Bus Law Midterm

Front 1

stare decisis

Back 1

case of "first impression", courts use decisions of precedents

Front 2

how many judges are in the supreme court?

Back 2

9

Front 3

Jurisdiction

Back 3

power of the court

Front 4

Due Process

Back 4

someone must inform you of why you are going to court. Due process clause is in fifth and fourteenth amendment. provides that no person shall be deprived of life, liberty, or property without due process of law.

Front 5

Equal Protection

Back 5

Fourteenth amendment. applies to race discrimination, intermediate scrutiny (gender), and rational basis.

Front 6

Freedom of Information Act

Back 6

permits anyone to turn over records on them. Government has to give them to you, a lot of it will be blacked out though. ( redacted)

Front 7

Patriot Act

Back 7

created after 9/11. gave increased authority to monitor internet activity and to gain accesses to personal financial information and student info.

Front 8

Commerce Clause

Back 8

power to regulate activities that " substantially affect interstate commerce"

Front 9

Mediation

Back 9

informal, neutral third party, mediators aren't decision makers.

Front 10

Negotiation

Back 10

simplest form of decision making, parties come together with or without third parties. there is no enforcement. can be assisted

Front 11

Arbitration

Back 11

most formal method of ADR. arbitrator is neutral third party and imposes a resolution. Can be binding or not.

Front 12

Arbitration award

Back 12

arbitrator's decision

Front 13

International Dispute Resolution

Back 13

Forum selection- and choice of law. clauses that designate the jurisdiction in which any dispute arising under the contract will be litigated and the nation's law that will be applied.

Front 14

Agency Law

Back 14

congress creates agencies.

Front 15

Agencies must follow what three steps before making a rule?

Back 15

1. notice

2. comment period

3. Publish final rule

Front 16

Administrative Law

Back 16

created by administrative agencies

Front 17

How are administrative agencies created?

Back 17

congress passes enabling legislation, which specifies name, purpose, and powers of the agency.

Front 18

Types of agencies

Back 18

1. executive -head appointed by president

2. Independent regulatory agency- run by commissions that are independent from the president.

Front 19

Enabling Legislation

Back 19

Federal Trade Commission ( FTC) creates rules and regulations, conducts investigations, obtains reports from businesses, publishes findings.

Front 20

what are examples of Executive Agencies?

Back 20

Bureau of Economic Analysis, FBI, DEA

Front 21

What are examples of Independent agencies?

Back 21

SEC, EPA, FCC

Front 22

Exhaustion Doctrine

Back 22

party seeking court review must first exhaust a;; administrative remedies before filing suit.

Front 23

Ripeness Doctrine

Back 23

Court will not review administrative decision it is "ripe" for review. wont review until parties can demonstrate they have met certain requirements.

Front 24

All federal agencies must follow:

Back 24

APA procedural requirements when fulfilling their 3 basic functions of rulemaking, enforcement, and adjudication.

Front 25

Administrative Procedure Act

Back 25

The arbitrary and Capricious Test, agency actions must not be arbitrary and capricious.

Front 26

Adjudication

Back 26

negotiated settlements, formal complaints, role of the administrative law judge, hearing procedures, agency orders.

Front 27

Business ethics is only consistent with what?

Back 27

long run profit maximization

Front 28

The Sarbanes-Oxley Act

Back 28

requires companies to set up confidential systems so that employees and others can raise red flags about suspected illegal activity.

Front 29

Duty- based ethics

Back 29

religious ethical standards, Kantian ethics, principle of rights, utilitarianism

Front 30

Kantian ethics

Back 30

philosophical based reasoning

Front 31

Principle of rights ethics

Back 31

based on the fact that humans have basic fundamental rights. how does that decision effect others.

Front 32

Utilitarianism ethics

Back 32

the greatest good for the greatest number. outcome oriented

Front 33

Stakeholders

Back 33

1-employees- internal

2 community -external

3 board of directors-internal

4 customers-external

5 officers- internal

Front 34

Foreign Corrupt Practices ACT

Back 34

prohibits US business persons from bribing foreign officials to secure beneficial contracts.

Front 35

Securities and Exchange commission SEC

Back 35

independent regulatory agency, to protect investors

Front 36

The Securities act of 1933

Back 36

governs initial sales of stock by businesses, purpose is to require disclosure

Front 37

Prospectus

Back 37

disclosure document that describes the securities being sold, financial operations, and investment risk.

Front 38

Violations of the 1933 Act

Back 38

will receive criminal and civil penalties.

Front 39

Insider trading

Back 39

someone trying to benefit from information that isn't public , applies to people who have special access to information and now outsiders also.

Front 40

Violations of 1934 act

Back 40

must prove scienter to receive criminal and civil penalties both SEC and private parties sue violators under insider trading and securities fraud enforcement act of 1988.

Front 41

Corporate governance

Back 41

the relationship between a corporation and its shareholders

Front 42

Franchise

Back 42

agreement in which the franchisor licenses intellectual property to franchise to use in the sale of goods.

Front 43

Laws governing franchises

Back 43

contract law

Front 44

Franchise contract includes

Back 44

type of business entity, businesses premises, location, quality control, pricing arrangements.

Front 45

Partnership is under what law

Back 45

common law and statutes

Front 46

Partnership by Estoppel

Back 46

partnership agreement that may arise when it isn't in writing.

Front 47

LLC

Back 47

limited liability company, hybrid entity, combines limited liability aspects of corporations and tax advantages of a partnership.

Front 48

Nature of LLC

Back 48

governed by state law, owners are members, ownership is an "interest", separate legal entity from its owners

Front 49

members and managers of LLC's are

Back 49

fiduciary duties to the LLC and each other.

Front 50

LLP limited liability partnerships

Back 50

for professionals service firms, limits on partners personal liability, allows pass through tax advantages

Front 51

LLP liability

Back 51

LLP allows professionals to avoid personal liability for the malpractice of partners.

Front 52

Who sets policies for corporations

Back 52

board of directors

Front 53

how are the board of D elected in a corp.

Back 53

elected by shareholders

Front 54

Courts may do what in a law suit with a corporation

Back 54

pierce corporate veil.

Front 55

holding companies

Back 55

parent company, often held off shore