80 Cards in this Set
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Business law
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enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges (b/t commercial relationships
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6 functional areas of business that sit on a foundation of business law
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1. mgmt
2. production&transportation
3. markting
4. R & D
5. accounting and finance
6. HR mgmt
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Law
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rules of conduct in any organized society that are enforced by the governing authority of the community. >Majority of citizens can create rules
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Classifications of Law
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1. public vs private
2. national vs international
3. civil vs criminal
4. federal vs state
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Private Law
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law that involves suits b/t private individuals or groups X. business person doesn't pay rent to landlord
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Public Law
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law that involves suits b/t private indiv. or groups and their gov't X. business dumps wastes behind building
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Civil Law
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Body of laws that govern the rights & responsibilities either b/t person or b/t person and their gov't X. restaurant pays bills after customer gets sick from their food
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Criminal Law
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body of laws that involve the rights & responsibilities an indiv. has w/ respect to the public as a whole X. prohibit insider trading
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Sources of Business Law
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1. constitution
2. Statutes
3. Cases
4. Admin. Law
5. Treaties
6. Executive Orders
7. Schools of Legal Interpretation
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1.Constitutional Law
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general limits & powers of a gov't as interpreted from its written constitution
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Another name for U.S Constitution
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'Supreme Law of the Land'
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2. Statutory Law
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assortment of rules & regulations put forth by legislatures
>Statutes=legislative actions
>found in U.S. Code
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Codes
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Collection of all the laws in one convenient location
-local city&county ordinances X. zoning, building codes
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Modern/uniform Laws
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laws created to account for the variability of laws among states. These laws serve to standardize the otherwise different interstate laws
>urge uniform laws in states
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3. Case Law
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collection of legal interpretations made by judges. They're considered to be law unless otherwise revoked by a statutory law "common law"
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Precedent
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tool used by judges to make rulings on cases on the basis of key similarities to previous cases. X. Micky d's had to add 'caution its hot' bc someone sued
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Stare Decisis
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"standing by the decision"; a principle stating that rulings in higher courts are binding precedent for lower courts
>iffy bc of diff interpretations
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Restatements of the Law
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summaries of common law rules in a particular area of the law. Restatements don't carry the weight of law, but can be used to guide interpretations of particular cases.
>a judge's mind
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4.Administrative Law
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collection of rules & decision made by administrative agencies to fill in particular details missing
X. OSHA with UPS' safety
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5. Treaty
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binding agreement b/t 2 states or international orgs
> to be "binding", it must be approved by 2act/3 of Senate
>similar to a contr
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6. Executive Orders
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article 2, section 1
>president and state governors can issue these
X. ppl sent to internment camps
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7. Schools of Legal Interpretation(6)
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-law is human creation shaped by many perspectives and approaches
>legislators& courts are guided by habit/interpretations
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1~Natural Law
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school that recognizes the existence of higher law, or law that is morally superior to human laws
>conscience go against laws
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2~Legal Positivism
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bc society requires authority, a legal&authoritarian hierarchy should exist. When a law is made, obedience is expected bc authority created it
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3~Identification w/ the Vulnerable
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society should be fair. Particular attention is therefore paid to the poor, ill and elderly X. Minimum wage
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4~Historical School
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**most often used guideline (tradition)
-uses traditions as the model for future laws& behavior
>>Stare Decisis is in this
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5~Legal Realism
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context must be considered as well as law. Context includes factors such as economic conditions & social conditions
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6~Cost-Benefit Analysis
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all costs& benefits of a law are given monetary values. Laws w/ the highest ratios of benefits to costs are than preferable to those w/ lower ratios
>more benefits, saved resources, resources to make more g/s, economy more efficient, producing more for less
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Comparative
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comparing & studying the laws in different countries
X. Google& chinese gov't
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Ethics
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study&practice of decisions about what is good or bad
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Business Ethics
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use of ethics & ethical principles to solve business dilemmas
**Doesn't yield correct decisions
>standards to business conduct
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Ethical Dilemma
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a question about how one should behave that requires one to reflect on the advantages and disadvantages of the optional choices for various stakeholders
>no right decision is available
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Social Responsibility of business
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expectations that a community places on the actions of firms inside that community's borders
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Business Law& Business Ethics:
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>first assemble the facts
>ethics guides decision w/in firms
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WH Approach (to ethical decision making)
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set of ethical guidelines that urges us to consider whom an action affects, the purpose of the action& how we view its morality
>provides ethical guidelines
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Ethical Guidelines
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simple tool that helps determine whether an action is moral. "practical steps"
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Values
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-basic unit of business ethics
-positive abstractions that capture our sense of what is good & desirable
>represent our understanding of the purposes
>pull and push our decision
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4 most important values influencing business ethics
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1. Freedom
2. Security
3. Justice
4. Efficiency
>helps to question others' ethical actions
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Weight of values stem from:
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-tradition
-family
-culture
-reasoning about the consequences
-religion
-sense of obligation
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WH Framework: Business
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-'whom' would this decision affect?
-'how' to make ethical decisions
1. W-who (Stakeholders)
...customers, investors, owners, employees
2. H-how (guidelines)
...public disclosure, universalize, Golden Rule
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Stakeholders
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groups of people affected by a firm's decisions (customers, employees, investors...)
>consider all stakeholders when engaging in ethical reasoning (direct s. and background s)
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1. The Golden Rule (ethical guideline)
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treat others the way that you want to be treated.
>6 interpretations
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2. Public Disclosure Test (ethical guideline)
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"television test"-would you want your actions seen on TV?
>ray of sunlight that makes our actions visible
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3. Universalization Test (ethical guideline)
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urges us to consider, before we act, what the world would be like if everyone acted in this way.
>focus on others
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Jurisdiction (3 types)
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court's power to hear cases & render decision
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1. Original vs Appellate Jurisdiction
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-trial courts
-courts of appellate
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Trial courts/courts of original jurisdiction
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**most civil or criminal cases start here when they enter the legal system
>present evidence
>call witnesses to testify
>"courts of common pleas"
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Courts of appellate jurisdiction/appellate courts
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-a higher court
-they review the decision&results of a lower court when a losing party files an appeal
>they do NOT hold trials, but may request more oral&written arguments
>>They issue written decisions
>>Handle questions of law ONLY (can overrule question of fact)
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Question of Law
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an issue concerning the interpretation or application of the law
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Question of Fact
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a question about an event or characteristic in a case
X. if white student yelled racial slur
>trial courts
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2. Jurisdiction over persons&property
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--nothing
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in personam jurisdiction
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power of a court to require a party or a witness to come before the court
-fed=geographic district
-state=extends to state's borders
>must have personal jurisdiction
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Plaintiff
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person or party who initiates a lawsuit (action) before a court by filing a complaint w/ the clerk against the defendent
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Defendent
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person or party against whom a civil or criminal lawsuit is filed in a court of law
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Complaint
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formal written document that begins a civil lawsuit; contains the plaintiff's list of allegations against the defendant along w/ the damages the plaintiff seeks
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Summons
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legal document issued by a court & addressed to a defendant & how & when to respond to the complaint
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Service of Proces
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procedure, courts present documents to defendants
>if is a business, president receives it or an appointed agent
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long-arm statutes
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statute that enables a court to obtain jurisdiction against an out-of-state defendant as long as the defendant has sufficient minimum contacts w/in the state
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In rem jurisdiction
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power of a court over the property or status of an out-of-state defendant when that property or status is w/in the court's jurisdiction area
>charlie hit someone in cali. Cali took his cali vacation home
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Quasi in rem jurisdiction (attachment j)
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applies to personaly suits against the defendant in which the property is not the source of the conflict, but is sought as compensations by the plaintiff
>charlie hit someone in cali. Cali took his cali vacation home
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3. Subject Matter Jurisdiction
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power of a court over the type of case presented to it
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Exclusive Federal Jurisdiciton
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very few cases
-patent, trademark, copyright
-bankruptcy
-state vs state
-claims vs US
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Exclusive State Jurisdiction
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broad range
-adoption and divorce case
-most cases are this
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Concurrent Jurisdiction
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both state and federal have jurisdiction
-diversity of citizenship
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Federal-Question
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require interpretation of U.S. constitution
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Diversity-of-citizenship
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must satisfy: 1. the plaintiff does not reside in the same state as the defendant 2. controversy concerns on amount in excess of $75,000
>most federal cases are based on this
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Right of Removal
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defendant can transfer the case to federal court and plaintiff can file case in federal court as well
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Venue
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determines which trial court in the system will hear the case
>the place a hearing takes place at
>legal doctrine relating to selection of a court w/ subject matter
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Federal Court System
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-article 3, Sec 2
-3 main levels
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1. (fed court)
Federal Trial Courts
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US district courts
>can grant any remedy
**almost every case in federal system starts here
"courts of general jurisdiction"
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2. (fed court) Intermediate Courts of Appeal
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"US circuit courts"
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3. (fed court) The court of Last Resort
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"US Supreme Court"
>will NOT hear cases questioning the state law
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State Court Systems
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-each state has their own system
-3 levels
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1. (state c) State Trial Courts
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**most cases start here
>hear all cases over which the state court system has jurisdiction
>>>have county courts too
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2. (state c) Intermediate Courts of Appeal
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in half the states. Broad jurisdiction
> "superior courts"
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3. (state c) Courts of Last Resort
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appeals from the state intermediate courts
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3 Threshold Requirements (before a case goes to court)
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1. Standing
2. Case or Controversy
3. Ripeness
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What does constitutional law do
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framework for our nations gov't
-establishes a system of gov't tht divides power b/t federal gov't and the statesd
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Federalism
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-what the constitution is based on
-system of gov't in which power is divided b/t a central authority & constituent political units
>legislative, judicial, executive
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judicial review
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explicitly allow courts to review legislature & executive actions to determine whether they are constitutional
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LEGS 3010: CHAPTER 12