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business law final
| Term | Definition |
|---|---|
| State decisis | Courts follow precedent from earlier cases |
| Sources of American law | Constitution, statutes, administrative regulations, common law |
| Commerce Clause | Gives Congress power to regulate interstate commerce |
| Commercial speech protection | Limited First Amendment protection; must be truthful |
| Non-commercial speech protection | Highest First Amendment protection |
| Bill of Rights | Guarantees individual freedoms against government interference |
| Judicial review | Courts’ power to interpret the Constitution and invalidate laws |
| Business ethics | Principles of right and wrong in business decision-making |
| How businesses determine ethics | Laws, codes of ethics, company culture, stakeholders |
| Most common cause of ethical problems | Pressure to meet performance goals |
| Ensuring ethical behavior | Ethics training, internal controls, leadership, whistleblower policies |
| Online dispute resolution (ODR) | Internet-based method for resolving disputes |
| Benefits of ODR | Faster, cheaper, convenient, accessible |
| Arbitration | Binding dispute resolution decided by a neutral arbitrator |
| Court review of arbitration | Extremely limited |
| Vacating arbitration awards | Fraud, misconduct, corruption, exceeding authority |
| Arbitration clause in contracts | Generally enforceable |
| Mediation | Nonbinding negotiation led by neutral third party |
| Summary jury trial | Advisory jury verdict used to encourage settlement |
| Mini-trial | Attorneys present cases to executives to promote settlement |
| Subject matter jurisdiction | Court’s authority over the type of case |
| Personal jurisdiction | Court’s authority over the parties |
| Concurrent jurisdiction | Case may be heard in either state or federal court |
| Federal court jurisdiction | Federal question or diversity of citizenship |
| Expert witness | Witness who gives opinions based on specialized knowledge |
| Complaint | Plaintiff’s initial pleading stating claims |
| Summons | Notice to defendant of lawsuit |
| Answer | Defendant’s response to complaint |
| Affirm | Appellate court upholds lower court decision |
| Reverse | Appellate court overturns decision |
| Remand | Case sent back to lower court |
| Intentional tort | Wrongful act done intentionally |
| Elements of intentional tort | intent, act, causation, injury |
| Fraud | : Intentional misrepresentation relied upon by victim |
| Negligence | Failure to exercise reasonable care |
| Elements of negligence | Duty, breach, causation, damages |
| Trespass to land | : Unauthorized entry onto another’s land |
| Trespass to personal property | : Interference with another’s personal property |
| Liability for domestic animals | : Owner liable if they knew of dangerous tendency |
| Liability for wild animals | : Strict liability |
| Product liability : | Liability for injuries caused by defective products |
| Market share liability : | Liability based on percentage of market share |
| Assumption of risk | : Plaintiff knowingly assumed risk of injury |
| Negligence-based product liability elements : | Duty, breach, causation, injury |
| Types of product defects : | Design, manufacturing, failure to warn |
| Trademark infringement | : Likelihood of consumer confusion |
| Trademark dilution | : Weakening a famous mark’s distinctiveness |
| Copyright : | Protects original works of authorship |
| Copyright infringement : | : Unauthorized copying of protected work |
| Fair use | : Limited use for education, commentary, or parody |
| Trade secret | : Valuable confidential business information |
| Circumvention of encryption | : Illegal without authorization or exception |
| Accessing stored electronic information | : Illegal without permission |
| Spam | : Unsolicited commercial email |
| Illegal spam | : Deceptive messages or no opt-out option |
| Federal criminal code | : Laws defining federal crimes and penalties |
| Right to remain silent | : Fifth Amendment protection against self-incrimination |
| Sovereign immunity | : Governments cannot be sued without consent |
| Comity : | Respect for foreign laws and court decisions |
| Dumping | : Selling goods in foreign markets below cost |
| TRIPS agreement : | International agreement protecting intellectual property |
| International treaty | : Binding agreement between nations |
| Contract formation elements : | Offer, acceptance, consideration, capacity, legality |
| Statute of frauds : | Certain contracts must be in writing to be enforceable |
| Perfect performance : | Exact performance required under common law |
| Mutual mistake : | Both parties mistaken; contract may be rescinded |
| Unilateral mistake | : One party mistaken; usually no relief |
| Duress | : Consent obtained by threat or force |
| Undue influence | : Unfair persuasion by dominant party |
| Equitable remedies | : Specific performance, injunction, rescission |
| Express warranty | Seller’s explicit promise about product quality or performance |
| Personal bankruptcy | : Legal process for debt relief |
| Credit counseling requirements | : Must be completed before filing bankruptcy |
| Corporation | : Separate legal entity owned by shareholders |
| Alter ego theory | : Courts pierce corporate veil when corporation abused |
| Failure to follow incorporation procedures | : Owners may lose limited liability |
| Agency relationship | : One person acts on behalf of another |
| Agency by agreement | : Express or implied consent |
| Agency by ratification | : Acceptance of unauthorized act |
| Agency by estoppel | : Third party relies on apparent authority |
| Agency by operation of law : | Created by law due to circumstances |
| Overtime pay requirement | : Non-exempt employees over 40 hours/week |
| Retirement plan regulation | : Governed by ERISA |
| Equal Pay Act | : Requires equal pay for equal work regardless of sex |
| Genetic testing in employment | : Generally prohibited |
| Wrongful termination | : Discharge for illegal reasons |
| Administrative agencies | : Government bodies that regulate industries |
| Agency rules and regulations | : Detailed laws issued by agencies |
| Court review of agency decisions | : Courts defer unless arbitrary or unlawful |
| OSHA : | Regulates workplace safety |
| Pollution penalties : Civil and criminal fines | : Civil and criminal fines |
| Environmental agencies : | Federal, state, and local levels |
| Joint tenancy | : Joint ownership with right of survivorship |
| Tenancy in common | : Joint ownership without survivorship |
| Eminent domain | : Government taking of private land with just compensation |
| Formalities of real estate sales | : Written contract, deed, delivery, recording |
| Zoning regulations | Local land-use controls |
| Periodic tenancy | : Lease that renews automatically |
| Easement : | Right to use another’s land |
| License : | Temporary, revocable permission to use land |
| Profit | : Right to enter land and remove resources |
| Monopolization | : Monopoly power plus intent to suppress competition |
| Monopoly power : | Ability to control prices or exclude competition |
| Horizontal restraint : | Agreement among competitors |
| Vertical restraint : | Agreement among different supply-chain levels |
| Rule of reason : | Court balances anti-competitive vs pro-competitive effects |
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