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Business Law: Final Exam

by: Rebecca Schoolcraft

Business Law: Final Exam 201

Marketplace > Southern New Hampshire University > Business > 201 > Business Law Final Exam
Rebecca Schoolcraft

GPA 3.85

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About this Document

Study guide in preparation for the non comprehensive final exam
Business Law
James Duffy
Study Guide
50 ?




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This 3 page Study Guide was uploaded by Rebecca Schoolcraft on Friday February 5, 2016. The Study Guide belongs to 201 at Southern New Hampshire University taught by James Duffy in Spring 2015. Since its upload, it has received 36 views. For similar materials see Business Law in Business at Southern New Hampshire University.


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Date Created: 02/05/16
Chapter 40: Corporate Directors, Officers, Shareholders  Concept Summary 40.1 o Election of Directors  Incorporators usually appoint the first board, then shareholders elect. Directors serve 1+ years. Few qualifications are required, can be a shareholder but is not required. Compensation specified in bylaws. o Rights of Directors  Participation, inspection, compensation, and indemnification o Committees  May appoint committees and delegate responsibilities including executive committee (for ordinary decisions) or audit committee to hire and supervise public accountants o Role of Corporate Officers and Executives  Board hires. Can be an officer and director. Rights defined by contracts  Concept Summary 40.2 o Duties of directors and officers  Duty of care- obligated to act in good faith, use business judgment in corporate affairs, and act in corporation’s best interest. May be answerable to corporation and shareholder for breach of duty. Business judgment rule immunizes a director from liability for decision as long as it was within power and authority of director to make and was an informed, reasonable, and loyal decision.  Duty of loyalty- directors and officers have a fiduciary duty to subordinate their own interests to those of the corporation in matter relating to the corporation  Conflicts of interest- to fulfill their duty of loyalty, directors and officers must make full disclosure of any conflicts personal and of the corporation o Liability of directs and officers  Personally liable for their torts and crimes (except business judgment rule), torts and crimes of those under their supervision, and violating certain statutes, and sued for mismanagement. Chapter 42: Securities Law and Corporate Governance Chapter 48: Personal Property and Bailments  Real property- land and everything attached  Personal property- everything that is not real property  Gift- voluntary transfer of ownership o Donative intent on the donor o Delivery o Acceptance by the done o Gift inter vivos-made in lifetime o Gift causa mortis-made in the face of death  Accession o When someone adds value to property by labor and materials  Confusion o If a person commingles fungible goods with those of another, the owners normally share owner-ship for the commingled goods in proportion to the amount each contributed  Bailor-turns over possession  Bailee-accepts the possession o Bailment- formed by the delivery of personal property without transfer of title from bailor to bailee. Chapter 5: Business Ethics  Business ethics-right or wrong decision making  Triple bottom line- profits, labor, sustainability  Ethical reasoning- application of morales to a situation  Duty based ethics- rooted in idea that everyone has certain duties to others (humans and planet) Essay Questions: Chapter 4: Constitutional Powers of Government 1. Separation of powers a. Checks and balances- allows each branch to limit the actions of the other two branches b. Legislative- makes the laws c. Executive- enforces the laws, can veto laws, foreign affairs d. Judicial- interprets the laws, holds actions constitutional 2. Commerce Clause a. To regulate commerce with foreign nations, and among several states, and Indian tribes. b. Regulate almost every commercial enterprise in the US Chapter 11: Contracts  Elements of a contract o Agreement- offer and acceptance o Consideration- any promises made must be supported by something of value o Contractual capacity- both people must have capacity to enter into contract o Legality- Have a legal goal Chapter 34: Employment, Immigration and Labor  Employment at will: either party may terminate employment at any time for any reason unless it violates rights  Fair Labor Standards ACT o Extended wage/hour requirements to cover all employees engaged in commerce  Provides most comprehensive federal regulation of wages and hours  Children under 14 are only allowed certain types of work (newspapers, for parents, agriculture)  Overtime-40+  Family Medical Leave Act o 12 weeks unpaid leave for  Care of newborn baby within 1 year birth  Adopted child  Care of spouse or child  Serious health conditions  Exigency (take care of kids if spouse is deployed) Chapter 5: Business Ethics  CSR- commitment to good citizenship with a commitment to making ethical decisions, improving society, and minimizing environmental impact  Social aspect requires businesses demonstrate they are promoting goals that society deems worthwhile and solving social problems  Corporations should be involved in issues that reflect their business  College students want socially responsible companies to work for 


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