Term
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Definition
| special type of assignment, that permits parties to transfer particular financial "instruments" to third parties, either with or without consideration. |
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Term
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Definition
| specific type of financial document showing a debt from one party to another, or a right to payment. |
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Term
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Definition
| the most common form of draft, a check must be drawn on a bank and payable on demand; the drawer orders the drawee (bank) to pay the payee on demand (upon request of the holder). |
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Term
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Definition
| a written promise by a maker (issuer) to pay a payee a certain sum of money, either on demand or at a stated date. |
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Term
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Definition
| any reduction to tangible form, including electronic. |
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Term
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Definition
| any symbol executed or adopted by a party with intention to validate a writing. |
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Term
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Definition
| an undertaking to pay, which must be more than a mere acknowledgment or recognition of an existing debt. |
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Term
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Definition
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Term
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Definition
| an absolute promise to pay that is not subject to any contingencies. |
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Term
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Definition
| The instrument must contain a determinable minimum principal payment although provisions in the instrument may increase the amount of payment under certain circumstances. |
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Term
| Payable in Money and Contain No Other Undertaking |
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Definition
| a promise or order to do an act in addition to the payment of money destroys negotiability. |
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Term
| Payable on Demand or at a Definite Time |
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Definition
| an instrument is demand paper if it must be paid upon request; an instrument is time paper if it is payable at a definite time. |
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Term
| Payable to Order or to Bearer |
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Definition
| a negotiable instrument must contain words indicating that the maker or drawer intends that it pass into hands of someone other than the payee. |
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Term
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Definition
| means that the instrument is only payable to the named person or anyone designated by that person. |
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Term
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Definition
| the instrument is payable to the holder of the instrument. Often payable to bearer instruments do not specify a payee. |
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Term
| Reference to Other Agreements |
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Definition
| does not destroy negotiability unless the recital makes the instrument subject to or governed by the terms of another agreement. |
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Term
| The Particular Fund Doctrine |
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Definition
| an order or promise to pay only out of a particular fund does not destroy negotiability |
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Term
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Definition
| Negotiable instruments can be readily transferred to a third party. |
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Term
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Definition
| The person or entity that has legal rights to the paper at any time. |
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Term
| When the transfer is made in normal commercial transactions, the holder becomes |
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Definition
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Term
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Definition
| Liquidation; applies to individuals or business |
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Term
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Definition
| Reorganization; applies to most business |
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Term
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Definition
| Reorganization; applies to family farms |
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Term
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Definition
| Wage Earner plan; applies to individuals |
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Term
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Definition
| Spouses may file proceedings together under 7 or 13 |
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Term
| *Commencement of the Case |
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Definition
| The filing of a petition begins jurisdiction in the bankruptcy court. |
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Term
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Definition
| filed by a debtor. available to any debtor even if solvent; consumer debtor must receive credit counseling before filing. |
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Term
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Definition
| filed by a creditor. may be filed only under Chapter 7 or 11 if the debtor is generally not paying his debts as they become due; debtor may answer the petition. |
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Term
| The Petition Must Include the Following Information. |
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Definition
1) Identification of the debtor (including related entities)
2) Schedule of assests
3) Schedule of debts
4) Identification of creditors (persons or entities to whom the debts are owed) |
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Term
| What can happen in Case Administration Chapter 3 if failure to disclose information about petition ? |
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Definition
| failure to disclose this information may result in NO or Incomplete relief *Dismissal or Conversion |
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Term
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Definition
| the court may dismiss a case for cause after notice and a hearing. |
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Term
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Definition
| a Chapter 7 case may be converted to a Chapter 11 or 13 case in certain circumstances. |
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Term
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Definition
| upon the filing of a petition and giving notice in other proceedings, it prevents attempts by creditors to recover on claims outside of the bankruptcy court; freezes even pending litigation in state courts. |
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Term
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Definition
| if assets exist, creditors given opportunity to file claim. |
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Term
| *Meeting of Creditors aka 341 Meeting |
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Definition
| debtor must appear and answer questions about his petition and financial situation. |
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Term
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Definition
| any entity that has a claim against the debtor. |
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Term
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Definition
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Term
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Definition
| the right of certain claims to be paid before claims of lesser rank. |
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Term
| *Gap creditors (incurred between filing of claim and order for relief) |
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Definition
Up to $10,000 for wages, salaries or commissions
Contributions to employee benefit plans
Up to $4,925 for grain or fish producers against a storage facility
Up to $2,225 for consumer deposits. |
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Term
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Definition
| Claims arising from DUI convictions |
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Term
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Definition
| relief from liability for all debts except those the Bankruptcy Code specifies as not dischargeable. |
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Term
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Definition
When a bankruptcy case is filed, all legal and equitable interests of the debtor in nonexempt property become property of the "estate."
creditors are generally limited to satisfaction of their debts from the estate, not the debtor.
The estate is treated as a separate legal entity, distinct from the debtor. |
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Term
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Definition
a third party that supervises the bankruptcy case and can control disposition of assets.
Trustee gains the right and powers of creditor with judicial lien (an interest in property, obtained by court action, to secure payment of a debt) |
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Term
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Definition
Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from the debtor to favored creditors.
"In particular, any payment on an antecedent debt- not made in the ordinary course of business - within 90 days of the filing of the petition is an avoidable preference." |
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Term
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Definition
| the trustee may "avoid" (set aside)"fraudulent" transfer made on or within one year before the date of bankruptcy. A fraudulent transfer is one intended to hide or protect assets. |
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Term
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Definition
| involves terminating the business of the debtor (if applicable), distributing his nonexempt assets, and, discharging all dischargeable debts. |
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Term
| A court may dismiss a Chapter 7 case if |
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Definition
| if it would be an abuse of provisions of Chapter 7. Abuse may be found if the debtor filed in bad faith or if the debtor's income is greater than the state median income (by using the means test) |
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Term
Chapter 7.
Distribution of Estate |
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Definition
| (1) secured creditors, (2)creditors entitled to a priority, (3) unsecured creditors, (4) fines & interest, and (5) the debtor. |
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Term
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Definition
| granted unless the debtor has committed an offense under the Bankruptcy Code or has received a discharge within past eight years. |
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Term
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Definition
| to preserve a distressed entity and its value as a going concern. |
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Term
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Definition
| debtor usually remains in possession and management of the property of the estate. Debtor usually serves as trustee, under the direction of a committee of creditors. |
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Term
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Definition
| to permit an individual debtor to file a repayment plan (called a "wage-earners's plan") to discharge most debts. |
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Term
Chapter 13
Confirmation of Plan |
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Definition
requires
1)good faith
2)that the value of property distributed to creditors be not less than the amount to be paid them under Chapter 7
3)that secured creditors accept the plan
4)that the debtor be able to make all payments and comply with the plan. |
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Term
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Definition
| gives the debtor more time to pay, either in full or reduced. |
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Term
| Assignment for Benefit of Creditors |
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Definition
| voluntary transfer by the debtor of some or all of his property to a trustee, who applies the property to the payment of all the debtor's debts. |
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Term
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Definition
| have absolute priority over all over claims as to the specific security (collateral) |
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Term
| Unsecured Non-Priority Claims |
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Definition
| most general debts fall into this category, which has the lowest priority of all debt-based claims |
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Term
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Definition
| a law that regulates initial sales of new securities to the public |
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Term
| Securities Exchange Act of 1934 |
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Definition
| a law that regulates resales of securities and public companies |
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Term
| Sarbanes Oxley Act of 2002 |
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Definition
| a post-Enron law designed to tighten accounting standards |
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Term
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Definition
| includes any stock , bond , note, preorganization subscription, and investment contract; however, there are many exemptions. |
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Term
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Definition
| any investment of money or property made in expectation of receiving a financial return solely from the efforts of others. |
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Term
| basic rule for registration of securities |
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Definition
| for public offerings of non-exempt securities, the issuer must file registration statement disclosing accurate, material information, unless offering is an exempt transaction. |
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Term
| definition for exempt securities |
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Definition
| those not subject to the registration requirements of the 1933 Act |
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Term
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Definition
| Section 12(a)(1) imposes absolute civil liability for selling an unregistered security that was not exempt from the 1933 Act - there are no defenses. |
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Term
| False Registration Statements |
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Definition
| Section 11 imposes liability on the issuer, all persons who signed the statement, every director or partner, experts who prepared or certified any part of the statement, and all underwriters; defendants other than issuer may assert the defense of due diligence. |
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Term
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Definition
| Section 12(a)(2) imposes liability upon the seller to the immediate purchaser, provided the purchaser did not know of the untruth or omission, but the seller is not liable if he did not know and, in the exercise of reasonable care could not have known, of the untrue statement or omission; Section 17(a)¬broadly prohibits fraud in the sale of securities |
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Term
| Registration and Periodic Reporting Requirements (Securities Exchange Act) |
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Definition
| apply to all regulated publicly held companies and include one-time registration as well as annual, quarterly, and monthly reports. |
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Term
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Definition
| - this information is available online through the SEC’s Edgar database. |
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Term
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Definition
| - a signed writing by a shareholder authorizing a named person to vote her stock at a specified meeting of shareholders. |
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Term
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Definition
| proxy disclosure statements are required when proxies are solicited (asked for) or an issuer submits a matter to a shareholder vote. |
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Term
| Definition (Tender Offers) |
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Definition
| an invitation to shareholders to purchase their shares at a specified price for a specified time. |
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Term
| Disclosure Requirements (Tender Offers) |
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Definition
| a statement disclosing specified information must be filed with the SEC and furnished to each offeree |
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Term
| Misleading Statements in Reports (Liability) |
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Definition
| Section 18 imposes civil liability for any false or misleading statement made in a registration or report filed with the SEC. |
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Term
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Definition
| Section 16(b)¬imposes liability on certain insiders (directors, officers, and shareholders owning more than 10 percent of the stock of a corporation) for all profits made on sales and purchases within six months of each other, with recovery going to the issuer. |
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Term
| Rule 10b–5 Makes it unlawful to |
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Definition
(1)¬employ any device, scheme, or artifice to defraud;
(2)¬make any untrue statement of a material fact;
(3)¬omit to state a material fact; or
(4)¬engage in any act that operates as a fraud |
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Term
| Requisites or Elements of Rule 10b–5 - recovery requires |
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Definition
(1)¬a misstatement or omission,
(2)¬materiality (tangible),
(3)¬scienter (intentional and knowing conduct),
(4)¬reliance (dependable), and
(5)¬connection with the purchase or sale of a security. |
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Term
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Definition
| liable under Rule 10b–5 for failing to disclose material, nonpublic information before trading on the information. |
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Term
| Express Insider Trading Liability |
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Definition
| is imposed on any person who sells or buys a security while in possession of inside information. |
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Term
| Civil Penalties for Insider Trading |
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Definition
| may be imposed on inside traders in an amount up to three times the gains they made or losses they avoided. |
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Term
| Misleading Proxy Statements |
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Definition
| any person who distributes a false or misleading proxy statement is liable to injured investors. |
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Term
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Definition
| Section 14(e)¬imposes civil liability for false and material statements or omissions or fraudulent, deceptive, or manipulative practices in connection with any tender offer. |
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Term
| Antibribery Provision of FCPA |
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Definition
| An American business cannot pay or offer to pay bribes to officials in foreign countries, either directly or through affiliates or agents. |
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Term
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Definition
| individuals who willfully violate the 1934 Act are subject to a fine of not more than $1 million and/or imprisonment of not more than ten years. |
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Term
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Definition
passed in 2002 as a result of the series of major corporate accounting scandals
*Includes a number of provisions relating to corporate governance, auditing standards, additional disclosure requirements in periodic reports. Increases importance of outside directors. |
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Term
| Sherman Antitrust Act - Section 1 |
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Definition
prohibits, in broad terms, all contracts, combinations, and conspiracies that “restrain trade"
In practice, Section 1 only prohibits certain agreements or understandings that materially impact the competitiveness of the markets |
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Term
| Rule of Reason -Section 1 |
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Definition
| - standard that balances the anti- competitive effects against the pro-competitive effects of the restraint. |
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Term
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Definition
| conclusively presumed unreasonable and therefore illegal. |
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Term
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Definition
| agreements among competitors at same level of chain of distribution. |
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Term
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Definition
| agreements among parties at different levels in the chain of distribution. |
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Term
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Definition
| an agreement with the purpose or effect of inhibiting price competition; horizontal agreements are "per se" illegal, while vertical price fixing is judged by the rule of reason. |
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Term
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Definition
| division of markets by customer type, geography, or products; horizontal agreements are per se illegal, while vertical agreements are judged by the rule of reason standard. |
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Term
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Definition
| agreement among competitors not to deal with a supplier or customer; per se illegal. |
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Term
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Definition
| conditioning a sale of a desired product (tying product) on the buyer's purchasing a second product (tied product); per se illegal if the seller has considerable power in the tying product or affects a not-insubstantial amount of interstate commerce in the tied product. |
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Term
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Definition
| prohibits monopolization, attempts to monopolize, & conspiracies to monopolize. |
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Term
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Definition
| requires market power (ability to control price or exclude others from the marketplace) plus either unfair attainment of power or abuse of such power. |
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Term
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Definition
| specific intent to monopolize, plus a dangerous probability of success. |
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Term
| Conspiracies to Monopolize |
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Definition
| a group of persons or entities who plan to establish market monopoly |
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Term
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Definition
| government authorizes a single supplier in an area, but controls price and practices to prevent abuse – utilities, transportation |
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Term
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Definition
| a business may obtain a monopoly in a specific market by virtue of copyright or patent granted by government |
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Term
| Tying Arrangement(Clayton Act ) |
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Definition
| prohibited if it tends to create a monopoly or may substantially lessen competition. |
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Term
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Definition
| arrangement by which a party has sole right to a market; prohibited if it tends to create a monopoly or may substantially lessen competition. |
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Term
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Definition
| prohibited if it tends to create a monopoly or may substantially lessen competition. |
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Term
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Definition
| one company's acquisition of a competing company – most carefully reviewed as most likely to be anticompetitive |
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Term
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Definition
| a company's acquisition of one of its suppliers or customers. |
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Term
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Definition
| “Price discrimination” – prohibits buyers from inducing or sellers from giving different prices to buyers of commodities of similar grade and quality. |
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Term
| Defenses (Robinson Patman) |
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Definition
(1)¬cost justification,
(2)¬meeting competition
(3)¬functional discounts |
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Term
| Purpose(Federal Trade Commission Act) |
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Definition
| to prevent unfair methods of competition and unfair or deceptive practices. |
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Term
| Coverage (Federal Trade Commission Act) |
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Definition
| the FTC issues many regulations establishing specific standards for purposes of advertising, labeling and selling |
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Term
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Definition
| relationship authorizing one party (the agent) to act for and on behalf of the other party (the principal) |
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Term
| *Legal Relationships for Agent |
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Definition
| Employment Relationship, Independent Contractor |
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Term
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Definition
| one in which the employer has the right to control the physical conduct of the employee. |
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Term
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Definition
| a person who contracts with another to do a particular job and who is not subject to full control of the other. |
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Term
Duties of Agent to Principal
Duty of Obedience |
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Definition
| agent must act in principal's affairs only as authorized by the principal and must obey all reasonable instructions and directions. |
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Term
Duties of Agent to Principal
Duty of Good Conduct |
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Definition
| An agent has a duty to act reasonably and to avoid conduct that is likely to damage the principal’s interests or reputation. A breach makes the agent liable to the principal and subject to rightful discharge or termination. |
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Term
Duties of Agent to Principal
Duty of Diligence |
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Definition
| agent must act with reasonable care and skill in performing his work. |
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Term
Duties of Agent to Principal
Duty to Inform |
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Definition
| agent must use reasonable efforts to give the principal information relevant to the affairs entrusted to her. |
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Term
Duties of Agent to Principal
Duty to Account |
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Definition
| agent must maintain and provide the principal with a true and complete account of money or other property that the agent has received or expended on behalf of the principal. |
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Term
Duties of Agent to Principal
Fiduciary Duty (Loyalty) |
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Definition
| agent owes a duty of utmost loyalty and good faith to the principal. |
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Term
Duties of Principal to Agent
Compensation |
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Definition
| a principal must compensate the agent as specified in the contract, or for the reasonable value of the services provided, if no amount is specified. |
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Term
Duties of Principal to Agent
Reimbursement |
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Definition
| the principal must pay back to the agent-authorized payments the agent has made on the principal's behalf. |
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Term
Duties of Principal to Agent
Indemnification |
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Definition
| the principal must pay the agent for losses incurred while acting as directed by the principal. |
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Term
Termination of Agency
Lapse of Time |
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Definition
| when agency is for a set period of time. |
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Term
| Termination of Agency includes Lapse of Time, Revocation of Authority, Operation of law and which other two ? |
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Definition
| Mutual Agreement of Parties, Renunciation by the Agent. |
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Term
Termination of Agency
Revocation of Authority |
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Definition
| there can be limitations on the ability of the principal to revoke |
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Term
Termination of Agency
Operation of Law |
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Definition
| the death or incapacity of either the principal or the agent usually terminates the agency, unless the agent has a durable power of attorney for an incapacitated principal |
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Term
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Definition
| the principal is legally bound to the third party. |
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Term
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Definition
| the principal owes a duty to repay the agent for reasonable expenses incurred in the agency. |
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Term
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Definition
| a party owes a duty to compensate another for expenses the other incurred due to its actions. |
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Term
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Definition
| the party is liable to another. |
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Term
Types of Principals
Disclosed principal |
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Definition
| principal whose existence and identity are known. |
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Term
Types of Principals
Unidentified principal |
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Definition
| principal whose existence is known, but whose identity is not known. |
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Term
Types of Principals
Undisclosed Principal |
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Definition
| principal whose existence and identity are not known. |
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Term
Types of Authority
Actual authority |
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Definition
| power conferred upon agent by actual consent given by the principal. |
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Term
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Definition
| derived from written or spoken words of the principal |
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Term
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Definition
| inferred by agent from words or conduct of the principal. |
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Term
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Definition
| power conferred upon the agent by acts or conduct of the principal that reasonably lead a third party to believe that the agent has such power, even if it doesn’t. |
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Term
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Definition
| is usually not permitted unless actually authorized by the principal; if the agent is authorized to appoint other subagents, the acts of these subagents are as binding on the principal as those of the agent. |
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Term
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Definition
| approval by the principal of a prior unauthorized act that another has done as her agent or purported agent. |
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Term
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Definition
| ends actual authority, but not necessarily apparent authority. |
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Term
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Definition
| Termination of actual authority does not by itself end any apparent authority held by an agent. |
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Term
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Definition
| Apparent authority ends when it is no longer reasonable for the third party with whom an agent deals to believe that the agent continues to act with actual authority. |
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Term
Rules of Contractual Liability
Disclosed principal |
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Definition
| is contractually bound with the third party if the agent acts within her actual or apparent authority in making the contract. |
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Term
Direct Tort Liability Principal
Acts of principal |
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Definition
| a principal is liable for his own tortious conduct involving the use of agents. |
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Term
Direct Tort Liability Principal
Authorized acts of agent |
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Definition
| a principal is liable for torts she authorizes another to commit or that she ratifies. |
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Term
Direct Tort Liability Principal
Unauthorized acts of agent |
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Definition
| a principal is liable for failing to exercise reasonable care in employing agents whose unauthorized acts cause harm, even if not is scope of employment. |
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Term
Princial's Vicarious (Indirect)
Respondeat Superior |
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Definition
| an employer is liable for unauthorized torts committed by an employee in the scope of his employment. |
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Term
Princial's Vicarious (Indirect)
Agent Acts with Apparent Authority |
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Definition
| a principal is liable for torts committed by an agent in dealing with third parties while acting within the agent’s apparent authority. |
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Term
Princial's Vicarious (Indirect)
Independent contractor |
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Definition
| a principal is usually not liable for the unauthorized torts of an independent contractor. |
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Term
Criminal Liability of Principal
Authorized Acts |
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Definition
| the principal is liable if he directed, participated in, or approved the criminal acts of his agents. |
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Term
Contract Liability of Agent
Disclosed Principal |
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Definition
| the agent is not normally a party to the contract she makes with a third party if she is authorized or if the principal ratifies an unauthorized contract. |
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Term
Contract Liability of Agent
Unauthorized contracts |
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Definition
| if an agent exceeds her actual and apparent authority, the principal is not bound but the agent may be liable for breach of warranty or for misrepresentation |
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Term
Contract Liability of Agent
Agent Assumes Liability |
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Definition
| an agent may agree to become liable on a contract between the principal and the third party. |
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Term
Tort Liability of Agent
Authorized acts |
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Definition
| the agent is liable to the third party for his own torts, but may be entitled to indemnity from the principal. |
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Term
Tort Liability of Agent
Unauthorized acts |
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Definition
| the agent is liable to the third party for his own torts. |
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Term
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Definition
| information that derives commercial value from being not generally known. |
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Term
| The Uniform Trade Secret Act |
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Definition
| allows the owner of a trade secret to obtain damages or injunctive relief when the secret is misappropriated (wrongfully used) by an employee or a competitor. |
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Term
| The Uniform Trade Secret Act is protected under |
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Definition
|
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Term
|
Definition
| Federal law that governs trade symbols, also called “marks” |
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Term
Trade Symbols
Registration |
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Definition
| to be eligible for registration and thus protected by the federal Lanham Act, a mark must be distinctive and not immoral, deceptive, or scandalous. |
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Term
Trade Symbols
Infringement |
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Definition
| occurs when a person without authorization uses a substantially indistinguishable mark that is likely to cause confusion, mistake, or deception. |
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Term
|
Definition
| violations are subject to suit for damages and other remedies |
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Term
Types of Trade Symbols
Trademark |
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Definition
| distinctive symbol, word, or design used to identify the manufacturer or product. ™ ® |
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Term
Types of Trade Symbols
Service Mark |
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Definition
| distinctive symbol, word, or design that is used to identify a provider's services. ® |
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Term
Types of Trade Symbols
Certification Mark |
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Definition
| distinctive symbol, word, or design used with goods or services to certify specific characteristics. |
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Term
Types of Trade Symbols
Collective Mark |
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Definition
| distinctive symbol used to indicate membership in an organization. |
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Term
|
Definition
| any name used to identify a business, vocation, or occupation. |
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Term
|
Definition
| cannot be registered under the Lanham Act, but may have state law registration; in Florida a business name that is not the actual legal name must be filed as a “fictitious name” (s. 865.09, F.S.) |
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Term
| Trade names is protected under |
|
Definition
|
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Term
|
Definition
| exclusive rights, usually for the author's life plus 70 years, to original works. |
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Term
Copyrights
How Obtained part 1 |
|
Definition
| An original work of authorship becomes copyrightable when “fixed in any tangible medium of expression” |
|
|
Term
Copyrights
How Obtained part 2 |
|
Definition
| Notice of copyright designation must be placed or provided no later than the time of first publication or performance. |
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Term
|
Definition
| the author is usually the owner of the copyright, which may be transferred in whole or in part. |
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Term
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Definition
| registration is not required but provides additional remedies for infringement. |
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Term
| Rights Held by the Copyright Owner |
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Definition
1) reproduce the copyrighted work
2) Prepare derivative works based on the work
3) Distribute copies of the work.
4) Perform or display the work publicly |
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Term
Copyrighted works are subject to compulsory Licenses and fair use.
Compulsory Licenses |
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Definition
| permit certain uses of a work upon payment of royalties. |
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Term
Copyrighted works are subject to compulsory licenses and fair use.
fair use |
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Definition
| includes use for purposes of criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research. |
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Term
| Copyrighted works are subject to compulsory licenses and fair use and are protected under |
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Definition
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Term
| Infringement of Copyright |
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Definition
| occurs when someone exercises the copyright owner's rights without authorization, including copying the work or publishing a substantially similar work, unless a limitation applies. |
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Term
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Definition
| the exclusive right to an invention for twenty years from the date of application for utility and plant patents; fourteen years from grant for design patents. |
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Term
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Definition
a patentable invention must be
1)Novel(new)
2)Useful
3)Not obvious |
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Term
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Definition
| patents are issued upon application to and after examination by the U.S. Patent and Trademark Office; valid only in the US. Must apply for protection in other countries. |
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Term
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Definition
| occurs when anyone without permission makes, uses, or sells a patented invention, or another invention or design that infringes a patent. |
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Term
National Labor Relations Act
Right to Unionize |
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Definition
| establishes a Federally protected right of employees to unionize and to bargain collectively. |
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Term
National Labor Relations Act
Prohibits Unfair Employer Practices |
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Definition
| the Act identifies five unfair labor practices by an employer. |
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Term
National Labor Relations Act
National Labor Relations Board |
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Definition
| created to administer these rights by rules and enforcement. |
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Term
Labor Management Relations Act
Prohibits Unfair Union Practices |
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Definition
| identifies 7 unfair labor practices by unions. |
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Term
Labor Management Relations Act
Prohibits "Closed Shops" |
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Definition
| can’t require employers to only hire union members |
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Term
Labor Management Relations Act
Allows "Union Shops" |
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Definition
| employer can hire nonunion members, but the employee must join the union, if required by state law. |
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Term
Labor Management Relations Act
Right to work states |
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Definition
| Prohibit union shops (mandatory union membership) |
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Term
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Definition
1)Establishes federal minimum wage for most industries (currently $7.25)
2)(current Florida minimum wage is $7.67)
3)maximum hours (typically 40) that can be worked without overtime compensation
4)Establishes exemptions from minimum wage and overtime
5)Establishes child labor limitations |
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Term
| Family and Medical Leave Act of 1993 |
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Definition
| grants employees leave for serious health conditions of the worker or family member, or for family leave (birth or adoption). |
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Term
| Worker Adjustment and Retraining Notification Act |
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Definition
| requires an employer to provide sixty days' advance notice of a plant closing or mass layoff. |
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Term
| Title VII, Civil Rights Act of 1964 |
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Definition
| prohibits employment discrimination on the basis of race, color, gender (inc. pregnancy), religion, or national origin, in “terms and conditions of employment”; includes hiring, firing, promotion, compensation among others |
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Term
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Definition
| is prohibited; includes ¬intentionally treating people in protected classes less favorably (disparate treatment) and using neutral policies that have a disparate impact (non-intentional discrimination) when the policies are not required by business necessity |
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Term
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Definition
| a form of illegal discrimination in which individuals are mistreated because of some protected characteristic; must be severe to create liability |
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Term
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Definition
| an illegal form of sexual discrimination that includes unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature. |
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Term
| Age Discrimination in Employment Act of 1967 |
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Definition
| prohibits discrimination on the basis of age in hiring, firing, or compensating; does not apply when favoring an older employee over a younger one. |
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Term
| Americans with Disabilities Act |
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Definition
| prohibits discrimination on account of disability, and requires accommodation in some cases |
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Term
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Definition
| prohibits an employer from discriminating between employees on the basis of gender by paying unequal wages for equivalent work. |
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Term
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Definition
| There are 4 defenses, including seniority systems; merit systems; productivity systems; or factors other than sex. |
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Term
Employee Termination at Will
Under Common Law |
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Definition
| a “contract” of employment for other than a definite term is terminable at will by either party. |
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Term
Employee Termination at Will
Statutory Limitations |
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Definition
| have been enacted by the Federal government and some States. |
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Term
Employee Termination at Will
Judicial Limitations |
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Definition
based on contract law, tort law, or public policy.
Whistleblower Acts are common |
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Term
| Occupational Safety and Health Act (OSHA) |
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Definition
| enacted to assure workers of a safe and healthful work environment. |
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Term
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Definition
| awarded to an employee injured in the course of employment. |
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Term
| Unemployment Compensation |
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Definition
| awarded to workers who have lost their jobs and cannot find other employment. |
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Term
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Definition
| a person who orders a bank to withdraw money from an account to pay a designated person. |
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Term
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Definition
| a person or institution who holds the funds the drawer wants to transfer. |
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Term
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Definition
| a person who the drawee wants to pay the funds to. |
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Term
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Definition
| a person who issues the promise to pay. |
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Term
| Types of negotiable instruments |
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Definition
1) Drafts
2) Checks
3) Promissory Notes
4) Certificates of Deposit. |
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Term
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Definition
| involves three parties. the drawer orders the drawee to pay a fixed amount of money to the payee. |
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Term
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Definition
| a specialized form of note that is given by a bank or thrift association. |
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Term
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Definition
| Reorganization for Municipalities or other government units |
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Term
| what are the 4 priority of claims |
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Definition
1) Domestic support obligations
2) Expenses of administration of debtor's estate
3) Gap creditors (incurred between filing of claim and order for relief)
4)taxes |
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Term
| Priority unsecured claims |
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Definition
| are not secured by liens on property, but after the secured claims have been paid these claims have the next priority. these debts can rarely be discharged through bankruptcy. |
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Term
| Any payment on an antecedent debt (not made in the ordinary course of business) with in ________ days of filing a bankruptcy petition is a voidable preference. |
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Definition
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Term
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Definition
| creates claims for civil liability for several types of wrongful behavior. |
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