Term
| Precedent 'stare decisis' |
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Definition
| the process of using older lawsuites to make new decisions |
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| an old fashioned method of determining if one was guilty by physical tests |
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requires one to take an oath
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| article one of the constitution |
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Definition
| it spells out the statutory law |
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Definition
volume 470
A: the area Atlantic
2d: 2nd edition
507: page 507
(pa 1983) the year and place when the law was put in action |
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Term
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| a concept that makes judical decisons easier to make.. it protects a certian people, governement and domestic parties and children. |
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| involves rights or society and these rights are usually represented by the governement agencies |
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| involves matters between individuals |
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| means that the criminal actually commited the crime |
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| a criminal having criminal intend, or the state of mind of commiting a crime. |
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| protects people from illegal search and seasure. |
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| provision in the constitution that regualtes interstate business. |
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| private or civil wrong against an individual for which the court will award money damage. |
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| when one gails to act as a reasonable person under circumstances. |
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| the sum of money intended to punish teh wrong doer for their actions |
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| a physical object such as a textbook |
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| means to give up something to get something for both people |
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Term
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| A person who takes responsibility for another's performance of an undertaking, for example their appearing in court or the payment of a debt. |
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| One who makes or gives a guaranty. |
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Term
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| a requirement to make a contract, the party has to be of proper age and state of mind. |
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Term
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| law requires that the purpose and subject matter of an agreement be legal in order for the contract to be valid. |
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| the requirement that certian agreement be in writing in order to be enforceable by the court. |
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Term
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| refers to a document evidencing the receipt of goods for shipment issued by an entity engaging in the business of transporting goods. |
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Term
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Definition
| the UCC provides entrustment to merchents |
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Term
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Definition
| Express authority is contractual-given authority. It is given to the agent through his or her contract with the insurer and any amendments made by the company to that contract. |
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Term
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Definition
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Apparent authority is authority that is not provided by contract nor intended by the insurer but which appears to the client to be given to the agent based upon the agent's believable statements.
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Term
| Uniform Commerical Code U.C.C |
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Definition
| Uniform act that regulates the sale of goods and certian other business transactions |
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Definition
| third person who owns a warhouse where goods are stored |
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Term
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Definition
| a proximate cause is an event sufficiently related to a legally recognizable injury to be held the cause of that injury. |
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Term
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Definition
- Blame attributed to an individual not on the basis of his or her conduct but because of the conduct of another for which he or she is legally responsible, i.e., an employer is liable for negligence of his or her employee.
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Term
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Definition
| occurs when somebody takes property entrusted to them with the intent to deprive the owner of the property |
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Term
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Definition
| the taking and carrying away of a property of another without concent and the intent to deprive the owner of the good permently. |
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Term
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Definition
| when you use the internet to sell property gained unlawfully. |
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Term
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Definition
| allowing teh government to file charges against anyone who has participatede in plannng of comission of a crime and to hold each liable for the actions of the others. |
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Term
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Definition
| illegal actions commited in a business setting.. including computer fraud, insider trading |
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Term
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Definition
| a person charged with the offene does not have to commit a crime which generated the illegal revenue.. al kapone |
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Term
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Definition
guarentees hat you have the right to refuse to give testimoney that will incrimminate you.
any statement you make must be voluntary
you must be given the miranda rights |
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Term
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Definition
| if a person decides to talk to the police.. that decisions must be freely and voluntary made. |
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Term
| when are you given the miranda warning? |
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Definition
| when one is being deprived of freedom also must be interrgated |
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Term
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Definition
| prohibits unlawful search and seizure |
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Term
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Definition
| anytime you have a reasonable expetation of privacy, a search warrent must bee issued. |
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Term
| what are the 5 things you need for creation of a corporation? |
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Definition
creation
continuity
control
taxation
liablilty |
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Term
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Definition
how you set up the business
what are the cost |
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Term
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Definition
how is it tied to the owners
stability |
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Term
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Definition
how to break deadlock?
ego of owners |
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Term
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Definition
| is the owner personally liable |
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Term
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Definition
how is the business taxed?
how is the money distributed? |
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Term
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Definition
one owner
may need license or permit by government
greatest liabililty because the debt of the ownwer is the debt of the business.
do not need a personal tax return.. all the business information is included in own taxes
stops when the owner stops doing business, no forms have to filled with the government. |
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Term
| sole proprietorship's advantages |
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Definition
owner is complete control
gets all the profit
flexibility
ease of creation |
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Term
| sole proprietorship's disadvantages |
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Definition
owner is liable for all torts/contracts
lacks continuing after death
difficult to raise financing |
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Term
Partnership
dissolution
winding up |
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Definition
2 or more owners
equal shares in profit and lose (otherwise said)
partners are responsible for debt
articles of partnership should be filed with the state
each partner is 100% responsible for the debt of their business
it is not a taxable entity, the profits and losses go on each persons tax returns
must file an information return with the state without paying
anytime there is a change in partners, partnership get terminated.
dissolution- when a partner seizer to another company
winding up- collecting the assets and redistributing them. |
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Term
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Definition
easy to create and maintain
partners share profits and losses |
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Term
| Partnership disadvantages |
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Definition
dissolved upon death
difficult to raise money for it
partners are personally liable for all the rots and contracts |
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Term
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Definition
consists of one or more general partners and one or more limited partners
this method is generally used to generate revenue
file a certificate of limited partnership with the state stating its a limited partnership
must be run by general partners without active participation of the limited partners
liability for general partners is unlimited liability and for limited partners its restricted
are dissolved upon death but not of a limited partner |
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Term
Limited Liability Partnership
LLP |
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Definition
hybird created between partnership and corporation to avoid personal liability like doctors and lawyers
must be registed with the state as a LLP
must file a certificate of annual registration each year
all manage a business on a routine basis
the partners are not personally liable for the malpractice claim against the other partners
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Term
Family Limited Liability Partnership
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Definition
all the partners are related to eachother
it is used as an esate planning tool for a clinet with a lot of money to save taxes upon death
owner transfers assets into partnership and controls it as a general partner while the other family members are limited partners. it takes the assets out the persons estate. |
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Term
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Definition
it is a seperate entity created by state chapter
expensive to create because of legal fees and cost
must create ' article of incorporation'
state must issue a charter
its a seperate entity so its status doe snot chage with death or sale of stocks by a stareholder.
shareholders elect board of directors
these BODs should not use insider information to their own advantage.
owners only liable for their capital investment or if he or she guarentees corporate debt
corperate evil
owners are always liable for payroll taxes of a corporation
double taxation both business and shareholders |
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Term
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Definition
| a tort is a private civil wrong commited against another for which the law provides an award of money damages |
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Term
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Definition
| is the failure of the plaintiff to act as a reasonable person.. a person cannot win with even 1% fault. |
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Term
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Definition
| this states that as long as the plaintiffs negligence is not greater than the defendant, then the plaintiff may recover damages |
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Term
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Definition
| knows the danger but still exposes himself to it.. baseball game |
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Term
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Definition
| because of the special relationships between partners, one person has to liable... like 2 workers at target |
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Term
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Definition
| when a false statement is made to harm a reputation |
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Term
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Definition
| involves the pulblication of defamatory matter by written or printed work |
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Term
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Definition
| involves the pulblication of defamatory matter by oral communication/verbal |
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Term
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Definition
| offers protection to a debtor by offering a fresh start or the ability to repay the obligations overtime |
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Term
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Definition
| an agreement by members of international orgazations which document is then open for other nations to join |
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Term
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Definition
| it is generally a treaty or international agreemetn that supplements previous treaty or internatinal agreement, it can amount to previous treaties and add new stuff |
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Term
| private international law |
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Definition
The law governing private transactions and disputes between parties from differing nations. Generally, this body of law is used to determine which law to apply when there is a conflict between the domestic laws of the parties. |
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Term
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Definition
| legal term relying on trade practices used by merchants |
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Term
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Definition
made up of 15 countries
5 permanent members
10 countries that rotate , serve terms on the council |
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Term
| International court of justice |
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Definition
| Its main functions are to settle legal disputes submitted to it by states and to provide advisory opinions on legal questions submitted to it by duly authorized international organs, agencies, and the UN General Assembly. |
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Term
| risks of international business |
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Definition
political
economic
transactional |
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Term
political risk of international business
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Definition
govt may impose trade quotas and restrictions
no trade with cuba and north korea
expropriation |
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Term
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Definition
| when american businesses were taken over by castro |
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Term
| Economic risk of international business |
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Definition
| tranferring funds is a problem since rates may change |
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Term
| transactional risks of international business |
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Definition
| how the payments are seprated from buyer to seller which causes a lot of risks |
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Term
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Definition
| money awarded to compensate a person for losses resulting from another wrong doing |
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Term
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Definition
| nominal damages are very small damages awarded to show that the loss or harm suffered was technical rather than actual. |
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