Final Exam Flashcards
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| Act of State Doctrine | Provides that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.
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| Adjudication | The act of rendering a judicial decision.
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| BFOQ | Identifiable characteristic reasonably necessary to the normal operation of a business. Include gender, origin and religion but not race.
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| Business Judgment Rule | Immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within power of corporation and management.
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| Business Necessity | Defense to allegations of employment discrimination in which employer demonstrates that employment practice that discriminates against a protected class is related to job performance.
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| Cease and Desist Order | Administrative or judicial order prohibiting a person or firm from conducting activities that a court or agency has deemed illegal.
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| Comity | Principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition based primarily on respect.
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| Cyber Squatting | Act of registering a domain name that is the same as, or confusingly similar to the trademark of another and then offering to sell that domain name back to the trademark owner.
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| Cybermark | Trademark in cyberspace
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| Disparate Impact Discrimination | A form of employment discrimination that results from certain employment actions or procedures that although not discriminatory on their face, have discriminatory effect.
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| Dissociation | The severence of a relationship between a partner and a partnership when a partner ceases to be associated with the carrying on of the partnership business.
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| EIS | A statement required by the National Environmental Policy Act for any major federal action that will significantly affect the quality of the environment. Must analyze the action's impact on the environment and explore alternatives.
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| Employment at Will | A common law doctrine under which either party may terminate an employment relationship at any time for any reason, unless a contract specifies otherwise.
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| Enabling Legislation | Statutes enacted by Congress that authorize the creation of an administrative agency and specify the name, composition, and powers of the agency being created.
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| Force Majeure Clause | Provision in a contract that states that certain unforeseen events (war, upheavals, acts of God) will excuse a party from liability for nonperformance of contractual obligations.
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| Franchise | Any arrangement in which the owner of a trademark, trade name, or copyright licenses another to use that trademark, trade name, or copyright in the selling of goods or services.
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| Insider Trading | The purchase or sale of securities on the basis of information that has not been made available to the public.
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| Joint and Several Liability | In partnership law, a plaintiff can file a lawsuit against all of the partners together (jointly) or one or more of the partners separately (severally, or individually). All partners can be held liable regardless of participation.
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| Limited Partner | In a limited partnership, a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contributed.
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| Market Concentration | The degree to which a small number of firms control a large percentage share of a relevant market; determined by calculating the percentages held by the largest firms in that market.
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| Monopoly Power | The ability of a monopoly to dictate what takes place in a given market.
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| Per se violation | Type of anticompetitive agreement so injurious to the public that there is no need to determine whether it actually injures market competition. Rather it is in itself a violation of the Sherman Act.
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| Pierce the Corporate Veil | An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.
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| Protected Class | Group of persons protected by specific laws because of the group's characteristics. Regarding employment discrimination, these only include race, color, religion, national origin, gender, age and disability.
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| Red Herring Prospectus | A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. Derives from the red legend printed across the prospectus
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| Rule of Reason | A test by which a court balances the positive effects (such as economic efficiency) of an agreement against its potentially anticompetitive effects. In antitrust litigation, many practices are analyzed under the rule of reason.
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| SEC Rule 10B-5 | A rule of the Securities and Exchange Commission that makes it unlawful, in connection with the purchase or sale of any security, to make any untrue statement of a material fact or to omit a material fact if it causes the statement to be misleading.
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| Security | Generally, a stock certificate, bond, note, debenture, warrant, or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
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| Trade Dress | The image and overall appearance of a productfor example, the distinctive decor, menu, layout, and style of service of a particular restaurant. Basically, trade dress is subject to the same protection as trademarks.
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| Tying Arrangement | An agreement between a buyer and a seller in which the buyer of a specific product or service becomes obligated to purchase additional products or services from the seller.
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| Ultra Vires | Means beyond the power. Refers to acts of corporation that are beyond its express and implied powers to undertake.
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| Watered Stock | Shares of stock issued by the corporation for which it receives, as payment, less than the stated value of the shares.
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