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Legal test 4
Legal environment of business terms
| Question | Answer |
|---|---|
| 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. |
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