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MBA > Business Lawyering > Flashcards

Business Lawyering Flashcards

1
Q

why is business law important?

A

fosters business formation

guides business conduct

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2
Q

what does a lawyers oath tell make them support?

A

the constitution of the US and the Constitution of the state

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3
Q

What are lawyers essential rules of conduct?

A

competence, diligence, communication, confidentiality, representation

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4
Q

What is lawyer competence

A

legal knowledge, skill, thoroughness and preparation for representation

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5
Q

what is lawyer diligence

A

acting with reasonable diligence and promptness

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6
Q

what is lawyer communication

A

meet objectives, comply with requests, and explain a matter

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7
Q

what is lawyer confidentiality

A

not revealing information unless consent if given

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8
Q

what are exceptions to lawyer confidentiality

A

reasonably certain death or substantial bodily harm

committing fraud or a crime

rectify substantial injury to the financial interests

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9
Q

when is practicing law unauthorized

A

outside jurisdiction

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10
Q

what are the principal roles of a lawyer

A

council and advocate to an individual OR organization

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11
Q

what is attorney client privilege

A

enables a business to keep legal advisory information our of the hands of adversaries

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12
Q

What are the best business practices, from the eyes of a lawyer?

A

Stop and Think - does it need to be in writing?

seek guidance - check with legal counsel before committing

Organization - adopt policies for internal communication

Label - CONFIDENTIAL

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13
Q

What is IRAC

A

Issue - what is the issue

Rule - what laws govern the issue

Analysis - applying the rules

Conclusion - the resolution of the issue

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14
Q

What is common law?

A

proceedings given historically by judges

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15
Q

what is statutory law

A

laws written

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16
Q

what are sole proprietorships governed as

A

they are not entities and are common law

17
Q

what are business association governed as

A

statutory law

18
Q

what are the key attributes for business association

A

required filings

authority for transations

who manages and controls

owner/manager liability

equity interest

federal income taxation

19
Q

What is legal reasoning

A

lawyers respond with legal reasoning

they employ legal analysis

applying rules to form a conclusion

20
Q

what are fiduciary duties

A

Managers have two fiduciary duties

Loyalty and Care

21
Q

what is the governance structure of partnership

A

co-equal consensus of management and fiduciary duties

22
Q

what is the governance structure of limited partnerships (LPs)

A

two tiered - management and fiduciary duties

23
Q

what is the governance structure of LLCs

A

coequal consensus or multi-tiered of management and fiduciary duties

24
Q

what is the governance structure of corporations

A

three tiered: Directors are the controlling managers of management and fiduciary duties

MBA (55 decks)

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