Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
30 Cards in this Set
- Front
- Back
|
common law
|
body of decisions handed down by courts ruling on individual cases
follow precedent |
|
|
statutory law
|
law created by constitutions or by federal, state, local legislative acts
|
|
|
regulatory/administrative law
|
law made by authority of administrative agencies
ex: EPA, FDA |
|
|
deregulated key industries
|
financial services, transportation, telecommunications
|
|
|
trial court
|
general court that hears cases not specifically assigned to another court
lowest level of fed court system |
|
|
appellate court
|
court that reviews case records of trails whose findings have been appealed
|
|
|
contract
|
agreement, consent, capacity, consideration, legality, proper form
|
|
|
tort
|
civil injury to ppl, property, reputation for which compensation must be paid
business relationships not governed by contracts intentional, negligence, product liability |
|
|
punitive damages
|
fines that exceed actual losses suffered by plaintiffs, and are intended to punish defendants
|
|
|
strict product liability
|
principle that liability can result not from producer's negligence by from defect in product itself
|
|
|
patent
|
novel, useful, nonobvious
|
|
|
eminent domain
|
principle that gov may claim private land for public use by buying it at fair price
|
|
|
implied authority
|
derived from business custom, to bind a principal to a certain course of action
|
|
|
apparent authority
|
based on principal's compliance, to bind a principal to a certain course of action
|
|
|
UCC
|
body of standardized laws governing the rights of buyers and sellers in transactions
|
|
|
express warranty
|
warranty whose terms are specifically stated by seller
|
|
|
implied warranty
|
dictated by law, based on principle that products should fulfill advertised promises and serve the purposes for which they are manufactured and sold
|
|
|
bankruptcy
|
1. increased availability of credit
2. "fresh-start" provisions in current bankruptcy laws 3. growing acceptance of bankruptcy as a financial tactic |
|
|
Cart Right
|
outlaws methods of unfair competition
long arm jurisdiction drives away employers |
|
|
US largely "statute law"
|
courts decide by what is written in laws(statute)
|
|
|
doctrine of pre-emption
|
county matter, US court will not intervene
|
|
|
most commerce is under what law?
|
state law
|
|
|
When do you Void a Contract?
|
illegal, mutual mistake, incapacity
|
|
|
Why has international trade increased
|
China opened
imports of energy to mature economies outsourcing of manufacturing |
|
|
What does the US export?
|
capital goods(boeing)
industrial supplies agriculture |
|
|
What does the US import
|
crude oil
consumer goods capital goods(machinery) |
|
|
Why has the USD been weakening
|
excessive imports
gov running huge deficit non-existent domestic savings rate |
|
|
reserve currencies
|
USD
Euro, Swiss Franc Pound Yen |
|
|
tariffs in developing countries
|
rely on tariffs for tax income
|
|
|
subsidies
|
China's state owned banks provide capital at non-market rates to state-owned enterprises, not high enough interest rates
Euro countries provide launch aid for Airbus models military contract provide subsidy for Boeing |
