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Legal Environment of Business
Final
38
Law
Undergraduate 2
04/29/2009

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Cards

Term
beyond a reasonable doubt
Definition
burden of proof in criminal case in which if the jury has any reasonable doubt the verdict must be "not guilty"
Term
self-incrimination
Definition
Testimony that may subject the testifier to criminal prosecution. protected by 5th amendment.
Term
ratification
Definition
act of accepting and giving legal force to an obligation that previously was not enforceable.
Term
insider trading
Definition
buying and selling of securities using information that has not been made public.
Term
exempt securities
Definition
private placement - small offerings - intrastate
Term
vicarious liability
Definition
legal responsibility placed on one person for the acts of another.
Term
bounty payment
Definition
reward giving for reporting illegal activity
Term
misdemeanor
Definition
lesser crime than a felony, punishable by fine or up to one year in jail.
Term
probable cause
Definition
reasonable grounds for believing that a person should be arrested or searched.
Term
money laundering
Definition
falsely reporting illegally obtained income as income earned through a legitimate business.
Term
white-collar crime
Definition
nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
Term
respondeat superior
Definition
"let the master respond" doctrine under which a principal is liable for wrongful acts committed by agents.
Term
mutual fund
Definition
specific type of investment company that continuously buys and sells to investors shares of ownership in a portfolio.
Term
securities act of 1933
Definition
governs initial sale of stock, prohibits various forms of fraud and requires all essential info concerning securities to be available to the public
Term
securities act of 1934
Definition
requires continuous periodic disclosure of financial info to SEC
Term
corporate governance
Definition
policies and procedures that outline the operations of a corporation
Term
SEC rule 10b-5
Definition
prohibits falsely reporting or omitting a material fact related to the purchase or sale of any security
Term
investment company
Definition
company that acts for shareholders by buying a large portfolio of securities and professionally manages it.
Term
forgery
Definition
fraudulent making or altering of any writing that changes the legal rights and liabilities of another.
Term
consent
Definition
voluntary agreement to a proposition or an act of another
Term
red herring prospectus
Definition
preliminary prospectus that can be distributed to potential investors after registration statement has been filed with SEC
Term
apparent authority
Definition
authority that is only apparent, not real. principle causes a third party to reasonably believe that an agent has authority to act.
Term
sarbanes-oxley act
Definition
imposes strict disclosure requirements and harsh penalties. chief corp execs are responsible for accuracy.
Term
prospectus
Definition
written document that describes securities being sold, financial operations of the issuing corporation and the investment risk attaching to the securities.
Term
independent contractor
Definition
works for an employer but working conditions and methods are not controlled by the employer
Term
accredited investors
Definition
sophisticated investors such as banks, insurance companies, and investment companies
Term
tombstone ad
Definition
ad of securities offering, tells potential investors where and how they may obtain a prospectus
Term
fiduciary
Definition
a person having a duty created by his or her undertaking to act primarily for another's benefit.
Term
e-agent
Definition
computer program that can independently initiate an action electronically
Term
embezzlement
Definition
fraudulent appropriation of funds or other property by a person who the funds has been entrusted.
Term
agency
Definition
relationship between two parties in which on party (agent) agrees to represent or act for the other (principle).
Term
duress
Definition
unlawful pressure brought to bear on a person, causing the person to perform an act that she or he would not otherwise perform.
Term
petty offense
Definition
least serious crime, usually a building code or traffic violation.
Term
identity theft
Definition
stealing another's identifying info and using it to access the victim's financial resources.
Term
entrapment
Definition
a defense in which the defendant claims that he or she was induced by a public official to commit a crime.
Term
search warrant
Definition
order granted by public authority that authorizes law enforcement to search a particular premise or property.
Term
larceny
Definition
wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property.
Term
self-defense
Definition
legally recognized privilege to protect oneself or one's property again injury by another.
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