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55 Cards in this Set
- Front
- Back
what is law?
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a set of rules creating order and expectations
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what makes law voluntarily enforceable?
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1. we have the ability to change them
2. have legitimate gov't 3. vote in legislature |
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why do we need law?
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keep order, influence conduct, promote equality, honor expectations, and offer compromises.
Decides punishment, so people follow the same rules |
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What are the sources of US law?
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US Code, US administrative regulations, US executive order, case law and precedent, constitution, state versions, counties, cities
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What is a source of international law?
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treaties-agreements between and among nations regarding their political and commercial relationships
uniform laws-contracts for the International Sale of Goods |
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who owns a corporation?
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shareholders, but it is overseen by a board of directors
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what is a plaintiff?
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complaining party
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what is a defendant?
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accused party
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what is jurisdiction?
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power of court to decide
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give an example of subject matter jurisdiction.
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traffic court for a ticket
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what is diversity jurisdiction?
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when there is a case involving people from two different states and over $75,000 can be held in a federal court
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what is a partnership by estoppel?
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a person cannot deny being a partner if he permits the partnership use his name. arises when others are led to believe there is a partnership.
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what is a trial court?
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hears cases, takes evidence, jury decides facts, and issue decisions.
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what is an appelate court?
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hears appeals on questions of law. writes opinions (no juries, no evidence, just reads arguments)
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Criminal court
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go to court found guilty or not guilty (ex/ violating a state law)
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what is jurisdiction over the person?
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the power of a court to require that a party or a witness come before the court
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what is a civil proceeding?
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person found guilty can still be sued by individually private person v. private person; individual person brings the claim, only can award money, no jail time
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what is a writ of certiorari?
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mechanism through which appeals to the US Supreme court are granted (about 100 out of 7000 will be chosen)
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How many justices are in the supreme court?
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nine
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how long is the term of office in the supreme court?
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lifetime appointments
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how do the supreme court justices get there?
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they are nominated by the president and confirmed by 2/3 vote of the Senate
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how does the constitution divide power?
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legislative, executive, and judicial
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what is common law?
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a system of law which allows judges to write opinions of law
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what is civil law?
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laws affecting the private rights of individuals
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what is the commerce clause?
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clause in the Constitution that gives Congress the power to regulate international trade
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what is interstate commerce?
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goods, instrumentalities (businesses, any franchise), channels (transportation route).
goods flowing between states |
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what are a state's police powers?
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the power to rule over public health, welfare, and public safety
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can a state burden interstate commerce? what is the balance test?
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yes, the federal courts decide and they balance the tow to see if the good for the state outweighs the hurt on interstate commerce
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what is the supremacy clause?
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Article VI. federal acts under the supreme law of the land if acting under proper authority
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what is the reservation clause?
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10th amendment. all powers not delegated to the feds is reserved to the states
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what is garnishment?
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judicial process of taking funds or wages for satisfaction of a judgment (ex/ how one collects in situations such as child support)
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what does the 5th amendment say about property?
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persons haave a right to be secure in their property and that they have a right to be secure in their property and that they will not be deprived of it without due process of law
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what is eminent domain?
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taking private property for public use
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what is a sole proprietor?
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have personal liability, must protect your tradename, tax return is a personal return, and can transfer ownership
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what is a corporation?
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limited liability for owners, corp is a person under the law, for profit v. non-profit, domestic v. foreign, professional: CPAs and physicians
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what is political free speech?
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unrestricted; businesses can have political opinions
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what is commercial speech?
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substantial interest to regulate and no other way to accomplish goal
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can a state condemb property through regulation?
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yes, a state passes a law prohibiting a property owner from building a home on their beachfront lot
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what is procedural due process?
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must be a notice, must be allowed to be heard (opportunity to be heard, notice of proceedings)
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what is substantive due process?
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requires laws to apply equally to all and not deny property or rights without prior notice. must give justification. (what law is about; what is it designed to do or achieve)
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when can a state deny someone equal protection of its laws?
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on a rational basis
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what is a postivist?
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believes law is ethics
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what is a relativist?
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based on the situation, applies ethical standards (thinks through decision)
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what is pragmatism?
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very practical, doesn't impose value or judgment
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what are the benefits of ethics to a business?
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gives you a good reputation leading to good business. employees follow the code. reputation valuable, repeat business is a strategy
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what are the models of ethics?
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1. golden rule-most religions
2. peale-blanchard-is it legal? is it balanced? how does it make you feel? can you sleep at night? |
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what are the rights of shareholders?
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attend regular meetings, vote if stock allows them to, vote by proxy, inspect books and records for a proper purpose, pooling arrangement or voting trust
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what is the business judgment rule?
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can make mistakes, but have to be reasonable. cannot benefit personally over a corporate opportunity.
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what is piercing the corp. veil?
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courts can pierce the corp. veil if the corp. is undercapitalized or under alter ego theory (individual avoiding liability)
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US v. Morrison
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congress cannot regulate criminal conduct even if it has an aggregate affect on the economic situation
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Santitary landfill v. Michigan
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when one is involved in Interstate Commerce one must be current on regulations that affect one's industry
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Quill Corp. v. North Dakota
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any company doing substantial amount of business in a state should expect to pay taxes to the state regardless of whether or not they have a physical presence in the state because there is a nexus, a sufficient connection between the corp.
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Geier v. Honda
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a business should aspire to manufacture the recommended passive safety restraints, but is not legally liable for having the recommended passive safety restraints
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nike v. kosky
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not engaging in mistreatment within labor force (providing good working conditions. realize effect of false advertising.
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boston v. betotti
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corporations have individual rights. they have rights to political free speech. it interferes with the 1st amendment for the state to take away this right
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