Business Law Final Test

Positive Law

law based on the dictates of a central political authority

Civil Disobedience

peaceful violation of a law to protest its alleged injustice

Criminal Law

a group of laws that defines and sets punishments for offenses against society

Constitution

a document that sets forth the framework of the government and its relationship to the people it governs

Substantive Law

a group of laws that define rights and duties

Laws created by judicial branch

common law

Administrative Agencies

governmental body formed to carry out particular laws

Ethics

a collection of standards of conduct and moral judgement forming the basis for what is right or wrong

Universalizing Test

mental test to identify illogical actions

Ordinances

legislation enacted by a town, city, or country board

UCC

widely adopted uniform business law

Litigate

to place a dispute before a court of law for resolution

Mediators

Independent third party who tried to develop a solution acceptable to both sides

Arbitrators

independent third party who develops an enforceable solution for a dispute

Who has both original and appellate jurisdiction?

The U.S. Supreme Court

Probate courts

The court that handles a dead person’s property

Article III of the constitution

establishes the judicial branch

How many federal courts of appeal are in the federal circuit?

13

Writ of certiorari

Order to a lower court to produce the record of a case for the supreme court

Small claims courts

a local court used to settle minor money disputes

Federal district court has jurisdiction over what?

federal district courts

What courts ruling can be overturned by a constitutional amendment?

The supreme court of the united states

How many levels of courts have general jurisdiction?

One level

Who is involved in appellate court proceedings?

The judges, attorneys, and appellee

Larceny

Wrongful taking of another’s property with the intent to deny them possession

Obscenity is a crime against what?

Public mortality

Age of reason

When a child is mature enough to understand from right and wrong

Prior to search the officer must establish what?

Probable cause

Plea bargain

a deal in a criminal case

Misdemeanor

crime punishable by up to one year in jail

Search warrant

a paper signed by a judge that gives police permission to search

Conspiracy

agreement between two or more persons to commit a crime

Standard proof in a criminal case

beyond a reasonable doubt

Miranda rights

legal warnings before questioning

Jurisdiction

power of a court to decide a case

Grand jury

a group of citizens that decides if there is enough proof to prosecute someone

Preliminary hearing

a public courtroom meeting where a judge decides to hold a trial

Offer

a proposal to do something

Bilateral contract

accepting an offer by giving a promise

UCC binding offer time length

3 months

Acceptance

when a party to whom the offer was made to agree to the proposal

Counteroffer

offeree’s response to an offer which modifies it

Reasonable price

a fair transaction

Elements of a contract

offer, acceptance, awareness, consideration, capacity, and legality

Terminated

the end of a partnership

Liquidated debt

debt which the parties agree that the debt exists

Forbearance

refraining from doing something one has the right to do

Nominal consideration

a contract when parties cannot or do not wish to state the amount

Output contract

agreement to purchase all of a producers product

Consideration

what a person demands and must receive in order to make his promise legally binding

Unconscionable contract

grossly unfair contract for the sale of goods

Termination clause

how and when a contract is going to end

Promissory estoppel

enforcing a promise to avoid injustice

Fair Dealing Act

expands fair dealing

Statute of limitations

state law setting time limit for bringing a lawsuit

Statute of repose time frame

statutes that cut off the right to sue

Voidable

without legal effect

Contractual Capacity

ability to understand that a contract is being made

Emancipation

severing the child parent relationship

Intoxication

mental impairment caused by voluntarily abuse

Service (examples of service business)

a business that sells service skills like labor

Scope of authority

contractual acts an organization has authorized an employee to do

Age of majority

age which a person can be legally bound to contracts

Minors are held liable for what?

torts, necessities, and criminal acts

Necessaries

things needed to maintain life and lifestyle

Wager

bet on the uncertain outcome an event

Bribery

illegally giving or taking something of value

Statute of Fraud

a law requiring agreements to be written down and signed

Usury

the illegal practice of lending money higher than the maximum limit

Elements of a lottery

prize, chance, and consideration

Price fixing

illegal agreement between companies to set the same prices

Antitrust laws

regulations that stop businesses from forming monopolies

Competency license

a legal document proving that a person has the skills required for the job

Acceptance

a person’s agreement to the terms

Bilateral Contract

a legal agreement where two parties make a mutual agreement

Contract

a legally binding agreement between two or more people

Counteroffer

a new offer that replaces the original offer

Firm Offer

an offer that cannot be cancelled or changed for a set period

Mirror image rule

an acceptance must match the offer exactly

Revocation

the withdrawal of an offer before it’s accepted

Offeree

the person who receives the offer

Offeror

the person who makes an offer

Option

a paid agreement that keeps an offer open for a certain time