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buisness law > mid term > Flashcards

mid term Flashcards

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1
Q

Morals

A

Views of what is right and wrong

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2
Q

Ethics

A

Justification for moral positions

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3
Q

Cost-benefit model

A

what situation or action will have the most benefit or least destructive

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4
Q

Rights model

A

what action that appeals most to human rights

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5
Q

Justice

o Capitalism

A

states anything that creates competition is just

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6
Q

Justice

Marxism

A

states no one should be left in the dust

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7
Q

Fiduciary

A

some one who possesses property belonging to another or occupies a position of power and confidence regarding the property of another. AKA watch out for your partner and be loyal

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8
Q

Jurisprudence

A

the study of legal philosophy.

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9
Q

Idealist conception of law (natural law)

A

Law is ordained by nature in human experience. (definite right vs. wrong) aka MLK jr

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10
Q

Positivist conception of law

A

law is a body of rules (a law has to be enforced), aka Lewis

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11
Q

Historical Conception

A

if people over a long period of time believe in the same thing, it becomes law

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12
Q

Sociological Conception

A

laws are a reflection of the times

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13
Q

Realist conception

A

Law is how it is enforced

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14
Q

Economic conception

A

anything that promotes good economy is law

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15
Q

Critical Conception

A

Laws is under the philosophy of the judges, Law is a constant evaluation and reevaluation

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16
Q

Stare Decisis

A

“let the law stand” a policy that past judicial decisions are applied to help decide current cases

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17
Q

Non-feasance

A

not doing something

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18
Q

Mal feasance

A

doing something wrong

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19
Q

Res Judicata

A

when a case cannot generally be reopened after it has already been decided even if rule of law changes. “It has been decided”

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20
Q

Attorney and client privilege

A

anything said between the attorney and client is confidential, unless attorney knows that the client is going to hurt someone.

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21
Q

The fifth amendment

A

the right to not being able to incriminate oneself

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22
Q

Double jeopardy

A

you cannot be tried for the same crime twice, in criminal cases.

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23
Q

Pleeing stage

A

when you are suing someone, the other party has to know. They receive a summons and a complaint

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24
Q

Complaint

A

when the plaintiff can prove everything in the complaint the defendant must compensate the plaintiff

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25
Q

Counter claim

A

when the defendant sues the plaintiff right back

26
Q

Third party complaint

A

when you are being sued and you sue someone else for the reason your being sued

27
Q

Discovery process

A

all information must be shared between all parties, this expedites the legal process

28
Q

Request for admission

A

a question when only an admission or denial can be in the answer

29
Q

Deposition

A

can observes witnesses testaments before case, allowing the attorneys to question the witness

30
Q

Mediation

A

one party called mediator, sits with parties and tries to help find a resolution while being neutral, does not have power of decision

31
Q

Contract

A

a promise returned for a promise

32
Q

Firm offer

A

offer by a merchant to buy or sell goods, To accept an offer, you have to fallow exact terms set forth

33
Q

Unilateral Contract

A

individual performs on offer set forth

34
Q

Bilateral contract

A

acceptance by both parties

35
Q

Consideration

A

a promise made within the contract

36
Q

Breach of contract

A

When a party does not provide full consideration

37
Q

Past consideration

A

If one party already does something, pre existing duty, it cannot be considered for an offer

38
Q

Implied-in-law/ Quasi-contract

A

there is not contract, but the court will treat it as one

39
Q

Express contract

A

a contract where terms are explicitly stated

40
Q

Implied contract

A

a contract when both parties have not agreed about is implied that promises are made

41
Q

Illegal contracts

A

contacts that are illegal, you cannot enforce it

42
Q

Valid Contracts are..

A

Leagal and enforcable

43
Q

Void contracts are……

A

illegal in someway and cant be enforced

44
Q

Contracts that are “Voidable” are…

A

legal at face value, but in some way could be void

45
Q

Contracts are void because of Capacity

A

when a party doesn’t have the mental or becoming of age to make a “rational decision,”

46
Q

Contracts are void because of Rescission

A

when everything and everyone is put back the where it started before the void contract

47
Q

Contracts are void because of Ratify

A

if someone who is ineligible to have a contract, keeps acting on agreements of contract even after they become eligible.

48
Q

Contracts are void because of Misrepresentation

A

when a party agrees on something that is not true

49
Q

Contracts are void because of Duress

A

party is forced to sign a contract, physically or economically

50
Q

Contracts are void because of • Undue influence

A

party substitutes their influence for someone else’s into signing a contract

51
Q

Contracts are void because of Mutrall mistake

A

There is not a meeting of minds and the contract is voided

52
Q

Conditions Precedent

A

Something or a event has to happens before a contract can be valid

53
Q

Contracts are NOT void because of a Unilateral mistake

A

(one party makes a mistake) will not void the contract

54
Q

Condition Subsequent

A

Something that can happen after the contract that could void the contract

55
Q

Parol evidence

A

when the parties intend the contract to be final and complete, no prior representations or agreements are valid

56
Q

Substantial Performance

A

The recovery will be a reasonable for the job that has been performed

57
Q

Specific Performance

A
  • “I want the party to do what they contracted to do because it will be unique.” Performance could be excused because of improbable performance situations
58
Q

Rescission

A

This happens when parties are put back two where they started before the contract

59
Q

Mitigate damages

A

Lessen or make smaller, when one party goes against the contract, you have the obligation to mitigate the damages

60
Q

Liquidated damages

A

If the damages are undeterminable, they are liquidated. Ex, if your in a car crash and break your arm, your claim is liquidated

61
Q

Third party beneficiary

A

When two people make a contract, someone else benefits from the contract.
“as long as the third party is in the intended benefit of the contract, that party can enforce the contract”

62
Q

Two different kinds of third party beneficiary

A

Donee- does not provide service

Creditor- provides a service within the contract

buisness law (2 decks)

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