Business Law Final
1. What is a case of first impression?
It's a case with circumstances that are being seem for the same time, meaning there's never been another case with a similar argument before
2. What is stare decisis?
It's the legal practice of basing court decisions on what was decided in previous cases, so similar cases can generally have similar results
3. What is a treaty?
An agreement between the president and a head of a foreign country which once ratified by the senate becomes the supreme law of the land
4. What is the difference between civil law and criminal law?
Civil law deals with disputes when an injured party brings actions against another party whereas criminal law deals with wrongs against society and are brought about by the government (state or federal). Criminal cases generally result in jail time and fines and civil cases result in the plaintiff being awarded damages
5. What is the difference between a petit jury and a grand jury?
A petit jury is a jury of 6-12 people that are selected to hear the proceedings of a trial in civil or criminal cases. A grand jury is bigger than a petit jury and is only used in criminal cases where it decides whether or not there is probable cause that a crime has been committed and whether a trial should be held.
6. What does minimum contacts mean?
Minimum contacts means that a nonresident defendant has had enough contact with the state to give the court jurisdiction over the case
7. What is The Commerce Clause?
The Commerce Clause is a part of the Constitution which grants Congress the power to regulate commerce among the states, giving congress regulatory authority and creating an innate check on state regulation that burdens interstate commerce.
8. What is the meaning of checks and balances?
Checks and balances describes the articles of the Constitution that create a system to prevent any one of the 3 branches of the government becoming more powerful than the others and gives each branch a power specific just to them that can be used to keep the other branches in line.
9. What is sovereign immunity?
Sovereign immunity requires that the courts of one country decline to hear any cases brought against another country as acknowledgement of their status as independent and sovereign states. Basically means that a state cannot commit a legal wrong and is immune from civil or criminal prosecution.
10. What are the components of a contract?
A contract consists of an offer, acceptance, and consideration.
11. What is accord and satisfaction?
Accord and satisfaction is when someone tries to legally settle a debt by paying/tendering a lesser amount than what was owed.
12. What is a guardian ad litem?
A guardian ad litem is a person who serves as an advocate for another party that can’t legally advocate for themselves (generally children and incapacitated adults) in a court of law.
13. What is sales puffing?
Sales puffing is when a seller talks up a product to a buyer in order to try and make a sale. A small amount is expected with any good or service but a seller is not allowed to exaggerate too much or straight up lie without fear of legal consequences.
14. What does it mean to deal at arms length?
To do a deal at arms length means each party is acting in their own self interest and they don’t owe each other any special duties.
15. What is a fiduciary relationship?
A fiduciary relationship is a relationship of trust and confidence where one party places trust and confidence in another individual to act in the interest of the first party.
16. What is an employment at will arrangement?
An employment at will arrangement is when an employer can fire an employee at any time for any reason and an employee can quit at any time for any reason both with no notice basically meaning that the employment relationship can end at any time.
17. What is a precedent?
A precedent is something that sets a rule or an example, for instance a first impression court case sets the standard for how similar cases should be handled in the future.
18. What is a license?
A license is permission from an authority to do something that would otherwise be prohibited and can either be used to set the standards of conduct or to raise revenue.
19. What is a covenant not to compete?
A covenant not to compete is a clause where a party is restricted from engaging in any conduct that could increase competition for the other party and it can be from a seller or an employee.
20. What are trade secrets?
A trade secret is any information that a business has that gives it an advantage over its competitors.
21. What is public policy?
Public policy acts as a legal value judgment that gives the courts a way to estimate the nature and types of contracts society will recognize and enforce.
22. What is novation?
Novation is when you abandon a previous contract and substitute a new one in its place.
23. What are punitive damages?
Punitive damages are used to punish a guilty party for intentional misconduct to make an example of them and to deter the wrongdoer and others from engaging in similar conduct in the future.
24. What are nominal damages?
Nominal damages are awarded to recognize the existence of a breach of contract when a party has suffered no true or provable damages.
25. What are liquidated damages?
Liquidated damages are a preset dollar amount specified in a contract to be paid if there is a default or breach of contract.
26. What is mitigation?
Mitigation is when the nonbreaching party may not sit by and allow damages to worsen, they have to try and compensate for the breach as best as they can. For example if someone just moves out of an apartment before their lease ends and stops paying, the landlord has to at least try to get a new tenant.
27. What is an agent?
An agent is someone who acts on behalf of another person, the principal, in a fiduciary type relationship.
28. What is a sole proprietorship?
A sole proprietorship is a business owned by one person wherein the business acts as an extension of the owner.
29. What is a partnership?
A partnership is when two or more people act as co-owners of a business in order to make a profit wherein the partners pool resources or talents to achieve this goal.
30. What does disparate treatment mean?
Disparate treatment is intentional discrimination where someone can prove that they were treated differently because of their race, gender, sex, religion, or nationality.
31. What does disparate impact mean?
Disparate impact is when a facially neutral action unintentionally negatively impacts one group of individuals more than others.
32. What does respondeat superior mean?
Respondeat superior is what holds an employer responsible for the torts of its employees if these acts occur within the scope of the employment.
33. What does it mean to pierce the corporate veil?
Piercing the corporate veil is when the courts hold the shareholders personally liable for a corporation's debts when the business is a corporation only in name.
34. What are ultra vires acts?
Ultra vires acts are when a corporation acts beyond the scopes of its powers granted by the charter and statutes it was founded under.
35. Name a protected class.
Examples of a protected class include disabled individuals, minorities, and veterans.