05.03.01 Business And Legal Rules

Front 1

________ are doctrines, maximum, and principles of conduct in business. These rules are the guideline to help businessmen conduct commerce in an honest and fair manner.

Back 1

Business and Legal Rules

Front 2

________ is a concept that comes from ships that have found shelter in a storm within a harbor. This rule reduces or eliminates a party's liability on the condition that the party performed its actions in good faith or in compliance with defined standards.

Back 2

Safe Harbor Rule

Front 3

In contract law, the implied covenant of ________ and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract. It is implied in every contract in order to reinforce the express covenants or promises of the contract.

Back 3

Good Faith

Front 4

In business, a ________ is an information barrier implemented within a firm organization to prevent exchanges of information that could cause conflicts of interest. For example, A business would separate and isolate persons who make investment decisions from persons who are privy to undisclosed material information which may influence those decisions. Firms are generally required by law to safeguard "insider information" and to ensure that no improper trading occurs.

Back 4

Chinese Wall

Front 5

________ is the failing to perform any term of a contract, written or oral, without a legitimate legal excuse. This may include not completing a job, not paying in full or on time, failure to deliver all the goods, substituting inferior or significantly different goods, not providing a bond when required, being late without excuse, or any act which shows the party will not complete the work ("anticipatory breach"). Breach of contract is one of the most common causes of law suits for damages and/or court-ordered "specific performance" of the contract.

Back 5

Breach of Contract

Front 6

________ is performance so far below that which is required by the terms of the contract. Under English Common Law, performance is so substandard that the party injured by the breach is to be exonerated from the performance, even if the contract specifically requires performance in the face of a breach.

Back 6

Fundamental Breach

Front 7

_______ is the loss of rights through failure to act. The unnecessary delaying bringing an action against a party for failure to perform. The doctrine describes that a court may refuse to hear a case not brought before it after a lengthy period since the right of action arose.

Back 7

Laches

Front 8

_________ can allow partial execution to replace full performance Rule of law that may be applied where a contract has been substantially performed before a breach occurs. It is used by courts to prevent the injured party from taking unfair advantage of the party who breached after a percentage of the contract has been performed.

Back 8

Substantial Performance Rule

Front 9

_________ is an unforeseen occurrence beyond one's control, such as a natural disaster, an overwhelming force, an unavoidable catastrophe, especially one that prevents someone from fulfilling a legal obligation. It is also called force majeure.

Back 9

Acts of God Rule

Front 10

_________ is a legal standard, applied in many jurisdictions for deciding the outcome of civil disputes, which requires that a dispute be decided in favor of the party whose claims are more likely to be true.

Back 10

Balance of Probabilities Rule

Front 11

A _________ is a legal standard, applied in many jurisdictions for deciding the outcome of civil disputes, which requires that evidence be sufficient to determine that a claim is more likely to be true than not.

Back 11

Preponderance of Evidence Rule

Front 12

A _________ is a legal standard for deciding the outcome of a dispute, based on evidence that clearly indicates that a claim is more likely to be true than not, without needing to eliminate all doubt.

Back 12

Clear and Convincing Evidence Rule

Front 13

_________ is a legal standard for deciding the outcome of a criminal charge, requiring evidence that is sufficient to eliminate any doubts that a reasonable person might entertain about whether a claim is more likely to be
true than not.

Back 13

Beyond a Reasonable Doubt Rule

Front 14

________ is a standard by which a police officer may make an arrest or conduct a personal or property search. The rule is also used in accident investigations, the conclusions reached by the investigating body as to the factor or factors which caused the accident.

Back 14

Probable Cause Rule

Front 15

The ________ is the duty of a party in a legal proceeding to prove an assertion of fact; it includes both the burden of production and the burden of persuasion.

Back 15

Burden of Proof Rule