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LAW Flashcards

1
Q

What are the two types of the legal system? What are the two sources.

A

Common law
Common law past decisions by judge
Statutory law created by legislature

Civil law
Applies laws from an accepted set of codified prinicples or compiled statues.
Judges only bound by civil code, not previous decisions.

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2
Q

What are the diferent processes (fact finding) in common law and civil law.

A

Common law uses adversarial process means, attorney’s gather and present evidence to the court.

Civil law uses inquisitorial process. Judge runs the show, acts for discovery and asks witnesses questions.

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3
Q

Jursitiction vs venue

A

Juristictions is power over the case

Venue is location over case

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4
Q

International issues. Two defiend for example: live in US, buy property in Mexico and owner lives in Canada.

A

Choice of law: courts choose which jurisdictions law to apply to each issue.

Enforcement of judgement: contries and judges can decide whether or not to enforce a foreign judgement. Depends in internal laws ans treaties between contries.

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5
Q

What is Parallel proceedings

A

Simultaneously criminal and civil actions against the same defendant

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6
Q

What penalties can be assessed in admistrative proceedings.

A

Conducted by government agencies
Monetary fines
License suspension

DEBARMENT: does not allow individuals or buisness to participate in government programs.

You cannot do business anymore with the government.

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7
Q

What does someone need to sue for defamation?

A

Untrue statement of fact
Communicated, PUBLISHED to a third person or party…

Statement damaged the subjects reputation.

Unprivileged occasion- means there is no buisness reason to be discussing such matters.

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8
Q

What are the two ways of invasion privacy

A

Intrusion into an individuals private matters.

Public disclosure of private facts.

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9
Q

Public disclosure of private facts. Vs defamation

A

Makes public statements about another partys private life that are not of public concern statements are TURE.

Defamation are statements UNTRUE

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10
Q

Before collecting or processing personal data organizations must give notice of ? GDPR

A

Consent of collection of data
Right to erasure IF REQUESTED. Not automatic…
Data breaches might trigger notify subject WITHOUT UNDUE DELAY.

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11
Q

Data transfer laws. Ways management can legitimize cross boarder transfer of personal information.

A

Obtain consent.

Establish a contract between the entities exchanging the information.

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12
Q

What is the ICCPR

A

International covenant on civil and Political Rights

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13
Q

What does Respondent superioir mean?

A

A buisness is liable for acts of its employees that occur within the scope of emploment with some intent to benefit the corporation.

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14
Q

What does vicarious liability mean?

A

Is very broad and applies even if managment had no knowledge.

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15
Q

What is a corporate deferred prosecution agreement?

A

Prosecutors agree not to prosecute the organization if certain condtitions are met.
Used to help companies avoid trial and conviction, but there is still punishment.

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16
Q

What is the burden of proof for civil law? International

A

Conviction intime or inner conviction of the judge.

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17
Q

Discovery for inquisitorial phase. How many phases? What are the phases?

A

Investigative phase: prosecure, judge or both collect evidence.

Examination phase: judge completes a written record of the evidence, may also collect testimony.

Trial phase: exhibition if the examining record before the parties, jury, or panel, parties argue their case.

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18
Q

What is it called in civil court for an appeal?

A

Can perform DE NOVO (a new) review of BOTH law and fact by evaluating the evidentiary record. (Dossier)

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19
Q

Direct evidence vs circumstantial.

A

Direct: tends to prove or disprove a fact in issue directly.

Circumstantial: tends to prove or disprove a fact in issue indirectly by inference.

Direct: i saw dude rob bank.
Circumstantial: saw dude running with money… didnt see actual robbery.

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20
Q

What is the definition of fraud.

A

FRAUD includes any INTENTIONAL or deliberate act to deprive another of property or money by guile, deception or other unfair means.

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21
Q

Material facts. What are the elements to proving suspect delibertly made a false statement.

A

Made false statement.
False statement was MATERIAL
Suspect KNOWLEDGE that the representation was false
Victim RELIANCE on the misrepresentation
Victim had DAMAGES resulting from the misrepresentation.

22
Q

Official bribery vs commercial

A

Official: Corruption of a public official to influence official act

Commercial: corruption of a private individual to gain buisness advantage.

23
Q

Eliments of a conflict of interest.

A

Defendant is an agent of a principal or employer

Agent takes interest in a transaction

Agents interest is actually potentially adverse. Like personal interests ahead of companies.

Agent did NOT DISCLOSE or receive approval.

24
Q

Duty of loyalty and duty of care

A

Duty of loyalty: must act soley in best intrest of prinicpal. Free of sed dealing ir conflict of interest.

Duty of care: requires people in fiduciary relationships must act with such care as an ordinart prudent person would act. CANNOT ACT RECKLESS

25
What is the OECD, Organization for Economic Cooperation and Development and what do they do?
Take concrete and meaningful steps to improve: Banking requirements and accounting. Laws and regulations related to Licenses and contract procurement and public subsides.
26
What is FCPA and what does it mean?
Foreign corrupt practices act. Prohibits making corput payments to foreign officials Only enforced in the US but has international reach Two principals: anti bribery provisions: unlawful to bribe foeign official to retain buisness Accounting provisions: keep accurate books
27
What is a grease payment
A fee or payment made to expedite or secure performance of routine actions. (Fees). Exception in the FCPA
28
What is the diference between the FCPA and the UK bribery act
UK goes further making commercial bribery a crime. UK does not allow grease payments. An anti corruption program that complies with FCPA may not be sufficient for UK law
29
Lay testimony vs expert testimony
Lay = factual testimony is testifying to what they have experienced first hand and their factual observations. Expert= by reason of education, training, skill or experience are qualified to render an expert opinion or otherwise testify in area relevant to resolution of a legal dispute
30
What is myopic vision
Great amount of time spent in one area
31
What is a civil filing called and three elements needed for civil suit
File a PLEADING Grounds of relief (what are you suing for how were you harmed) Summary of evidence Spacific facts on which tge claim is based. Counterclaims can be added
32
What type of discovery is interrogatory?
Written examination
33
What are the legal remedies in civil court
Damages Declatory: decide a controversy over contract or land Equitable: injunctions. Do or do not do a certain act.
34
What it is fidelity insurance
Insurance policy that pays in tge event if loss due to to employee dishonesty.
35
What is a security?
A negotial financial instrument that represents an interest or right. Traditional securities. Stocks, bonds, CD
36
What terms are included in investment contracts
Investment Common enterprise Expectation of profits Efforts of others
37
Why are securities law and regulations needed
They must balance the legitament needs of buisnesses against the need to protect investors. Foster an active competitive market Maintain market confidence.
38
What are self regulated organizations?
Non government entities Execuse some regulatory authority over an industry Establish standard rules under whixh members operate Offer professional training testing and licensing
39
What is churning?
Buying and selling not in your best interest, they are buying and selling to get the commison
40
Definition of money laundering
Is a disguise of the existence, nature, source, beneficial ownership abs disposition of property derived from criminal activity
41
What is the money laundering process
Placement: introduces illegal profits into financial systems. Includes STRUCTURING - breaking up transactions into smaller amounts Layering: moving money around using layers of financial transactions ti confuse the audit trail, often moved out of country Integration: money is integrated back into economy to make it aplear legitimate
42
What is trade based money laundering?
Importers or exporters colluding to misrepresent the price, quanity or quality of imported or exported goods or services.
43
What is Over invoicing? Under invoicing Over shipment Under shipment?
Over invoice: exported invoices goods above market value Under invoice: exporter invoices goods below market value Over shipment: launderer ships more goods than invoiced for Under ship: company invoices for more goods than shipped
44
What are money services buisnesses? And def?
Refer to non depository financial providers that operate in: Currency exchanges Check cashers Issuers, seller of travelers checks, money orders, or stored value Western unions! They are less strict regulations.
45
Def of financial action task force and key measures.
Purpose is to develop and promote standards and policies to combat money laundering and terrorist financing Use risk based approch Create policies that increases cooperation and coordination with other countries Spacifically criminalize money laundering and terroist financing Enable authorities to trace, freeze, ans confiscate assesr suspected of money laundering Require financial institues to keep certain recorda
46
AML programs must contain what?
Customer due diligence Must be ON GOING. look at buisness relationships and transactions. Report suspicious transactions. Large cash transactions should be reported. Disclosure requirements for carrying currency across boarders
47
What types of bankruptcy are there?
Liquidation: chapter 7. Liquidating nonexempt assests to pay off creditors. Can get court order to eliminate some or all debt. Reorganization: chapter 11. Allows reorganize finances abs continue as a going concern. Hope the debtor will be able to oay back and stay in buisness
48
What is a fraudulent conveyance sceme
A debtor attempts to conceal assests by transferring them into another person or company.
49
What does the world bank principals oversee
Person or group appointed to oversee bankruptcy. Has powers to cancel to fraudulent contracts. Collect, preseve and dispose of debtors property Interfere with contracts Examine the debtor
50
World bank principles to managment of buisness… three approches.
Managment replaced by impartial or independent representative Governance reaponsibilities remain invested in management. Exclusive control is entrusted to an independant representative
51
Tax evasion vs tax avoidance
Evasion: fraudulent actions to avoid reporting or paying taxes. Requires a willfull attempt to evade or defeat tax in a unlawful manner. Avoidance: legal means of lowering one’s tax bill through legitimate deductions, credits and shelters.
52
What are types of tax evasion schemes?
Income and wealth. Faulsify or omit material information regarding income or wealth. Failing to report foreign bank accounts or other taxable assests Falsifying tax deductions. Faulse expenses, inflating expenses, false info Tax credit sceme: misrepresenting eligibility for tax credit Consumption tax: sales tax, value added tax, excise tax

CFE LAW (1 decks)

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