Business Law For Mccabe Exam Iii

Front 1

The resolution of disputes in ways other than those involved in the traditional judicial process.

Some forms are Negotiation, Mediation, and Arbitration.

Back 1

Alternative Dispute Resolution

Front 2

ADR

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Alternative Dispute Resolution

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In regard to dispute settlement, a process in which parties attempt to settle their disputes without going to court, with or without attorneys to represent them.

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Negotiation

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A private proceeding in which each party to a dispute argues its opposition before the other side and vice versa. A neutral third party may be present and act as an adviser if the parties fail to reach an agreement.

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Mini-trial

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A process in which the parties involved in a dispute, reach an agreement themselves with the help of a neutral third party who facilitates the negotiations.

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Conciliation

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The settling of a dispute by submitting it to a disinterested third party (other than a court), who renders a decision, this decision may or may not be legally binding.

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Arbitration

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In the context of arbitration, it would be the arbitrator’s decision.

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Award

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A method of settling disputes outside of court by using the services of a neutral third party, this neutral third party acts as a communicating agent between the parties and suggests ways in which the parties can resolve their dispute.

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Mediation

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The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.

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Online Dispute Resolution

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ODR

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Online Dispute Resolution

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Moral principles and values applied to social behavior.

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Ethics

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A consensus of what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.

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Business Ethics

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A concept developed as an ethical guideline for behavior. In deciding whether an action is right or wrong, or desirable or undesirable, a person should evaluate the action in terms of what would happen if everybody else in the same situation, or category, acted the same way.

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Categorical Imperative

Hint 13

Developed by the philosopher Immanuel Kant

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The least degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law.

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Moral minimum

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A decision-making technique that involves weighing the costs of a given action against the benefits of the action.

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Cost-benefit analysis

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A reasoning process in which an individual links her or his moral convictions or ethical standards to the particular situation at hand.

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Ethical reasoning

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The principle that human beings have certain fundamental rights. Those who adhere to this “rights theory” believe that a key factor in determining weather a business decision is ethical is how that decision affects the rights of others.

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Principle of rights

Hint 17

For example: to life, freedom, and the pursuit of happiness.

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An approach to ethical reasoning in which ethically correct behavior is not related to any absolute ethical or moral values but to an evaluation of the consequences of a given action on those who will be affected by it.

In this type of reasoning, a “good” decision is one that results in the greatest good for the greatest number of people affected by the decision.

Back 18

Utilitarianism

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The procedure used by administrative agencies in the administration of law.

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Administrative process

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The process undertaken by administrative agency when formally adopting a new regulation or amending an old one. It involves notifying the public of a proposed rule or change and receiving and considering the public’s comments.

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Rulemaking

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An administrative rulemaking procedure that involves the publication of a notice of a proposed ruling in the Federal Register, a comment period for interested parties to express their views on the proposed rule, and the publication of the agency’s final rule in the Federal Register.

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Notice-and-comment rulemaking

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One who presides over an administrative agency hearing and who has the power to administer oaths, take testimony, rule on questions of evidence, and make determinations of fact.

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Administrative Law Judge

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ALJ

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Administrative Law Judge

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In the context of administrative law, it is an administrative law judge’s order.

The order becomes final unless it is appealed.

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Initial order

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The final decision of an administrative agency on an issue, if no appeal is taken, or the case is not reviewed or considered anew by the agency commission, the administrative law judge’s initial order becomes it of the agency.

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Final order

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The process of formally resolving a dispute.

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Adjudication

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A doctrine that has been constructed to allow Congress to delegate some of its powers to make and implement laws to administrative agencies, it is considered proper as long as Congress sets standards outlining the scope of the agency's authority.

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Delegation doctrine

Hint 27

Based on Article 1, Sections 1 and 8 of the United States Constitution.

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A statute enacted by Congress that authorizes the creation of an administrative agency and specifies the names, composition, purpose, function, and the powers of the agency being created.

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Enabling legislation

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The procedures relating to, or connected with, the administration of justice through the judicial system.

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Judicial process

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A daily publication of the executive branch that prints government orders, rules, and regulations. The notice states where and when the proceeding will be held, the agency’s legal authority for making the rule, and terms or subject matter of the proposed rule.

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Federal register

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A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.

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Sales contract

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A person who sells the right to the possession and use of property to another in exchange for rental payments.

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Lessor

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A person who acquires the right to the possession and use of another’s property in exchange for rental payments.

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Lessee

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An assurance by one party of the existence of a fact on which the other party can rely.

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Warranty

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An electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.

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E-signature

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A contract that is entered into cyberspace and is evidenced only by electronic impulses such as those that makes up a computer’s memory, rather than, for example, a typewritten form.

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E-contract

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A provision in a contract designating the court or jurisdiction that will decide any dispute arising under the contract.

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Forum-selection clause

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In regard to the lease of goods, an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.

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Lease agreement

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A person who deals in goods of the kind involved in the sales contract.

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Merchant

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An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces.

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Output contract

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An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.

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Requirements contract

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The passing of title from the seller to the buyer for a price.

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Sale

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Property that has physical existence and be distinguished by the senses of touch, sight, and so on.

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Tangible property

Hint 43

A car is, but a patent is not.

Front 44

Pollution across national boundaries; air and water degradation in one nation resulting from pollution-causing activities in a neighboring country.

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Cross-border pollution

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A document required by the National Environmental Policy Act for any major federal action that will significantly affect the quality of the environment. The document must analyze the action’s impact on the environment and explore alterative actions that might be taken.

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Environmental Impact Statement

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EIS

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Environmental Impact Statement

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The body of statutory, regulatory, and common law relating to the protection of the environment.

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Environmental Law

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A common law doctrine under which persons may be held liable for using their property in a manner that unreasonable interferes with others’ rights to use or enjoy their own property.

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Nuisance

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Under CERCLA, any person who generated the hazardous waste, transported the hazardous waste, owned or operated a waste site at the time of disposal, or currently owns or operates a site may be responsible for some or all of the clean-up costs involved in removing the hazardous chemicals.

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Potentially Responsible Party

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PRP

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Potentially Responsible Party

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CERCLA

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Comprehensive Environmental Response, Compensation, and Liability Act

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Any contract or combination that tends to eliminate or reduce competition or otherwise hamper the course of trade on commerce as it would be carried on if left to the control of natural economic forces.

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Restraint on trade

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The body of federal and state laws that regulate competition by protecting trade and commerce from unlawful restraints.

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Antitrust law

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An agreement by two or more parties to refuse to deal with a particular person or firm; prohibited by the Sherman act.

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Group boycott

Front 55

Any agreement that in some way restrains competition between rival firms competing in the same market.

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Horizontal restraint

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A term generally used to describe a market in which there is a single seller or limited number of sellers.

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Monopoly

Front 57

An agreement between competitors in which the competitors agree to fix the prices of products or services at a certain level; prohibited by the Sherman Act.

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Price-fixing agreement

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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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Tying arrangement

Front 59

Setting prices in such a way that two competing buyers pay two different prices for identical products or services.

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Price discrimination

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Any restraint on trade created by agreements between firms at different levels in the manufacturing and distribution process.

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Vertical restraint

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Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is hereby declared to be illegal [and is a felony punishable by fine and/or imprisonment].

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Sherman Act: Section I

Front 62

Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony [and is a felony punishable by fine and/or imprisonment].

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Sherman Act: Section II

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A type of anticompetitive agreement that is considered to be 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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Per se violation

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Per se

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In Itself

Front 65

A test by which a court balances the positive effects (such as economic efficiency) of an agreement against its potential anticompetitive effects.

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Rule of Reason

Hint 65

One possible example is economic efficiency.

In antitrust litigation, many practices are analyzed under it.

Front 66

The ability of a company to dictate what takes place in a given market.

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Monopoly power

Front 67

The power of a firm to control the market price of its product.
A monopoly has the greatest degree of market power.

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Market power

Front 68

Pricing of a product below cost with the intent to drive competitors out of the market.

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Predatory pricing