Final Review For The Environment Of Business Part 2

Front 1

Chapter 1

Glues together diverse peoples of different backgrounds into very large, organized groups. Intended to tell members of society what they can or cannot do.

Back 1

Law

Front 2

Laws that are made generally and equally applicable. They apply to all or most members of society and they apply to various groups in the same way. Law applies to lawmakers as well as the rest of society.

Back 2

Rule of Law

Front 3

A legal right that allows you to exclude others from your resources. It makes what is yours "yours".

Back 3

Property

Front 4

Right to turn to public authorities like the police or the courts to help you keep others from interfering with what you own.

Back 4

Ownership

Front 5

The philosophy of law

Back 5

Jurisprudence

Front 6

Emphasizes the role of judges in determining the meaning of laws.

Back 6

Common law

Front 7

Relies more on legislation than judicial decisions for law.

Back 7

Civil law

Front 8

Includes constitutional law, administrative law and criminal law

Back 8

Public law

Front 9

Specifies various offenses against the proper order of the state

Back 9

Criminal law

Front 10

Covers those legal problems and issues that concern your private resource relationships with other people

Back 10

Private law

Front 11

Involves the recognition of exclusive rights in both tangible (physically touchable) and intangible resources. Special areas of property law concerns land, goods, copyrights, trademarks, patents, and trade secrets.

Back 11

Property law

Front 12

Covers the rules of how owners transfer resources by exchanging them. It often involve enforceable promises to exchange resources in the future.

Back 12

Contract law

Front 13

Establishes rules for compensation when an owner's legal boundaries are wrongfully crossed over by another. It often but not always requires actual injury to the owner's resources.

Back 13

Tort law

Front 14

Legal relationship of people with other people or between them and the state.

Back 14

Substantive law

Front 15

The method and means by which substantive law is made and administered.

Back 15

Procedural law

Front 16

Supreme law of the nation. Any law, federal or state, that conflicts it is said to be void and have no legal effect.

Back 16

Constitution

Front 17

Passed by Congress

Back 17

Legislation

Front 18

Another name for legislation

Back 18

"Acts" or "Statutes"

Front 19

Collections of legislation, often on the same subject

Back 19

Codes

Front 20

Statutes or acts adopted by the state legislature.

Back 20

Uniform Commercial Code (UCC)

Front 21

Law of the counties or cities

Back 21

Ordinances

Front 22

Decisions that the judge makes

Back 22

Opinions

Front 23

Case opinions that are collected and published in book volumes and involves future cases of similar facts and legal issues

Back 23

Precedents

Front 24

Where the precident is found

Back 24

Citation

Front 25

The doctrine of prior precedents. Judges in current cases follow whenever possible, the interpretations of law determined by prior cases.

Back 25

Stare decisis

Front 26

What was necessary to the decision reached

Back 26

Holding

Front 27

Whatever was said besides the holdings

Back 27

Dicta

Front 28

Times have changed

Back 28

Constitutional relativity

Front 29

The courts should interpret the constitution only according to the intentions of those who wrote it.

Back 29

Originalism

Front 30

What state's law applies?

Back 30

Conflicts of Law

Front 31

Encourage or to force compliance with the obedience to the law. Used against a person who has failed to comply with the law.

Back 31

Sanctions

Front 32

Right of an individual to take another person's resources because that person has failed to meet the requirements of the law

Back 32

Remedy

Front 33

One party to a contract fails to do what he or she agreed to do.

Back 33

Breach of Contract

Front 34

Awarded to make the victim of the breach "whole" in the economic sense.

Back 34

Compensatory damages

Front 35

An order by the court commanding the other party to actually perform a bargain as agreed.

Back 35

Specific performance

Front 36

A civil wrong other than a breach of contract

Back 36

Tort

Front 37

Require the plaintiff to prove the defendant intended to cross the boundaries protecting the plaintiff.

Back 37

Intentional Torts

Front 38

Requires the plaintiff to show that the defendant injured what was proper to the plaintiff through unreasonable behavior

Back 38

Negligence

Front 39

Require the plaintiff to prove only that the defendant has injured something proper to the plaintiff.

Back 39

Strict Liability

Front 40

Tort is intentional or the unreasonable conduct is extremely severe

Back 40

Punitive damages/ exemplary damages

Front 41

A business chartered by the state to do business as a legal person in a certain form of organization.

Back 41

Corporation

Front 42

Legal rules that structure, empower, and regulate the agents of corporations and define their relationship to the owners.

Back 42

Corporate governance

Front 43

Chapter 2

The collection of values that guides our behavior

Back 43

Morality

Front 44

A systematic statement of right and wrong together with a philosophical system that both justifies and necessitates rules of conduct

Back 44

Ethics

Front 45

Moral goals and objectives we choose to pursue

Back 45

The goods

Front 46

Moral obligation

Back 46

Duty

Front 47

You have a moral duty to act in the way everyone should act.

Back 47

Categorical Imperative

Front 48

Moral consequences of actions rather than with the morality of the actions themselves

Back 48

Consequentialism

Front 49

Judges actions by usefulness, by whether they serve to increase the common good

Back 49

Utilitarianism

Front 50

Instead of relying on the intercession of a church hiearchy to achieve grace, each person, Protestants assented, had the means to address God personally. Religion provided the impetus to hard work and achievement.

Back 50

Protestant Ethic

Front 51

The state will likely regulate professions if they do not do so themselves and their term for their ethical codes.

Back 51

Self-regulation

Front 52

Ethical corporate behavior requires that directors and managers take into account everyone whose interests the corporation impacts, called "stakeholders"

Back 52

Stakeholder Theory

Front 53

Chapter 3

Trial jury that returns a verdict in both situations

Back 53

Petit jury

Front 54

Lowest court of the federal court system and where the lawsuits begin

Back 54

Trial Court

Front 55

Known as the Courts of Appeals. There are two of them and usually review cases from the Trial Courts.

Back 55

Appellate Courts

Front 56

The power over the issues involved in a case. Different courts look at different cases.

Back 56

Subject Matter Jurisdiction

Front 57

Parties to litigation are entitled as a matter of right to a review of their case by a higher court

Back 57

Appeal

Front 58

The lower court of a state's Appellate Courts. Some states only have this court on the interemediate level

Back 58

Courts of Appeal

Front 59

The higher court of a state's Appellate Courts. Some states doe not have this court but if they do, their job is to look over decisions made by the Court of Appeals.

Back 59

Supreme Court

Front 60

Requesting a second review. Also called a petition for leave to appeal. These requests are done by the highest court in the state and barely any get accepted.

Back 60

writ of certiorari

Front 61

Below the trial court, this court handles much of the litigation between business as customers. Used by businesses to collect accounts and customers to settle disputes

Back 61

Small-claims court

Front 62

Cases based on issues arising out of the U.S Constitution or out of federal statutes.

Back 62

Federal Question Cases

Front 63

All plaintiffs need to be citizens of different states from all defendants.

Back 63

Diversity of Citizenship

Front 64

The details concerning procedures to be followed in federal court litigation

Back 64

Federal Rules of Civil Procedure

Front 65

The power to review laws passed by the legislative body and to declare them to be unconstitutional and void

Back 65

Judicial Review

Front 66

Believe that power should not be used except in unusual cases.

Back 66

Judicial Restraint

Front 67

Think that power should be used whenever the needs of society justify its use.

Back 67

Judicial Activism

Front 68

Chapter 4

Party who files a civil action

Back 68

Plaintiff

Front 69

Party sued

Back 69

Defendant

Front 70

When the defendant wants to sue the plaintiff

Back 70

Counterclaim

Front 71

Defendant that is counterclaiming

Back 71

Counterplaintiff

Front 72

Plaintiff that the counterclaiming is happening to

Back 72

Counterdefendant

Front 73

A defendant alleges that there cannot be a complete determination of a controversy without the presence of other parties, he or she may bring in new third parties.

Back 73

Third-party defendants

Front 74

The plaintiff must allege that the litigation involves a case or controversy and there must be some allegation of a wrong that would create dispute between plaintiff and defendant.

Back 74

Standing to sue

Front 75

Power to hear a case over the parties of the case.

Back 75

Personal Jurisdiction

Front 76

Notice to appear in court

Back 76

Summons