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Business Law Review
| Question | Answer |
|---|---|
| What is law? | the order or pattern of rules that society establishes to govern conduct of individuals and the relationships among them |
| What is a right? | A right is a legal capacity to require another person to preform or refrain from another action. |
| What is a duty? | A duty is an obligation of law imposed on a person to preform or refrain from preforming an act |
| Name at least 3 types of jurisdiction: | Subject jurisdiction, original jurisdiction, general jurisdiction, limited/special jurisdiction, appellate jurisdiction |
| A party who initiates a lawsuit is: | plaintiff |
| A party charged with a violation of civil or criminal law in a proceeding is: | defendant |
| Name at least 3 types of alternate dispute resolutions: | arbitration, mediation, medarb, expert panel, association tribunals, summary jury trial, rent-a-judge, minitrial |
| What is the difference between positive law and natural law? | Positive law is a law enacted and codified by governmental authority. Natural law is a system of principals to guide human conduct, independent of enacted law |
| Describe the rights theory. Who created this theory? | The rights theory is a theory of ethics that everyone has rights and the government must protect those rights. Robert Nozick created this theory |
| Name a few of the reasons why business ethics are important to a business | creates trust, aids financial performance, creates a good reputation, aids in workplace happiness and overall productivity |
| What type of government does the U.S. Constitution establish? (Hint: 3 parts) | tripartite government: legislative branch, judicial branch and executive branch |
| What is the difference between delegated and shared powers? | delegated powers are powers granted to the government by the constitution. Shared powers are powers that are held by sate and national government |
| Who has the power to tax? | federal and state governments |
| What is due process? | due process is a guarantee of protection against the loss of property or rights without chances of being heard. |
| What is the Sherman Anti-Trust act? When was it enacted? | The Sherman Anti-Trust act is a federal statute enacted in order to control the monopolization by companies of the free market. |
| What is the Clayton Act? | federal law that prohibits price discrimination |
| What is the Robinson-Patman Act? | federal statute designed to eliminate price discrimination in interstate commerce |
| What do the Sherman Anti-Trust Act, Clayton Act and Robinson-Patman Act have in common? | these acts help to regulate the market and prevent monopolization of the market. |
| What is an administrative agency and who are they created by? | an administrative agency is a government body charged with administering and implementing legislation. Statutes and Congress create these agencies/ the need for them. |
| What is the Administrative Procedure Act and why is it important? | the APA is a federal law that establishes the operating rules for administrative agencies. It is important because it gives the public access to agency information and activity |
| Do the administrative agencies have judicial or legislative or executive power or all 3? | all 3 powers. Agencies can make laws, enforce laws and punish those in violation of the law. |
| What is the Sarbanes-Oxley (SOX) Act? | Law enacted to protect investors from fraudulent investment companies. The SOX act also set more finite regulations for investment companies and a higher degree of punishment for those who did not abide by it. |
| What is the difference between extortion and black mail? | extortion is illegal demand by a public officer acting with apparent authority. blackmail is extortion demands made by a non-public official |
| What is a Miranda warning? | warnings required to prevent self-incrimination in a criminal matter |
| What is a tort? | a civil wrong that interferes with one's property or person |
| Define negligence | careless actions or actions taken without thinking through the consequences. Failure to exercise due care |
| List 3 examples of intentional torts: | assault, battery, false imprisonment, intentional infliction of emotional distress, invasion of privacy, defamation, product disparagement, wrongful interference with contracts, trespass |
| what is the difference between a trademark and a service mark? | a trademark is a mark that identifies a product. A service mark is a mark that identifies a service |
| what is a mark? | any word, name, symbol, device or combination thereof, used to identify a product or service |
| Why is ICANN important? What is it? | ICANN is a corporation responsible for coordinating the use of domain names across the internet. ICANN is important because it prevents copyrighting and misuse of domain names |
| What is a patent and what are 3 types of patents that one can get? | patents protect inventions. 3 types of patents are: utility, plant and design. |
| What is a copyright? | exclusive right given by federal statute to the creator of a literary or artistic work to use, reproduce and display the work |
Created by:
nwood1128
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