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Business Law Chapter 3
Business Law Today : The essencials
87
Business
Undergraduate 2
06/12/2011

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Term

 

 

 

ETHICS

Definition

 

 

 

 

Moral principles and values applied to social behavior.

Term

 

 

 

BUSINESS ETHICS

Definition

 

 

Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a  business setting

Term

 

 

 

MORAL MINIMUM

Definition

 

 

 

 

 

The minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law.

Term

 

 

ETHICAL CODE OF CONDUCT

Definition

 

 

A well-written code of ethics explicitly states a company’s ethical priorities and demonstrates the company’s commitment to ethical behavior.

Term

 

 

STOCK BUYBACK

Definition

 

 

THE PURCHASE OF A COMPANIES OWN STOCK BY THAT COMPANY ON THE OPEN MARKET

Term

 

 

STOCK OPTION

Definition

 

 

AN AGREEMENT THAT GRANTS THE OPTION TO BUY A GIVEN NUMBER OF SHARES OF STOCK, USUALLY WITHIN A SET PERIOD OF TIME.

Term

 

 

ETHICAL REASONING

Definition

 

 

A REASONING PROCESS IN WHICH AN INDVIDUALS LINK HIS OR HER MORAL CONVICTIONS ETHICAL STANDARDS TO THE PERTICULAR SITUATION ST HAND

Term

 

 

DUTY-BASED ETHICS

Definition

 

 

 

Duty-based ethical standards often are derived from revealed truths, such as religious precepts. They can also be derived through philosophical reasoning.

Term

 

 

CATIGORIAL IMPERIATIVE

Definition

 

 

AN ETHICAL GUIDELINE OF BEHAVIOR: A PERSON SHOULD EVALUATE IN THE TERMS OF WHAT WOULD HAPPEN IF EVERYBODY ELSE IN THE SAME SITUATION OR CATIGORY, ACTED THE SAME WAY

Term

 

 

PRINCIPLE OF RIGHTS

Definition
 The principle that human beings have certain fundamental rights (to life, liberty, and the pursuit of happiness, for example). Those who adhere to this “rights theory” believe that a key factor in determining whether a business decision is ethical is how that decision affects the rights of various groups. These groups include the firm’s owners, its employees, the consumers of its products or services, its suppliers, the community in which it does business, and society as a whole.

Term

 

 

OUTCOME-BASED ETHICS

Definition

 

Under a utilitarian model of ethics, an action is morally correct, or “right,” when, among the people it affects, it produces the greatest amount of good for the greatest number.

Term

 

 

COST-BENEIFT ANALYSIS

Definition

 

 

 

A DECISION MAKING TECHNIQUE WHICH INVOLVES WEIGHING THE COST OF A GIVEN ACTION AGAINST THE BENEFITS OF THAT ACTION

Term

 

 

 

CORPORIATE SOCIAL RESPONSIBILITY

Definition

 

 

 

THE IDEAS THAT CORPORATIONS CAN AND SHOULD ACT ETHICALLY AND BE ACCOUNTABLE TO SOCIETY FOR THEIR ACTIONS

Term

 

 

STAKEHOLDER APPROACH

Definition

 

 

A VIEW OF CORPORIATE SOCIAL RESPONSILITY STRESSES THAT CORPORATIONS HAVE A DUTY NOT JUST TO SHAREHOLDERS BUT TO OTHER GROUPS AFFECTED BY CORPORATE DECISION (STAKEHOLDERS)

Term

 

 

CORPORATE CITIZENSHIP

Definition
Under a corporate citizenship view, companies are judged on how much they donate to social causes, as well as how they conduct their operations with respect to employment discrimination, human rights, environmental concerns, and similar issues.
Term

 

 

LONG ARM STATUTE

Definition

 

 

 

 A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain “minimum contacts” with that state for the statute to apply.

Term

 

 

 

JURIDICIAL REVIEW

Definition

 

 

THE PROCESS WHERE A COURT DESCIDES ON THE CONSTITUTIONALITY OF LEGISLATIVE ENACTMENTS AND ACTIONS OF THE EXECUTIVE BRANCH

Term

 

 

JURISDICTION

Definition

 

 

THE AUTHORITY OF A COURT TO HEAR AND DESCIDE A SPECIFIC CASE

 

LATIN  :  JURIS "LAW"  DICTION "TO SPEAK"  THE POWER TO SPEAK THE LAW

Term

 

 

rem JURISDICION

Definition

 

 

JURISDICION OVER THE THING - PROPERTY THAT IS LOCATED WITHIN ITS BOUNDRIES

Term

 

 

 

personam JURISDICTION

Definition

 

 

 

JURISDICION OVER PERSON OR BUSINESS THAT RESIDES IN A SPECIFIC GEOGRAPHICAL AREA

Term

 

 

PROBATE COURT

Definition

 

 

A STATE COURT OF LIMITED JURISDICTION THAT CONDUCTS PRECEEDINGS RELATED TO THE SETTLEMENT OF DECEASED PERSONS ESTATE

Term

 

 

 

BANKRUPTCY COURT

Definition

 

 

A FEDERAL COURT OF LIMITED JURISDICTION THAT HANDLES ONLY BANKRUPTCY PROCEEDINGS, WHICH ARE GOVERNED BY FEDERAL BANKRUPTCY LAWS

Term

 

 

 

JURISDICTION OVER SUBJECT MATTER

Definition

 

 

A LIMITATION ON THE TYPES OF CASES A COURT CAN HEAR

 

(PROBATE COURT AND BANRUPTCY COURTS ARE TWO)

Term

 

 

 

ORIGINAL JURISDICTION

Definition

 

 

 

COURTS OF THE FIRST INSTANCE OR TRIAL COURTS, COURTS WHERE THE LAWSUIT BEGAN, TRIALS TAKE PLACE AND EVIDENCE IS PRESENTED

 

IN THE FEDERAL COURT-THE DISTRICT COURT ARE THE TRIAL COURTS

Term

 

 

APPELLIATE JURISDICTION

Definition

 

 

 

 

ACT AS REVIEWING COURT: USUALLY ONLY WHEN A APPEALL FROM AN ORDER

Term

 

 

CONCURRENT JURISDICTION

Definition

 

 

WHEN BOTH FEDERAL AND STATE COURTS HAVE THE POWER TO HEAR A CASE

 

(LAWSUITS INVOLVING DIVERSITY OF  CITIZINSHIP)

Term

 

 

 

EXCLUSIVE JURISDICTION

Definition

 

 

WHEN A CASE CAN ONLY BE HEARD IN EITHER THE FEDERAL OR ONLY THE STATE COURTS

Term

 

 

 

SLIDING SCALE STANDARD

Definition

 

 

A STANDARD FOR DETERMINING WHEN THE EXERCISE OF JURISDICTION OVER AN OUT OF STATE DEFENDANT IS PROPER.

Term

 

 

VENUE

Definition

 

THE MOST APPROPRIATE PHYSICAL LOCATION FOR A

TRIAL

 

 

 The geographic district in which a legal action is tried and from which the jury is selected.

Term

 

 

STANDING TO SUE

Definition
 The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.
Term

 

 

Justiciable Controversy

Definition

 

A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.

Term

 

 

 

THE STATE COURT SYSTEM

Definition

1. TRIAL COURT OF LIMITED JURISDICTION

2. TRIAL COURTS OF LIMITED JURISDICTION

3.  APPELIATE COURTS

4. THE STATES HIGHEST COURT (THE STATE SUPREME COURT)

Term

 

 

 

TRIAL COURT

Definition

 

 

COURTS WHERE TRIALS ARE HEARD

Term

 

 

 

SMALL CLAIMS COURT

Definition

 

 

 

INFERERIER COURS THAT HEAR ONLY CIVIL CASES INVOLVING CLAIMS LESS THAN A CERTAIN AMOUNT SUCH AS $5,000.00 EACH STATE IS DIFFERENT

Term

 

 

APPELLATE OR REVIEWING COURT

Definition

 

 

STATE - COURT OF APPEALS

 

Term
QUESTION OF FACT
Definition
 In a lawsuit, an issue that involves only disputed facts, and not what the law is on a given point. Questions of fact are decided by the jury in a jury trial (by the judge if there is no jury).
Term
QUESTION OF LAW
Definition
 In a lawsuit, an issue involving the application or interpretation of a law. Only a judge, not a jury, can rule on questions of law.
Term
REMEMBER: THE DECISION OF THE STATES HIGHEST COURT ARE FINAL ON QUESTIONS OF STATE LAW
Definition
Term

HIGHEST STATE COURT

SUPREME COURT

Definition
HIGHEST APPELLATE COURT IN THE STATE
Term

 

 

FEDERAL COURT SYSTEM

Definition

 

THREE TIERD MODEL

1.  U.S. DISTRICT COURT (TRIAL COURTS OF GENERAL JURISDICTION AND VARIOUS COURTS OF LIMITED JURISDICTION)

2. U.S. COURTS OF APPEAL - (INTERMEDIATE COURTS OF APPEAL)

3.  THE UNITED STATES SUPREME COURT

 

Term
FEDERAL COURT JUDGES
Definition
APPOINTED BY THE PRESIDENT
Term
U.S. DISTRICT COURT
Definition

THE EQUIVELENT OF A STATE TRIAL COURT OF GENERAL JURISDICTION

94 FEDERAL JURISDICTUAL DISTRICTS

US DISTRICT COURTS HAVE ORIGINAL JURISDICTIONAL IN FEDERAL MATTERS

Term
U.S. COURTS OF APPEAL
Definition
THERE ARE 13 US COURS OF APPEAL THEY HEAR APPEALS FROM DISTRICT COURTS
Term
UNITED STATES SUPREME COURT
Definition

HIGHEST LEVEL OF THE THREE TIERED FEDERAL COURT SYSTEM

 

ALL OTHER COURTS ARE INFERRIER COURTS

Term
Writ of Certiorari
Definition
A writ from a higher court asking a lower court for the record of a case.
Term
RULE OF FOUR
Definition
 A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.
Term
LITIGATION
Definition
THE PROCESS OF RESOLVING A DISPUTE THROUGH THE COURT SYSTEM
Term
PLEADINGS
Definition
STATEMENT MADE BY THE PLAINTIFF AND THE DEFENDANT IN A LAWSUITE THAT DETAILS IN FACTS, CHARGES, AND DEFENCES INVOLVED IN LITIGATION.  THE COMPLAINT AND ANSWER ARE PART OF THE PLEADINGS
Term
COMPLAINT
Definition

 The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that, when filed with a court, initiates a lawsuit.

 

 The complaint contains a statement alleging (1) the facts necessary for the court to take jurisdiction, (2) a brief summary of the facts necessary to show that the plaintiff is entitled to a remedy, 18 and (3) a statement of the remedy the plaintiff is seeking.

Term
SUMMONS
Definition
A DOCUMENT INFORMING A DEFENDANT THAT A LEGAL ACTION HAS BEEN COMMENSED AGAINST HER OR HIM AND THAT THEY NEED TO APPEAR IN COURT
Term
DEFAULT JUDGMENT
Definition
A JUDGEMENT ENTERED BY A COURT AGAINST A DEFENDANT WHO HAS FAILED TO APPEAR IN COURT TO ANSWER OR DEFEND AGAINST THE PLAINTIFF
Term
ANSWER
Definition
DEFENDANTS RESPONS TO THE PLAINTIFF'S COMPLAINT
Term
COUNTER CLAIM
Definition
A CLAIM MADE BY A DEFENDANT IN A CIVIL LAWSUIT AGAINST THE PLAINTIFF
Term
REPLY
Definition
A PLAINTIFFS RESPONSE TO THE DEFENDANTS ANSWER
Term
MOTION TO DISMISS
Definition
A pleading in which a defendant asserts that the plaintiff’s claim fails to state a cause of action (that is, has no basis in law) or that there are other grounds on which the suit should be dismissed. Although the defendant normally is the party requesting a dismissal, either the plaintiff or the court can also make a motion to dismiss the case.
Term
MOTION FOR JUDGEMENT OF A PLEADINGS
Definition
A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.
Term
MOTION FOR SUMMARY JUDGEMENT
Definition
A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.

Term
DISCOVERY
Definition
A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.
Term
DEPOSITION
Definition
THE TESTOMEY OF A PARTY TO A LAWSUIT OR WITNESS TAKEN UNDER OATH BEFORE A TRIAL
Term
INTERROGATORIES
Definition
A SERIES OF WRITTEN QUESTIONS FOR WHICH WRITTEN ANSWERS ARE PREPARED BY A PARTY OF THE LAWSUIT USUALLY WITH THE ASSISTANCE OF THE PARTYS ATTORNEY AND THEN SIGNED UNDER OATH
Term
E-EVIDENCE
Definition
 Evidence that consists of computer-generated or electronically recorded information, including e-mail, voice mail, spreadsheets, word-processing documents, and other data.

Term
ELECTRONIC DISCOVERY
Definition
ANY RELEVIANT MATERIAL , INCLUDING STORE MATERIAL ELECTRONICALLY,
Term
TORT LAW
Definition
DESIGNED TO COMPENSATE THOSE WHO HAVE SUFFERED A LOSS OR INJURY DUE TO ANOTHER PERSONS WRONGFUL ACT
Term
COMPENSATIONARY DAMAGES
Definition
TO COMPENSATE OR REIMBURSE A PLAINTIFF FOR ACTUALL LOSSES
Term
PUNITIVE DAMAGES
Definition
TO PUNISH THE WRONGDUER AND DETER OTHERS FROM SIMULAR WRONGDOING
Term
INTENTIONAL TORTE
Definition
THE TORTEFEACOR INTEDED TO COMMIT THE ACT
Term
TORTEFEASOR
Definition
ONE WHO COMMITTS A TORTE
Term
ASSULT
Definition
ANY WORD OR ACTION INTENDED TO MAKE ANOTHER PERSON FEARFUL OF IMMEDIATE PHYSICAL HARM, A REASONABLY BELIEVABLE THREAT
Term
BATTERY
Definition
THE UNEXCUSED, HARMFUL OR OFFENSIVE, INTENTIONAL TOUCHING OF ANOTHER
Term
DEFENSE
Definition
 A reason offered and alleged by a defendant in an action or lawsuit as to why the plaintiff should not recover or establish what she or he seeks.
Term
DEFENSE OF ASSULT AND BATTERY
Definition

CONCENT

SELF DEFENSE

DEFENSE OF OTHERS

DEFENSE OF PROPERTY

Term
LIBEL
Definition
DEFAMATION IN WRITING OR OTHER FORM HAVING THE QUALITY OF PERMINANCE (RECORDING)
Term
SLANDER
Definition
DEFAMATION IN ORAL FORM
Term
ACTIONALBE
Definition
 Capable of serving as the basis of a lawsuit. An actionable claim can be pursued in a lawsuit or other court action.

Term
THE PUBLICATION REQUIREMENT
Definition
The basis of the tort of defamation is the publication of a statement or statements that hold an individual up to contempt, ridicule, or hatred. Publication here means that the defamatory statements are communicated to persons other than the defamed party
Term
DEFENSE AGAINS DEFIMATION
Definition
TRUTH
Term
Privilege
Definition
A legal right, exemption, or immunity granted to a person or a class of persons. In the context of defamation, an absolute privilege immunizes the person making the statements from a lawsuit, regardless of whether the statements were malicious.
Term
ACTUAL MALICE
Definition
 The deliberate intent to cause harm, which exists when a person makes a statement either knowing that it is false or showing a reckless disregard for whether it is true. In a defamation suit, a statement made about a public figure normally must be made with actual malice for the plaintiff to recover damages.
Term
MALICIOUS PROSACUTION
Definition
WHEN A PARTY INITIATES A LAWSUIT OUT OF MALICE AND WITHOUT LEGITIMATE LEGAL REASON
Term
WRONGFUL INTERFIERENCE WITH A CONTRATUAL RELATIONSHIP
Definition

1.A VALAD ENFORCED CONTRACT MUST EXIST BETWEEN PEOPLE

2.A THIRD PERSON MUST KNOW THAT THIS CONTRACT EXIST

3.THE THIRD PARTY MUCH INTENTIONALLY INDUCE A PARTY TO BREACH THE CONTRACT

 

Term
It is the intent to do an act that is important in tort law, not the motive behind the intent.
Definition
Term
UNINTENTIONAL TORTE
Definition

NEGLIGENCE

when someone suffers injury because of another’s failure to live up to a required duty of care.

Term
DUTY OF CARE
Definition
 The duty of all persons, as established by tort law, to exercise a reasonable amount of care in their dealings with others. Failure to exercise due care, which is normally determined by the reasonable person standard, constitutes the tort of negligence.

Term
THE DUTY OF LANDOWNERS
Definition
Landowners are expected to exercise reasonable care to protect persons coming onto their property from harm.

Term
CAUSATION
Definition
Did the injury occur because of the defendant’s act, or would it have occurred anyway? If an injury would not have occurred without the defendant’s act, then there is causation in fact.
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