Shared Flashcard Set

Details

BUS FIN 510 Midterm
Weinstock Midterm
91
Business
Undergraduate 3
02/08/2011

Additional Business Flashcards

 


 

Cards

Term
summary judgment
Definition
granted by a judge if there is no dispute about the facts that exist and one party is clearly entitled to judgment as a matter of law
Term
tort
Definition
essentially means accident
Term
factors to whether the law should impose a duty
Definition
risk, foreseeability and likelihood of injury weighed against the social utility of teh actor's conduct, the magnitude of the burden of guarding against the injury and the consequences of placing the burden on the employer
Term
holding
Definition
the court's decision that answers questions about the decision and its ramifications
Term
cost/benefit approach
Definition
actions are ethical if they overall increase good, those using it say the purpose of morality is to promote human welfare by maximizing benefits and minimizing harms
Term
rights approach
Definition
actions are ethical if it maximizes respect for human rights and minimizes their violation
Term
fiduciary rule/obligation
Definition
highest legal duty and standard for ethical business conduct, when someone possesses property belonging to another or occupies a position of power and confidence regarding the property of another
Term
conflict of interest
Definition
someone has a personal interest or a duty that conflicts with a professional interest or duty
Term
due care
Definition
people and companies must be careful not to injure others
Term
malfeasance
Definition
active misconduct working positive injury
Term
nonfeasance
Definition
failure to act to prevent mischief not brought on by the defendant
Term
good faith
Definition
honesty in fact in the conduct or transaction concerned
Term
jurisprudence
Definition
study of legal philosophy
Term
natural law
Definition
a body of principles of right and justice existing for all peoples irrespective of time and culture, transcends human notions of what is right and just
Term
positive law
Definition
law laid down by the duly constituted authority
Term
legislation
Definition
refers to the process by which a statute is enacted or to the statue itself
Term
common law
Definition
areas of law that have been developed principally by the courts
Term
stare decisis
Definition
Latin for "let the decision stand," is a policy that courts have developed as a general rule, past judicial decisions are applied to decide present controversies
Term
obiter dictum
Definition
dicta is plural form, Latin for "a remark by the way," do not set precedence but may be used in future as a persuasive piece to a judgment
Term
case law
Definition
using stare decisis to link two cases together, the second case falls under "case law" then and would follow the ruling of the other
Term
case of first impression
Definition
no statute or prior judicial decision exists to guide a court's determination
Term
plain meaning rule
Definition
when the language is clear, a court does not go beyond the plain meaning of its words to determine what a statute means
Term
certiorari
Definition
granted by the US Supreme Court which means they will review the case
Term
jurisdiction
Definition
the power of a court to hear and decide a case
Term
long-arm statute
Definition
means of gaining service over an out-of-state defendant
Term
forum non conveniens
Definition
the location of a trial would result in an inconvenience and a hardship, the defendant may transfer the case to another geographic location where venue is proper
Term
federal question jurisdiction cases
Definition
any claim arising under a federal statute, a treaty, or the US Constitution
Term
diversity jurisdiction cases
Definition
cases of citizens between different states where the amount in contest exceeds $75,000
Term
4 stages of a lawsuit
Definition
pleading stage, discovery stage, trial stage, appellate stage
Term
class action lawsuit
Definition
a suit brought on behalf of a class of people who have been similarly injured
Term
complaint
Definition
plaintiff against defendant, states the factual basis for the claim
Term
answer
Definition
defendant against plaintiff, admits or denies the allegations of the complaint; may also raise affirmative defenses
Term
counterclaim
Definition
defendant against plaintiff, states basis for claim by defendant against plaintiff
Term
reply
Definition
plaintiff against defendant, answers counterclaim
Term
cross claim
Definition
defendant against another defendant, states basis for claim
Term
impleader
Definition
defendant against a nonparty, defendant adds another party to the lawsuit
Term
intervention
Definition
nonparty against a party, another party seeks to join the lawsuit
Term
interpleader
Definition
plaintiff or defendant against two parties, forces the court to determine the rightful holder of monies
Term
injunction
Definition
an order compelling the defendant to do something or to refrain from doing something
Term
written questions during the discovery stage
Definition
interrogatories
Term
monetary damages are also known as
Definition
legal relief
Term
motion for directed verdict
Definition
prior to a case being sent to the jury, because "reasonable minds cannot differ" the judge may find one way or the other
Term
motion for judgment notwithstanding the verdict
Definition
after the jury comes back with a verdict, the losing party motions for this because the case should have not gone to the jury for "reasonable minds could not differ on the facts, and as applied to the law" the losing party should have won
Term
res judicata
Definition
"the matter has been decided," losing party cannot file a new suit against the same people about the same issues
Term
federalism
Definition
division of governmental responsibility between the federal government and the states
Term
incorporation doctrine
Definition
process of applying provisions of the US Constitution to the states through the 14th Amendment
Term
affectation doctrine
Definition
Commerce Clause grants Congress the power to regulate any activity that has any appreciable effect on interstate commerce
Term
interstate commerce
Definition
commerce between states
Term
intrastate commerce
Definition
commerce within one state
Term
preemption doctrine
Definition
follows the supremacy clause that a federal law is greater than a state law
Term
eminent domain
Definition
the power of a government to take, or to authorize the taking of, private property for public use under the Takings Clause of the 5th Amendment, just compensation must be given
Term
rational basis test of equal protection
Definition
social and economic legislation is presumed to be valid and will be sustained if the classification drawn by the statute is rationally related to a legitimate state interest
Term
strict scrutiny test of equal protection
Definition
when a statute classifies by race, alienage, or national origin it is upheld only if they serve a compelling state interest by the least drastic means
Term
heightened judicial review of equal protection
Definition
a gender-based legislative classification fails unless it is substantially related to an important governmental interest
Term
collective entity doctrine
Definition
the 5th Amendment right against self-incrimination does not apply to corporations or other collective entities
Term
inverse condemnation
Definition
when the government takes property from an individual but fails to provide the compensation as required by the 5th Amendment
Term
enabling legislation
Definition
creates an administrative agency and specifies name, composition and powers
Term
rulemaking
Definition
regulations issued by agencies that have the force and effect of law
Term
adjudication
Definition
administrative proceedings to determine whether a particular individual or corporation has violated a statute or regulation
Term
interpretive rules
Definition
statements that express an agency's understanding of the statutes it administers
Term
informal rulemaking
Definition
publish in Federal Register, comment period (can be limited to written comments), publication of final rule in Federal Register
Term
formal rulemaking
Definition
publish in Federal Register, comment period (must conduct formal hearings), publication of final rule in Federal Register
Term
reasons a court may overturn an agency's action
Definition
failed to comply with procedures detailed in enabling legislation or the APA, action exceeds the scope of authority provided by its enabling legislation, agency's decision is premised on an erroneous interpretation of the law, agency's action conflicts with the Constitution, agency erred in the substance of its action
Term
de novo judicial review
Definition
court decides issue anew, rarely used
Term
substantial evidence standard of judicial review
Definition
court reviews the agency record and sets the agency decision aside only if substantial evidence supporting the agency decision does not exist, formal rulemaking and adjudication
Term
arbitrary and capricious standard of judicial review
Definition
court sets aside agency decision only if the agency failed to consider all relevant facts or did not provide a rational explanation for its decision, informal rulemaking
Term
sovereign immunity
Definition
governments cannot be sued, from the age of divine rights of kings
Term
UCC applies to purchase of...
Definition
goods
Term
offer
Definition
made by the offeror and gives the offeree the power to bind the offeror by accepting the offer
Term
invitation to negotiate
Definition
circulars, price quotes, catalogs, advertisements, offeree is not identified
Term
termination of an offer
Definition
after a reasonable period of time or death of the offeror
Term
revocation
Definition
the offeror advises the offeree that the offer is revoked
Term
firm offer
Definition
an offer in writing and must be limited to a reasonable period of time, usually 90 days or less
Term
acceptance
Definition
words or actions by which an offeree signifies intention to be bound by the offer, must occur before the offer is terminated
Term
consideration
Definition
the requirement that a promise be a part of a bargained-for exchange in order for it to be enforceable
Term
past consideration
Definition
past services not given in exchange for the promise of something in the future so it is not enforceable
Term
statute of frauds
Definition
requires written contracts for: marriage, sale of goods prices $500 or more, transfers of real property other than a lease of less than one year's duration, promises that cannot be completed within one year, to answer the debt of another
Term
promissory estoppel or reliance theory
Definition
must be a promise from the promisor to a promisee, must be reliance by the promisee upon the promise, reliance must be to the promisee's substantial economic detriment
Term
moral obligation
Definition
a moral obligation to keep a promise is not sufficient to make the promise legally enforceable, if a promise is unenforceable by operation of law and a subsequent promise to keep the original promise is made then it is now enforceable without new consideration
Term
quasi contract
Definition
where a party confers a benefit on another party with a reasonable expectation of payment, and the recipient of the benefit would be unjustly enriched if not required to pay for it, the court implies a contract
Term
contracts with minors
Definition
can disaffirm contracts at any time prior to reaching the age of majority, on reaching age of majority they can disaffirm or ratify the contract, ratification can be implied by conduct or failure to disaffirm within a reasonable time after reaching the age of majority, if disaffirmed they need to return any remaining consideration, do not need to make restitution, are responsible for contracts for necessities (food, clothes, shelter, med care)
Term
unconscionability
Definition
one party did not have a meaningful choice and the terms were so one-sided as to be oppressive
Term
moral turpitude
Definition
serious misconduct
Term
in pare delicto
Definition
equally blameworthy
Term
parol evidence rule
Definition
if a contract is in writing and the parties intend the written contract to be final and complete evidence of the agreement, nothing written or discussed before may be used to verify or contradict the writing
Term
express conditions
Definition
conditions established by the parties themselves
Term
constructive conditions
Definition
implied as a matter of law from the order of performance contemplated by the parties
Term
expectation damages
Definition
calculated to place the victim of the breach in the position they would have been in had the contract been performed
Term
reliance damages
Definition
place the victim of the breach in the position they would have been in had the contract never been made
Term
restitution damages
Definition
place the breaching party in the position they would have been in had the contract never been made
Term
specific performance damages
Definition
available if monetary damages would not provide an adequate remedy, subject to the court's discretion
Supporting users have an ad free experience!