FBLA Business Law (copy)

honesty

telling the truth, not lying or cheating.

integrity

doing the right thing even when no one is watching.

compassion

showing empathy and care for others

respect

treating others with dignity; following rules

responsibility

being accountable for actions; fulfilling obligations

citizenship

contributing positively to community/society

justice

fairness; treating people equally; following laws consistently

law

written rules enforced by government

ethics

moral principles governing behavior

conflicts between law and ethics

something can be legal but unethical, and something can be illegal but ethical

levels of government

local, state, and federal government

what local government controls

ordinances

what state government controls

police powers, licenses, family law, property law

what federal government controls

powers enumerated in the Constitution

statutory law

laws passed by Congress or state legislatures

purpose of statutory law

create rules for broad social issues

sources of law

constitution, statutes, agencies, court cases

how laws affect individuals

Protect rights, maintain order, regulate business, impose punishments, collect taxes

constitutional rights

Freedom of speech, due process, equal protection, right to counsel, etc.

government responsibilities

Provide safety, justice, infrastructure, regulation, enforce laws

types of courts

trial courts, appellate courts, state courts, federal courts, special courts

trial courts

original jurisdiction, evidence, juries

appellate courts

no new evidence; review for errors.

state courts

handle state law issues.

federal courts

federal questions, diversity > $75k.

special courts

tax court, bankruptcy court, small claims.

judge

presides over trial, rules on law, sometimes determines facts.

attorney

represents parties, gives legal advice, drafts documents.

paralegal

assists lawyers, prepares drafts, cannot give legal advice or represent clients.

clerk

court administration.

bailiff

maintains order

conflict in criminal law

government vs defendant

what is needed to find someone guilty in criminal law

guilt beyond a reasonable doubt

penalties for guilt in criminal law

jail, fines

conflict in civil law

person vs person

what is needed to find someone guilty in civil law

preponderance of evidence

remedies in civil law

damages, injunction

trial procedure

Complaint, Answer, Discovery, Motions, Opening, Evidence, Closing, Verdict, Appeal (optional)

embezzlement

stealing property entrusted to you.

larceny

taking property without force

robbery

taking property with force or threat.

burglary

unlawful entry with intent to commit a crime

assault

attempt or threat of physical harm

battery

unlawful physical touching

forgery

falsifying documents/signatures

extortion

obtaining property through threats

bribery

offering/giving value to influence a public official

conspiracy

agreement between two people to commit a crime

felony

>1 year in prison

misdemeanor

<1 year in jail

infraction

fines only

crime

offense against the public; prosecuted by the state

tort

wrong against an individual; victim sues for damages

negligence per se

Automatic negligence because a law was violated

assault

threat creating reasonable fear of harm

false imprisonment

restricting someone’s movement without justification

intentional infliction of emotional distress

extreme, outrageous conduct causing mental harm

invasion of privacy

intrusion, public disclosure of private facts, appropriation of likeness

defamation

false statements harming reputation

trespass to land

entering property without permission

trespass to chattels/conversion

interference with personal property

negligence

duty, breach, causation, damages

strict liability

liability without fault

fraud

intentional deception for unlawful or unfair gain

insider trading

buying or selling a company's stock by someone with access to material, non-public information

money laundering

the illegal process of concealing the origins of money obtained from criminal activities so that it appears to have come from a legitimate source

antitrust violations

actions by businesses that break laws designed to promote fair competition

false advertising

untrue or misleading claims about products or services to deceive consumers

corporate espionage

stealing a company's confidential information, trade secrets, or intellectual property for financial or competitive gain

contracts

a legally binding agreement between two or more parties

leases

a legal contract where one party grants another exclusive use of an asset for a set time in exchange for payments

wills

a legal document detailing how you want your assets distributed, guardians appointed for minors, and your estate managed after your death, ensuring your wishes are followed

power of attorney

a legal document where you grant someone else authority to act on your behalf

promissory notes

a written, legally binding promise to repay a specific sum of money by a set date or on demand

real estate deed

a legal document that officially transfers property ownership from one party to another. Must be signed, accepted, and delivered

articles of incorporation

the fundamental legal documents filed with a state to create a corporation

when legal advice is needed

criminal charges, contract disputes, real estate transfers, forming a business, injuries/torts, employment issues, protecting intellectual properties

litigation

lawsuit processarbit

arbitration

a third party decides

mediation

neutral mediator helps negotiate

conciliation

conciliator proposes solutions

liability

legal responsibility

jurisdiction

court’s authority

notarized legal documents

affidavits, real estate transfers, wills, powers of attorney

purpose of environmental law

Regulates pollution, hazardous waste, air and water quality, Prevents environmental harm and promotes sustainability.

enforces environmental law

EPA

what energy laws regulate

Conservation, Efficiency standards, Renewable energy, Utility regulation

owner of sole proprietorship

one owner

liability of sole proprietorship

unlimited personal liability

taxes of sole proprietorship

pass-through

pros of sole proprietorship

Simple, full control, easy to dissolve.

cons of sole proprietorship

Personal liability, limited capital, dies with owner.

management of general partnership

all partners manage

liability of general partnership

unlimited

taxation of general partnership

pass-through

how general partnership is formed

agreement (signed or written)

management of limited partnership

general partner

liability of limited partnership

unlimited liability for general partner, limited liability for limited partner

how limited partnership is formed

agreement, certificate is filed with the state

liability of limited liability partnership

partners have limited liability