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Business Law Exam 1
| Term | Definition |
|---|---|
| Law | A body of enforceable rules governing relationships among individuals and between individuals and their society. |
| Liability | The state of being legally responsible (liable) for something. |
| Constitutional law | Law that is based on the U.S. Constitution and the constitutions of the various states. |
| Statutory law | The body of law enacted by legislative bodies |
| Ordinances | A law passed by a local governing unit, such as a city or county |
| Uniform Laws | a model law created by the NCCUSL and/or the American Law Institute for the states to consider adopting. If a state adopts the law, it becomes statutory law in that state. Each state has the option of adopting or rejecting all or part of a uniform law. |
| Administrative law | the body of law created by administrative agencies in order for them to carry out their duties and responsibilities |
| Administrative agency | a federal or state government agency created by the legislature to perform a specific function, such as to make and enforce rules pertaining to the environment |
| Executive agencies | An administrative agency within the executive branch of government. At the federal level, executive agencies are those within the cabinet departments |
| Independent regulatory agencies | A administrative agency that is not considered part of the government’s executive branch and is not subject to the authority of the president. Independent agency officials cannot be removed without cause. |
| Case law | the rules of law announced in court decisions. Case law interprets statutes, regulations, constitutional provisions, and other case law. |
| Common law | body of law made from custom or judicial decisions in English/U.S. Courts, not attributable to a legislature. |
| Remedies | The relief given to an innocent party to enforce a right or compensate for the violation of a right |
| Courts of Law | A court in which the only remedies that can be granted are things of value – such as money damages. |
| Remedies at law | A remedy available in a court of law |
| Damages | a monetary award sought as a remedy for a breach of contract or tortious act |
| Courts of equity | a court that decides controversies and administers justice according to the rules, principles, and precedents of equity. |
| Remedies in equity | a remedy allowed by courts in situations where remedies at law are not appropriate. Remedies in equity include, injunction, specific performance, rescission and restitution, and reformation. |
| Breaches | to violate a law, by an act or omission, or to break a legal obligation that one owed to another person or to society. |
| Equitable maxims | general propositions or principles of law that have to do with fairness. |
| Laches | the equitable doctrine that bars a party’s right to legal action if the party has neglected for an unreasonable length of time to act on their rights |
| Defendant | One against whom a lawsuit is brought or the accused person in a criminal proceeding |
| Plaintiff | a party that initiates a lawsuit |
| Petitioner | in equity practice, a party that initiates a lawsuit |
| Respondent | in equity practice, the party who answers a complaint or other proceeding |
| Statutes of limitations | a federal or state statute setting the maximum time period during which a certain action can be brought or certain rights enforced. |
| Stare decisis | A common law doctrine under which judges are obligated to follow the precedents established in prior decisions within their jurisdictions. “To stand on decided cases” |
| Binding authority | Any source of law that a court must follow when deciding a case |
| Persuasive authorities | Any legal authority or source of law that a court may look to for guidance but need not follow when making it’s decision. |
| Jurisprudence | The science or philosophy of law |
| Substantive law | Law that defines, describes, regulates, and creates legal rights and obligations |
| Procedural Law | Law that establishes the methods of enforcing the rights established by substantive law |
| Civil law | Rights and duties that exist between persons and between persons and their governments, as well as the relief available when a person’s rights are violated |
| Criminal Law | concerned with wrongs committed against the public as a whole. |
| Appellant | the party who takes an appeal from one court to another |
| Federal form of government | a system of government in which the states form a union and the sovereign power is divided between a theentral government and the member states |
| Sovereignty | the quality of having independent authority over a geographic area. For instance, state governments have the authority to regulate affairs within their borders. |
| Police powers | Powers possessed by states as part of their inherent sovereignty. These powers may be exercised to protect or promote the public order, health, safety, morals, and general welfare. |
| Privileges and immunities clause | a clause in Article IV, Section 2 of the Constitution that requires states not to discriminate against one another’s citizens. |
| Full faith and credit clause | A clause in Article IV, Section 1 of the Constitution that provides that “Full faith and credit shall be given in each State to the public Acts, Records, and Judicial Proceedings of every other State.” |
| Commerce Clause | the provision in Article I Section 8 of the U.S. Constitution that gives Congress the power to regulate interstate commerce |
| Supremacy Clause | The provision in Article VI of the Constitution that provides that the Constitution, laws, and treaties of the U.S. are “the supreme Law of the Land” |
| Preemption | a doctrine under which certain federal laws preempt, or take precedence over, conflicting state pr local laws. |
| Compelling government interest | a test of constitutionality that requires the government to have compelling reasons for passing any law that restricts fundamental rights, such as free speech, or distinguishes between people based on a suspect trait. |
| Filtering software | a computer program that screens incoming data according to rules built into the software and blocks access to websites with content not consistent with these rules |
| meta tags | Word inserted into a website’s key-word field to increase the sites appearance in search engine results. |
| Establishment clause | the provision in the First Amendment to the Constitution that prohibits Congress from creating any law “respecting an establishment of religion” |
| Free exercise clause | The provision in the First Amendment to the Constitution that prohibits Congress from making any law “prohibiting the free exercise” of religion |
| Equal protection clause | the provision in the 14th amendment that guarantees that no state will “deny to any person within its jurisdiction the equal protection of the laws.” This clause mandates that state governments treat similarly situated individuals in a similar manner |
| Business ethics | ethics in a business context; a consensus of what constitutes right and wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting |
| Categorical imperative | a concept developed by Kant as an ethical guideline for behavior. In deciding wether an action is right or wrong, a person should evaluate the action in terms of what would happen if everybody else in the same situation acted the same way |
| Corporate social responsibility (CSR) | The concept that corporations can and should act ethically and be accountable to society for their actions |
| Cost-benefit analysis | a decision-making technique hat involves weighing the costs of a given action against the benefits of that action. |
| Duty-based Ethics | an ethical philosophy rooted in the idea that every person has certain duties to others, including both humans and the planet. Those duties may be derived from religious principles or from other philosophical reasoning. |
| Ethical reasoning | A reasoning process in which an individual links their moral convictions or ethical standards to the particular situation at hand |
| Ethics | moral principles and values applied to social behavior |
| Moral Minimum | The minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law |
| Outcome-based ethics | An ethical philosophy that focuses on the impacts of a decision on society or on key stakeholders |
| Principle of rights | The principle that human beings have certain fundamental rights. |
| Stakeholders | Groups, other than shareholders, that are affected by corporate decisions. Ex. Employees, customers, creditors, suppliers, and the larger community. |
| Triple bottom line | The idea that investors and others should consider not only corporate profits, but also the corporation's impact on people and on the planet in assessing the firm. |
| Utilitarianism | An approach to ethical reasoning in which ethically correct behavior is related to an evaluation of the consequences of a given action on those who will be affected by it. |
| Alternative Dispute Resolution (ADR) | the resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation, mediation, and arbitration are forms of ADR |
| Arbitration | the settling of a dispute by submitting it to a disinterested third party (other than a court), who renders a decision. The decision may or may not be legally binding |
| Arbitration clause | A clause in a contract that provides that, in the event of a dispute to be arbitrated rather than litigated the dispute in court. |
| Award | In the context of litigation, the amount of money awarded to a plaintiff in a civil lawsuit as damages. In the context of arbitration, the arbitrator's decision. |
| bankruptcy courts | a federal court of limited jurisdiction that handles only bankruptcy proceedings |
| Concurrent jurisdiction | jurisdiction that exists when two different courts have the power to hear a case. For example, some cases can be heard in either a federal or a state court |
| diversity of citizenship | a basis for federal court jurisdiction over a lawsuit between (1) citizens of different states, (2) a foreign country and citizens of a state or of different states, or (3) citizens of a state and citizens or subjects of a foreign country. |
| Early neutral case evaluation | a form of alternative dispute resolution in which a neutral third party evaluates the strengths and weaknesses of the disputing parties' positions. The evaluator's opinion forms the basis for negotiating a settlement |
| Exclusive jurisdiction | jurisdiction that exists when a case can be heard only in a particular court or type of court, such as a federal or state court |
| federal question | A question that pertains to the U.S. Constitution, acts of Congress, or treaties. A federal question provides a basis for federal jurisdiction. |
| in personam jurisdiction | Court jurisdiction over the "person" involved in a legal action; personal jurisdiction |
| in rem jurisdiction | Court jurisdiction over a defendants property |
| judicial review | the process by which courts decide on the constitutionality of legislative enactments and actions of the executive branch |
| Jurisdiction | The authority of a court to hear a case and decide a specific action |
| litigation | The process of resolving a dispute through the court system |
| long arm statute | A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have "minimum contacts" with that state for the statute to apply |
| mediation | A method of settling disputes outside of court by using the services of a neutral third party, called a mediator. The mediator acts as a communicating agent between the parties and suggests ways in which the parties can resolve their dispute. |
| mini-trial | A private proceeding in which each party to a dispute argues its position before the other side. A neutral third party may be present and act as an adviser if the parties fail to reach an agreement |
| negotiation | In regard to dispute settlement, a process in which parties attempt to settle their dispute without going to court, with or without attorneys to represent them. |
| online dispute resolution (ODR) | The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet. |
| probate courts | A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate |
| question of fact | In a lawsuit, an issue involving a factual dispute. A question of face can be decided by a judge or jury |
| question of law | In a lawsuit, an issue involving the application or interpretation of a law. Only a judge, and not a jury, can decide a question of law. |
| rule of four | A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices agree to do so |
| small claims courts | Special courts in which parties may litigate small claims (usually claims >2,500). Attorneys are not required in small claims courts, and in many states are not allowed to represent the parties. |
| standing to sue | The requirement that an individual must have a sufficient stake in a controversy before they can bring a lawsuit. The plaintiff must demonstrate that they have been either injured or threatened with injury. |
| Summary jury trials | A method of settling disputes in which a trial is held, but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately follow |
| venue | The geographical district in which an action is tried and from which the jury is selected |
| writ of certiorari | A writ from a higher court asking the lower court for the record of a case |
| Affidavits | A written voluntary statement of facts, confirmed by the oath or affirmation of the party making it and made before a person having the authority to administer the oath or affirmation |
| Affirmative defense | A response to a plaintiff’s claim that does not deny the plaintiff’s facts but attacks the plaintiff’s legal right to bring an action. (ex. Running the statute of limitations) |
| Answer | Procedurally, a defendant’s response to the plaintiff’s complaint |
| Closing argument | An argument made a trial after the plaintiff and defendant have rested their cases. Closing arguments are made prior to the jury charges |
| Complaint | The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that, when filed with a court, initiates a lawsuit. |
| Counterclaim | A claim made by a defendant in a civil lawsuit that, in effect, sues the plaintiff. |
| Cross-examination | The questioning of an opposing witness during a trial |
| Default judgement | a judgement entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff’s claim |
| Deposition | the testimony of a party to a lawsuit or of a witness taken under oath before a trial. |
| Direct examination | The examination of a witness by the attorney who calls the witness to the stand at trial to testify on behalf of the attorney’s client |
| Discovery | A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial |
| E-evidence | A type of evidence that consists of computer generated or electronically recorded information. |
| Federal Rules of Civil Procedure (FRCP) | The rules controlling procedural matters in civil trials brought before the federal district courts |
| Hearsay | An oral or written statement made out of court that is later offered in court by a witness (not the person who made the statement) to prove the truth of the matter asserted in the statement. Hearsay is generally inadmissible as evidence. |
| Impeach | To challenge the credibility of a person’s testimony or attempt to discredit a party or witness |
| Interrogatories | A series of written questions for which written answers are prepared and then signed under oath by a party to a lawsuit, usually with the assistance of the party’s attorney |
| Metadata | Data that are automatically recorded by electronic divides on their hard drives that provides information about who created a file and when who accessed it, etc. (data about data) |
| Motion | A procedural request or application presented by an attorney o the court on behalf of a client |
| Motion for a directed verdict | In a state court, a party's request that the judgement in their favor before the case is submitted to a jury because the other party has not presented sufficient evidence to support he claim |
| Motion for a judgment as a matter of law | In a federal court, a party's request that the judge enter a judgement in their favor before the case is submitted to a jury because the other party has not presented sufficient evidence to support the claim. |
| Motion for a new trial | A motion asserting that the trial was so fundamentally flaws (because of error, newly discovered evidence, prejudice, or other reason) that a new trial is necessary to prevent a miscarriage of justice. |
| Motion for judgement n.o.v | A motion requesting the court to gran judgement in favor of the party making the motion on the ground that the jury verdict against the was unreasonable and erroneous |
| Motion for judgement on the pleadings | A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding trial. The motion will be granted only if no facts are in dispute |
| Motion for summary judgement | A motion requesting the court to enter a judgement without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute |
| Motion to dismiss | A pleading in which a defendant asserts that the plaintiff’s claim fails to state a cause of action or that there are other grounds on which a suit should be dismissed. |
| Opening statements | A statement made to the jury at the beginning of a trial by a party’s attorney, prior to the presentation of evidence. The attorney briefly outlines the evidence that will be offered and the legal theory that will be pursued |
| Pleadings | Formal statements made by the plaintiff and the defendant in a lawsuit. The complaints and answer are part of the pleadings |
| Pretrial motions | A written or oral application to a court for a ruling or order, made before trial |
| Rebuttal | The refutation of evidence introduced by an adverse party’s attorney |
| Rejoinder | The defendant’s answer to the plaintiff’s rebuttal |
| Relevant evidence | evidence tending to make a fact at issue in the case more or less probable than it would be without the evidence. Only relevant evidence is admissible in court |
| Rules of evidence | Rules governing the admissibility of evidence in trial courts |
| Service of process | The delivery of the complaint and summons to a defendant |
| Summons | A document informing a defendant that a legal action has been commenced against them and that the defendant must appear in court on a certain date to answer the plaintiff’s complaint. |
| Verdict | A formal decision made by a jury |
| Voir dire | A French phrase meaning, literally, “to see, to speak” that refers to the jury-selection process. |
| Writ of execution | A court’s order, after a judgement has been entered against the debtor, directing the sheriff to seize (levy) and sell any of the debtor’s nonexempt real or personal property. |
| Actionable | Capable of serving as the basis of a lawsuit |
| Actual Malice | A condition that exists when a person makes a statement with either knowledge of its falsity or reckless disregard for the truth. |
| Assault | Any word or action that is a reasonably believable threat |
| Assumption of risk | A defense against negligence that can be used when the plaintiff was aware of a danger and voluntarily assumed the risk of injury from that danger |
| battery | the unprivileged, intentional touching of another |
| business invitees | Those people, such as customers or clients, who are invited onto business premises by the owner of those premises for business purposes |
| causation in fact | An act or omission without which an even would have not occurred |
| comparative negligence | A theory in tort law under which the liability for injuries resulting from negligent acts is shared by all parties who were negligent on the basis of each person's proportionate negligence |
| Compensatory damages | A money award equivalent to the actual value of injuries or damages sustained by the aggrieved party |
| Contributory negligence | A theory in tort law under which a complaining party's own negligence contributed to or caused their injuries |
| Conversion | The wrongful taking, using, or retaining possession of personal property that belongs to another |
| Defamation | Any published or publicly spoken false statement that causes injury to another's good name, reputation, or character |
| Disparagement of property | An economically injurious false statemen made about another's product or property (slander of quality or slander of title) |
| Dram shop acts | A state statute that imposes liability on the owners of all those who serve alcoholic drinks to the public, for injuries resulting from accidents caused by intoxicated persons when the sellers or servers of alcoholic drinks contributed to the intoxication |
| Duty of care | The duty of all persons, as established by tort law, to exercise a reasonable amount of care in their dealings with others |
| Fraudulent misrepresentation | any misrepresentation knowingly made with the intention of deceiving another and on which a reasonable person would and does rely to their detriment |
| General damages | in a tort case, an amount awarded to compensate individuals for the nonmonetary aspects of the harm suffered, such as pain and suffering (not available to companies) |
| Good Samaritan statutes | a statute that provides that persons who rescue or provide emergency services to others in peril cannot be sued for negligence(unless too reckless) |
| Intentional tort | a wrongful act knowingly committed |
| libel | Defamation in writing or some other form having the quality of permanence |
| licensee | one who receives a license to use, or enter onto, another's property |
| malpractice | Professional misconduct or the failure to exercise the requisite degree of skill as a professional |
| negligence | the failure to exercise the standard of care that a reasonable person would exercise in similar circumstances |
| privilege | In tort law, the ability to act contrary to another person's right without th9at person having legal redress for such acts |
| proximate cause | legal cause; exists when the connection between an act and an injury is strong enough to justify imposing liability |
| public figures | an individual in the public limelight |
| puffery | a salespersons exaggerated claims concerning the quality of goods offered for sale |
| punitive damages | money damages that mat be awarded to a plaintiff to punish the defendant and deter future similar conduct |
| reasonable person standard | The standard of behavior expected of a hypothetical "reasonable person" |
| slander | defamation in oral form |
| slander of quality | The publication of false information about another's product (trade libel) |
| slander of title | The publication of a statement that falsely denies or causes doubt on another's legal ownership of property, causing financial loss to that property's owner |
| special damages | in a tort case, an awarded amount to compensate the plaintiff for quantifiable monetary losses |
| superseding cause | An intervening force or event that breaks the connection between a wrongful act and an injury to another, in negligence law, a defense to liability |
| torts | A civil wrong not arising fro a breach of contract, a breach of a legal duty that proximately causes harm or injury to another |
| tortfeasor | One who commits a tort |
| transferred intent | a legal principle under which a person who intends to harm one individual, but unintentionally harms a different individual, can be liable to the second victim for an intentional tort |
| trespass to land | The entry onto, above, or below the surface of land owned by another without the owner's permission or legal authorization |
| trespass to personal property | The unlawful taking or harming of another's personal property |
| Market-share liability | A theory under which liability is shared among all firms that manufactured and distributed a particular product during a certain period of time. This theory of liability is used only when the specific source of the harmful product is unidentifiable |
| Privity of contract | The relationship that exists between the promisor and the promisee of a contract |
| Product liability | The legal liability of manufacturers, sellers, and lessors of goods to consumers, users, and bystanders for injuries or damages that are caused by the goods |
| Product misuse | A defense against product liability that may be raised when the plaintiff used a product in a manner not intend by the manufacturer. If the misuse is reasonably foreseeable, the seller will not escape liability unless measures were taken to guard against |
| Statutes of repose | Basically, a statute of limitations that is not dependent on the happening of a cause of action. Statutes of repose generally begin to run at an earlier date and run for a longer period of time than statutes of limitations. |
| Strict liability | Liability regardless of fault. In tort law, strict liability may be imposed on defendants in cases involving abnormally dangerous activities, dangerous animals, or defective. |
| Tolled | Temporary suspension of the running of a prescribed period. For instance, a statute of limitations may be tolled until the party suffering an injury has discovered it or should have discovered it. |
| Unreasonably dangerous product | In product liability, a product that is defective to the point of threatening a consumer's health and safety. |
| Certification mark | a mark used by one or more persons, other than the owner, to certify the region, materials, mode of manufacture, quality, or accuracy of the owner's goods or services. |
| Collective mark | a mark used by members of a cooperative, association, or other organization to certify the region, materials, mode of manufacture, quality, or accuracy of the specific goods or services. |
| Copyright | The exclusive right of authors to publish, print, or sell an intellectual production for a statutory period of time. |
| Dilution | with respect to trademarks, a doctrine under which distinctive or famous trademarks are protected from certain unauthorized uses regardless of a showing of competition or likelihood of confusion. |
| Intellectual property | Property resulting from intellectual, creative processes. Patents, trademarks, and copyrights are examples of intellectual property |
| License | In the context of intellectual property, a contract permitting the use of a trademark, copyright, patent, or trade secret for certain purposes. In the contact of real property, a revocable right or privilege of a person to come on another person's land |
| Patent | a government grant that gives an inventor the exclusive right to privilege to make, use, or sell their invention for a limited time period. |
| Royalties | payments made from the licensee to the licensor as part of an agreement for the ongoing use of the licensor's trademarked asset |
| Service mark | a mark used in the sale or the advertising of services, such as to distinguish the services of others. Titles, character names, and other distinctive features of radio and television programs may be registered as service marks |
| Trade dress | the image and overall appearance of a product - for example the distinctive decor, menu, layout, and style oof service as a particular restaurant. |
| Trade name | a term that is used to indicate part of all of a business's reputation and goodwill. Trade names are protected under the common law (and under trademark law, if the name is the same as the firm's trademark). |
| Trade secret | Information or a process that gives a business an advantage over competitors who do not know the information or process |
| Trademark | a distinctive mark, motto, device, or implement that a manufacturer stamps, prints, or otherwise affixes to the goods it produces so that they may be identifies on the market and their origins made known. |
| Actus reus | a guilty (prohibited) act. The commission of a prohibited act and the intent to commit a crime are the two essential elements required for criminal liability |
| Botnets | short for robot network - a group of computers that run an application controlled and manipulated only by the software source. Usually, the term is reserved for computers that have been infected by malicious robot software |
| cyber fraud | Fraud that involves the online theft of credit card information, banking details, and other information for criminal use |
| double jeopardy | a situation occurring when a person is tried twice for the same criminal offense; prohibited by the 5th amendment to the constitution |
| duress | unlawful pressure brought to bear on a person, causing he person to perform an act that they would not otherwise perform (or refrain from something they would usually do) |
| exclusionary rule | in criminal procedure, a rule under which any evidence that is obtained in violation of the accused's constitutional rights, as well as any evidence derived from illegally obtained evidence, will not be admissible in court |
| felonies | a crime - such as arson, murder, rape, or robbery - that carries the most severe sanctions, usually ranging from one year in a state or federal prison to the forfeiture of one's life |
| indictment | a charge by a grand jury that a reasonable basis exists for believing that a crime has been committed and that a trial should be held |
| information | a formal accusation or complaint issued in certain types of actions involving lesser crimes (usually) by a law officer, such as a magistrate |
| larceny | the wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit, depending on the property's value. |
| mens rea | Criminal intent. the commission of a prohibited act and the intent to commit a crime are the two essential elements required for criminal liability |
| misdemeanors | a lesser crime than a felony, punishable by a fine or imprisonment for up to one year in other than a state or federal penitentiary |
| necessity | in criminal law, a defense against liability. This defense is justifiable if "the harm or evil sought to be avoided" by a given action "is greater than that sought to be -reinvented by the law defining the offense charged." |
| petty offenses | in criminal law, the least serious kind of criminal offense, such as a traffic or building code violation |
| plea bargaining | the process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case, subject to court approval |
| white-collar crime | nonviolent crime committed by individuals or corporations to obtain a personal or business advantage |
| worm | a type of malware that is designed to copy itself from one computer to another without human interaction. A worm can copy itself automatically and can replicate in great volume and with great speed |
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