Business Law 1-3

Case Law law created by courts decisions, either in creating new common law, or in interpreting common or statutory law common law A system in which court decisions establish legal principles and rules of law. defendant an individual or group being sued or charged with a crime dissenting opinion An Read more…

Business Law Flashcards

Administrative Agencies commissions or boards that have the power to regulate particular matters or implement laws Antitrust Laws laws designed to prevent an individual, corporation, or other group from controlling too large a share of the market for a product Balloon Payment payment more than twice the normal installment payments Read more…

Chapter 5 – Business Law

Ethics The study of what constitutes right or wrong behavior. A branch of philosophy focusing on morality and the way moral principles are derived and implemented Subjective Ethics becomes subjective because it deals with topics of fairness, justice, and morality Business Ethics to the Business Contex Set of norms developed Read more…

Business Law Exam 3 (Cook, MSU)

What is a contract? 1) Judicially enforceable agreement 2) An agreement that can be enforced by a court 3) An agreement that creates duties and obligations What is mutuality of obligation? 1) Each party has a duty or obligation to perform What source of law deals with contracts? 1) Common Read more…

Business Law Final Exam

Stare Decisis Doctrine that requires lower courts to follow existing case law in deciding similar cases. Procedural Law Group of laws that define the methods for enforcing legal rights and duties. Laws Enforceable rules of conduct in a society. Common Law Law based on current standards or customs of the Read more…

Business Law Chapters 9-14

Judical restraitant A courts reluctance to intervine with the terms of a contract. judicial activism A courts willingsness to change or ignore a contract that it preceives as injust. noncompetition agreement a contract in which one party agrees not to compete with another Bilateral contract a promise for a promise Read more…

Business Law

crime wrong against society set forth in a statute and has a punishment beyond a reasonable doubt criminal burden of proof preponderance of evidence civil burden of proof misdemeanors punishments by fine of confinement up to a year petty offenses minor violations(jay walking) actus reus guilty act mens rea wrongful Read more…

Business Law 203

Law the order or pattern of rules that society establishes to govern the conduct of individuals and their relationships Constitution A document which spells out the principles by which a government runs and the fundamental laws that govern a society Executive Branch Branch of government that enforces the laws Judicial Read more…

Business Law Bankruptcy

insolvent unable to pay debts owed liquidation assets of company that has been brought to an end are divvied up among creditors and shareholders reorganization attempt to extend the life of a company facing bankruptcy through special arrangements and restructuring in order to minimize the possibility of past situations reoccurring. Read more…

Business Law Chapters 1-8

What is law? rules that regulate conduct of individuals, businesses, and other organizations in society What is the purpose of law? – intended to protect persons from unwanted interference from others -often fair -must be flexible -forbids persons from engaging in certain undesirable activities What are the functions of law? Read more…

Business law Business Organizations

Sole Proprietor (How is it taxed/liability) – An unincorporated business owned and run by one individual with no distinction between the business and the owner. – Because there is no distinction between the business and the owner, the business is not taxed separately from the owner. – Responsible for all Read more…

Beatty Business Law Vocabulary

accord and satisfaction agreement to settle a debt for less than the sum claimed additional terms raise issues not covered in an affair adhesion contract standard form of contract prepared by one party and presented to the other side on a “take it” or “leave it” basis alternative dispute resolution Read more…