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Business Law Exam 1
Ch1-5
65
Law
Undergraduate 4
09/15/2010

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Term
Schools of Jurisprudential Thought
Definition
Natural Law view
Positivist view
Historical view
Legal Realism view
Term
Natural Law view
Definition
inherent in human nature- Higher Power
Term
Positivist view
Definition
what’s on the books right now
Term
Historical view
Definition
the EVOLUTION of Law
Term
Legal Realism view
Definition
not concrete, considers everything
Term
Cyber law
Definition
Traditional legal rules applied to online transactions
Term
Jurisdiction
Definition
the power of a court to hear a dispute and to “speak to the law” into a controversy and render a verdict that is legally binding on the parties to the dispute.
Term
In Rem
Definition
power to decide issues relating to property, whether the property is real, personal, tangible, or intangible
Term
Long Arm Statutes
Definition
courts use long-arm statutes for non-resident parties based on “ minimum contacts” with the start
Term
Subject Matter Jurisdiction
Definition
limitation on the types of cases a court can hear, usually determined by federal or state statutes.
Term
Courts of original jurisdiction
Definition
is where the case started (Trial)
Term
Federal Court Jurisdiction
Definition
“Federal Question”
“Diversity”
Term
“Federal Question”
Definition
cases in which the rights or obligations of a party are created or defined by some federal law.
Term
“Diversity” cases
Definition
The parties are not from the same state, AND the amount in controversy is greater than $75,000.
Term
Concurrent
Definition
more than one court can hear the case.
Term
Standing
Definition
is sufficient “stake” in the controversy; party must have suffered a LEGAL INJURY.
Term
Appellate Courts
Definition
• Review proceedings conducted in the trial court to determine whether the trial was according to the procedural and substantive rules of law.
Term
appellate courts will consider
Definition
questions of LAW, but not questions of FACT
Term
The two most fundamental ways to have your case heard in a supreme court are:
Definition
o Appeals of Right
o Writ of certiorari
Term
Alternative Dispute Resolution types
Definition
negotiation, mediation, arbitration
Term
Negotiation
Definition
• Negotiation is informal discussion of the parties, sometimes without attorneys, where differences are aired with the goal of coming to a “meeting of the minds” in resolving the case
Term
Mediation
Definition
• Mediator talks face-to-face with parties (who typically are in different adjoining rooms) to determine “common ground
Term
Arbitration
Definition
Settling of a dispute by a neutral 3rd party (arbitrator) who renders a legally- binding decision; usually an expert or well-respected government official.
Term
Privileges and Immunities Clause
Definition
• Prevents state from imposing unreasonable burdens on Citizens
• When citizen engages in basic and essential activities in “foreign state,” the foreign state must have a substantial reason for treating non-resident differently from its own residents.
Term
Full Faith and Credit Clause
Definition
• Applies only to civil matters.
• Ensures that any judicial decision with respect to such property rights will be honored and enforced in all states
Term
National government three branches
Definition
Executive, Legislative and Judicial
Term
Legislative
Definition
Congress: creates laws
Term
Executive
Definition
(President/ Agencies): Enforce laws
Term
Judicial
Definition
(Federal Courts): Interprets laws.
Term
U.S. Commerce Clause
Definition
To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes. including internet based
Term
police powers
Definition
States
regulate health, safety, public order, morals and general welfare
Term
State police powers will be struck down
Definition
if regulations that substantially interfere with interstate commerce
Term
Supremacy Clause and Federal Preemption
Definition
o Article VI of the Constitution “Supreme Law of the Land.”
o In case of direct conflict between state and federal law, state law is invalid.
Term
Preemption
Definition
when Congress chooses to act exclusively when national and state governments have concurrent powers.
Term
FIRST AMENDMENT
Definition
freedom of religion, speech, or of the press, assemble peaceably and petition the govt
Term
Symbolic Speech
Definition
1. Time, Place, Manner
2. Content Neutral
Term
Commercial Speech Restrictions must
Definition
o Implement substantial government interest;
o Directly advance that interest; and
o Go no further than necessary
Term
types of speech not protected by the First Amendment
Definition
o Slander
o Obscenity (Miller v. California).
o Fighting Words
Term
Second Amendment
Definition
Bear Arms
Term
3rd amend
Definition
peacetime housing of soldiers
Term
4th Amend
Definition
prohibits unreasonable search and seizures
Term
5th Amend
Definition
right to grand jury, due process of law, fair payment and no double jeopardy
Term
6th Amend
Definition
speedy &public trial
Term
7th Amend
Definition
trial by jury if over $20
Term
8th Amend
Definition
prohibits excessive bail fines, and cruel and unusual punishment
Term
9th amend
Definition
ppl have rights addtl to constitution
Term
10th Amend
Definition
Powers not delegated to the Federal govt are reserved for the state and the people
Term
First Amendment guarantees of religion
Definition
“free exercise"
Term
Fourth amendment requires warrant
Definition
with probable cause except for “evanescent” evidence
Term
Procedural Due Process-Constitution requires
Definition
adequate notice and a fair and impartial hearing before a Neutral and detached magistrate(judge)
Term
Substantive Due Process
Definition
• Laws limiting fundamental rights (speech, privacy, religion) must have a ‘compelling state interest.”
• Narrowly construed
Term
Equal Protection
Definition
• 14th amendment
• Strict Scrutiny Test.
• Intermediate Scrutiny.
• “Rational Basis” Test.
Term
Strict Scrutiny Test
Definition
Any “suspect class” Must have a compelling state interest which is narrowly construed.
Term
Intermediate Scrutiny.
Definition
o Applied to laws involving gender or legitimacy.
o To be constitutional laws must be substantially related to important government objectives.
Term
Rational Basis” Test
Definition
o Applied to matters of economic or social welfare.
o Laws will be constitutional if there is a rational basis relating to legitimate government interest.
Term
Privacy Rights
Definition
• Fundamental right not expressly found in the constitution, but derived from First, Fifth, and Fourteenth Amendments.
Term
Ethics
Definition
the study of what constitutes right and wrong behavior
Term
categorical imperative
Definition
individuals evaluate their actions looking at the consequences if everyone in society acted that same way.
Term
principle of rights
Definition
humans have basic rights life liberty the pursuit of happiness, because duty cannot exist without a corresponding right
Term
utilitarianism
Definition
outcome oriented. Focuses on the consequences not the nature of the action or moral values or religious beliefs.
Term
cost benefit analysis
Definition
an assessment of the negative and positive effects of alternative actions
Term
corporate social responsibility
Definition
the idea that those who run corporations should act ethically and be accountable to society
Term
Sarbanes oxley
Definition
employees and others can raise RED FLAGS about suspected illegal activity or unethical accounting.
Term
Moral minimum
Definition
the min acceptable standard for ethical business behavior.
Term
Oxycontin
Definition
execs hid the addictiveness
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