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BUSI 336 > EXAM 1 > Flashcards

EXAM 1 Flashcards

1
Q

What is Law?

A

The order or pattern of rules that society establishes to govern the conduct of individuals and the relationship among them

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2
Q

What is Equity?

A

Awarded things other than monetary gains

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3
Q

Where do our rights flow from (5)?

A

U.S. Constitution

State Constitution

Federal Statutes

State Statutes

Local Ordinances

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4
Q

Explain Individual Legal Rights to Privacy

A

you deserve privacy for your things/space (typically person v.s. person)

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5
Q

Explain Individual Rights Against Intrusion by Others

A

you deserve privacy from others (social media, government, etc… typically person v.s. organization)

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6
Q

What are the Sources of Law (6)?

A

Constitutional law

Statutory law

Case law (statutory interpretation and precedent)

Administrative law

Private law

Stare Decisis

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7
Q

Explain Substantive Law?

A

the “rules” of the law (what will happen)

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8
Q

Explain Procedural Law

A

how those “rules” are executed (the procedure to uphold those rules)

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9
Q

Explain Criminal Law

A

wrongs against society

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10
Q

Explain Civil Law

A

wrongs against another person

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11
Q

Explain Sports and Entertainment Laws

A

private conduct affecting business and conduct

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12
Q

Explain Sports and Entertainment Contract Deals

A

endorsement deals between companies and athletes

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13
Q

Explain Jurisdiction

A

A court’s authority to hear and decide on a specific case

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14
Q

What are the 2 types of Courts (explain)?

A

(1) Federal (needs to be a claim of at least $75,000):
U.S. District Court, U.S. Court of Appeals, and U.S. Supreme Court

(2) State:
Trial Courts, Small Claims Court, Appellate Courts, Highest State Court

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15
Q

Name the 4 types of Jurisdictions

A

1) Personal Jurisdiction
2) Subject Matter Jurisdiction
3) Original Jurisdiction
4) Appellate Jurisdiction

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16
Q

Explain Personal Jurisdiction

A

based on where the parties/companies are from

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17
Q

Explain Subject Matter Jurisdiction

A

based on the “subject” of the case, which correlates to a specific court

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18
Q

Explain Original Jurisdiction

A

“trial court” based on when a case first comes to court; first time a case is heard

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19
Q

Explain Appellate Jurisdiction

A

one party was unhappy with the Original Jurisdiction, so they appeal the case, so the “facts” of the case are re-looked at. The judge’s ruling and actions are looked at (not retrying the case).

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20
Q

What falls under Exclusive Federal Jurisdiction?

A

Federal crimes, bankruptcy, admiralty, intellectual property, antitrust, suits against the U.S., specified federal statutes

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21
Q

What falls under Concurrent Jurisdiction?

A

Federal questions, diversity of citizenship

22
Q

What falls under State Jurisdiction?

A

Leftover cases that aren’t “Exclusive Federal” or “Concurrent”

23
Q

Explain Venue

A

Geographic venue where a legal action (case) is tried and from which the jury is selected (Changes based on what area is equally suited for both parties)

24
Q

Explain Standing to Sue

A

Must have reason (evidence) that you should sue. Bringing a justiciable controversy and show injury.

25
Q

Explain Negotiation

A

arrange a happy medium to settle everyone

26
Q

Explain Settlement

A

settling a dispute through negotiation

27
Q

Explain Arbitration

A

(MOST BINDING) settling disputes outside of court

28
Q

Explain Mediation

A

settling disputes outside of court using neutral 3rd party (such as a retired justice) assist in settlement

29
Q

Explain the Stages of a Civil Trial

A

(PPTAE) Pleadings (facts), Pretrial (what to prove in trial), Trial (parties argue), Appeal (re-visit), Evidence

30
Q

Explain the Constitution

A

A written document establishing the structure of the government and its relationship to the people

31
Q

What are the Branches of Government

A

(tripartite) executive, judicial, legislative

32
Q

What are the Bodies of Government?

A

(bicameral) House of Representatives and Senate

33
Q

What are Delegated Powers?

A

Powers expressly given to the national government by the Constitution

34
Q

What are Shared Powers?

A

Delegated powers go to the national government, which can be passed down as shared powers to the states

35
Q

Explain Police Power of the State

A

The power to regulate for the general welfare, health, safety and morals of the people (not specifically “police”).

36
Q

Explain Prohibited Power

A

There are certain things that the state and national government are prohibited from doing (ex post facto laws, for example).

37
Q

Explain Express Federal Regulation

A

Federal law preempts any conflicting state law

38
Q

Explain Silence of Congress

A

Can signify that Congress does not want a law on the matter

39
Q

Explain the Bedrock View

A

A strict constructionist view of the Constitution; believes its purpose is to state fundamental principles that don’t change over time

40
Q

Explain the Living Document View

A

Our interpretation of the Constitution should change to reflect an evolving society

41
Q

Explain Eclipse of the States

A

The center of gravity has shifted from the states to the nation (states “hand their power back,” but this does not happen often)

42
Q

Explain Administrative Agencies

A

Agencies that have had a significant amount of power delegated to them

43
Q

Explain the Commerce Clause

A

(Interstate Laws where each state is treated equally) Becomes general welfare power, limitation on states (always protected by the federal government and congress)

44
Q

Explain Due Process

A

Guarantee of protection against loss of property or rights without the chance to be heard

45
Q

Explain Equal Protection

A

Guarantee that laws are applied equally among diverse groups

46
Q

Explain the Bill of Rights

A

First 10 amendments of the Constitution (provides protection for corporations as well as individuals)

1) Freedom of Religion, Speech, and the Press

2) The Right to Bear Arms

3) The Housing of Soldiers (consent of owner)

4) Protection of Unreasonable Searches and Seizures

5) Protection of Rights to Life, Liberty, and Property

6) Rights of Accused Persons in Criminal Cases

7) Rights in Civil Cases

8) Excessive Bail, Fines, and Punishments Forbidden

9) Other Rights Kept by the People

10) Undelegated Powers Kept by the States and the People

47
Q

Corporations have a responsibility to whom?

A

Groups and individuals that they can affect (its stakeholders, and to society at large)

48
Q

Explain Stakeholders

A

Customers, suppliers, employees, communities and shareholders or other financiers.

49
Q

Explain Corporate Responsibility for Officers and Executives to avoid Conflicts of Interest (Conflicts of Interest)

A

(Conflicts of Interest) The Executives are not in charge, the shareholders are

50
Q

Explain Insider Trading

A

Purchase or sale of securities by corporate insiders based on non-public information (knowing “not public” information to benefit yourself by making trades before it is publicized)

51
Q

Explain the Sarbanes-Oxley Act of 2002 (also known as Public Accounting Reform and Investor Protection Act of 2002)

A

Protects investors by improving the accuracy and reliability of corporate disclosures made pursuant to securities laws (accurate financial records)

Policed by Public Company Accounting Oversight Board (PCAOB) in 2000/2001 in response to scandals involving Worldcom, Tyco and Enron

52
Q

Explain the Ponzi Scheme

A

A form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors (using current funds to pay for old funds)

BUSI 336 (2 decks)

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