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Business Law Exam 1 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Common Law

A

body of laws that have developed from court decisions

-old english court laws

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2
Q

Stare decisis

A

Court decisions work on precedent, similar cases must be handled the same.
-lower court must follow the higher court

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3
Q

Ehtics

A

study of the right and wrong behaviors

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4
Q

What is ethics in business?

A

application of moral and ethical principles in the workplace

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5
Q

Why study Ethics?

A

Profit maximization

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6
Q

Profit Maximization

A

resources flow to more highly valued organizations

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7
Q

Triple Bottom line

A

business’s profits, treatment of people, and treatment of the planet
-ie corporate citizenship.

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8
Q

Why is ethics important in business decisions?

A
  1. legal implications
  2. PR impact
  3. Safety risks to employees and public
  4. financial implications
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9
Q

Short Run profit maximization

A

company may decide to sell a defective product to increase profits

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10
Q

Long term profit maximization

A

when cost of law suits and bad publicity are considered, unethical conduct will l cause business to suffer

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11
Q

What can overemphasis of short run do?

A

Cause poor ethical decision making

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12
Q

Moral minimum

A

complying with the laws is the minimum degree required

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13
Q

How do many companies go above the minimum?

A

setting internal codes

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14
Q

How do gray areas start?

A

ethics change overtime

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15
Q

what has also changed the way companies do business? example?

A

Social media ie. hiring

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16
Q

Online discussions and firings?

A

Employees cannot be fired for having online discussions about work issues.
-employees shouldn’t slander, usually exaggerated

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17
Q

Ethical Reasoning

A

application of morals and ethics to a given situation, can be duty or outcome based)

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18
Q

Duty based ethical reasoning

A

business has a duty to care for others

  • concept of right and wrong
  • duties owed
  • rights to protect
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19
Q

Outcome- based

A

strongest duty of company is to its stakeholders

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20
Q

Explain Corporate Social Responsibility

A

corporations should be held responsible for their duty to society

  • not required by law
  • companies judged on social impact, and impact on environment
  • can increase profits from publicity
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21
Q

Business Process Pragmatism

A
  • Inquiry: understand problem, parties, and facts
  • Discussion: list possible actions
  • Decision: agreeing on the best course
  • Justification: explaining the reason for decision
  • determine effectiveness of decision
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22
Q

Foreign corrupt practices act

A

prohibits bribing foreign officials to obtain contracts

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23
Q

Why is ethical leadership important?

A

Set an example management must practice making ethical decisions so everyone else does the same.

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24
Q

Sarbanes Oxley Act

A

Companies must have confidential systems to place so employees can report unethical behavior

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25
Q

Corporate statement of values

A

Respect, Integrity, Communication, Excellence

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26
Q

Six functional fields of business

A
  • Corporate management
  • Production and transportation
  • MArketing
  • Research and development
  • Accounting and finance
  • HR management
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27
Q

What are the orgs of established law?

A

Constitution, statues, administrative law, case law

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28
Q

Primary Sources

A

documents where the law is contained ie. constitution

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29
Q

Secondary sources

A

books and articles that talk about primary sources, courts go to these for guidance

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30
Q

Constitutional law

A

lay out power and organization of the government

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31
Q

10th amendment

A

gives all power not given to the federal government to the states

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32
Q

Statutory Law

A

laws enacted by legislatures

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33
Q

Uniform Laws

A

group of laws written by scholars, can be adopted in part or whole by legislatures

34
Q

Ordinances

A

statues passed by municipal courts

35
Q

Administrative Law

A

written rules established by local, state, and federal agencies

36
Q

Case law and common law

A

Rules of law interpreted by courts

37
Q

Common law

A

body of law developed by court decisions

38
Q

Binding Authority

A

any form of law a court must follow when deciding a case

39
Q

Stare decisis 2 principles?

A

Lower Courts must follow higher court decisions

-courts shouldn’t overturn own decisions unless strong justification

40
Q

Remedies

A

given to party to compensate for a loss

41
Q

Natural Law

A

higher moral law that exists, written law should follow this

42
Q

LEGAL POSITIVISM

A

The law as written should be followed

43
Q

Historical school

A

we should look at past to determine present laws

44
Q

Legal realism

A

social and economic factors should be evaluated with the laws

45
Q

Substantive Law

A

written rules that define which conduct is aloowed

46
Q

Procedural Law

A

methods that must be followed in enforcing substantive law

47
Q

Civil Law

A

disputes between 2 private individuals i.e.. contract law

48
Q

Criminal Law

A

wrongs committed against society

49
Q

National Law

A

disputes that occur in a countries borders

50
Q

International LAw

A

disputes that occur among 2 or more coutries

51
Q

Majority Opinion

A

views of majority of justices

52
Q

Concurring Opinion

A

written by justices who agree with majority but want to add a point

53
Q

Dissenting Opinion

A

Disagree with majority of justices

54
Q

Judicial Review

A

process for determining whether the decision made by executive and legislative branch are constitutional

55
Q

When was judiciary review started?

A

1803 Marbury vs. Madison

56
Q

JUrisdiction

A

courts authority to decide a case

57
Q

In personam jurisdiction

A

control of a person or corporation by court within geographic area

58
Q

In rem jurisdiction

A

court control over an object

59
Q

Long arm statues

A

court can control out of state defendants if enough contact is made within the state

60
Q

Original Jurisdiction

A

trial court where dispute takes place

61
Q

Appellate Jurisdiction

A

reviews trial courts decision for legal errors

62
Q

When does federal court have jurisdiction?

A
  • if a federal law is being questioned
  • Diversity of citizenship
    • 2 people reside in separate states and and exceed $75000
  • corporations considered residents of state they are in.
63
Q

Sliding scale

A

used to determine if courts have jurisdiction over defendant in internet cases

64
Q

Cyber jurisdiction

A

when substantial business done on internet

passive advertising doesn’t dont

65
Q

Venue

A

location of the trial, same jurisdiction as incident occured

66
Q

Standing to sue

A

party bringing the suit has had a harm, must be a justifiable controversy, actual harm has taken place

67
Q

Pleadings

A

statement detailing facts, charges, and defense

68
Q

Motion for judgement on pleadings

A

request to decide the issue solely on the pleadings without a trial

69
Q

Motion for summary Judgement

A

request to enter judgement without a trial based on evidence outside the pleadings

70
Q

Discovery

A

process by which parties obtain information from opposing party

71
Q

Deposition

A

sworn testimony recorded and transcribed by a court reporter

72
Q

Interrogtories

A

written questions and answers under oath

73
Q

Pretrial conference

A

informal meeting with parties and judge to discuss settlement

74
Q

Voir Dire

A

Jury selection,

75
Q

Motion for Judgement NOV

A

granted if jury verdict was unreasonable and erroneous

76
Q

Motion for New Trial

A

after looking at all evidence, judge will grant the motion if jury was error

77
Q

ADR

A

Alternative dispute resolution

78
Q

Negotiation

A

parties attempt to settle the dispute informally, with or without attorneys

79
Q

Mediation

A

neutral third party works with both sides to reach an agreement

80
Q

Arbitration

A

arbitrator hears a dispute and imposes a resolution for the parties

Business Law Exam 1 (3 decks)

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