Business Law and the Legal Environment: Chapters 1-4 Review

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Appellate Jurisdiction
Authority of court to review a decision of a lower court or administrative agency.
Arbitration
the hearing and determination of a dispute by an impartial referee agreed to by both parties (often used to settle disputes between labor and management)
Concurrent Jurisdiction
Authority for both state and federal courts to hear and decide cases
Directed Verdict
a ruling made by a judge during a trial, stating that there are no facts in dispute and that the case can be decided on legal issues alone.
Diversity of Citizenship Jurisdiction
Cases which involve citizens of different states and in which the amount of money in dispute exceeds $75,000.
Federal Question Jurisdiction
The power of the federal courts to hear matters of federal law.
Federalism
A form of government in which power is divided between the federal, or national, government and the states.
Judgment N.O.V
may be awarded after the jury returns a verdict that the judge believes no rational jury could have come to. This reverses the verdict and awards judgment to the party against whom the jury’s verdict was made
Mediation
A method of settling disputes outside of court by using the services of a neutral third party, who acts as a communicating agent between the parties and assists them in negotiating a settlement.
Motion
Written requests made to a presiding judge. These include to dismiss, for summary judgment, to direct an opposing party to divulge more in discovery, for a directed verdict, for judgment n.o.v., and many others
Original Jurisdiction
The jurisdiction of courts that hear a case first, usually in a trial. These are the courts that determine the facts about a case.
Personal Jurisdiction
A court’s power to bring a person into its adjudicative process; jurisdiction over a defendant’s personal rights, rather than merely over property interests.
Pleadings
Formal papers filed with the court by the plaintiff and defendant.
Removal
The right of a defendant to remove a case from state to federal court
Res Judicata
“The thing has been decided.” A claim cannot be retried between the same parties if it has already been legally resolved.
Statue of Limitations
State laws setting time limit for bringing a lawsuit.
Subject Matter Jurisdiction
Legal authority to hear and decide a case or controversy.
Summary Judgment
judge’s ruling to end a lawsuit without a trial based on a matter of law presented in pleadings
Writ Of Certiorari
An order by a higher court directing a lower court to send up a case for review
Conscious Capitalism
companies who practice this embrace the idea that profit & prosperity can and MUST go had in had with social justice and environmental stewardship.
Core Values
Values that are generally recognized as positive ethical characteristics of an individual or a business organization. People may have strong views about other kinds of ethical values, but these values are more widely accepted
Deontology
Approach to ethics that judges the morality of an action based on the action’s adherence to rules. Described as duty or obligation, because rules ‘binds you to your duty’
Public Goods
Goods and services that government supplies to its citizens that can be used by many people at one time.
Social Contract
An agreement between the people and their government signifying their consent to be governed
Stakeholder Theory
The view that all stakeholders to a corporate decision deserve some kind of moral consideration and that corporations that keep all stakeholders in mind will, over the long term, deliver superior results to shareholders.
Utilitarianism
An ethical system stating that the greatest good for the greatest number should be the overriding concern of decision makers
Virtue ethics
A perspective that goes beyond the conventional rules of society by suggesting that what is moral must also come from what a mature person with good “moral character” would deem right.
Commerce Clause
The section of the Constitution in which Congress is given the power to regulate trade among the states and with foreign countries.
Dormant Commerce Clause
If Congress has not enacted a contrary law, a state or local government may regulate local aspects of interstate commerce, but it must not discriminate against or unduly burden interstate commerce.
Judicial Review
Authority given the courts to review constitutionality of acts by the executive/state/legislature; est. in Marbury v. Madison
Preemption
A doctrine under which certain federal laws take precedence over, conflicting state or local laws.
Procedural Due Process
guarantees a fair decision-making process before the government takes some action directly impairing an individual’s life, liberty, or property interests under the Fifth and Fourteenth Amendments
Separation of Powers
Constitutional division of powers among the legislative, executive, and judicial branches, with the legislative branch making law, the executive applying and enforcing the law, and the judiciary interpreting the law.
Substantive Due Process
Constitutional requirement that governments act reasonably and that the substance of the laws themselves be fair and reasonable; limits what a government may do.
Takings Clause
5th Amendment – Private property shall not be taken without just compensation
Causes of Action
In a complaint, a legal basis on which a claim is predicated. The legal basis can be a Constitutional law, a statute, a regulation, or a prior judicial decision that creates a precedent to be followed
Civil Law
Noncriminal disputes. Such as in lawsuits over contract disputes and tort claims
Common Law
Judicial decisions that do not involve interpretation of statutes, regulations, treaties, or the Constitution.
Constitutions
The founding documents of any nation state’s legal system.
Criminal Law
That body of law in any nation-state that defines offenses against society as a whole, punishable by fines, forfeitures, or imprisonment.
Jurisprudence
philosophy of law
Legal Positivism
Emphasizes the institutional rule of law and which distinguishes law from morality
Nation States
The basic entities that comprise the international legal system.
Natural Law
God’s or nature’s law that defines right from wrong and is higher than human law
Precedent
A ruling that is used as the basis for a judicial decision in a later, similar case.
Sovereign
Ability of a state to govern its territory free from control of its internal affairs by other states.
Stare Decisis
A Latin phrase meaning “stand by past decisions,” a principle that judges often use in deciding cases. Ruling based on precedents.
Statutes
laws enacted by state and federal legislatures
Treaties
formal agreements between nations
Categories: Business Law