Brainscape's Knowledge GenomeTM

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


See full index

Business Law > Test 1 > Flashcards

Test 1 Flashcards

You may prefer our related Brainscape-certified flashcards:
MBE flashcards MPRE flashcards Civil Procedure 1L flashcards
1
Q

General timeline of a case

A

1-pre-litigated
2-suit filed
3-discovery/motions
4-Trial
5-Appeals

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

Parts of a judicial opinion

A
  1. Style-party names
  2. Citation- indicates where to find opinion in law
  3. Facts- what happened between the parties that resulted in plaintiff suing defendant
  4. Procedural History-what happened in the litigation process of this case to date
  5. Issue-the specific question to be decided by the court
  6. Rule- legal standard the court will apply to the facts of the case
  7. Analysis- courts application of the rule to the facts
  8. Holding- courts decision (answers the question posed in the issue)
  9. Disposition- what happens now in the case
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Origins of US law

A

England 1.- common law=accumulation of precedent. Precedent=judges must decide cases based on previous rulings
2. Emphasis on land- indigenous tribes
1. Separation of powers/federalism

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

Key sources of us law

A

1-constitution
2. Common law
3- statutes
4-treaties
5- administrative law
6-court orders

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

Constitution

A
  1. Superstition of powers
  2. Fundamental rights (bill of rights) protect against government
  3. Checks and balances
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Common Law

A

1- made by judges/courts
2-stare decisis=let the decision stand-once a court has decided a particular issue, will generally apply the same rule in similar cases in the future
3- advantages: consistent, predictable, efficient
4-disadvantages: lack of flexibility, social values may change, hard to change law on moral grounds

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

Statutes

A

Enacted by legislature

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

Administrative law

A

Regulations promulgated by government agencies

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

Court orders

A

Specific to parties in a particular case

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

Criminal Law

A

1-Concerns: crimes against society
2-Cases brought by state attorney against defendant
3-Punitive (jail time/fines)
4- mostly statutory

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

Civil law

A

1-concern: rights and duties between parties
2-one party (plaintiff) suing another (defendant)
3-Money damages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Jurisprudence

A

Philosophical interpretation of the nature and purpose of law

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

3 theories of jurisprudence

A

1-legal positivism: law is what the sovereign says it is
2-Natural Law: an unjust law is no law at all
3-Legal Realism: whoever is enforcing the law matters more than what the law actually says

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

Statutory Law

A

1- made by legislature-more laws created by statutes than by courts
2- reasons for new bills
1.. new issue
2. Unpopular judicial ruling
3. Criminal law

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

Steps in the legislative process

A
  1. Bill proposed
  2. Committee approval
  3. Debate and amendments
  4. Both houses and congress vote
  5. House senate conference committee
  6. Both houses vote to compromise bill
  7. President signs or vetos
  8. Congress override (2/3 majority)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Statutory Interpretation

A

A) plain language
B) legislative history and intent
C) public policy

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

Rule promulgation
A) 2 types of rules

A

1-Legislative rules-agency created law
- most important agency rules
- generally have effect of statutes

2-interpretive rules-agency interprets what law already requires
-law itself does not change

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

Rule promulgation
B) rulemaking methods

A

1- Informal-“notice and comment”
2-Formal-public hearings
3-Primary distinction=degree of public participation before agency issues rule

19
Q

Investigation
A) subpoena

A

Order to appear at a particular time and place to provide evidence
-info sought out must be-
-relevant
-not unreasonably burdensome
- not privileged

20
Q

Investigation
B) warrant less searches

A

1-comprehensively regulated industries- companies should be on notice that they are subject to periodic, unannounced inspections
2- U.S. v. Boswell-Warrantless search was not unconstitutional

21
Q

Adjudication

A

1 adjudication- hold hearings and render decisions on an issue
2. Administrative law- impartial agency employee
3. No jury
4. Parties represented by counsel
5. Informal rules of evidence
6. Appellate remedies: agency appellate board, federal court
7. Limitations on agency powers

22
Q

Adjudication

A

1 adjudication- hold hearings and render decisions on an issue
2. Administrative law- impartial agency employee
3. No jury
4. Parties represented by counsel
5. Informal rules of evidence

23
Q

Statutory control

A

1- enabling legislation may provide some limits

2- Administrative Procedure Act- imposed some additional controls

24
Q

Statutory control

A

1- enabling legislation may provide some limits

2- Administrative Procedure Act- imposed some additional controls

25
Q

Political control

A

1-President-greatest influence is on executive agency’s
2-congress
-can cut agency budgets
-can amend enabling legislation
-must approve presidential nominees to head agencies

26
Q

Judicial Review

A

a) federal court
b)Direct harm requirements-no theoretical or preemptive laws
C) exhaustion or administrative remedies- must first have taken all possible appeals within agency itself
D) deferential standards of review
1. Facts
2. Law

27
Q

Informational control & the public

A

A) freedom of information act
1. Applies to federal administrations only
2. Written request
3. Can request info about
-agency operations, finances, stats
-You (all the info agency has on you)
B) Privacy Act
-Prohibits agencies from giving info about individuals to others without written consent

28
Q

Choosing a business structure-key considerations

A
  1. Liability
  2. Tax
  3. Cost/Capital
  4. Complexity
  5. Control
29
Q

Basic entity types

A

1- sole proprietorship
2- general partnership
3- corporation
4-LLC

30
Q

Sole proprietorship

A

-unincorporated business owned by one person

-most common form of business in the US

31
Q

General partnership

A

1-unincorporated association of two or more co owners who operate a business for profit
2-each co owner=general partner
3-often governed by a partnership agreement but not required

32
Q

Corporation

A

1-separate legal entity
2-“C corporation = a regular corporation that provides limited liability to its owners but its separate, taxable entity

33
Q

LLC

A

1-newer form of business entity
2-created by state statutes
3- separate legal entity
4-blends elements of sole proprietorship and corporations: limited liability+single taxation

34
Q

Additional considerations for LLCs

A
  1. Perpetual duration
  2. Legal uncertainty- areas of law that are well established for corporations may not yet be clear for LLCs
  3. Transfer restrictions
    -unanimous consent of all members required to transfer ownership interest or add new member
    -can transfer economic interests without permission
    KEY DOCUMENTS
  4. Certificate of Formation-required
  5. Operating agreement-very important not required legally
35
Q

Piercing the Veil

A

A) loss of liability protection>individuals held personally liable for company actions/debts
B) Strong presumption against veil piercing>required serious misconduct
1. Failure to observe legal formalities
2. Commingling assets
3. Inadequate capitalization
4. Fraud

36
Q

Other entity types

A
  1. Special corporations
    A) S corporations
    B) Close corporations
  2. Limited liability partnerships
  3. Social enterprises
  4. Professional corporations
  5. Joint ventures
  6. Franchises
37
Q

S Corporations

A

1-created by congress
2-purpose: tax breaks to encourage entrepreneurs
3- easy to convert to C corp
4- Restrictions
-1 class of stock
-maximum of 100 shareholders
-shareholders must
a)not be partnerships or corporations
b) be US citizens or residents
c) agree that the company should be a S corp

38
Q

Close corporations

A

1-created by state law
2-purpose: to protect small business owners
3-characteristics
a) few shareholders
b) stock not publicly traded
c)shareholders active in management
4- Features
a) Protection of minority shareholders
b) transfer restrictions
c) flexibility
d)dispute resolution

39
Q

Close corporations

A

1-created by state law
2-purpose: to protect small business owners
3-characteristics
a) few shareholders
b) stock not publicly traded
c)shareholders active in management
4- Features
a) Protection of minority shareholders
b) transfer restrictions
c) flexibility
d)dispute resolution

40
Q

Limited liability partnerships

A

1- blend elements of general partnership and corporations: limited liability+single taxation
2-often restricted to certain types of professionals
3- features
a) limited liability
b) single taxation
c) formed by filing statement of qualification
d) annual reports required
e) must comply with all statutory technicalities

41
Q

Social enterprises

A

1- social conscious organizations
a) benefit corporations
b) low profit LLCs
2 -NOT non profits
3- triple bottom line-people, planet, profits
4-mostly retailers and consumer products
5- ideal-reform capitalism by limiting excess while keeping benefits
6-concerns: purpose washing, greenwashing
7) model benefit corporation act required organizations to:
a) identify as benefit corporations in company character
b) obtain approval of charter from 2/3 shareholders
c)measure social benefits using standard set by objective third party
d) prepare annual benefit report

42
Q

Professional corporations

A

1- mostly a legacy entity type
2-primary advantage= limited liability
3-disadvantages:
a) all shareholders must belong to the same profession
b) must comply with complex and expensive legal technicalities
c) complicated tax issues

43
Q

Joint Ventures

A

1-partnership for a limited purpose
2- Liability for taxes/debts shared among participants
-liability is limited to the scope of the joint venture

44
Q

Franchises

A

1- not a distinct type of business entity
2-Advantages
a) business ownership
b)established business and brand
c) support
3- Disadvantages
a) control
b) cost
4- legal requirements-FTC Franchise Rule
a) Franchise Disclosure Document
b) No individual right to sue for violations
5-state laws-
a) typically favor franchises
b) May allow individuals to sue franchisors

Business Law (1 decks)

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