Business Law FINAL Part 1

Arbitration

A method of dispute resolution involving a neutral third party who renders a binding decision.

Binding authority

Legal sources a court must follow, such as constitutions, statutes, and higher court decisions.

Corporate social responsibility (CSR)

The idea that businesses should consider the impact of their decisions on society and the environment.

Defendant

The party being sued or accused in a legal case.

Mediation

A method of dispute resolution using a neutral third party who helps the parties reach a voluntary settlement.

Negotiation

A process in which parties attempt to settle their dispute informally, with or without attorneys.

Stakeholders

Individuals or groups affected by business decisions (e.g., employees, customers, suppliers).

Statutes of limitations

Laws that set the maximum time after an event within which legal proceedings may be initiated.

Utilitarianism

A theory in ethics that advocates for actions that maximize overall happiness or utility.

Venue

The geographic location where a legal case should be tried.

Ethics

Moral principles that govern a person's or group's behavior.

Concurrent jurisdiction

When two different courts have the authority to hear the same case.

Role of the judicial branch

To interpret and apply the law and ensure justice.

Difference between plaintiff and defendant

The plaintiff initiates the lawsuit; the defendant is the one being sued.

Principle of minimum contacts

A legal standard requiring a defendant to have sufficient connection to the state for jurisdiction.

When a state constitution conflicts with the U.S. Constitution

The U.S. Constitution prevails.

Appeal process

Requesting a higher court to review and change the outcome of a case decided by a lower court.

IRAC acronym

Issue, Rule, Application, Conclusion.

Standing

The legal right to bring a lawsuit, requiring a personal stake in the outcome.

When corporations are subject to personal jurisdiction

When they have sufficient minimum contacts with the forum state.

Four schools of legal thought

Natural law, positivist, historical, and legal realism.

Writ of certiorari

A request for the Supreme Court to review a lower court's decision.

Jurisdiction

The authority of a court to hear and decide a case.

Requirements for a diversity of citizenship case

Parties must be from different states and the amount in controversy must exceed $75,000.

Primary sources of law

Constitutions, statutes, regulations, and case law.

Corporation's triple bottom line

Profit, people, and planet.

Country that heavily influenced American law

England (English common law).