Legl 2700 Keywords Exam 2

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assault

Back 1

the intentional creation of immediate apprehension of of injury or lack of physical safety

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assumption of the risk

Back 2

negligence doctrine that bars the recovery of damages by an injured party on the ground that such a party acted with actual or constructive knowledge of the hazard causing the injury

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battery

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the cause of action for physical contact that is not consented to and is offensive

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cause in fact

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the actual cause of an event; the instrument that is responsible force for the occurrence of a certain event. a required element of tort

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comparative responsibility

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a doctrine that compares the plaintiff's contributory fault with the defendant's fault and allows the jury to reduce the plaintiffs verdict by the percentage of the plaintiff's fault. also called comparative negligence

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compensatory damages

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usually awarded in breach-of-contract cases to pay for a party's losses that are direct and foreseeable result of the other party's breach. the award of these damages in designed to place the nonbreaching party in the same position as if he contract had been performed

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contingency fee

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an arrangement whereby an attorney is compensated for services in a lawsuit according to an agreed percentage of the amount of money recovered

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contributory negligence

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a failure to use ressonable care by the plaintiff in a negligence suit

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conversion

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an unlawful exercise of dominion and control over another's property that substantially interferes with property rights

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defamation

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the publication of anything injurious to the good name or reputation of another

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design defect

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a defect arising when a product does not meet society's expectation for a safely designed product

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duty

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a legal obligation imposed by the law

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exclusive remedy role

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the rule that limits an injured employee's claim against the employer to workers' compensation

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false imprisonment

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the tort of an intentional unjustified confinement of a nonconsenting person who knows of the confinement

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fraud

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a false representation of fact made with the intent to deceive another that is justifiably relied upon to the injury of that person

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infliction of mental distress

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an intentional tort of the emotions that causes both mental distress and physical symptoms as a result of the defendant's outrageous behavior

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injurious falsehood

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a statement of untruth that causes injury or damage to the party against whom it is made

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intent

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a legal doctrine indicating that parties meant to do what they did

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intentional interference with contractual relations

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a business tort in which persons are induced to breach binding agreements

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invasion of privacy

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a tort based on misappropriation of name or likeness, intrusion upon physical solitude, or public disclosure of objectionable, private information

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libel

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a defamatory written statement communicated to a third party

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malicious prosecution

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an action for recovery of damages that have resulted to person, property, or proceedings that were prosecuted without probable cause and with malice

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negligence

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a person's failure to exercise reasonable care that foreseeably causes another injury

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product defect

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a defect arising when a product does not meet its manufacturer's own standards

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proximate clause

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in tort law and legal requirement that an act foreseeably causes an injury

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punitive damages

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monetary damages in excess of a compensatory award, usually granted only in intentional tort cases where defendant's conduct involved some element deserving punishment. also called exemplary damages

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slander

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an oral defamatory statement communicated to a third person

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state-of-the-art defense

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a defense that the defendant's product or practice was compatible with the current state of technology available at the time of the event in question

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statute of repose

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a statute that applies to product liability cases. it prohibits initiation of litigation involving products more than a certain number of years following their manufacture

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strict liability

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the doctrine under which a party may be required to respond in tort damages without regard to such party's use of due care

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strict products liability

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the cause of action under which commercial sellers defective products are held liable without negligence

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tort

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a civil wrong other than a breach of contract

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trespass

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an act done in an unlawful manner so as cause injury to another; an unauthorized entry upon another's land

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willful and wanton negligence

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extremely unreasonable behavior that causes injury

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workers' compensation

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a plan for the compensation for occupational diseases, accidental injuries, and deaths of employees that arise out of employment. compensation includes medical expenses and burial costs and lost earnings based on the size of the family and the wage rate of the employee

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copyright

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a statutorily created property in creative expression that protects authors

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fair use

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a statutorily permitted use of another's copyright for criticism, comment, news reporting, teaching, scholarship, or research

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generic

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to lose distinctiveness in reference to the source of goods and thus to lose trademark protection

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infringement

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the tort establishing violation of intellectual property rights

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injunction

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a court order directing a party to do or to refrain from doing some act

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intellectual property

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a type of property in information and its application or expression. patents and copyrights

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patent

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a statutorily created property in inventions

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property

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a bundle of private, exclusive, rights to people to acquire, possess, use, and transfer scare resources

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trade dress

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a legal doctrine giving someone ownership of a distinctive overall appearance or look and feel of a product or service

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trademark

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a statutorily created property in a mark, word, picture, or design that attaches to goods and indicates their source

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trademark dilution

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the impact of somethings that reduces the distinctiveness of a trademark

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trade secret

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any formula, pattern, machine, or process of manufacturing used in one's business that may give the user an opportunity to obtain an advantage over its competitors. trade secrets are legally protectable

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accessory

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a term used at the state level that is similar to aiding and abetting. accessory to a crime generally is either before the criminal act or after it

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aiding and abetting

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a criminal action that arises from association with and from assistance rendered to a person guilty of another criminal act

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bankruptcy crime

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an action involving the falsification of documents filed in a bankruptcy crime

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burglary

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theft by breaking and entering

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concealment

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an intentional misrepresentation of a material fact occurring through the silence of a party

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conspiracy

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a combination or agreement between two or more people for the commission of a criminal act

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double jeopardy

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a constitutional doctrine that prohibits an individual from being prosecuted twice by the same governing body based on the same factual situation

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dram shop act

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statutes adopted in many states that impose strict liability upon tavern owners for injuries to third parties caused by their intoxicated patrons

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endangerment of workers

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a criminal act that involves spacing employees at risk with respect to their health and safety in the work environment

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exculpatory no

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the doctrine that merely denying guilt is not a criminal lie in response to a question from an agency of the federal government. this doctrine is no longer valid

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expectation of privacy

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the expectation that one will not be observed by the state

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felony

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a criminal offense of a serious nature, generally punishable by death or imprisonment in a penitentiary

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fraud

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a false representation of fact made with the intent to deceive another that is justifiably relied upon to the injury of that person

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good faith

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honesty in dealing; innocence; without fraud or deceit

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indictment

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a document issued by a grand jury formally charging a person with a felony

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information

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a written accusation by the prosecutor presented in court charging an accused person with a crime

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intent

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a legal doctrine indicating that parties meant to do what they did

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intent to defraud

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applies to an individual who knowingly and willfully makes a misrepresentation of a material fact that is relied on and thereby causes injury or harm

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knowingly

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intentionally

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larceny

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the unlawful taking of personal property with the intent to deprive the right owner of this property

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mail fraud

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the use of the us postal service or any interstate carrier to conduct to fraudulent activities with the intent to deprive an owner of property

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misdemeanor

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a criminal offense of less serious nature that in a felony, generally punishable by fine or jail sentence other than in a penitentiary

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nolo contendere

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a plea enters by the defendant in a criminal case that neither admits nor denies the crime allegedly committed but, if accepted by the court, permits the judge to treat the defendant as guilty

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obstruction of justice

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a criminal act involving the interference of the administration of the laws during the investigations and conduct of trials

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overt act

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an essential element of crime. without this action by a party, the intent to engage in criminal activity is not wrongful

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pattern of racketeering

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under RICO, two or more similar acts of organized crime in a ten year period

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RICO

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The Racketeer Influences and Corrupt Organizations Act

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robbery

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illegally taking something by force

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scheme to defraud

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a plan to misrepresent a material fact in order to obtain something, usually money, from another

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sentencing guidelines

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adopted by the US Sentencing Commission as a means of standardizing the sentences given to similar criminals committing similar crimes

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unreasonable search and seizure

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a violation of the 4th amendment that occurs when a valid search warrant is not obtained or when the scope of a valid warrant is exceeded

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white-collar crime

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violations of the law by business organizations or by individuals in a business-related capacity

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willfully

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with intent to defraud or deceive

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wire fraud

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use of radio, tv, phone, internet or other wired forms of communication to conduct fraudulent activities with the intent to deprive an owner of property

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alter-ego theory

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one method used by courts to pierce the corporate veil when a shareholder fails to treat the corporate organization as a separate legal entity

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articles of incorporation

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legal document that forms the application for a state charter of incorporation

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articles of partnership

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another name for a formally drafted partnership

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articles of organization

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the legal document used to create a llc. its purpose corresponds with the purpose of the articles of partnership and incorporation

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assumed-name statute

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a state law that requires partners to make a public filing of their identities if their partnership operated under a name that does not reveal the partners' identities

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buy and sell agreement

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contract, usually among partners, but maybe among shareholders, wherein one party agrees to buy the ownership interest held by another party or the first party agrees to sell such an interest to the other party. these contractual provisions help provide for a transition of owners without harming the business of the organization

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charter

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he legal document issued by a state when creating a new corporation

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closely held

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an organization that is owned by only a few people

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corporation

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artificial, but legal person created by state law. as a business organization, the corporations separation of owners and managers gives it a high level of flexibility

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derivative suit

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a lawsuit filed by one or more shareholders of a corporation on behalf of the corporation. this action is files to protect the corporation from the mismanagement of its officers and directors

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director

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those individuals who are elected by the shareholders to decide the goals and objectives for the corporate environment

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dissolution

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the cancellation of an agreement, thereby rescinding its binding force. a partnership is dissolved anytime there is a change is partners. a corporation's dissolution occurs when that business entity ceases to exist

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domestic corporation

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business org created by the issuance of a state charter that operated in the state that issued the charter

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double tax

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a disadvantage of a corporate form of organization in that the corporation must pay a tax on the money earned and the shareholders must pay a second tax on the dividends distributed

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foreign corporation

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a business org create by the issuance of a state charter that operated in states other than the one issuing the charter

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general partner

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the owner of a limited partnership that enjoys the control of the partnerships operation. this type of partner is personally liable for the debts of the limited partnership

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incorporator

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those individuals who are responsible for bringing a corporation into being

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jointly and severally liable

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legal principle that makes two or more people usually partners liable for an entire debt as individuals or in any proportional combination

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Limited Liability Company

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(LLC) business organization that has characteristics of both a partnership and a corporation. the owners of an LLC are called members, and their personal liability is limited to their capital contributions. the LLC, as an organization, is not a taxable entity

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Limited Liability Partnership (LLP)

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hybrid business partnership

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limited partner

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owner of a limited partnership who foregoes control of the org's operation in return for their liability being limited to the amount of their investment

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limited partnership

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partnership with limited and general partners. the limited partners contribute assets to the partnership without taking part in the conduct of business. such individuals are liable for the debts of the partnership only to the extent of their contributions

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limited personal liability

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(limited liability) describes the expose of business owners to pay the debts of their businesses when such exposure does not exceed the owner's investment in the business

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manager

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a person designated and charged with day-to-day operations of LLC

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member

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individual/business entity that belongs to a LLC

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officer

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those individuals appointed by directors of the corporation to conduct the daily operations of the corporate organization

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organizer

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the parties responsible for bringing an LLC into existence. these parties correspond to the function of the incorporators with respect to corporations

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partnership

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business org with two plus people agreeing to conduct a commercial venture while sharing profits and losses

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piercing the corporate veil

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the legal doctrine used by courts to disregard the existence of a corporation, thereby holding the shareholders personally liable for the organization's debts

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proxy

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legal doctrine whereby a shareholder appoints an agent to vote the stock at a corporation's shareholders meeting

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publicly held

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a business organization that has hundreds if not thousands of owners who can exchange their ownership interests on public exchange

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S corporation

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a business org that is formed as a corporation but, as by shareholders' election, is treated as a partnership for taxation purposes

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say-on-pay

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a policy of companies that allow the compensation of executives to be reviewed by shareholders

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shareholders

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the ownes of corporations. typically these owners vote on majority decisions impacting their corporations, most commonly the election of a board of directors

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sole proprietorship

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simplest form of business ownership, created and controlled by one owner

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beneficiary

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a person entitled to the possession, use, income or enjoyment of an interest or right to which legal title is held by another; a person to whom an insurance policy is payable

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celler-kefauver amendment

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passed in 1950 to amend the clayton act by broadening the scope of section 7 on mergers and acquisitions

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concerted activities

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those activites involving an agreement, contract, or conspiracy to restrain trade that may be illegal under the Sherman antitrust act

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conglomerate merger

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merger resulting when merging companies have neither the relationship of competitors not that of supplier and customer

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cost justification defense

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a defense to a price discrimination case wherein the defendant seeks to justify charging different customers different prices due to that defendant's cost varying because of the different quantities purchased by the customers

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exclusive dealing

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a buyer agrees to purchase a certain product exclusively from the seller or the seller agrees to sell all of his/her production to the buyer

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federal trade commission act

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passed in 1914, this legislation created the Federal Trade Commission (FTC) and authorized it to protect society against unfair methods of competition. the law was amended in 1938 by the wheeler-lea amendment to provide the FTC with authority to regulate unfair or deceptive trade practices

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full-line forcing

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arrangement in which a manufacturer refuses to supply any portion of he product line unless the retailer agrees to accept the entire line

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geographic extension merger

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combining of companies involved in the same product/service that so not compete in the same geographic regions or markets

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good-faith meeting of competition defense

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bona fide business practice that s a defense t a charge of violation of the Robinson-Patman Act (an amendment to the clayton act which outlaws price discrimination that might substantially lessen competition or tends to create a monopoly.) this exception allows a seller in good faith to meet the equally low price, service, facility of the competitor. the good-faith exception cannot be established if the purpose of the price discrimination has been to eliminate competition

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horizontal merger

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merger of competitors

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horizontal price fixing

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per se illegal agreement among competitors as to the price all of them will charge for similar products

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horizontal territorial agreement

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per se illegal under sherman act; agreement of competitors regarding territory where each will conduct business

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market extension merger

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acquisition in which the acquiring company expands market through product/geographical extension

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merger

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end of a corporate entity by the transfer of its assets and liabilities to another corporation that continues in existence

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monopoly

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exclusive control of a market by a business entity

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noerr-penington doctrine

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exempts from antitrust laws concerted efforts to lobby govt officials regardless of the anticompetitive purposes. it is based on the 1st amendment freedom of speech

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parker v brown doctrine

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state action exemption of the sherman act; exemption of a sovereign action of a state that replaces competition with regulation if the state actively supervises the anticompetitive conduct

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per se illegal

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in itself

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predatory conduct

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anticompetitive action that is intended to drive competitors out of business. a common example occurs when a business lowers its prices in the hope of gaining such a large market share that it can then raise prices without the fear of competition

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predatory pricing

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lowering prices to drive out competitors. usually, prices are below seller's costs, resulting in a loss

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price fixing

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agreement or combination by which the conspirators set the market price, whether high or low, of a product or service whether being sold or purchased

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product extension merger

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merger that extends the products of the acquiring company into a similar or related product but one that is not is direct competition with current products; mop co acquiring broom co

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reciprocal dealing

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contract in which two parties agree to mutual actions so that each party can act as both a buyer and a seller. the agreement violates the clayton act if it results in a substantial lessening of competition

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requirements contract

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contract under which the buyer agrees to buy a certain item only from the seller

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restraint of trade

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monopolies, combinations, and contracts that impede free competition

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robinson-patman amendment

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amendment to section 2 of clayton act covering price discrimination. as originally adopted, the R-P act outlawed price discrimination in interstate commerce that might substantially lessen competition or tends to create a monopoly

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rule of reason

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under the sherman act, contracts or conspiracies are illegal only if hey consititute an unreasonable restraint of trade or attempt to monopolize. an activity is uneasonable if it adversely affects competition. an act is reasonable if it promotes competition. the rule of reason requires than an anticompetitive effect be shown

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sherman act

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1890 congressional enactment designed to regulate anticompetitive behavior in interstate commerce

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triple damages

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award or damages allowable under some statutes equal to three times the amount found by the jury to be a single recovery

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trust

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fiduciary relationship whereby one party holds legal title for the benefit of another

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trustee

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one who holds legal title to property for the benefit of another

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tying contract

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a contract that ties the sale of one piece of property to the sale or lease of another item of property

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vertical merger

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merger of corporations where one is the supplier of another

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vertical price fixing

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agreement between seller and buyer to fix the resale price at which a buyer will sell goods

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vertical territorial agreement

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arrangement between supplier and its customers with respect to the geographical area in which each customer will be allowed to sell that supplier's products. this type of agreement is analyzed under the rule of reason to determine whether it violates the sherman act. limitation on intrabrand competition may be permitted if there is a corresponding increase in interbrand competition

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wheeler-lea amendment

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legislation passed in 1938 that expanded the FTC authority to protect society against unfair or deceptive practices