COCU 530 Ch. 9 Flashcards
A cause of action an employee may have against an employer for illegal termination of employment
Wrongful discharge
A legal system in which the body of law is derived more from court decisions as opposed to statues or constitutions
Common-law system
A legal doctrine under which an employer may terminate any employee at any time for any reason or for no reason
Employment at will
The minimum qualification, under federal antidiscrimmination laws, that an employee needs in order to be able to perform the duties of a particular job
Bona fide occupational qualification (BFOQ)
A legal basis for an employment discrimination complaint requiring the plaintiff to establish the employer’s practice of intentionally treating individuals differently solely because of their sex, race, color, religion, or national origin
Disparate treatment theory
A legal basis for an employment discrimination complaint requiring he plaintiff to establish that an apparently neutral employment practice or criterion, applied equally to all individuals, operated to exclude a disproportionate number of the protected class
Disparate impact theory
A practice whereby an employer demands or expects sexual favors in exchange for continued employment, workplace advancement, or other job related functions
Quid pro quo sexual harrassment
An environment that exists when an employee is subject to harassment that is so severe or persuasive that it alters the conditions of his or her employment and creates an abusive working environment
Hostile work environment
A written plan that the federal government requires of employers with federal contracts, detailing how employer will meet hiring goals for the group the law protects from discrimmination
Affirmative action plan
A process by which employees, represented collectively by a union, negotiate (bargain) with the employer on a labor contract dealing with wages, hours, and working conditions
Collective bargaining
An alternative dispute resolution (ADR) method by which disputing parties use a neutral outside party to examine the issues and develop a settlement, which can be final and binding
Arbitration
An act passed by congress in 1970 to ensure every employee a safe place to work by setting safety standards for employees and imposing penalties for violation of the standards
Occupational Safety and Health Act of 1970 (OSH Act)
An employee who is paid by the hour and receives hourly overtime pay
Nonexempt employee
An employee who is paid a salary and who does not receive overtime pay
Exempt employee
A court act of imposing personal liability on corporate officers, directors, and stockholders for the corporations wrongful acts
Pierce the corporate veil
A long-term debt instrument that requires the issuer to pay a set annual rate of interest and to repay the borrowed sum on a specified date
Bond
An ownership interest in a corporation that gives stock owners certain rights and privileges, such as the right to vote on important corporate matters and to receive dividends
Common stock
Stock that is generally nonvoting but that has priority over common stock, usually regarding dividends and capital distribution if the corporation ends its existence
Preferred Stock
An arbitrary dollar value that an organization assigns to its shares
Par value
A corporate stock issued as fully paid to stockholders and subsequently required by the corporation to use for business purposes
Treasury Stock
A corporate officer that serves on the corporations board of directors
Inside director
A member of a corporations board of directors who is a corporate officer and who may not necessarily be connected with the corporation
Outside director
An act of a corporation that exceeds its chartered powers
Ultra Vires
A lawsuit brought by one or more shareholders in the name of the corporation
Derivative suit
The assumption of control by one corporation over another through merger, acquisition, or some other type of transaction
Takeover
A purchase offer made directly to the shareholders of the target, typically at an offer price greater than the current market price
Tender offer
A for profit business entity jointly owned by two or more persons who share ownership and profits (or losses), although not necessarily on an equal basis
Partnership
A law that permits service of process on a partnership by serving any one of the partners
Common name statue
A form of partnership made up of one or more general partners, who have unlimited liability, and one or more limited partners, whose liability is limited to the amount of capital they have contributed to the partnership
Limited partership
A partnership limiting each partner’s personal liability for acts or omissions of other partners
Limited liability partnership[
A form of business entry that provides its owners the limited liability of a corporation and the tax advantages of a partnership
Limited liability company (LLC)
A voluntary association of individuals acting together under a common name to accomplish a lawful purpose
Unincorporated association
