Business Law for quiz #1

What is a Teleological Ethical Framework?

Teleological ethical frameworks focus on the consequences of actions, emphasizing the end results rather than the means used to achieve them.

What is Utilitarianism?

Utilitarianism is a teleological ethical theory that promotes human welfare by maximizing good and minimizing harm.

Who are the founders of Utilitarianism?

The founders of Utilitarianism are Jeremy Bentham and John Stuart Mill.

What is the principle of utility?

The principle of utility states that a good action is one that promotes utility, which is the creation of happiness.

What is Hedonism according to Bentham?

Hedonism is the focus on pleasure as the highest good, where an action is considered good if it produces pleasure and/or reduces pain.

What is Hedonistic Calculus?

Hedonistic Calculus is a method proposed by Bentham to quantify pleasure and pain in order to determine whether an action is ethical.

What is the Greatest Happiness Principle?

The Greatest Happiness Principle states that actions are ethical if they produce happiness and unethical if they produce pain for the greatest number of people.

What distinguishes John Stuart Mill's Utilitarianism from Bentham's?

Mill distinguishes between mental and physical pleasures, asserting that mental pleasures are more important than physical ones.

What is the difference between Act and Rule Utilitarianism?

Act Utilitarianism evaluates individual actions for their consequences, while Rule Utilitarianism considers the utility of general rules.

What is Deontology?

Deontology is an ethical framework focused on the concept of duty, where duty and rules dictate moral actions, regardless of consequences.

What is the Categorical Imperative?

Kant's Categorical Imperative states that an action has moral worth only if it can be universalized as a rational principle.

What is the Golden Mean in Virtue Ethics?

The Golden Mean defines true virtue as a balance between excess and deficiency of any given virtue.

What are some specific virtues in Virtue Ethics?

Some specific virtues include benevolence, compassion, courage, honesty, and self-control.

What is a strength of Virtue Ethics?

A strength of Virtue Ethics is that it emphasizes the importance of character traits and moral character in ethical decision-making.

What is a weakness of Virtue Ethics?

A weakness of Virtue Ethics is that it is not action-guiding, lacking specific principles for practical situations.

What is the impact of laws and regulations on business activities?

Laws and regulations impact nearly every business activity, and modern business includes an ethical dimension alongside 'black-letter' law.

What are the three branches of the national government?

The national government is divided into three branches: Legislative (creates laws), Executive (enforces laws), and Judicial (interprets laws).

What are the primary sources of American law?

Primary sources establish the law and include Constitutional Law, Statutory Law, Administrative Law, and Case Law/Common Law.

What does the Supremacy Clause involve?

The Supremacy Clause involves the Constitution being the supreme law of the land, meaning it takes precedence over state laws.

What is the difference between Courts of Law and Courts of Equity?

Courts of Law grant legal remedies (monetary relief), while Courts of Equity grant equitable remedies (non-monetary relief) such as injunctions or specific performance.

What does Stare Decisis mean?

Stare Decisis is a doctrine requiring judges to follow precedents from prior decisions to promote efficiency, stability, and predictability.

What is the IRAC Method?

The IRAC Method is a legal reasoning process consisting of Issue, Rule, Application, and Conclusion.

What is the difference between Substantive Law and Procedural Law?

Substantive Law defines and creates legal rights and obligations, while Procedural Law outlines the methods for enforcing those rights.

What are the key parties in a lawsuit?

The key parties are Plaintiff/Petitioner (initiates the lawsuit), Defendant/Respondent (the party being sued), Appellant (taking an appeal), and Appellee (party against whom the appeal is taken).

What are damages in legal terms?

Damages are monetary awards for breach of contract or torts.

What is the significance of the Statute of Limitations?

The Statute of Limitations is the maximum time period for bringing a legal action.

What does a unanimous court opinion signify?

A unanimous opinion signifies that all judges agree on the decision.

What is the role of a plurality opinion?

A plurality opinion supports the largest number of judges, but is less than a majority.

What is the meaning of an appellate court?

An appellate court is a higher court that hears appeals from trial court decisions.

What are some examples of equitable remedies?

Equitable remedies include Specific Performance (ordering a party to perform a contract), Injunction (ordering a party to stop an act), and Rescission (canceling a contract).

What is judicial review?

Judicial review is the process by which a court determines the constitutionality of legislative enactments and executive branch actions.

What landmark case established the power of judicial review?

The power of judicial review was established by the U.S. Supreme Court in the landmark case Marbury v. Madison (1803).

What is jurisdiction?

Jurisdiction is the authority of a court to hear and decide a specific legal action.

What is In Personam jurisdiction?

In Personam (Personal) jurisdiction is the authority over any person or business involved in a legal action based on their geographic area.

What is In Rem jurisdiction?

In Rem jurisdiction is the authority over a defendant’s property, determined by the geographic location of the property in dispute.

What is a Long-Arm Statute?

Long-Arm Statutes are used to obtain jurisdiction over nonresident parties based on activities that occurred within the state.

What is the minimum contacts requirement?

The defendant must have 'minimum contacts' (sufficient contacts) with the state to justify jurisdiction.

What is subject-matter jurisdiction?

Subject-matter jurisdiction is the authority of a court to hear and decide a specific type of dispute, usually defined by the statute or constitution that created the court.

What is the difference between general jurisdiction and limited jurisdiction?

General jurisdiction can decide cases involving a broad array of issues, while limited jurisdiction can hear only specific types of cases.

What is the difference between original jurisdiction and appellate jurisdiction?

Original jurisdiction refers to courts where the case is heard and decided for the first time (trial courts), while appellate jurisdiction refers to courts with the power to review prior decisions made by another court.

What are the two situations that Federal Court jurisdiction is limited to?

Federal Court jurisdiction is limited to Federal Question disputes (involving the U.S. Constitution, acts of Congress, or treaties) and Diversity of Citizenship disputes (parties from different states or countries with a dollar amount in dispute exceeding $75,000).

What is exclusive jurisdiction?

Exclusive jurisdiction means only one court (state or federal) has the power to hear the case.

What is concurrent jurisdiction?

Concurrent jurisdiction means more than one court has the authority to hear the case.

What is venue?

Venue is the most appropriate geographic location for a trial and jury selection.

What does standing to sue require?

Standing to sue requires a party to have a sufficient stake in the dispute to seek relief, which includes three elements: Harm, Causation, and Remedy.

What are the three tiers of the Federal Court System?

The three tiers of the Federal Court System consist of U.S. District Courts (Trial level), U.S. Courts of Appeal, and the U.S. Supreme Court.

What is the role of the U.S. Supreme Court?

The U.S. Supreme Court is the highest court in the land and exercises discretionary review over cases.

What is ADR?

Alternative Dispute Resolution (ADR) is often preferred because litigation is expensive, time-consuming, and courts have backlogs; it includes negotiation, mediation, and arbitration.

What is arbitration?

Arbitration is a process where a neutral third party or panel hears the dispute and imposes a resolution, known as an award, which is usually final.

What are forum selection and choice-of-law clauses?

Forum selection and choice-of-law clauses are contract clauses that govern transactions in international dispute resolution.