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Business Law
Exam I
86
Law
Undergraduate 4
02/24/2013

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Term
Ignorentia Legis Neminem Excusat
Definition
Ignorance of the law excuses no one
Term
Law
Definition
Principles and rules conduct that the governing body recognizes maintains and enforces
Term
Juris Prudence
Definition
Study of law
Term
Plaintiff
Definition
Any party that brings a lawsuit
Term
Defendent
Definition
The party the law suit is against
Term
Case
Definition
The lawsuit or ledigation
Term
Appellant(Petitioner)
Definition
The loser in the lower courts
Term
Opinion
Definition
Written decision of a case that's written by a court
Term
Remedy
Definition
Form of relief granted by a court to a ledigate to compensate for a loss
Term
Legal Remedy(Damages)
Definition
Sum of money that can be recovered for a britch of contract or a toret.
Term
Equatable Remedy
Definition
1) Specific Performance: Court order to make some take a particular actin
2) Injunction: Court order to refrain some from participating certain activity.
3) Rescission: Allows a person to break out of a contract
Term
Doctrine of Judicial Review
Definition
Courts have the power to review any legislation or executive acts to determine wither its constitutional
Term
Legislation
Definition
Laws that are enacted by a legislative body
Ex) Federal: US Congress, State: WI legislature
Term
Common Law
Definition
Adhere to decided cases
*Written opinion is issued by a court. Then the rules followed in the future by same lower courts
Term
Administrative Laws
Definition
Rules and regulations that issued by administrative issues by the government
Ex) IRS, SEC, EPA, DMV.......
Term
Jurisdiction
Definition
Power of a court to hear a case and issue enforceable judgement(authority)
Term
Elements of Jurisdiction
Definition
1) Parties or objects involved
2) Subject matter of the law suit
Term
In Personem Jurisdiction
Definition
1)Plainiff: Always has jurisdiction because they voluntary give it
2) Defendant: Has to be a resident of a state or have contracts within the state or commits a tort within the state.
Term
Subject Matter Jurisdiction
Definition
1) Limited Subject Matter Jurisdiction: Only hear cases dealing w/ specific subject matter
2) General Jurisdiction: Can hear many types of cases
Term
Court systems in the United States
Definition
1) Supreme Court
2) Courts of appeal
3) Trial Courts
Term
Trial Court
Definition
"Original jurisdiction" cases originate in trial Court
1) testimony by witnesses
2) Evidence is presented
3) Dispute is decided by the court
Term
Appellate Court
Definition
Any Court that has the power to hear an appeal "appellate jurisdiction" lower courts within there region
Term
Procedure for Appellate Court
Definition
Panel of Justices
1) Figure out whether the law was applied properly
2)Breif: Written document states the legal authority for position
2) Oral Argument: Lawyer's for each side argues their Position(30 Minutes)
Term
Federal Court System
Definition
1) Supreme Court
2) U.S Court of Appeal
3) U.S district Courts
Term
U.S District Court(Subject Matter)
Definition
1) Federal Question Jurisdiction: Authority to decide cases involving the U.S constitution or Federal Statue of treaties of the U.S.
2) Diversity Jurisdiction: Has to have at least 75,000 in Controversy and diversity of citizenship
Term
U.S Courts of Appeal Jurisdiction
Definition
Hears appeals of the U.S district courts
Term
U.S Supreme Court
Definition
Has the right to hear State Supreme Courts and U.S Court of Appeal
Term
Civil Procedure
Definition
Rules that must be followed
Term
Documents
Definition
Filed with the Court and served on the other party
Term
Summons
Definition
Document used to force a defendant to court- must respond to a complaint or the court will render a judgement against them
Term
Subpoena
Definition
Document that will require any person to appear in any type of courts to give testimony
Term
Complaint
Definition
Document in which the plaintiff alleges the foundation of his or her claim.
Term
The 3 elements of a Complaint
Definition
1) Statement of the essential facts
2) Basis for the courts jurisdiction
3) Demand for a judgement for relief
Term
Answer
Definition
Counter Claim by Defendant to Plaintiff
Term
Discovery
Definition
Party obtains evidence and facts prior to the trial
Term
Deposition
Definition
Process by which the testimony of a party/ witness is taken out of court
Term
Interrogatories
Definition
Series of written questions relative to the case that a witness is required to answer
Term
Request for the Production of Documents
Definition
Requires a party to turn over relative documents
Term
Physical Examination
Definition
Can be required if a persons physical issue is required in the case(require them to go to a doctor)
Term
Beginning of the Trail
Definition
1)Voi Dire: Court proceedings where the jury s of the trial are selected.
2)Opening statement: Oral Statement explaining what they are going to approve
Term
Planiff's Case
Definition
Witness's
1) Give testimony
2) Show exhibits
3) Offer physical evidence
* Followed by cross examination by defendants attorney
Term
Defendants Case
Definition
1) refute the planiff's case
2) Establish a defense
3) Assorting a counter claim
Term
End of Trial Include
Definition
1) Closing Argument
2) Instructions
3) Verdicts
4) Judgement
Term
Closing Argument
Definition
Summarize the case and hold their positions
Term
Instructions
Definition
statements of the applicable law from judge to jury
Term
Verdict
Definition
Decision of the jury
Term
Judgement
Definition
Official decision of the court made by Judge ( Establishes the rights and duties of the parties)
Term
U.S Constitution
Definition
1) Created the 3 branches of government
2) Specified their powers
3) Allocates powers of Federal and State governments
4) Allocates rights of citizens
Term
Supreme Clause
Definition
Article VI: States the constitution is the supreme law of the land
Term
Separation of Powers
Definition
Article I: Legislative to Congress
Article II: Executive to President
Article III: Judicial to Supreme Court
Term
Article I
Definition
Section 1: Gives all legislative power to congress and Separated House and Senate.
Section 2: Gives house 2 year terms and says states decide the house
Section 7: Procedure of how all federal statues are settled
Section 8: Enumerated powers or specific powers(Taxing, Spending, Power over commerce, immigration, coin money)
Term
Article II
Definition
Section 1: Gave executive power to the president
Section 2: The president shall be the commander of the military
Section 3: State of the Union message
Term
Article III
Definition
Section 1: Judical Power shall be vested in one supreme Court. Also inferior courts made by Congress
Section 2: Gives the courts jurisdiction between a State and Citizen of another state
Term
Bill of Rights
Definition
First ten Amendments to the Constitution
Term
1st Amendment
Definition
Guarantees freedom of religion, speech, press, and assembly(reasonable time, place, and manner)
Term
2nd Amendment
Definition
A well regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms
Term
4th Amendment
Definition
Right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, no warrants shall be issued but upon probable cause.
Term
5th Amendment
Definition
1) Double Jeopardy
2) Right to be from self incrimination
3) Due Process: nor be deprived of life, liberty, or property, without due process of law nor shall private property be taken without just compensation.
Term
6th Amendment
Definition
1) Right of a speedy trial
2) Informed of the charges against you
3) Right to confront witnesses against tehm
4) Right to sapeona witness's in ones favor
5) Right to attorney
Term
8th Amendment
Definition
Government cannot impose excessive bail or fines and cannot conflict cruel or unusual punishment
Term
10th Amendment
Definition
Any powers not given to the federal government by the constitution and not prohibited by the states, respectively belongs to the states
Term
14th Amendment
Definition
Selective Incorporation of Bill of Rights to states(grand jury and right to bear arms do not apply)
*State can not unreasonably discriminate against some of its residents.
*state can not unreasonably discriminate against citizens against another state
Term
3 Elements of a Valid Contract
Definition
1) Agreement
2) Consideration
3) Legal Object
Term
Voidable Contract
Definition
Binds one party but not the other: Non binding party has the option to follow the contract
Term
Unenforceable
Definition
Fraud
Term
Agreement
Definition
Mutual assent as to the substance of the contract: "Meeting of the Minds"
1)Offer
2) Accepted
Term
Consideration
Definition
Bargain for exchange of legal value
Term
Legality
Definition
Has to be legal(no drug dealing contracts)
Term
Capacity
Definition
Parties are able to understand the contract and are of legal age
Term
Oral Contracts
Definition
Strong as written contract unless there is a statute of frauds
Term
Sole Propritertorship
Definition
Business owned by one person and not corporated
Term
Characteristics of Sole propritertorship
Definition
License: required to engage in certain regulated activity
Liability: Unlimited personal liability(Can take personal assets)
Tax: Business income just added to there indidvual taxes
Term
Partnership
Definition
Voluntary association of two or more persons to carry on as co-owners of a business for a profit
Term
Characteristics of a Partnership
Definition
1) Common ownership of a business
2) Sharing of profits and loss's
3) Right to manage the business
*Can be oral/written agreement(Articles of Partnership)specifies Rights and Duties)
Tax: Does not pay federal income tax
Liability: All owners are liable for business
Term
Limited Partnership
Definition
Formation: File a certificate of limited partnership. In the principle business state(Document states name ,purpose, duration, and profit sharing)
Term
General Partner
Definition
Usually involved in management of business(Has personal liability of debt)
Term
Limited Partner
Definition
A investor and not involved in the running of a business(Can only lose their investment in the partnership
Tax: Limited partner taxed the same way general partner is taxed just taxed for percent of net income they take home.
Term
Limited Liability Corporation
Definition
Tax: Do not pay income tax
Liability: only amount invested in company
Formation: Need to fill out a Articles of Oraganization
Term
Corporation
Definition
Legal entity formed in accordance of a state incorporation statute to engage in business on its own
Term
Procedure to Incorporate
Definition
1) Articles of Incorporation: filed with a Secretary of state
2) Secretary of state issues a certificate of Incorporation
3) Organizational meeting is held ot adopt bi laws and elect a board of directors.
Term
Bi Laws
Definition
rules that are adopted to regulate its management
*gives actual authority to the officers to conduct business
Term
Characteristics of Corporation
Definition
*Legal entity separate from its owners
*Liability of it share holders limited to his/her investment
* Ease of the Transfer of ownership
Centralized Management
Term
Corporation Structure
Definition
1) Board of Directors
2) Officers
3) Managers
4) Employee's
Term
Stocks
Definition
equity security
Term
Bonds
Definition
Debt security Corporation is the debit-er, holder is the crediter
Term
Activities by Board of Directors
Definition
1) Set corporate polices
2) Set financial structure
3) Hire fire and pay officers
4) Declare dividends
5) Initiate Fundamental changes
6) Delegate Authority
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