Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BL 302 > Midterm > Flashcards

Midterm Flashcards

1
Q

legal astuteness

A

the ability of managers to communicate effectively and work with counsel to solve problems

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

public law

A

the formal rules embodied in constitutions, statutes, judicial decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

four primary public policy objectives

A
  • promoting economic growth
  • protecting workers
  • promoting consumer welfare
  • promoting public welfare
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

teleological theory

A

concerned with consequences (the ethical good of an action is to be judged by the effect the cation has on others)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

deontological theory

A

the motivation and principle behind an action than on its consequences

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

compensatory justice

A

aims at compensating people for the harm done by others

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

retributive justice

A

concerned with the harm people do to others, but focus on how to deter others from inflicting the harm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

common law

A

case law: the legal rules made by judges when they decide a case

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

how is common law developed?

A

through stare decisis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

authoritative legal rule

A

one that must be followed regardless of persuasive power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the criteria for a case to be held in federal court?

A
  • federal question jurisdiction
  • diversity jurisdiction
  • when the united states is a party
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

define federal question jurisdiction

A

exists when the dispute concerns federal law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

define diversity jurisdiction

A

exists when a lawsuit is between citizens of two different states or between a citizen of a state and a foreign country AND the amount exceeds 75k

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Erie doctrine

A

ensures the outcome of a diversity case will be similar to the outcome in a state court

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

When is a corporation deemed a dual citizen?

A

the state in which it has been incorporated and where it is headquartered

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

en banc hearing

A

cases of the courts of appeals are usually presented to a panel of 3 judges

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what is subject matter jurisdiction?

A

which courts have the power to hear this kind of claim?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is personal jurisdiction?:

A

which states have the power to hear my particular claim?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

service of process

A

notifies the defendant of the filing od a lawsuit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

long-arm statute

A

defendant had minimum contacts with the state AND the incident occurred in that state

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

class action fairness act

A

permits defendants to remove many civil class actions to federal court

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

civil procedure

A

refers to the methods, procedures, and practices that govern the processing of a lawsuit from start to finish

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

pleadings

A

plaintiff’s complaint,

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

summons

A

officially notifies the defendant that the lawsuit is pending in a particular court and that the defendant must file a response in a certain number of days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

affirmative defense

A

admits that the defendant has acted in a certain way but claims that the defendant’s conduct was not the cause of harm or that the behavior is excused for some reason

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

counterclaim

A

a legal claim made by the defendant aginst the plaintiff

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

a motion to dismiss

A

seeks to terminate the lawsuit on the ground that the plaintiff’s claim is inadequate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

case dismissed with prejudice

A

the plaintiff is precluded from asserting the same claims in another case

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

motion for judgment on the pleadings

A

a party may file a motion to dismiss immediately after the complaint and answer have been filed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

affidavits

A

sworn statements or other written evidence in an attempt to show that the cause of action is without merit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

summary judgment

A

decision made without a trial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

settlement conference

A

give each side a candid assessment of the strengths and weaknesses of its case and likely the outcome if it goes to trial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

voir dire

A

each side may challenge any number of jurors for cause during the questioning of jurors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

deposition

A

anyone who might have helpful info about the facts may be required to give oral testimony

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

interrogatories

A

written questions parties may be required to answer in writing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

When can you NOT prove common contention

A

when there is individual discretion or different legal harms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

three parts of discovery

A

depositions, interrogatories, requests for the production of documents

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

agency

A

one person who acts for and represents the principal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

principal

A

delegates a portion of power to an agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

equal dignities rule

A

if an agent acts on behalf of another in signing an agreement in writing the authority of the agent must also be in writing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

apparent authority

A

when a person leads another to believe that someone else is his or her agent and is then prevented from denying it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

agency by ratification

A

an agency relationship formed without an agreement–> if the principal approves or accepts the benefits of the actions of an otherwise unauthorized agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

respondeat superior

A

employers are liable for the torts of their employees as long as the employee was acting within the scope of employment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

fiduciary duty

A

by agreeing to act on behalf of the principal the agent becomes a fiduciary

  • duty of loyalty
  • duty of obedience
  • duty of care
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

duty of loyalty

A

fiduciary duty of agents, officers, and directors to act in good faith and in what they believe to be in the best interest of the principal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

duty of obedience

A

obey all orders of the principal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

duty of care

A

duty to avoid mistakes, whether through negligence, recklessness, or intentional misconduct

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

actual authority

A

agent’s authority to act on behalf of a principal can be expressed or implied

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

express actual authority

A

authority given based on words or by an action that indicates the principal’s consent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

implied actual authority

A

to do whatever is reasonable to complete the task at hand (usual or customary)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

express ratification

A

when the principal manifests an intent to be bound by the agent’s act by words or through action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

implied ratification

A

occurs when the principal by failure to repudiate or through silence the agent’s act, acquiesces in it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

vicarious liability

A

the imposition of civil or criminal liability on one party for the wrongful acts of another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

sole proprietorships

A

one individual owns all the assets of the business an is solely and personally responsible for all of its debts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

general partnerships

A

an association of two or more persons to carry on as co-owners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

pass-through entity

A

a business organization that does not pay tax as a separate tax payer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

limited liability partnerships

A

designed primarily for groups of professionals–> partners usually have unlimited liability for their own malpractice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

limited partnerships

A

consists of one or more general partners and limited partners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

liability of general partners

A

jointly and severally liable for partnerhsip obligations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

limited partner liability?

A

assume no liability for partnership debts beyond the amount of capital they have contributed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

benefit corporations

A

a for-profit corporation that uses the power of business to solve social and environmental problems
- no duty to maximize shareholder value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

limited partnership requirements

A

a certificate of partnership and limited participation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

staggered board

A

a board on which directors serve for specified terms with only a fraction of them up for reelection

64
Q

piercing the corporate veil

A

disregard the corporate from. when a court denies limited liability to a corporation and holds shareholders personally responsible for claims against the corporation

65
Q

alter ego theory definition

A

applies when the owners of a corporation have so mingled their own affairs with those of the corporation that the corporation for not exist as a distinct entity

66
Q

factors in deciding whether a corporation is an alter ego of the shareholder

A
  • domination by controlling shareholder
  • bypassing formalities
  • comingling of assets
67
Q

undercapitalization theory

A

applies when the corporation is a separate entity but its deliberate lack of adequate capital allows it to skirt potential liabilities

68
Q

inside director

A

a member of the board can serve as an officer

69
Q

outside director

A

someone who is not also an officer

70
Q

plurality standard (voting for shareholders)

A

a director could be elected as long as he has received a plurality of the votes cast for any nominee without regard to the number of votes withheld

71
Q

plurality plus voting

A

a director nominee is elected but fails to receive a majority of the votes cast, the director must tender hi resignation which the board must decide whether to accept

72
Q

cumulative voting

A

each shareholder may cast all of his or her votes for one nominee or allocate them among the nominees

73
Q

straight voting

A

a shareholder can cast one vote for each share the shareholder owns for each nominee

74
Q

class voting

A

when the charter or applicable law requires one class of stock to approve a given proposal voting separately from the holders of the other classes of stock

75
Q

proxy access

A

the ability of certain significant and longer-term shareholders to nominate candidates for the board and to solicit proxies without having to incur the considerable expense of a proxy contest

76
Q

proxy contests

A

insurgents propose their own slate of directors or rally to oppose a board proposal by sending out their own proxy statement and soliciting proxies for their candidates or position

77
Q

shareholder derivative action

A

shareholders alleging corporate mismanagement leading to harm to the corporation as a whole

78
Q

direct action

A

shareholders could sue directors if the board completed a merger or other transaction requiring approval by the preferred shareholders voting as a class without obtaining that approval

79
Q

the securities acts of 1933 and 1934 reflect what core beliefs?

A
  • investors should be provided with full information prior to investing
  • corporate insiders should not be allowed to use nonpublic information concerning their companies and to their own financial advantage
  • misled investors should receive adequate relief even in the absence of common law fraud
80
Q

investment contract

A

any transaction that involves an investment of money in a common enterprise with profits to come solely from the efforts of others

81
Q

horizontal commonality

A

an arrangement whereby multiple investors pool their funds and receive pro rata share of the profits of a single enterprise or buy very similar assets that are managed jointly

82
Q

broad vertical commonality

A

the fortunes of the investors need to be linked only to the efforts of the promoter

83
Q

narrow vertical commonality

A

the investor must prove a tie between the fortunes of the investor and the investments promoter such that these fortunes rise and fall together

84
Q

the family resemblance test

A

a promissory note is initially presumed to be a security based on the literal language the securities act but may be rebutted showing that the note bears strong resemblance to other instruments

85
Q

role of underwriters

A

agree to purchase the entire offering and find buyers

86
Q

prospectus

A

selling document and disclosure document, an insurance policy against claims of security fraud

87
Q

waiting period

A

the time between the public filing of the registration statement and its becoming effective– issuer and underwriters can’t publish a lot during this time

88
Q

free writing prospectus

A

written communication that offers securities but does not meet the statutory requirements for a prospectus

89
Q

gun-jumping

A

conditioning the market to whip up interest in the offering with a news article or press release

90
Q

due diligence

A

shows risk of investing in company, close look t financials

91
Q

define tort

A

a civil wrong resulting in an injury to a person or property

92
Q

intentional torts require the plaintiff to prove what?

A
  • actual or implied intent
  • a voluntary act by the defendant
  • causation AND
  • injury or harm
93
Q

actual intent:

A

can be shown by evidence that the defendant intended a specific consequence to a specific individual

94
Q

recklessness

A

as the degree of certainty of the result decreases, the defendant’s conduct loses the character of intent and becomes recklessness

95
Q

defamation

A

communication to a third party of an untrue statement asserted fact, that injures the plaintiff’s reputation by exposing him or her to hatred, ridicule, or contempt

96
Q

libel

A

written defamation (law presumes injury)

97
Q

slander

A

spoken defamation (actual injury must be shown)

98
Q

defenses to defamation

A

absolute and qualified privelege

99
Q

absolute privilege

A

cannot be lost– a statement can be published that is known to be false

100
Q

qualified privilege

A

can be lost under certain conditions if the person making the statement made it with malice, in bad faith, or with an improper motive

101
Q

invasion of privacy forms:

A
  • intrusion
  • public disclosure of private facts
  • appropriation of person’s name or likeness
102
Q

negligence

A

the failure to use such care as a reasonably prudent and careful person would use under similar circumstances

103
Q

duty to rescue

A

duty to rescue one who is placed in peril, one whom you have a special relationship with, or one whom you have started to rescue

104
Q

landlord tenant duty

A

landlord has a duty to provide adequate security to protect tenant from criminal acts of third parties

105
Q

duty of landowners./possessors

A

landowners or possessors have a legal duty to keep the property reasonably safe

106
Q

duty to trespassers

A

no duty unless trespassers are known

107
Q

duty to licensees

A

refrain from gross negligence, only arises when the possessor has actual knowledge of a risk

108
Q

duty to invitees

A

an invitee is owed a higher duty than a licensee (customers, employees, contractors) again protecting from known dangers

109
Q

breach of duty

A

once it is determined the defendant owed the plaintiff a duty

110
Q

negligence per se

A

negligence is imposed as a matter of the law when a person violated a statute intended to protect people from the harm inflicted on the plaintiff

111
Q

res ipsa loquitur

A

the thing speaks for itself when the accident is obvious although there is no direct prof that the accident would have not happened without someone’s negligence

112
Q

three requirements for res ipsa loquitor

A
  • plaintiffs injury must have been caused by a condition or instrumentality that was within the defendant’s exclusive control
  • the accident must be of such nature that it ordinarily would not occur in the absence of negligence by the defendant
  • the accident must not be due to the plaintiff’s own negligence
113
Q

causal connection

A

actual cause and proximate cause (the plaintiff must prove the breach of duty caused negligence

114
Q

actual cause

A

the plaintiff must prove that he or she would not have been harmed but for the defendant’s negligence

115
Q

proximate cause

A

the defendant has a duty to protect this particular plaintiff against the specific conduct that injured him or her

116
Q

contributory negligence

A

if the plaintiff was negligent in any manner he or she cannot recover any damages from the defendant

117
Q

comparative negligence

A

takes two froms: ordinary and pure

118
Q

ordinary comparative negligence

A

plaintiff may recover if he or she is less culpable than the defendant

119
Q

pure comparative negligence

A

the plaintiff may recover for any amount of the defendant’s negligence even if the plaintiff was the more negligent party

120
Q

assumption of risk

A

requires that the plaintiff knew the risk was present and understood its nature, voluntarily chose to incur the risk

121
Q

actual damages

A

measure the cost to repair or replace an item or the decrease in market value caused by tortious conduct

122
Q

punitive damages

A

may be awarded to punish the defendant and deter others from engaging in similar conduct

123
Q

equitable relief

A

if a monetary reward will not adequately compensate for the plaintiff’s loss, courts may give equitable relief (issue an injunction to prohibit the defendant from continuing a course of activity)

124
Q

define product liability

A

the legal liability manufacturers and sellers have for defective products that cause injury to purchasers, users, or bystanders, or their property

125
Q

theories of recovery

A

theories on which a product liability claim can be brought are a breach of warranty, negligence, and strict liability

126
Q

breach of warranty

A

whether the quality, characteristics and safety of the product were consistent with the implied or express representations made by the seller

127
Q

express warranty

A

an affirmation made by the seller relating to the quality of the goods sold

128
Q

implied warranty

A

created by law and guarantees the merchantability of the goods sold and under some circumstances their fitness for a particular purpose

129
Q

privity contract

A

to recover, an injured person must be in a contractual relationship with the seller

130
Q

strict liability in tort

A

allows a person injured by an unreasonably dangerous product to recover damages from the manufacturer in the absence of a contract or negligent conduct

131
Q

for a defendant to be held strictly liable, the plaintiff must prove what?

A
  • the product harmed the plaintiff or the plaintiff’s property
  • the injury was caused by a defect in the product and
  • the defect existed at the time the product left the defendant and did not substantially change along the way
132
Q

manufacturing defect

A

a flaw in the product that occurs during production, such as a failure to meet the design specifications

133
Q

design defect

A

when a product is manufactured according to specifications but nonetheless is unreasonably dangerous to the user or consumer or to his property due to its inadequate design or poor choice in materials

134
Q

defective product if:

A
  • design defect, manufacturing defect, inadequate warnings, labeling, or instructions
135
Q

failure to warn claim the plaintiff must show:

A
  • the defendant breached a duty to warn AND
  • the defendant’s failure to warn was the proximate cause of the plaintiff’s injuries
136
Q

common law defenses

A
  • assumption of risk
  • comparative fault
  • obvious risk
137
Q

comparative fault:

A

the plaintiff’s damages may be reduced to the degree to which his or her negligence contributed to the injury

138
Q

two elements needed to create criminal liability

A
  • an act that violates an existing criminal statute AND
  • the requisite state of mind
139
Q

actus reus

A

guilty or wrongful deed often used to describe the act in question

140
Q

mens rea

A

guilty mind

141
Q

what are the three forms of mens rea

A

negligence, recklessness, and intent

142
Q

civil liability versus criminal

A
  • civil law compensates the victim for legal wrongs committed against the victim or his or her property
  • criminal law protects society by punishing the criminal
143
Q

direct liability

A

if an officer, director, or employee commits a crime against an employer, that person will be prosecuted as an individual

144
Q

responsible corporate officer doctrine

A

a corporate officer may be found guilty of a crime if he or she bore a responsible relation to the violation of a statute dealing with products which may affect the health of consumers

145
Q

impossibility defense

A

a corporate officer may escape liability if he or she did everything possible to ensure legal compliance but the company was still unable to comply with the applicable standards

146
Q

respondeat superior

A

let the master answer– a corporation can be held liable for criminal offenses committed bu its employees if the acts were committed within the scope of employment

147
Q

white collar crime

A

a violation of the law by a corporation or one of its managers

148
Q

RICO

A

Racketeering under the racketeer-influenced and corrupt organizations act

149
Q

larceny

A

theft

150
Q

fraud

A

any deception intended to induce someone to part with property or money

151
Q

to establish mail or wire fraud must establish

A
  • the existence of a scheme intended to defraud or to obtain money or property by fraudulent means
  • the use of the mails or of interstate telephone lines or electronic communications in furtherance of the fraudulent scheme
152
Q

honest services fraud

A

failure to provide honest services to employer

153
Q

money laundering

A

the transfer of fund derived from the unlawful activities with the intent of concealing or disguising the nature location source ownership or control of said funds

154
Q

false statements act

A
  • falsifies and conceals or covers up by any trick scheme or device a material fact
  • makes any materially false, fictitious, or fraudulent statement or representation
  • makes or uses any false writing or document knowing the same to contain any false fictious or fraudulent statement or entry

shall be fine,imprisoned or both

155
Q

Foreign corrupt practices act

A

accounting provision and anti-bribery provisions

156
Q

FCPA

A

illegal to make a payment or give anything of value to a foreign gov official to get a business advantage. also illegal to make any payment or give anything of value to a foreign candidate for political office, or for a foreign political party to get a business advantage

157
Q

bribery

A

the offering giving soliciting or receiving of any item of value as a means of influencing the actions of an individual holding a public or legal duty

BL 302 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions