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Legal Environment of Business > Final > Flashcards

Final Flashcards

1
Q

Relevant Factors to Selecting a Business Organization

A
  1. Nature of Business activity
  2. Scale of operations
  3. Capital Requirements
  4. Cost and Complexity of creating
  5. Degree of control and management
  6. Degree of risk and liability
  7. Tax implications
  8. Ongoing administration costs
  9. Continuity or stability of organization
  10. Flexibility of administration and future needs
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2
Q

Key Characteristics of Different Forms of Organizations

A

Sole-Proprietorship; S-Corporations
– Predominant for small trading businesses, professions
and personal service (retail stores, restaurants,
specialty shops, small scale manufacturing)
Partnerships
– Finance, insurance and real estate business; medium scale manufacturing, service enterprises (hotels)
Corporations; LLCs
– Manufacturing, large chain stores, engineering companies

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3
Q

Importance of Partnership and Shareholder Agreements

A

Ensuring that everyone involved is treated fairly

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4
Q

Basics of Product Liability Law

A

Physical harm caused by a product, protect the user from the unreasonably dangerous product or from one fraught with unexpected dangers

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5
Q

Claims Based on Design

A

Unreasonably dangerous

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6
Q

Warning

A

Product label must make apparent the potential harmful consequences

Warning should be ofsufficient intensity as to cause a reasonable man to exercise for his own safety caution commensurate with the potential danger

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7
Q

Manufacturing Defects

A

Strict Liability

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8
Q

Defenses to Product Liability Claims

A

Incapable of being made safe when manufactured, sold, handled and packaged properly
Misuse of Product
Comparative Fault
Assumption of Risk
Modification of Product after manufacture
Product sold in compliance with regs
State of art – no better design
Statute of Limitations (gen 10 years)

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9
Q

Express Warranty

A

Oral or written statement/promise about quality/performance of a good

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10
Q

Implied Warranty of Merchantability

A

Good is fit for ordinary purpose for which it would be used

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11
Q

Implied Warranty of Fitness for a Particular Purpose

A

Seller knows the particular purpose for which a buyer will use the goods and that the buyer is relying on the skill and judgment of the seller to select suitable goods

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12
Q

Condition of Premises

A

How a property should be used

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13
Q

Actions by Others on Premises

A

Property owner responsible if visitor does not use reasonable care

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14
Q

Respondeat Superior

A

An employer is responsible for the actions of the employee while the employee is acting within the scope of their job

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15
Q

Negligent Hiring

A

When an employer should have known the risk/potential to cause harm of the person they employed, not taking the step to mitigate that risk

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16
Q

Disparate Treatment

A

Direct discrimination and actions, unequal and intentional, prejudiced

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17
Q

Disparate Impact

A

Indirect discriminations, unintentional, neutral

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18
Q

Bona Fide Occupational Qualification

A

Legal disparate discrimination, when it is reasonably necessary for a person to have a certain skill set/sex/race to perform a certain job

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19
Q

Sexual Harassment

A

Unwelcome conduct of a sexual nature or based on sex/gender so severe that it affects the terms and conditions of employment

20
Q

Personal Jurisdiction

A

A court’s authority to render a binding decision on the parties
In personam: person/business
In rem: property

21
Q

Where does Personal Jurisdiction Apply?

A

Person or business…
Resides in state
Does business in state
Causes personal injury/property damage in state
Owns property in state
Has contracted to supply goods/services in the state

22
Q

Subject Matter Jurisdiction

A

Authority to hear the type of dispute between two parties

23
Q

Standing

A

Plaintiff must have a sufficient stake in the matter to justify seeking relief (Harm, Causation, Remedy)

24
Q

Federal Jurisdiction Requirements

A

Federal Question
US is a Party
Diversity of Citizenship

25
Q

Dormant Commerce Clause

A

States can’t favor in-state commerce
States can’t impose unjustified burdens on the flow of interstate commerce

26
Q

Commerce Clause

A

Congress has the power to regulate commerce between two states

27
Q

Administrative Agency Purpose

A

Set/maintain standards
Inspect/regulate
Carry our functions

28
Q

Administrative Agency Authority

A

Rulemaking (Legislative, Judicial, Executive)

29
Q

Rule Making Process

A

– Congress passes Enabling Act
– Agency researches a problem
– Agency proposes regulations
– Public comment period for proposed regulations
– Hearing
– Action on rules is taken

30
Q

Judicial Review of Rules Formed by Administrative Agencies

A

Limited

31
Q

Criminal Law

A

Public wrong, obligation to society, focus on the offender

32
Q

Private Law

A

Contract/Tort Law

33
Q

Tort Law

A

Private wrong, obligation to an individual, focus on the individual that suffered

34
Q

Substantive Law

A

Laws that mandate conduct, the means and methods by which procedural law is enforced

35
Q

Procedural Law

A

Laws that are concerned with due process of law (filing deadlines/discovery practices)

36
Q

Common Law

A

Based on judicial decisions

37
Q

Statutory Law

A

Based on current statutes (written laws)

38
Q

Legal v. Equitable Remedies

A

Legal: usually monetary compensation
Equitable: specific performance and injunction

39
Q

Sources of Law

A

Constitution, Local Laws, Statutes, Regulations, Executive order, Treaties

40
Q

Precedent

A

Binding Agreement
Court must follow
Guiding principles for deciding future cases involving similar principles

41
Q

Stare Decisis

A

Let the decision stand
Should not overturn precedent unless there is a compelling reason to do so
Higher court decisions are binding on lower courts
(May not apply: keep up with national progress, account for technological advances, bestow more individual civil rights, reflect the tide of social opinion)

42
Q

IRAC

A

Issue, Rule, Application, Conclusion

43
Q

Plea Bargain

A

Defendant pleads guilty in return for a lesser sentence or other concessions

44
Q

Immunity

A

Exempts a person from liability, punishment, or other legal actions

45
Q

Unenforceable Agreement

A

Otherwise valid, but due to a technical formality remains unenforceable

Legal Environment of Business (2 decks)

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