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Commonwealth 2nd Quarter > Business Law Exam 1 > Flashcards

Business Law Exam 1 Flashcards

1
Q

What is Law?

A
  • Rules of civil conduct commanding what is right prohibiting what is wrong. “Blackstone’s definition”
  • It is a governmental rule prescribing conduct and carrying a penalty for violation.
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2
Q

What are the 2 bodies of Law?

A
  • Criminal Law

* Civil Law

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3
Q

Criminal Law

A
  • Laws dealing with crimes and the punishment of wrong doers

* Laws dealing with offense against society

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4
Q

Crime

A
  • Is a criminal offense which is injurious to society as a whole
  • Punishable offense against society
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5
Q

What are the 2 classifications of Crimes?

A

Felony

Misdemeanor

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6
Q

Felony

A
  • Criminal offense punishable by confinement in prison or by death
  • Murder
  • Bank robbery
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7
Q

Misdemeanor

A
  • Criminal offense which is neither treason nor a felony
  • Speeding ticket
  • Running a stop sign
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8
Q

Civil Law

A
  • Legal proceedings concerned with the rights of public citizens
  • Laws dealing with the enforcement or protection of private rights
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9
Q

What are the 2 types of Civil Law?

A

Tort Law

Contract Law

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10
Q

Tort Law

A
  • Private or civil wrong, either intentional or caused by negligence, for which there may be action for damages
  • Private wrong for which damages might be recovered
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11
Q

Basis for Tort Liability

A

Intentional
Negligence
Strict Liability

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12
Q

Intentional

A

• Deliberate and intentional action to cause harm

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13
Q

Negligence

A
  • Failure to exercise or ordinary care
  • “Act of omission”
  • “Act of commission”
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14
Q

Strict Liability

A
  • Liability for injury regardless of negligence or intent
  • Product liability in which seller is liable for any and all defective or hazardous products which threaten a consumer’s personal safety
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15
Q

Act of Omission

A
  • Failing to do something which a reasonable prudent person would do under ordinary circumstance
  • Is negligence
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16
Q

Act of Commission

A
  • Doing something which a reasonable and prudent person would not do under ordinary circumstances
  • Is negligence
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17
Q

Contract Law

A
  • Laws dealing with making contracts
  • Business Law
  • Property Law
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18
Q

Business Law

A
  • Rules of conduct prescribed by a government and its agencies, in regulating business transactions
  • Rules of conduct for the performance of business transactions.
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19
Q

Property Law

A

• Rules of conduct prescribed by a government and its agencies, in regulating transactions related to real and personal property

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20
Q

What are the 2 types of property?

A

Real property

Personal property

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21
Q

Real property

A
  • Land and objects permanently attached to land
  • Also known as REAL ESTATE
  • Land, buildings, fences, trees, ect.
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22
Q

Personal property

A
  • All property which is not real

* Car, furniture, jewelry, insurance, stocks, bonds, ect.

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23
Q

“The Pyramid of Law”

A 
Stare Decisis
Case Law
Ordinances
Administrative Law
Police Power
Statutory Law
Constitutional Law
Common Law
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24
Q

Common Law

A
  • Customs which have become recognized by the courts as binding on the community
  • Forms the historical foundation of United States Law
  • Based on human experience and the “Common good” of all members of society
  • Rooted in English and early colonial law
  • “If it makes sense, it must be good law”
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25
Q

Constitutional Law

A
  • Written document containing fundamental principles of a government
  • It determines the powers and duties of a government
  • Guarantees certain rights to the people
  • “Law of the Land”
  • Examples
  • Federal Constitution of the U.S. of America
  • Individual state constitutions
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26
Q

Statutory Law

A
  • Laws enacted by legislative bodies
  • Also know as: STATUTES
  • Legislative bodies include federal, state, and local governments
  • Federal Statutes
  • U.S. Congress
  • State Statutes
  • Individual state legislatures
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27
Q

Police Power

A
  • Inherent power of every government to make reasonable laws to protect the safety, health, morals, and general welfare of its citizens
  • Mortuary Law
  • Licensure
  • Health standards
  • Business operations
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28
Q

Administrative Law

A
  • Body of law created by federal and state administrative agencies to implement their powers and duties in the form of rules, regulations, orders, and decisions
  • Occupational Safety and Health Act (OSHA)
  • Federal Trade Commission (FTC)
  • Texas Funeral Service Commission (TFSC)
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29
Q

Ordinances

A
  • Laws enacted by local municipalities
  • Village, town, or city
  • Parking ordinances
  • No Smoking in public buildings
  • Levels of Music
30
Q

Case Law

A
  • Court decisions that establish precedent principles
  • Laws based on a court’s interpretation of federal, state, and local laws
  • Determines “constitutionality” of the law
31
Q

Stare Decisis

A
  • Principle that decisions of a court should serve as a guide or precedent and control the decision of a similar case in the future
  • Reliance on authority of established law
  • “LIKE CASES ARE DECIDED IN LIKE MANNER”
  • Applicable to mortuary law and court cases
32
Q

Jurisdiction

A
  • Authority of a court to hear a case

* Related to the subject matter and person(s) involved in a court case

33
Q

Function of Courts

A

• To interpret and apply law to a given situation

34
Q

Federal Courts

A
  • Have exclusive jurisdiction over
  • Bankruptcy
  • Claims against U.S.
  • Patent & Copyright cases
  • District courts
  • Federal (circuit) courts of appeal
  • U.S. Supreme court
  • Special courts
35
Q

District Courts

A

• Trial courts of the federal court system
• Largest class of federal courts
• Deal only with criminal cases involving violation of federal law
• Or civil suits that meet specified criteria
o Cases brought by the U.S. Government
o Cases arising under the
• U.S. Constitution
• Federal Laws
• Treaties

36
Q

Federal (Circuit) Courts of Appeal

A
  • Courts that hear appeals in the federal court system
  • 12 federal judicial districts
  • Hear appeals from cases originating in federal district courts
  • Or federal administrative agencies and departments within its circuit
  • Decisions have precedence over lower courts
37
Q

U.S. Supreme Court

A
  • Highest court in the United States
  • Court of original jurisdiction in cases involving ambassadors, public ministers, consuls, and cases in which a state is a party
  • As well as cases appealed from federal courts of appeal
  • Supreme decision over all lower courts
38
Q

Writ of Certiorari

A
  • Order to produce the record of a case

* Only such cases will be heard by the U.S. Supreme Court

39
Q

Federal Special Courts

A

• Federal trial courts with limited jurisdiction
• Limited by laws of Congress creating them
o Bankruptcy court
o Tax court
o Court of International Trade
o U.S. Court of Federal Claims

40
Q

State Courts

A
  • Inferior courts
  • Courts of original general jurisdiction
  • Appellate courts
  • Special Courts
41
Q

Inferior Courts

A
  • Trial courts that hear only cases involving minor criminal offenses and disputes between citizens
  • DISTRICT, MAGISTRATE, COUNTY, MUNICIPAL, SMALL CLAIMS, JUSTICE, TAX COURTS
42
Q

Courts of Original General Jurisdiction

A
  • Court in which a case is first heard
  • Maintain an official record of all proceedings
  • Broad jurisdiction over disputes between two or more parties
  • Criminal offenses against the state
  • Hear witnesses
  • Receive evidence
  • Try a case
  • TRIAL COURT, COURT OF RECORD, CIRCUIT COURT, DISTRICT COURT, SUPERIOR COURT.
43
Q

Appellate Courts

A
  • Courts hearing cases appealed from lower state courts
  • COURTS OF APPEAL
  • STATE SUPREME COURT
44
Q

State Special Courts

A
  • Courts with limited jurisdiction
  • Probate courts
  • Juvenile courts
  • Domestic relations courts (family)
45
Q

Courts may be classified according to their function

A
  • Trial courts

* Appellate courts

46
Q

Procedural Law

A

• Laws specifying how actions are filed and what trial procedure to follow

47
Q

Attorney/ Lawyer

A

• Person licensed to represent others in court

48
Q

Complaint

A
  • Written request initiating a civil suit

* PETITION

49
Q

Court Procedures consist of?

A

Summons
Answer
Judgment
Execution

50
Q

Summons

A
  • Notice of complaint given to a defendant defining the complaint and a time frame in which a response, or answer, must be filed
  • Serves the purpose of conferring personal jurisdiction over the defendant
  • PROCESS
51
Q

Answer

A
  • Response of the defendant to a complaint

* MOTION

52
Q

Judgment

A

• Decision of a court

53
Q

Execution

A

• Carrying out or completion of some task

54
Q

Plaintiff

A

• Individual who initiates a civil action

55
Q

Defendant

A

• Person against whom legal action is brought

56
Q

Contract

A

o Agreement between two or more competent persons (parties) which is enforceable by law

57
Q

Classification of contracts are based on

A
  • Formation
  • Performance
  • Enforceability
58
Q

What are the 4 contract types of Formation

A

o Express
o Implied
o Formal
o Simple

59
Q

Express Contract

A

o Parties express their intentions, either orally or in writing, at the time of the agreement
o ORAL CONTRACT
o WRITTEN CONTRACT

60
Q

Implied Contract

A

o Terms of the contract are implied by acts or conduct of the parties
o Also called:
• Contract Implied In Fact
o Example is:
• A “First Call” when the family makes the first call requesting the services of the funeral home staff

61
Q

Formal Contract

A

o Those with a special form or produced in a certain way
o Contract “under seal”
o Today, most contracts are “formal contracts”
• Real Estate Contracts
• Negotiable Instruments

62
Q

Simple Contract

A

o Any contract which is not a formal contract

63
Q

Classification of Contracts Performance

A 
o	Unilateral
o	Bilateral
o	Executory
o	Executed
•	By Stages
64
Q

Unilateral Contract

A

o Calls for an act in consideration for a promise
o One promise is given in exchange for an act
o You find my lost dog; I pay you $100

65
Q

Bilateral Contract

A

o Mutual exchange of promises
o Exchange a promise for a promise
o You agree to buy my car for $5,000
o Car is your when you give me the money

66
Q

Executory Contract

A

o Terms of the contract have not been completely executed or fulfilled by the parties

67
Q

Executed Contract

A

o Those contract in which the terms have been fulfilled by the parties
• Fully performed contract

68
Q

Types of enforceability

A

o Valid
o Void
o Voidable
o Unenforceable

69
Q

Valid Contract

A

o A contract which will be enforceable by the court

• Contract enforceable by law

70
Q

Void Agreement

A

o Agreement with no legal effect
o Contract to rob a bank
o Sometimes referred to as a: Void Contract

71
Q

Voidable Contract

A

o Contract which would be an enforceable agreement, but due to circumstances, may be set aside by one of the parties
o Party to a contract is declared “mentally incompetent”
o Adult contracts with a minor
o Minor contracts with another minor

72
Q

Unenforceable

A

o Agreement which is not in the form required by law, but can be made so by the parties
• A contract that is not currently binding
o Simple contract made into a formal contract

Commonwealth 2nd Quarter (22 decks)

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