b law funal

Laws

Enforceable rules of conduct in society that reflect the culture and circumstances that create them.

Code

Laws that are put together in an organized form.

Jurisdiction

The court must be able to exercise control over the defendant, or the property involved must be located in the area under the court’s control.

Constitutional law

State and federal constitutions; highest sources of law.

Statute

Laws that tell us what conduct is not allowed so we know how to behave.

Civil law

Also called a tort; addresses wrongs against an individual.

Crime

A punishable offense against society.

Consequence-based ethical reasoning

Acts themselves have no moral implication. Good outcomes are good and bad outcomes are bad. Example: killing civilians to take out an ISIS leader.

Rules-based ethical reasoning

Acts are either right or wrong based on laws or religion.

Compensatory damages

Monetary awards that are commensurate with the loss.

Punitive damages

Additional damages meant for punishment.

Civil rights

Individual rights guaranteed and protected by the Constitution and legislation enacted by Congress; developed over time through legal and social change.

Litigation

Taking a case to court.

Trial court

The first court to hear a dispute; has original jurisdiction.

Appellate court

Reviews decisions made in lower courts when someone claims an error was made in the original trial.

Supreme Court jurisdiction

The Supreme Court has both appellate and original jurisdiction.

Crime vs. tort

Crime is an offense against society. A tort is an offense against someone where one person sues another for damages.

3 ways a duty can be breached

Intentional breach, negligence, and strict liability.

Intentional tort

Some torts require the breach of duty to be intentional.

Negligence

Some torts happen because someone is careless, not intentional.

Strict liability breach

Some torts do not require intent or carelessness; liability exists simply because a duty was breached and caused injury.

Proximate cause

The term used to link an action to an injury; the action must directly lead to the injury.

Voir Dire

Means “to speak the truth.”

Strict liability

If you do something and someone gets injured, you are responsible.

Profit

The difference between earned income and cost.

Business plan aspects

Executive Summary, Products and Services, Market Analysis, Marketing Strategy, Financial Planning, Budget.

Proprietorship

One owner who takes all the risks and all the profits.

Partnership

Two or more owners who share risks and profits.

Corporation

A legal organization created to reduce liability on business owners.

Close corporation

Does not offer stock for sale to the public.

Open corporation

Offers shares of the company for sale to the public.

Shares

Ownership in a corporation divided into parts called shares.

Dividends

Profits shareholders receive when the company gains value.

LLC

A hybrid of a proprietorship and a corporation that provides liability protection with tax benefits.

Non-profit

A business with tax-exempt IRS status because it furthers a social cause and provides a public benefit.

Personal property

Anything that is not real property; can be tangible or intangible.

Real property

Land, buildings, and things permanently attached to them.

Copyright

Protects the expression of creative works; lasts for the creator’s lifetime plus 70 years.

Trademark

A word, mark, or symbol identifying a product or brand; issued for 10 years at a time and renewable.

Patent

Grants the exclusive right to make, use, import, and sell a new product or process; lasts 20 years and cannot be renewed.

Trade secrets

A type of intellectual property involving practices or procedures that give a company a competitive advantage.

Debits

Money comes into an account; can be a net increase or decrease.

Credits

Money goes out of an account; can be a net increase or decrease.

Owner’s equity

What is left after liabilities are subtracted from assets.

Accounts payable

Money a business owes to others.

Accounts receivable

Money owed to a business.

Financial statements

Formal reports showing how a business is doing financially over time.

Income statement

Shows a company’s performance over a period of time.

Cash flow statement

Shows how cash flows in and out of a company over time.

Balance sheet

Shows a company’s financial position at a specific point in time.

Authoritarian leadership

The leader makes decisions without input from the team.

Participative leadership

Leaders value employees’ opinions and open decisions for debate.

Delegative leadership

Laissez-faire leaders give employees autonomy and creative freedom.

Transactional leadership

Leaders set targets and outline rewards and penalties.

Transformational leadership

Leaders energize teams and encourage workers through empathy, enthusiasm, and praise.