriage.  It can be terminated only by divorce, the death of one spouse, or mutual agreement of the spouses.  This estate is controversial because in some states creditors of one spouse cannot levy on property held in tenancy by the entirety. 
Term
community property
Definition
property owned by a husband and wife
Term
North American Free Trade Agreement nations
Definition
US, Canada, and Mexico
Supporting users have an ad free experience!