Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

55 Cards in this Set

  • Front
  • Back
what is law?
a set of rules creating order and expectations
what makes law voluntarily enforceable?
1. we have the ability to change them
2. have legitimate gov't
3. vote in legislature
why do we need law?
keep order, influence conduct, promote equality, honor expectations, and offer compromises.
Decides punishment, so people follow the same rules
What are the sources of US law?
US Code, US administrative regulations, US executive order, case law and precedent, constitution, state versions, counties, cities
What is a source of international law?
treaties-agreements between and among nations regarding their political and commercial relationships
uniform laws-contracts for the International Sale of Goods
who owns a corporation?
shareholders, but it is overseen by a board of directors
what is a plaintiff?
complaining party
what is a defendant?
accused party
what is jurisdiction?
power of court to decide
give an example of subject matter jurisdiction.
traffic court for a ticket
what is diversity jurisdiction?
when there is a case involving people from two different states and over $75,000 can be held in a federal court
what is a partnership by estoppel?
a person cannot deny being a partner if he permits the partnership use his name. arises when others are led to believe there is a partnership.
what is a trial court?
hears cases, takes evidence, jury decides facts, and issue decisions.
what is an appelate court?
hears appeals on questions of law. writes opinions (no juries, no evidence, just reads arguments)
Criminal court
go to court found guilty or not guilty (ex/ violating a state law)
what is jurisdiction over the person?
the power of a court to require that a party or a witness come before the court
what is a civil proceeding?
person found guilty can still be sued by individually private person v. private person; individual person brings the claim, only can award money, no jail time
what is a writ of certiorari?
mechanism through which appeals to the US Supreme court are granted (about 100 out of 7000 will be chosen)
How many justices are in the supreme court?
how long is the term of office in the supreme court?
lifetime appointments
how do the supreme court justices get there?
they are nominated by the president and confirmed by 2/3 vote of the Senate
how does the constitution divide power?
legislative, executive, and judicial
what is common law?
a system of law which allows judges to write opinions of law
what is civil law?
laws affecting the private rights of individuals
what is the commerce clause?
clause in the Constitution that gives Congress the power to regulate international trade
what is interstate commerce?
goods, instrumentalities (businesses, any franchise), channels (transportation route).
goods flowing between states
what are a state's police powers?
the power to rule over public health, welfare, and public safety
can a state burden interstate commerce? what is the balance test?
yes, the federal courts decide and they balance the tow to see if the good for the state outweighs the hurt on interstate commerce
what is the supremacy clause?
Article VI. federal acts under the supreme law of the land if acting under proper authority
what is the reservation clause?
10th amendment. all powers not delegated to the feds is reserved to the states
what is garnishment?
judicial process of taking funds or wages for satisfaction of a judgment (ex/ how one collects in situations such as child support)
what does the 5th amendment say about property?
persons haave a right to be secure in their property and that they have a right to be secure in their property and that they will not be deprived of it without due process of law
what is eminent domain?
taking private property for public use
what is a sole proprietor?
have personal liability, must protect your tradename, tax return is a personal return, and can transfer ownership
what is a corporation?
limited liability for owners, corp is a person under the law, for profit v. non-profit, domestic v. foreign, professional: CPAs and physicians
what is political free speech?
unrestricted; businesses can have political opinions
what is commercial speech?
substantial interest to regulate and no other way to accomplish goal
can a state condemb property through regulation?
yes, a state passes a law prohibiting a property owner from building a home on their beachfront lot
what is procedural due process?
must be a notice, must be allowed to be heard (opportunity to be heard, notice of proceedings)
what is substantive due process?
requires laws to apply equally to all and not deny property or rights without prior notice. must give justification. (what law is about; what is it designed to do or achieve)
when can a state deny someone equal protection of its laws?
on a rational basis
what is a postivist?
believes law is ethics
what is a relativist?
based on the situation, applies ethical standards (thinks through decision)
what is pragmatism?
very practical, doesn't impose value or judgment
what are the benefits of ethics to a business?
gives you a good reputation leading to good business. employees follow the code. reputation valuable, repeat business is a strategy
what are the models of ethics?
1. golden rule-most religions
2. peale-blanchard-is it legal? is it balanced? how does it make you feel? can you sleep at night?
what are the rights of shareholders?
attend regular meetings, vote if stock allows them to, vote by proxy, inspect books and records for a proper purpose, pooling arrangement or voting trust
what is the business judgment rule?
can make mistakes, but have to be reasonable. cannot benefit personally over a corporate opportunity.
what is piercing the corp. veil?
courts can pierce the corp. veil if the corp. is undercapitalized or under alter ego theory (individual avoiding liability)
US v. Morrison
congress cannot regulate criminal conduct even if it has an aggregate affect on the economic situation
Santitary landfill v. Michigan
when one is involved in Interstate Commerce one must be current on regulations that affect one's industry
Quill Corp. v. North Dakota
any company doing substantial amount of business in a state should expect to pay taxes to the state regardless of whether or not they have a physical presence in the state because there is a nexus, a sufficient connection between the corp.
Geier v. Honda
a business should aspire to manufacture the recommended passive safety restraints, but is not legally liable for having the recommended passive safety restraints
nike v. kosky
not engaging in mistreatment within labor force (providing good working conditions. realize effect of false advertising.
boston v. betotti
corporations have individual rights. they have rights to political free speech. it interferes with the 1st amendment for the state to take away this right