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BUSA 2106
Terms for Exam 1
| Vocabulary/Term | Definition |
|---|---|
| Understand that... | The Law is a general set of rules; that judges cannot always fit the facts of a case to specific rule, so they must find a rule to suit the case; Judge must supply a reason for the decision. |
| Understand that... | The law is not simple - it is not black & white - there is a lot of gray. |
| Understand that... | There is an ongoing tension in the law between need for stability and the need for change. |
| Understand that... | The law is complicated and vast. |
| Understand that... | there are ways to distinguish and classify the many types of Law. |
| What is FIRAC? | F- the first step is to ascertain the Facts of the case I- identify the Issue raised by the facts R- find an accurate statement of the Rule A- Apply the rule to the facts C- State the Conclusion / Make the Conclusion. |
| Know that... | Business leaders must be familiar enough with the law to know when to call a lawyer. |
| Know that... | Ignorance of the Law is NO excuse! |
| Know that... | Law is subject to bias of the judge and jury |
| What is Law? | A body of rules of action or conduct prescribed by controlling authority, and having binding legal force. That which must be obeyed and followed by citizens subject to sanctions or legal consequences is a law. Enforceable rules governing relationships. |
| How does law affect business and business decisions? | Law = Ethics? -NO. Are ethical decisions easy? Ethics is ethics. Decisions in personal life are the same as decisions in business life. |
| Is knowing law enough? | Knowing law is not enough - business managers will also be pressured to make ethical decisions to avoid lawsuits. |
| What are the Primary Sources of American Law? | Constitution Law (Supreme Law of the Land) Legislative Law (Treaties, Statues and Ordinances. Statutory law) Administrative Agencies (Regulations and Orders. Admin Law) Judicial Law (The Common Law) |
| What is Constitutional Law? | The body of law derived from the US Constitution and the constitutions of various states. |
| What is the Supremacy Clause? | The clause in Article VI of the Constitution that provides that the Constitution, laws, and treaties of the US are "The Supreme Law of the Land." |
| JT Rule of Law | The United States Constitution is the Supreme Law of the Land |
| What is the 10th Amendment? | Reserves to the states all powers not granted to the federal government. Each state in the union has its own constitution. Unless it conflicts with the US constitution or a federal law, a state constitution is supreme within the state's borders. |
| What is Statutory Law? | The body of law enacted by legislative bodies. Written Law, opposed to Oral law |
| What is Uniform Laws? | Model law created by the National Conference of Commissioners on Uniform State Laws and/or the American Law institute for the states to consider adopting. Each state can accept or reject the uniform law. |
| What are Executive Orders? | Legally binding orders given by the president. |
| What is Administrative Law? | Administrative Law are Rules, Orders, and Decisions of administrative agencies such as federal, state, or local government. |
| What is Case Law and Common Doctrine? | Stare Decisis |
| What is Stare Decisis? | A common law under which judges are obligated to follow the precedents in prior decisions. |
| What is case precedent? | A court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts |
| What is Precedent? | Binding use of authority, persuasive use of authority, cases of "first impression," Distinguishing and/or narrowing precedent. Reversal of Precedent. |
| What is the departure from precedent? | When court departs from a precedented decision based on it being deemed incorrect, and technologically or socially inept. |
| What is persuasive authority? | Any legal authority or source of law that a court may look to for guidance but on which it need not rely in making its decision. Persuasive authorities include cases from other jurisdictions and secondary sources of law. |
| What is the difference between substantive and procedural law? | -Substantive Law: How facts in case will be handled. -Procedural Law: How to file. Process in which case will go through. |
| What is the difference between Federal and State Law? | There is a federal system and a state system. One is not more powerful than the other, they just serve two different purposes. Federal prosecutes defendants that have committed a federal crime. State prosecutes defendants that have committed state crime. |
| What is the difference between criminal and civil law? | Civil is Person A suing Person B. Criminal is State against defendant (Person being prosecuted). |
| Difference between Law vs Equity. | Law is the set of rules, written by legislatures, and enforced by society. Rules are enforced by authority, such as police, courts, and so on. Equity is a system of justice administered according to standards of fairness. |
| Difference between Common Law and Statutory Law? | Statutory Law is made by government, while Common Law is based on precedent. |
| Difference between national and international law. | International is between states, national is inside state. |
| Who is the plaintiff? | Person who initiates a lawsuit. |
| Who is the defendant? | One against whom a lawsuit is brought; the accused person in a criminal proceeding. |
| Who is the prosecutor? | State |
| What are Ethics? | Moral principles and values applied to social behavior. Principles. A very important part of business. |
| What are business Ethics? | A consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting. |
| What is Ethical Reasoning? | A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand. |
| What are duty based ethics? | Derived from revealed truths, such as religious precepts and/or philosophical reasoning. |
| What are religious ethical standards? | Ten commandments establish fundamental rules for moral action. |
| What is categorical imperative? | Asks corporations to consider the consequences to follow if everyone acted the same. |
| What are the principle of rights? | Fundamental rights such as to life, freedom, and pursuit of happiness for example. How this decision affects the rights of various groups. |
| What are outcome based ethics? | Cost benefit analysis. What decision do I make that will affect the least amount of people. Ethics based on the consequences of action taken or foresworn, without regard to any underlying concept of duty or morality- situational ethics. |
| What is Utilitarianism? | Utilitarianism dictates that a decision to act or not act should be directed towards producing the greatest good for the greatest number of people. Occasional “injury” to individuals is therefore an acceptable risk. Outcome Based. |
| What is Cost-benefit Analysis? | A decision-making technique that involves weighing the costs of a given action against the benefits of that action. |
| What is Corporate Social Responsibility? | The idea that corporations can and should act ethically and be accountable to society for their actions. |
| What is the Ethical code of conduct? | A company's ethical priorities and demonstrates with a foldout exhibit showing the code of ethics of Costco Wholesale Corporation as an example. |
| What is the Moral Minimum? | The minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law. |
| What are "Gray Areas" in the law? | The legality of particular business actions which are not clear. |
| What is judicial Review? | Legislative and executive actions are subject to review. |
| What are Jurisdictions? | Before a court can hear a case, it must have jurisdiction over the person against whom the suit is brought or the property involved in the suit, as well as jurisdiction over the subject matter. |
| What is In personam (over the person) jurisdiction? | Directed to a person. In personam means that a judgment can be enforceable against the person wherever he/she is. |
| What is the Long arm statute? | Used to get jurisdiction out of state. Law which gives a local state court jurisdiction over an out-of-state company or individual whose actions caused damage locally or to a local resident. |
| What are Minimum Contacts? | -conducts business in the state -is domiciled in the state -has an agent in the state -is served in the state |
| DIfference between Original and Appellate jurisdiction? | -Original: have to start case in level of case. Starts. Trial occurs. -Appellate Jurisdiction may clean up mess. |
| What is Subject Matter Jurisdiction? | is the authority of a court to hear cases of a particular type or cases relating to a specific subject matter. |
| What is Federal Jurisdiction? | When a federal question is involved (when the plaintiff's action is based, at least in part, on the U.S. Constitution, a treaty, or a federal law). If you have a case involving immigration, that will go into federal court. Issue is on federal law. |
| What is Federal Question? | when the plaintiff's action is based, at least in part, on the U.S. Constitution, a treaty, or a federal law |
| What is Diversity of Citizenship? | Citizen of a state vs citizen of another state. Minimum of $75,000 needed. Federal Court: two states and $75,000 + |
| Exclusive vs Concurrent Jurisdiction. | exclusive jurisdiction - has power in certain areas or over certain persons to the exclusion of all other courts. Concurrent Jurisdiction: two or more different courts to hear the same matter within the same territory. Plaintiff decides court. |
| What is Jurisdiction in Cyberspace? - Sliding Scale Standard. |
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