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Business Law legal terms
for second semester midterm (ch. 1-8, 10-12)
95
Business
Undergraduate 1
02/23/2010

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Cards

Term
Precedent
Definition
The obligation to decide current cases based on previous rulings.
Term
Common Law
Definition
Judge-made law.
Term
Statute
Definition
A law passed by a legislative body.
Term
Stare Decisis
Definition
The principle that precedent is binding on later cases; means "let the decision stand"
Term
Plaintiff
Definition
The person who is suing
Term
Defendant
Definition
The person being sued.
Term
Primary Sources of Contemporary Law
Definition
United States Constitution, State Constitutions, Statutes passed by legislatures, Common law (made by the courts) and Administrative law (rules and regulations made by federal and state agencies)
Term
Henry de Bracton
Definition
author of On the Laws and Customs of England
Term
On the Laws and Customs of England
Definition
written in 1250 by Henry de Bracton that established precedent and was the first attempt to record law
Term
Alternative Dispute Resolution
Definition
Any other formal or informal process used to settle disputes without resorting to a trial.
Term
Litigation
Definition
The process of filing claims in court and ultimately going to trial; lawsuits
Term
Mediation
Definition
non-binding; one person mediates both disputing groups; hears both sides and tries to help but cannot make anyone do anything
Term
Arbitration
Definition
neutral third party hears both sides and ten makes one final binding decision
Term
jurisdiction
Definition
1) diversity - the plaintiff and defendant are citizens of different sates and the amount in dispute exceeds $75000 2) a federal law is in dispute 3) The US is a party (either plaintiff of defendant) 
Term
John Roberts
Definition
Current Chief Justice
Term
Thurgood Marshall
Definition
First African American Judge
Term
Sandra Day O'Conner
Definition
First Woman on the Court
Term
Pleadings
Definition
documents that begin a lawsuit, consisting of the complaint, the answer, and sometimes a reply
Term
Complaint
Definition
A short, plain statement of the facts alleged and the legal claims made
Term
Summons
Definition
a paper ordering the defendant to answer complaint within 20 days
Term
Default Judgement
Definition
A decision that the plaintiff wins without a trial because the defendant failed to answer in time
Term
Counter-claim
Definition
second lawsuit by defendant against the plaintiff
Term
Reply
Definition
an answer to a counter-claim
Term
Discovery
Definition
the pre-trial opportunity for both parties to learn the strengths and weaknesses of the opponent's case; used to learn as much of the other party's position
Term
5 different forms of discovery
Definition

1) Interrogatories

2) Depositions

3) Physical and Mental Examinations

4) Production of Documents and Things

5) Request of Admissions

Term
Interrogatories
Definition
written questions that the opposing party must answer, in writing, under oath
Term
Depositions
Definition
other party or potential witnesses questioned by other party's lawyer while under oath
Term
Summary Judgement (Pretrial motion)
Definition
A ruling by the court that no trial is necessary because some essential facts are not in dispute
Term
Voir Dire
Definition
The process of selecting a jury; used to select an impartial jury; literally means "to speak the truth"
Term
Right To Trial Jury
Definition
both plaintiff and defendant have a right to demand a jury trial, unless it is in the case where the plaintiff is seeking an equitable remedy
Term
Burden of Proof
Definition
plaintiff must convince the jury that its version of the case is correct; the defendant is not obligated to disprove the allegations
Term
Preponderance of the Evidence
Definition
The plaintiff's burden in a civil lawsuit; must convince jury that its version of the facts is at least slightly more likely than the defendant's version; plaintiff's proof must "just tip" credibility in its favor
Term
Beyond a reasonable doubt
Definition
In a criminal case, the prosecution must demonstrate beyond a reasonable doubt that the defendant is guilty; burden of proof is much tougher; basically the government's burden in a criminal prosecution
Term
Separation of Powers
Definition
one method of limiting power by creating a national government divided into three branches, each independent and equal
Term
Federalism
Definition
shared power between federal and state governments
Term
The Supremacy Clause
Definition
makes the constitution, and federal statutes and treaties, the supreme law of the land
Term
Tort
Definition
a violation of a duty imposed by the civi law; a wrong or injury that the law can compensate for
Term
intentional tort
Definition
harm caused by a deliberate action
Term
negligence and strict liability
Definition
injuries caused by neglect and oversight rather than by deliberate conduct
Term
Defamation/ Defamatory Statement
Definition
false statements that harm someone's reputation
Term
Four elements of a defamation case
Definition

1) Defamatory Statement

2) Falseness

3) Communicated

4) Injury

Term
False Imprisonment
Definition
the intentional restraint of another without reasonable cause and without consent; a store may detain a customer or worker for alleged shoplifting provided there is a reasonable basis for the suspicion and the detention is done reasonably
Term
Intentional infliction of emotional distress
Definition
results from extreme or outrageous conduct that causes serious emotional harm
Term
Battery
Definition
the intentional touching of an individual in a way that is unwarranted or offensive
Term
Assault
Definition
occurs when a defendant does some act that makes a plaintiff fear an imminent battery
Term
Trespass
Definition
intentionally entering land that belongs to someone else or remaining on land after being asked to leave
Term
Conversion
Definition
taking of using someone else's personal property without consent
Term
Fraud
Definition
injuring another person by deliberate deception
Term
Compensatory Damages
Definition
money intended to restore a plaintiff to the position he/she was in before the injury
Term
Punitive Damages
Definition
money intended to punish the defendant for conduct that is extreme and outrageous
Term
Tortious interference with a contract
Definition
the defendant improperly induced a third party to breach a contract with the plaintiff
Term
4 Elements to establish tortious interference with a contract
Definition

1) there was a contract between the plaintiff and a third party

2) the defendant knew of the contract

3) the defendant improperly induced the third party to breach the contract or made performance of the contract impossible

4) There was injury to the plaintiff

Term
Commercial exploitation
Definition
prohibits the use of someone's likeness or voice for commercial purposes
Term
Intrusion
Definition
a tort if a reasonable person would find the invasion of her private life offensive
Term
Elements of negligence claim
Definition

1) Duty of Care

2) Breach

3) Factual Cause

4) Forseeable Harm

5) Injury

Term
Duty of Care
Definition
the defendant had a duty of due care to this plaintiff
Term
Breach
Definition
the defendant breached his or her duty of due care by failing to behave the way a reasonable person would under similar circumstances
Term
Factual Cause
Definition
the defendant's conduct actually caused the injury; if the defendant's breach physically lead to the ultimate harm, it is the factual cause
Term
Foreseeable Harm
Definition
it was foreseeable that conduct like the defendant's might cause this type of harm; the type of harm must have been reasonably foreseeable for the defendant to be liable
Term
Injury
Definition
the plaintiff has actually been hurt and must prove that he has been injured; must persuade the court that he has suffered a genuine harm
Term
Bystander Liability
Definition
issue of duty that states one does not have a legal duty to assist someone in peril as a bystander, unless the bystander was the one who in fact created the danger
Term
Landowner duty: lowest liability
Definition
trespassers - a landowner is only liable to a trespasser for intentional injury or gross misconduct (exception for children)
Term
Landowner duty: higher liability
Definition
licensee - landowner's duty is to warn guests of hidden and known dangers
Term
Landowner duty: highest liability
Definition
invitee - landowner's duty is to avoid negligence; invitee has a right to enter the property and is entitled to reasonable care from the landowner
Term
Res Ipsa Loquitur
Definition
the facts imply that the defendant's negligence caused the accident; only occurs in difficult case where plaintiff has hard time proving why issue happened
Term
Contributory negligence
Definition
if the plaintiff is even slightly negligent, she recovers nothing
Term
Comparative Fault
Definition
plaintiff may generally recover even if she is partially responsible; damages reduced by percentage of plaintiff's fault
Term
Felony
Definition
a serious crime, for which a defendant can be sentenced to one year or more in prison
Term
Misdemeanor
Definition
a less serious crime, often punishable by a year or less in a county jail
Term
Actus Reus
Definition
"the guilty act"; the prosecution must prove that the defendant voluntarily committed a prohibited act
Term
Mens Rea
Definition
"the guilty state of mind"; had intent to perform action along with intent to hur someone; had the guilty thoughts behind the act
Term
Larceny
Definition
trespassory taking of personal property with intent to steal
Term
Arson
Definition
malicious use of fire or explosives to damage or destroy real estate or personal property
Term
Embezzlement
Definition
fraudulent conversion of property already in the defendant's possession
Term
Elements of a Contract
Definition

1) Agreement

2) Consideration

3) Legality

4) Capacity

Term
Express Contract
Definition
agreement with all important terms explicitly stated; some are oral and some are written
Term
Implied Contract
Definition
the words and conduct of the parties indicate that they intended an agreement
Term
Bilateral Contract
Definition
both parties make a promise; a promise made in exchange for another promise
Term
Unilateral
Definition
one party makes a promise that the other party can accept only by doing something
Term
Promissory Estoppel
Definition
a possible remedy for an injured plaintiff in a case with no valid contract, where the plaintiff can show a promise, reasonable reliance and injustice
Term
Quasi-Contract
Definition
a possible remedy for an injured plaintiff in a case with no valid contract, where the plaintiff can show benefit to the defendant, reasonable expectation of payment, and unjust enrichment
Term
Offer
Definition
an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms
Term
Letter of intent
Definition
a letter that summarizes negotiating progress; not an offer
Term
meeting of the minds
Definition
the parties understood each other and intended to reach an agreement
Term
generally not valid offers
Definition

1) invitations to bargain

2) price quote

3) letters of intent

4) advertisements

5) auctions

Term
Termination by revocation
Definition
the offeror may revoke the offer any time before it has been accepted. revocation is effective when the offeree receives it.
Term
termination by rejection
Definition
if an offeree rejects an offer, the rejection immediately terminates the offer; a counteroffer is a rejection
Term
termination by expiration
Definition
when an offer specifies a time limit for acceptance, that period is binding. if the offer specifies no time limit, the offeree has a reasonable period in which to accept
Term
termination by operation of law
Definition
death or mental incapacity of the offeror terminates an offer, whether the offeree knows of the change or not. destruction of the subject matter terminates the offer
Term
Mail Box Rule
Definition
an acceptance is generally effective upon dispatch, meaning the moment it is out of the offeree's control
Term
Mirror Image Rule
Definition
requires that acceptance be on precisely the same terms as the offer; acceptance without taking away any terms
Term
Consideration
Definition
a required element of any contract; means that there must be bargaining that leads to an exchange between the parties
Term
Adequacy of consideration
Definition
what each party gives to the contract doesn't have to be equivalent
Term
Liquidated debt
Definition
debt in which there is no dispute about the amount owed; in cases of liquidated debt, if the creditor agrees to take less than the full amount as full payment, her agreement is not binding
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