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Final Law Test
Final Law Test 5.10.11
84
Law
Undergraduate 1
05/09/2011

Additional Law Flashcards

 


 

Cards

Term
Precedent 'stare decisis'
Definition
the process of using older lawsuites to make new decisions
Term
Trail by ordered
Definition
an old fashioned method of determining if one was guilty by physical tests
Term
wager of law
Definition

requires one to take an oath

 

Term
article one of the constitution
Definition
it spells out the statutory law
Term
470 A. 2d 507 (PA 1983)
Definition

volume 470

A: the area Atlantic

2d: 2nd edition

507: page 507

(pa 1983) the year and place when the law was put in action

Term
status and process
Definition
a concept that makes judical decisons easier to make.. it protects a certian people, governement and domestic parties and children.
Term
public law
Definition
involves rights or society and these rights are usually represented by the governement agencies
Term
private law
Definition
involves matters between individuals
Term
Actus Reus
Definition
means that the criminal actually commited the crime
Term
Mens Rea
Definition
a criminal having criminal intend, or the state of mind of commiting a crime.
Term
4th amendment
Definition
protects people from illegal search and seasure.
Term
constitution consists of
Definition

7 articles

27 amendments

Term
commerce clause
Definition
provision in the constitution that regualtes interstate business.
Term
tort
Definition
private or civil wrong against an individual for which the court will award money damage.
Term
negligence
Definition
when one gails to act as a reasonable person under circumstances.
Term
punitive damages
Definition
the sum of money intended to punish teh wrong doer for their actions
Term
tangible property
Definition
a physical object such as a textbook
Term
quid pro quo
Definition
means to give up something to get something for both people
Term
Surety
Definition
A person who takes responsibility for another's performance of an undertaking, for example their appearing in court or the payment of a debt.
Term
Guaranter
Definition
One who makes or gives a guaranty.
Term
Capacity
Definition
a requirement to make a contract, the party has to be of proper age and state of mind.
Term
legality
Definition
law requires that the purpose and subject matter of an agreement be legal in order for the contract to be valid.
Term
statute of frauds
Definition
the requirement that certian agreement be in writing in order to be enforceable by the court.
Term
bill of lading
Definition
refers to a document evidencing the receipt of goods for shipment issued by an entity engaging in the business of transporting goods.
Term
entrustment
Definition
the UCC provides entrustment to merchents
Term
Express authority
Definition
Express authority is contractual-given authority.  It is given to the agent through his or her contract with the insurer and any amendments made by the company to that contract.
Term
Apparent authority
Definition
Apparent authority is authority that is not provided by contract nor intended by the insurer but which appears to the client to be given to the agent based upon the agent's believable statements.
Term
Uniform Commerical Code U.C.C
Definition
Uniform act that regulates the sale of goods and certian other business transactions
Term
bailee
Definition
third person who owns a warhouse where goods are stored
Term
Proximate cause
Definition
a proximate cause is an event sufficiently related to a legally recognizable injury to be held the cause of that injury.
Term
imputed negligence
Definition
- Blame attributed to an individual not on the basis of his or her conduct but because of the conduct of another for which he or she is legally responsible, i.e., an employer is liable for negligence of his or her employee.
Term
embezzlement
Definition
occurs when somebody takes property entrusted to them with the intent to deprive the owner of the property
Term
Larcency
Definition
the taking and carrying away of a property of another without concent and the intent to deprive the owner of the good permently.
Term
electronic fencing
Definition
when you use the internet to sell property gained unlawfully.
Term
conspiarcy
Definition
allowing teh government to file charges against anyone who has participatede in plannng of comission of a crime and to hold each liable for the actions of the others.
Term
White Collar Crime
Definition
illegal actions commited in a business setting.. including computer fraud, insider trading
Term
Money Laundering
Definition
a person charged with the offene does not have to commit a crime which generated the illegal revenue.. al kapone
Term
5th amendment
Definition

guarentees hat you have the right to refuse to give testimoney that will incrimminate you.


any statement you make must be voluntary


you must be given the miranda rights

Term
voluntery statement
Definition
if a person decides to talk to the police.. that decisions must be freely and voluntary made.
Term
when are you given the miranda warning?
Definition
when one is being deprived of freedom also must be interrgated
Term
Fourth Amendment
Definition
prohibits unlawful search and seizure
Term
what is a search?
Definition
anytime you have a reasonable expetation of privacy, a search warrent must bee issued.
Term
what are the 5 things you need for creation of a corporation?
Definition

creation

continuity

control

taxation

liablilty

Term
Creation
Definition

how you set up the business

 

what are the cost

Term
continuity
Definition

how is it tied to the owners

 

stability

Term
control
Definition

how to break deadlock?

 

ego of owners

Term
liability
Definition
is the owner personally liable
Term
taxation
Definition

how is the business taxed?

 

how is the money distributed?

Term
sole proprietorship
Definition

one owner

 

may need license or permit by government

 

greatest liabililty because the debt of the ownwer is the debt of the business.

 

do not need a personal tax return.. all the business information is included in own taxes

 

stops when the owner stops doing business, no forms have to filled with the government.

Term
sole proprietorship's advantages
Definition

owner is complete control

gets all the profit

flexibility

ease of creation

Term
sole proprietorship's disadvantages
Definition

owner is liable for all torts/contracts

 

lacks continuing after death

 

difficult to raise financing

Term

Partnership

dissolution

winding up

Definition

2 or more owners

 

equal shares in profit and lose (otherwise said)

 

partners are responsible for debt

 

articles of partnership should be filed with the state

 

each partner is 100% responsible for the debt of their business

 

it is not a taxable entity, the profits and losses go on each persons tax returns

 

must file an information return with the state without paying

 

anytime there is a change in partners, partnership get terminated.

 

dissolution- when a partner seizer to another company

winding up- collecting the assets and redistributing them.

Term
Partnership Advantages
Definition

easy to create and maintain

 

partners share profits and losses

Term
Partnership disadvantages
Definition

dissolved upon death

 

difficult to raise money for it

 

partners are personally liable for all the rots and contracts

Term
Limited Partnership
Definition

consists of one or more general partners and one or more limited partners

 

this method is generally used to generate revenue

 

file a certificate of limited partnership with the state stating its a limited partnership

 

must be run by general partners without active participation of the limited partners

 

liability for general partners is unlimited liability and for limited partners its restricted

 

are  dissolved upon death but not of a limited partner

Term

Limited Liability Partnership

LLP

Definition

hybird created between partnership and corporation to avoid personal liability like doctors and lawyers

 

must be registed with the state as a LLP

 

must file a certificate of annual registration each year

 

all manage a business on a routine basis

 

the partners are not personally liable for the malpractice claim against the other partners

 

Term

Family Limited Liability Partnership


Definition

all the partners are related to eachother

 

it is used as an esate planning tool for a clinet with a lot of money to save taxes upon death

 

owner transfers assets into partnership and controls it as a general partner while the other family members are limited partners. it takes the assets out the persons estate.

Term
Corporation
Definition

it is a seperate entity created by state chapter

 

expensive to create because of legal fees and cost

 

must create ' article of incorporation'

 

state must issue a charter

 

its a seperate entity so its status doe snot chage with death or sale of stocks by a stareholder.

 

shareholders elect board of directors

these BODs should not use insider information to their own advantage.

 

owners only liable for their capital investment or if he or she guarentees corporate debt

corperate evil

owners are always liable for payroll taxes of a corporation

 

double taxation both business and shareholders

Term
Tort
Definition
a tort is a private civil wrong commited against another for which the law provides an award of money damages
Term
Contributory negligence
Definition
is the failure of the plaintiff to act as a reasonable person.. a person cannot win with even 1% fault.
Term
Comparative negligence
Definition
this states that as long as the plaintiffs negligence is not greater than the defendant, then the plaintiff may recover damages
Term
assumption of risk
Definition
knows the danger but still exposes himself to it.. baseball game
Term
inputed negligence
Definition
because of the special relationships between partners, one person has to liable... like 2 workers at target
Term
defamatory statement
Definition
when a false statement is made to harm a reputation
Term
libel
Definition
involves the pulblication of defamatory matter by written or printed work
Term
slander
Definition
involves the pulblication of defamatory matter by oral communication/verbal
Term
bankrupcy
Definition
offers protection to a debtor by offering a fresh start or the ability to repay the obligations overtime
Term
convention
Definition
an agreement by members of international orgazations which document is then open for other nations to join
Term
protocol
Definition
it is generally a treaty or international agreemetn that supplements previous treaty or internatinal agreement, it can amount to previous treaties and add new stuff
Term
private international law
Definition

The law governing private transactions and disputes between parties from differing nations. Generally, this body of law is used to determine which law to apply when there is a conflict between the domestic laws of the parties.

Term
Lex Mercateria
Definition
legal term relying on trade practices used by merchants
Term
security council
Definition

made up of 15 countries

 5 permanent members

10 countries that rotate , serve terms on the council

Term
International court of justice
Definition
Its main functions are to settle legal disputes submitted to it by states and to provide advisory opinions on legal questions submitted to it by duly authorized international organs, agencies, and the UN General Assembly.
Term
risks of international business
Definition

political

economic

transactional

Term

political risk of international business

 

Definition

govt may impose trade quotas and restrictions

 

no trade with cuba and north korea

 

expropriation

Term

expropriation

Definition
when american businesses were taken over by castro
Term
Economic risk of international business
Definition
tranferring funds is a problem since rates may change
Term
transactional risks of international business
Definition
how the payments are seprated from buyer to seller which causes a lot of risks
Term
compensatory
Definition
money awarded to compensate a person for losses resulting from another wrong doing
Term
nominal damages
Definition
nominal damages are very small damages awarded to show that the loss or harm suffered was technical rather than actual.
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