Business Law Flashcards
Statutory Law
the laws passed by the legislature
Public Law vs. Private Law
Public laws are laws intended for general application, such as those that apply to the nation as a whole or a class of individuals. Private laws are enacted for the benefit of a particular individual or small group, such as claims against the government or individual immigration or naturalization matters
Statute
a formal written enactment of a legislative authority; command or prohibit something, or declare policy
District Court
“small case court”/lowest level of the hierarchy
Appellate Court
the court higher than district court that hears and reviews the appeals from legal cases that have already been heard and ruled on in a lower court; present at both the state and federal levels
Paralegal
a legal assistant; performs tasks that require knowledge of legal concepts but not the full expertise of a lawyer with a license to practice law
Civil Law
the system of law concerned with private relations between members of a community rather than criminal, commercial, or labor affairs
larceny
theft of personal property.
White Collar Crime
financially motivated, nonviolent or non-directly violent crime committed by individuals, businesses and government professionals
Coercion
persuading someone to do something by using force or threats
Crime Vs. Tort
Crimes typically affect and offend society while torts harm, injure, or damage a person (civil wrong)
Negligence per se
a doctrine in US law whereby an act is considered negligent because it violates a statute
Strict/Absolute Liability
a type of liability that does not require proof of fault. This means that the defendant with a case under strict liability is held responsible for the damages, regardless of whether they were negligent or not.
Vicarious Liability
the liability held by a person or entity that is in charge (called the principal) of another person (called the agent). The person, usually an employer, is responsible for the actions of their employee (or other subordinate) if that employee causes harm or injury to another person.
Arbitration
alternative dispute resolution that resolves disputes outside the judiciary courts; a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute
Arbitrator
As impartial third parties, they hear and decide disputes between opposing parties
Mediation
a flexible dispute resolution process in which an impartial third party facilitates negotiations between parties to help them devise their own, mutually acceptable solutions
Mediation vs. Arbitration
The main distinction between the two is who makes the final decision. With mediation, the final decision is a reached agreement between the two conflicting parties, while arbitration calls on an arbitrator to analyze the case details and reach a verdict
Conciliation
the attempted resolution of issues raised by a complaint through informal negotiations (outside of court)
4 main alternative dispute methods
mediation, arbitration, conciliation, negotiation
Notarization
an identity-based, anti-fraud measure performed by a government-authorized person called a notary
S Corp vs. C Corp
The C corporation is the standard (or default) corporation under IRS rules. The S corporation is a corporation that has elected a special tax status with the IRS and therefore has some tax advantages, but is limited to 100 share holders and is typical of smaller businesses.
General Partnership vs. Limited Partnership
general partners have full operational control of a business and unlimited liability. Limited partners have less liability and do not take part in day-to-day business operations.
Conglomerate
multi-industry company that consists of several different and unrelated business entities that operate in various industries under one corporate group
Skimming/skim pricing
a pricing strategy that sets new product prices high and subsequently lowers them as competitors enter the market
