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Business Law > PART 1 (CHAPTER 1) > Flashcards

PART 1 (CHAPTER 1) Flashcards

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1
Q

The LAW

A

system of rules regulating the conduct of individuals within a society, assisted by a set of mechanisms put in place to ensure its enforceability

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2
Q

The law exists because…

A

Ubi homo, ibi societas (where there is man, there is a society)
Ubi societas, ibi jus (where there is a society there is the Law)

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3
Q

The state

A

politically organized community, established on a specific territory, which is exclusive to it characterized by being independent and sovereign

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4
Q

Key elements of a state

A

The people
The territory
The political power

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5
Q

Religion

A

religions set rules that should be followed by its believers (cannot be enforced)

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6
Q

Moral

A

aims at orienting individuals’ conduct to practice good

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7
Q

Social rules of conduct

A

rules regarding the social conduct of individuals within the society

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8
Q

Natural law

A

claims that humans are born with a certain moral compass that guides behaviors

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9
Q

Positive law

A

system of legal rules and principles that are enforced by the government

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10
Q

Key elements in law:

A

A system
Legal provisions
Enforceability

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11
Q

Legal Systems

A

The Law is not a mere set of rules, these rules are part of a system

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12
Q

Legal systems: common law

A
  • relies on previous court decisions (precedents) to guide future rulings
  • judges interpret laws based on past cases
  • used in countries like UK, US, Canada and Australia
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13
Q

Legal systems: civil law

A
  • relies on written laws (statutes) rather than court decisions
  • laws are typically codified and cover many aspects of daily life
  • used in countries like France, Germany, Japan
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14
Q

Statutes

A

are legislative acts that contain rules of conduct. They are composed of legal provisions

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15
Q

Legal provisions

A

all statutes, laws, ordinances, rules, regulations, judgments, orders and decrees of any Governmental Entity

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16
Q

Main characteristics of legal provisions

A
  • Generic
  • Abstract
  • Mandatory
  • Breakable
  • Enforceable
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17
Q

Legal provisions (Generic)

A

basic rules that apply to many different situations. They’re written broadly so they can cover a lot of different cases

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18
Q

Legal provisions (abstract)

A

described in a broad and non-particular manner, they do not contemplate particular cases

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19
Q

Legal provisions (mandatory)

A

issue a command that should be complied

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20
Q

Legal provisions (breakable)

A

they apply to free people, therefore there is a possibility that someone may choose to break the law

21
Q

Legal provisions (enforceable)

A

supported by a system with the means to enforce them

22
Q

National legal provisions

A

apply to the entire territory

23
Q

regional legal provisions

A

apply within the autonomous regions

24
Q

local legal provisions

A

apply within local municipalities

25
Q

Perfect legal provisions

A

sanction illegal acts by rendering them invalid or null and void

26
Q

More than perfect legal provisions

A

in addition to the invalidity of the act, a penalty is established

27
Q

Less than perfect legal provisions

A

establish a penalty but do not invalidate the illegal fact

28
Q

Imperfect legal provisions

A

legal provisions without a sanction

29
Q

Direct legal provisions

A

provide the solution to the case

30
Q

Indirect legal provisions

A

created to solve legal problems, they indicate the applicable law

31
Q

Enforceability (Sanctions)

A

unfavorable consequences imposed by law upon the offender as a result of an infringement of a law. Sanctions are imposed by the state

32
Q

TYPES OF SANCTIONS

A

(i) Compulsory
(ii) Reconstructive
(iii) Compensatory
(iv) Preventive
(v) Punitive

33
Q

Compulsory penalties

A

intended to guarantee that, after an infringement, the law is complied with (Periodic penalty payment, Right of retention)

34
Q

Periodic penalty payment

A

the Court may order the debtor to pay a monetary amount for each day of delay in complying with his
obligations or for each offense

35
Q

Right of retention

A

the right to retain possession of
certain things owned by another person until the possessor’s claim against the
owner has been satisfied

36
Q

Reconstructive sanctions

A

seek to reconstitute the situation exactly as it was prior to the infringement as if the infringement never occurred (Reconstitution in natura, Specific execution)

37
Q

Specific execution

A

a contract has been signed and all the terms and conditions have been satisfied

38
Q

Specific damages

A

If the debtor is under the obligation to replace the damaged good, they must compensate

39
Q

Compensatory penalties

A

aims to create a situation that is equivalent to the situation that would exist if the breach did not occur

40
Q

Punitive penalties

A

aim to impose suffering upon the offender and to reprove his conduct

41
Q

Types of punitive penalties

A

Criminal penalties
Civil penalties
Disciplinary sanctions
Sanctions related to administrative offenses

42
Q

Criminal penalties

A

Fines or imprisonment

43
Q

Civil penalties

A

involves monetary payment, or a court order to do or not to do something

44
Q

Disciplinary sanctions

A

like a warning, such as probation, suspension, dismissal, etc.

45
Q

Sanctions related to administrative offenses

A

Non-submission of tax returns/statements within the legal deadlines

46
Q

Preventive penalties

A

aim at preventing future violations, thus in addition to imprisonment, supplementary penalties may also apply

47
Q

4 entities exercising sovereignty in Portugal

A

the parliament, the court, the president, the government

48
Q

Sovereign

A

people/groups having the power to make rules

Business Law (17 decks)

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