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Business Legal > Test 3 > Flashcards

Test 3 Flashcards

1
Q

employment at will

A

-employer can fire an employee at anytime with or without a reason
-employee can quit a job at anytime with or without a reason

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2
Q

for cause (firing)

A

-good reason

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3
Q

formal employment contract

A

-hired for amount of time
-coaches
-pay money to fire before time

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4
Q

2 weeks notice?

A

-not required
-business custom
-keep good relations

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5
Q

leave from job (time off)

A

-unless required by law an employer is not required to give leave on the job
-most employers offer leave as benefit

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6
Q

family and medical leave act

A

-federal statute (all 50 states)
-more than 50 full time employees
-every employee is entitled to 12 weeks of leave per year
-must be family/medical issue
-employer doesn’t have to pay while on leave
-upon returning employee must be given same/similar job (prevent retaliation)
-benefits by employer must continue during leave

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7
Q

how/when you get paid if injured on job

A

-old system
-new system

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8
Q

old system

A

-employee could sue his employer for an on the job injury only if the employers negligence caused it
-sue for compensatory damages
-not all injuries caused by employer negligence

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9
Q

new system

A

-employee will be compensated for an on the job injury if it occurred while doing his job
-doesn’t who/what caused it
-get less then would for negligence
-finite limit to what you get
-paid through employer insurance
-if the company fails to have the required insurance the employee can sue the employer directly and recover twice the amount he would receive

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10
Q

Discrimination

A

-can not treat someone differently for reasons other than Merritt

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11
Q

equal pay act

A

-A man and a woman must be paid the same if they have the same qualifications and doing the same job

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12
Q

Civil Rights Act (tittle 7)

A

-if you are a member of one or more of these classes I can’t treat you differently because you’re a member of one or more of these classes

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13
Q

Whats included in the Civil Rights Act

A

-race/color
-sex/gender
-religion
-national origin
-disabilities
-age

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14
Q

Sex (civil rights act)

A

-can’t treat pregnancy differently than any other medical condition
-sexual harassment is prohibited
-sexual identity

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15
Q

what is sexual harrassment?

A

-open/obvious (physical touch)
-creating or allowing a hostile work environment
-gender neutral

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16
Q

reverse discrimination

A

-people who are not normally discriminated against are discriminated

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17
Q

Religion (Civil Rights Acts)

A

-belief in a higher spiritual power/being
-an employer has to make reasonable accommodations

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18
Q

rules for accommodations for religion?

A

-if costs a lot you don’t have to make
-safety takes priority

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19
Q

national origin (Civil Rights Act)

A

-born in a foreign country/immediate ancestors

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20
Q

age(civil rights act)

A

-cheaper pay
-avoid paying retirement
-40 and up you can’t be treated differently due to age

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21
Q

Defenses of discrimination

A

-Merritt/qualifications
-seniority
-employment testing (must test for job skills)

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22
Q

procedure for a discrimination case

A

-Victim must file a complaint with Equal Employment Opportunity Commission (EEOC)
-EEOC will investigate on behalf of the victim
-EEOC will act as a neutral mediator
-EEOC will either file suit on behalf of the victim or give the victim a sue letter which allows the victim to file his own lawsuit
-all discrimination cases must be filed in federal court

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23
Q

Civil Rights Act remedies

A

-reinstatement to the job if wrongfully fired (injunction)
-court can order a promotion that was wrongfully denied
-back pay
-hiring quotas
-attorney fees

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24
Q

back pay (remedy)

A

-compensatory (money damages)
-pay for the time (wrongfully fired/promotion)

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25
Q

hiring quotas (remedy)

A

-injunction
-order to hire people they wrongfully refused

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26
Q

Attorney fees (remedy)

A

-if you agree in a contract to pay the winners attorney fees
-if a statute authorizes the court to shift the burden of paying attorney fees (CRA)
-In the US you usually pay your own attorney fee no matter if you win

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27
Q

If you win/ get verdict are guaranteed to get paid

A

-no
-might never collect

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28
Q

collecting a judgment (verdict)

A

-forces the defendant to pay/give up property against their will

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29
Q

steps of collecting a judgement

A

-plaintiff must sue defendant
-defendant must be personally served (personal jurisdiction)
-defendant gets a trial
-If the plaintiff proves his case he gets a verdict against the defendant for a specified amount of money damages

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30
Q

methods of collection for judgement

A

-wage garnishment
-non wage garnishment
-execution sale of defendants property
-can use a combination at the same time and several times

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31
Q

wage garnishment

A

-takes 25% out of the defendants paycheck
-occurs until judgement plus interest is paid
-court issues order to employer and if they refuse the creditor gets a second judgement against the employer at the same amount
-federal law prevents firing for the first wage garnishment

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32
Q

non wage garnishment

A

-seizing money of the debtor other then his pay
-judgement creditor can sieze any money owed to a debtor by a third party other than wages
-limit is judgement amount plus interest
-checking account
-accounts receivable

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33
Q

execution sale of defendants property

A

-public auction where the debtors property is sold to the highest bidder
-held by county sheriff
-any real property/personal can be sold

34
Q

judgement rate of interest

A

-7 percent a year (Alabama)

35
Q

time of judgements

A

-effective for an initial period of ten years
-if not paid in full can be extended another ten years

36
Q

Process of applying for a loan

A

-credit history
-credit bureaus (collect/sale credit history)

37
Q

two sources of credit history

A

-creditors you deal with
-public records

38
Q

who is your credit history sold to?

A

-creditors
-employers

39
Q

what do employers check?

A

-social media
-criminal record
-credit

40
Q

what is on a credit application?

A

-sources of income
-job/salary
-how many different jobs
-checking/savings
-real estate
-colateral

41
Q

colateral

A

-property of the debtor that secures payment of the loan
-use to pay off loan

42
Q

unsecured loan

A

-no colateral
-higher interest rate

43
Q

secured loan

A

-colateral
-lower interest rate

44
Q

principle

A

-amount of the loan

45
Q

amortization

A

-how you pay the interest/principal

46
Q

front end load payment

A

-creditor will apply most to interest and very little to principle

47
Q

negative equity

A

-you owe more then the collateral is worth

48
Q

positive equity

A

-you owe less than the collateral is worth

49
Q

ownership

A

-law recognizes you or me as the owner (car tittle)
-expect the law to protect our ownership
-can have more than one owner of a piece of a property at the same time (joint ownership)
-can have different ownership interest in the same piece of property at the same time (secured loan with collateral)

50
Q

unsecured loan documents

A

-promissory note

51
Q

secured loan documents

A

-promissory note
-security agreement

52
Q

promissory note

A

-this is the doc that creates the legal obligation of the debtor to repay the loan

53
Q

security agreement

A

-debtor gives ownership interest in collateral to creditor and sets out conditions of loan

54
Q

Uniform Commercial code

A

-statute that sets out the rules on secured loans and personal property

55
Q

Rules of UCC

A

-upon default by the debtor the secured creditor has legal right to repossess the collateral
-self help/detinue (use either/both)
-default defined in security agreement

56
Q

common defaults

A

-failure to pay as required by the promissory note
-failure to keep the collateral insured

57
Q

self help repossession

A

-creditor doesn’t have to get consent of debtor
-creditor doesn’t have to give advance notice
-debtor not required to voluntary surrender
-creditor must leave debtors property if told
-creditor can repossess at any time/place as long as they dont breach the peace

58
Q

what happens after repossession with self help

A

-creditor must give notice to debtor about collateral repo and tells them how much to pay to redeem collateral
-amount to redeem is the unpaid loan balance
-informs debtor collateral will be sold and how to participate

59
Q

Good notice

A

-mailed to the last/ best known address

60
Q

public sells

A

-highest bidder wins

61
Q

private sell

A

-take sealed bids from bidders and highest wins

62
Q

selling of collateral

A

-creditor must sell in a commercially reasonable manner
-creditor not required to obtain retail value
-more money its sold for the debtor owes less
-any surplus balance goes to debtor
-debtor still owes the deficiency balance

63
Q

Defective notice

A

-not sent to last best known address
-doesn’t prohibit creditor from collecting
-if the debtor can prove money damages those damages become a credit against deficiency
-had to prove if he got the letter he had highest bidder

64
Q

Detinue

A

-court order
-sue the debtor
-personally serve the debtor
-debtor gets a trial
-plaintiff must produce evidence to get judgment
-county sheriff repos collateral according to judgement
-used when you can’t get to the collateral
-creditor isn’t required to repo collateral
-creditor sues debtor for the unpaid loan balance under promissory note

65
Q

bankruptcy

A

-end result in discharge
-owing money is nothing more than a contract
-releases from contract to pay

66
Q

certain debts are nondischargeable

A

-taxes
-child support
-alimony (spousal support)
-student loans
-damages resulting from an accident involving alcohol
-a loan obtained by giving false financial info

67
Q

chapter 7

A

-straight bankruptcy
-secured loan collateral is surrendered to creditor and loan is discharged
-if reaffirmed debtor keeps collateral but obligated to pay unpaid loan balance
-if unsecured it is discharged

68
Q

fresh start bankruptcy

A

-walk out debt-free if no dischargeables

69
Q

chapter 13

A

-debtors court
-repayment plan for the debtor
-debtor is given up to 5 years
-during 5 years debtor is protected from collection methods (STAY)
-debtor proposes a payment plan
-debtor makes monthly payments to trustee and trustee divides money up
-every plan is different

70
Q

amount to pay to chapter 13

A

-debtor required to pay his monthly disposable income to the trsutee
-pay whats left after living expenses

71
Q

chapter 13 paid to secured creditors

A

-pay value of collateral not loan balance (retail)
-interest at reduced rate set by the judge

72
Q

chapter 13 paid to unsecured creditors

A

-get a percentage after secured is paid
-get no interest

73
Q

what are the debtors options for bankruptcy

A

-chapter 7 or 13

74
Q

Fair credit reporting act

A

-regulates credit bureaus
-every consumer entitled one free credit report per year (summary)
-can keep regular credit for 7 years
-can keep bankruptcy for 10 years
-every consumer has right to challenge incorrect info
-every consumer has right to put letter of explanation in their file

75
Q

what happens when challenging incorrect credit info?

A

-every credit bureau obligated to investigate
-if info incorrect it must be removed
-can’t remove correct info only wrong

76
Q

Fair credit billing act

A

-gives every consumer the right to challenge a mistake on their credit card bill
-limits consumers liability for lost cards

77
Q

what happens when challenging a mistake on a credit card?

A

-credit card company investigates
-while disputing you are not obligated to pay

78
Q

whats the limit for consumer liability on a lost credit card

A

-limit 50 dollars for unauthorized charge
-must immediately notify if lost card

79
Q

Fair debt collection practices act

A

-prohibits abusive/harassing collection methods
-only applies to third party collectors
-doesn’t apply to creditor collecting own debt
-prohibits phone calls to debtors house at extreme hours
-debt collector can’t call at work if instructed not to
-debt collector prohibited to discuss with third party without consent
-debt collector can’t threaten debtor with some action the creditor isn’t allowed to take

80
Q

Equal credit opportunity act

A

-prohibits discrimination in the granting of credit
-requires disclosure to the credit applicant if they are denied

81
Q

what are the classes of protected individuals?

A

-race/color
-sex/gender
-religion
-marital status
-national origin

82
Q

what must they do when they deny a credit applicant?

A

-notify the applicant on paper and list reasons why denied
-notify applicant he can contact creditor and find out reasons denied

Business Legal (3 decks)

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