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Legal test 4

Legal environment of business terms

QuestionAnswer
Assault The intentional creation of immediate apprehension of injury or lack of physical safety.
Assumption of the risk Negligence doctrine that bars the recovery of damages by an injured party on the ground that such a party acted with actual or constructive knowledge of the hazard causing the injury.
Battery The cause of action for physical contact that is not consented to and is offensive.
Cause in fact The actual cause of an event; the instrument that is responsible force for the occurrence of a certain event. Required for a tort.
Comparative responsibility A doctrine that compares the plaintiff’s contributory fault with the defendant’s fault and allows the jury to reduce plaintiff’s verdict by the % of plaintiff’s fault.
Compensatory damages Usually awarded in breach of contract cases to pay for a party’s losses that are direct and foreseeable result of other party’s breach. Equal footing.
Contingency fee An arrangement whereby an attorney is compensated for services in a lawsuit according to an agreed percentage of the amount of money recovered.
Contributory negligence A failure to use reasonable car by the plaintiff in a negligence suit.
Conversion An unlawful exercise of dominion and control over another’s property that substantially interferes with property rights.
Defamation The publication of anything injurious to the good name or reputation of another.
Design defect A defect arising when a product does not meet society’s expectation for a safely designed product.
Dram shop act Statutes adopted in many states that impose strict liability upon tavern owners for injurious to third parties caused by their intoxicated patrons.
Duty A legal obligation imposed by the law.
Exclusive remedy rule The rule that limits an injured employee’s claim against the employer to workers’ compensation.
False imprisonment The tort of an intentional, unjustified confinement of a nonconsenting person who knows of the confinement.
Fraud A false representation of fact made with the intent to deceive another that is justifiably relied upon to the injury of that person.
Infliction of mental distress An intentional tort of the emotions that causes both mental distress and physical symptoms as a result of the defendant’s outrageous behavior.
Injurious falsehood A statement of untruth that causes injury or damage to the party against whom it is made.
Intent A legal doctrine indicating that parties meant to do what they did.
Intentional interference with contractual relations The tort of causing another to break a contract.
Invasion of privacy A tort based on misappropriation of name or likeness, intrusion upon physical solitude, or public disclosure of objectionable, private information.
Libel A defamatory written statement communicated to a third party.
Malicious prosecution An action for recovery of damages that have resulted to person, property, or reputation from previous unsuccessful civil or criminal proceedings that were prosecuted without probable cause and with malice.
Negligence A person’s failure to exercise reasonable care that foreseeably causes another injury.
Production defect A defect arising when a product does not meet its manufacturer’s own standards.
Proximate cause The legal requirement that an act foreseeably causes an injury.
Punitive damages Monetary damages in excess of a compensatory award, usually granted only in intentional tort cases where defendant’s conduct involved come element deserving punishment
Slander An oral defamatory statement communicated to a third person.
State of the art A defense that the defendant’s product or practice was compatible with the current state of technology available at the time of the event in question.
Statute of repose Applies to product liability cases. Prohibits initiation of litigation involving products more than a certain number of years following their manufacture.
Strict liability The doctrine under which a party may be required to respond in tort damages without regard to such a party’s use of due care.
Strict products liability The cause of action under which commercial sellers of defective products are held liable without negligence.
Tort A civil wrong other than a breach of contract.
Trespass An act done in an unlawful manner so as to cause injury to another; an unauthorized entry upon another’s land.
Willful and wanton negligence Extremely unreasonable behavior that causes injury.
Workers’ compensation Compensation for occupational diseases, accidental injuries, and deaths of employees that arise out of employment. Includes medical, burial, lost earnings.
Accessory Similar to aiding and abetting. Generally is either before the criminal act or after it.
Aiding and abetting Arises from association with and from assistance rendered to a person guilty of another criminal act.
Bankruptcy crime An action involving the falsification of documents filed in a bankruptcy case.
Burglary Theft by breaking and entering.
Concealment An intentional misrepresentation of a material fact occurring through the silence of a party.
Conspiracy A combination or agreement between two or more persons for the commission of a criminal act.
Double jeopardy Constitutional doctrine that prohibits an individual form being prosecuted twice by the same governing body based on the same factual situation.
Endangerment of workers Criminal act that involves placing employees at risk with respect to their health and safety in the work environment.
Exculpatory no The doctrine that merely denying guilt is not a criminal lie in response to a question from an agency of the federal government. No longer valid.
Expectation of privacy Th expectation that one will not be observed by the state.
Felony A serious criminal offense, generally punishable by death or imprisonment.
Good faith Honesty in dealing; innocence; without fraud or deceit.
Indictment A document issued by a grand jury formally charging a person with a felony.
Information A written accusation by the prosecutor presented in court charging an accused person with a crime.
Intent to defraud Applies to an individual who knowingly and willfully makes a misrepresentation of a material fact that is relied on and thereby causes injury or harm.
Knowingly Intentionally.
Larceny The unlawful taking of personal property with the intent to deprive the right owner of this property.
Mail fraud The use of the U.S.P.S. or any interstate carrier to conduct fraudulent activities with the intent to deprive an owner of property.
Misdemeanor A criminal offense of less serious nature than a felony, generally punishable by fine or jail sentence other than in a penitentiary.
Nolo contendere A plea entered by the defendant in a criminal case that neither admits nor denies the crime allegedly committed but, if accepted by the court, permits judge to treat defendant as guilt.
Obstruction of justice A criminal act involving the interference of the administration of the laws during the investigations and conduct of trials.
Overt act An essential element of a crime. Without this action by a party, the intent to engage in criminal activity is not wrongful.
Pattern of racketeering Under RICO, two or more similar acts of organized crime in a ten year period.
Presumption of innocence The basis of requiring the government to prove a criminal defendant’s guilt beyond a reasonable doubt.
Probable cause The reasonable basis on which law enforcement officials convince a judge that criminal activity has occurred. Must be satisfied before judge will issue criminal search warrant.
Racketeering A crime under RICO involving a pattern of actions that are indictable under state or federal laws.
RICO The Racketeer Influenced and Corrupt Organizations Act.
Robbery Illegally taking something by force.
Scheme to defraud A plan to misrepresent a material fact in order to obtain something from another.
Search warrant Court order required by 4th Amendment to be obtained from government officials prior to private property being searched or seized.
Sentencing guidelines Adopted by US Sentencing Commission as means of standardizing sentences given to similar criminals committing similar crimes.
Unreasonable search and seizure Violation of 4th Amend. Occurs when valid search warrant is not obtained or when the scope of a valid warrant is exceeded.
White collar crime Violations of the law by business orgs. or by individuals in bus
Willfully With intent to defraud or deceive.
Wire fraud Use of radio, tv, phone, Web, & to conduct fraudulent acts w/ intent to deprive owner of property.
Alter ego theory Method used by courts to pierce corporate veil when a shareholder fails to treat the corporate organization as a separate legal entity.
Articles of incorporation Legal document that forms the application for a state charter of incorporation.
Articles of organization Document used to create a limited liability company.
Articles of partnership Another name for a formally drafted partnership agreement.
Assumed name statute State law requiring partners to make a public filing of their identities if their partnership operates under a name that does not reveal the partners’ identities.
Buy and sell agreement Contract wherein one party agrees to buy the ownership interest held by another party. Helps provide transition of ownership without harming the business.
Charter The legal document issued by a state when creating a new corporation.
Closely held An organization that is owned by only a few people.
Corporation Artificial, legal person created by state law. Separation of owners and managers gives it flexibility.
Derivative suit Lawsuit filed by one or more shareholders of a corporation against that organization’s management. Benefits corporation directly and shareholders indirectly.
Director An individual who is elected by the shareholders to decide the goals and objectives for the corporate organization.
Dissolution Cancellation of an agreement, rescinding its binding force. A partnership is dissolved anytime there is a change in partners. Corporation ceases to exist.
Domestic corporation Business organization created by the issuance of a state charter that operates in the state that issued the charter.
Double tax Disadvantage of a corporation; must pay tax on the money earned and the shareholder pays a second tax on the dividends distributed.
Foreign corporation Business organization, created by state charter, that operates in states other than the one issuing the charter.
General partner Owner of a limited partnership that enjoys the control of the partnership’s operation. Personally liable for the debts of the partnership.
Incorporator Individual who is responsible for bringing a corporation into being.
Jointly and severally liable Legal principle that makes two or more people liable for an entire debt as individuals or in any proportional combination.
Limited liability company Characteristics of both partnership and a corporation. Personal liability is limited to their capital contributions. Not a taxable entity.
Limited liability partnership A hybrid business partnership.
Limited partner Owners of a limited partnership who forgo control of the organization’s operation in return for their liability being limited to the amount of their investment.
Limited personal liability exposure of business owners to pay debts of their businesses when such exposure does not exceed the owner’s investment in the business.
Manager Person designated and charged with day to day operations of a LLC.
Member Individual or business entities that belong to a LLC.
Officer Individuals appointed by directors of a corporation to conduct the daily operations of the corporate organization.
Organizer Parties responsible for bringing a LLC into existence. Correspond to the functions of incorporators with respect to corporations.
Partnership Bus. Org. involving two or more persons agreeing to conduct a commercial venture while sharing its profits and losses.
Piercing the corporate veil Legal doctrine used by courts to disregard the existence of a corporation, thereby holding the shareholders personally liable for the organization’s debts.
Proxy Legal document whereby a shareholder appoints an agent to vote the stock at a corporation’s shareholders’ meeting.
Publicly held Bus org that has hundreds, if not thousands, of owners who can exchange their ownership interests on public exchanges.
S corporation A business organization that is formed as a corporation but, by a shareholders’ election, is treated as a partnership for taxation purposes.
Say on pay Policy of companies that allow the compensation of executives to be reviewed by shareholders.
Shareholder Owners of corporations. Vote on major decisions impacting corps. Elect BOD.
Sole proprietorship Simplest form of bus org, created and controlled by one owner.
Created by: studyjunk