Legal Environment of Business - Final Exam Study Guide

Vocabulary flashcards for the Legal Environment of Business Final Exam Study Guide.

Marbury v. Madison (1803)

Established the power of the U.S. Supreme Court, stating it is the duty of the Judicial Department to say what the law is.

Article 1 of the Constitution

Provides for the Legislative Branch.

Article 2 of the Constitution

Provides for the Executive Branch.

Article 3 of the Constitution

Provides for the Judicial Branch.

1st Amendment to the Constitution

Provides for freedom of Speech, Religion, Press, and Assembly.

2nd Amendment

Deals with the right to Keep & Bear Arms.

4th Amendment

Guarantees the right to be free from unreasonable searches and seizures.

The Katz Case

Stands for the proposition that each of us has an expectation of privacy.

5th Amendment

Guarantees the right to be free from self-incrimination/double jeopardy.

7th Amendment

Guarantees the right to jury trial in Civil cases.

14th Amendment

Guarantees Equal Protection.

Securities Exchange Commission

Federal Agency that regulates the offering of corporate stocks.

Board of Directors

The corporate entity to which the CEO reports.

Audit Committee

A standing committee typically found on corporate boards of directors.

Compensation Committee

A standing committee typically found on corporate boards of directors.

Nominating Committee

A standing committee typically found on corporate boards of directors.

Governance Committee

A standing committee typically found on corporate boards of directors.

Nominating Committee

Board committee usually responsible for identifying new directors.

Risk Committee

Board committee usually responsible for governing risk.

State Law

Corporations are creatures of this.

Foreign Corrupt Practices Act

U.S. law that prohibits the bribery of foreign government officials.

Duty

Element required to have a successful tort action.

Breach

Element required to have a successful tort action.

Causation

Element required to have a successful tort action.

Damages

Element required to have a successful tort action.

SEC Edgar database

Where on the Internet you find public company regulatory filings.

Contract of adhesion

Term for a 'standard form' contract in which the stronger party dictates the terms.

Offer

Element required to have an enforceable contract.

Acceptance

Element required to have an enforceable contract.

Consideration

Element required to have an enforceable contract.

Capacity

Element required to have an enforceable contract.

Agent

Person who agrees to represent or act for another, called the principal.

Uniform Commercial Code

Law that governs the sales of goods.

Stare decisis

A common law doctrine under which judges are obligated to follow the precedents established in prior decisions within their jurisdictions.

Securities

Term used to describe generally stocks, bonds, or other items that represent an ownership interest in a corporation or a promise of repayment of a debt by a corporation.

Alternative Dispute Resolution

Term used to describe the resolution of disputes in ways other than traditional judicial process (examples are negotiation, mediation & arbitration).

Articles of Incorporation

A document filed with the secretary of state when a business is incorporated that contains basic information about a corporation.

Phishing

Online fraud in which criminals pretend to be legitimate companies to trick individuals into providing useful information.

Patent

A government grant that gives the inventor the exclusive right to make, use, or sell their invention for a limited time period.

Independent Director

Name of a person on a corporation's board of directors who does not hold a management position in the corporation.

Business Judgment Rule

A rule under which courts will not hold corporate officers and directors liable for honest mistakes of judgment and bad business decisions that were made in good faith.

Contract

An agreement that can be enforced in court; formed by two or more parties, each of whom agrees to perform or to refrain from performing some act now or in the future.

Negligence

The failure to exercise the standard of care that a reasonable person would exercise in a similar situation.

Minimum Wage

The lowest wage, either by government regulation or by union contract that an employer may pay an hourly worker.

Malware

Malicious software programs designed to disrupt or harm a computer, network, smartphone, or other device.

Intentional tort

A wrongful act of injury to another knowingly committed.

Indictment

A charge by a grand jury that a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial should be held.

Magistrate

Where a law enforcement agent would go to obtain a warrant.

Probable cause

What must be shown to obtain a warrant.

Copyright

The exclusive right of authors to publish, print, or sell an intellectual production for a statutory period of time.

Damages

A monetary award sought as a remedy for a breach of contract or tortious act.

Duress

Unlawful pressure brought to bear on a person, causing the person to perform an act that he or she would not otherwise perform.

Electronic Signature

An electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.

Discrimination

Unequal treatment of employees or job applicants on the basis of race, color, national origin, religion, gender, age, or disability; prohibited by federal statutes.

Equal Protection Clause

The provision in the 14th Amendment to the U.S. Constitution that guarantees that no state will deny to any person within its jurisdiction the equal protection of the laws.

Felony

Name given to a crime-such as arson, murder, rape, or robbery-that carries the most severe sanctions.

Fiduciary

A person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking.

Negligence

A customer slip-and-fall case at Walmart is an example of what type of case?

Constitutional Law

A source of laws.

Statutory Law

A source of laws.

Administrative Law

A source of laws.

Case Law

A source of laws.

Defamation

Name of tort to describe wrongfully hurting a person's good reputation.

Delaware

State where most U.S. corporations are incorporated.

Libel

A written false defamatory statement about another person.

Slander

A spoken false defamatory statement about another person (overheard by a third-party).

False Imprisonment

Term used to describe the intentional confinement or restraint of another person's activities without justification.

Fraud

Name of tort involving intentional deceit for personal gain.

Securities & Exchange Commission

Name of federal agency that regulates investment/capital markets?

Carpenter V.U.S

Deals with technology

Environmental Pollution

A major legal issue depicted in the movie 'A Civil Action'.

Fourth Amendment

The Carpenter case deals with what law?

GPS Tracking

Technology involved in the U.S. v Jones Case.

Judge Or Magistrate

Where a law enforcement officer goes to get a search warrant.

Probable Cause

What must be shown to obtain a valid search warrant.

Florida V. Jardines

Type of search involved in this case

Kyllo V. Unite State

Involved a thermal imaging device

Negligence

One legal cause of action discussed in the movie 'Hot Coffee'.

Statute of Limitations

Limits placed on the period of time in which a lawsuit must be filed.

Assault

Term for intentional and unexcused threat of immediate harmful or offensive contact.

Battery

Term describing the act that created the apprehension when completed and results in harm to the plaintiff.

Invalid Warrant

What was wrong with the warrant in the U.S. v Jones case we discussed?

Employment at Will

Name given when either party can terminate employment relationship at any time?

wrongful termination

Name given when employer discharges an employee in violation of an employment contract?

OSHA

Law intended to protect employees' health and safety.

Workers Compensation Law

Law intended to compensate workers injured on the job.

NLRA

Law that gives employees the right to collective bargaining and the right to strike.

Collective Bargaining

Process by which labor and management negotiate the terms and conditions of employment.

Civil Rights Act 1964

Law prohibiting job discrimination against employees, applicants, and union members on the basis of race, color, national origin, religion, and gender.

ADA

Act that prohibits disability-based discrimination in the workplace.

Employment Discrimination Laws

Federal statutes that provide for equal opportunity in the workplace.

6th Amendment

Which Amendment guarantees the accused in a criminal case the right to speedy trial?

14th Amendment

Which Amendment provides that "no state shall deprive any person of life, liberty, or property without due process of law… & provides for equal protection".

Legal Analysis

Major portion of the exam will involve providing a legal analysis of a contract

Fort Action

Major portion of the exam will involve providing a legal analysis of a tort action

Bernie Madoff

Person who committed $65 billion securities fraud in 2008.

Form 10-K

Regulatory report Form name for corporate annual report?

Form S-1

Regulatory report Form name for IPO registration statement?

Firm 10-Q

Regulatory report Form name for corporate quarterly report?

Form 8-K

Regulatory report Form name for reporting a material development?