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Study Guide for Exam 1

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by: Chad Weaver

Study Guide for Exam 1 Finance 270 001

Chad Weaver
GPA 3.53

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About this Document

This study guide covers terms from chapters 1,3,4,5. Everything you need to know for Exam 1 is in this studyguide!
legal and social environment
Study Guide
business, Legal, Environment, social
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This 5 page Study Guide was uploaded by Chad Weaver on Sunday February 14, 2016. The Study Guide belongs to Finance 270 001 at Southern Illinois University Carbondale taught by Hendricks in Spring 2016. Since its upload, it has received 65 views. For similar materials see legal and social environment in Finance at Southern Illinois University Carbondale.


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Date Created: 02/14/16
Chapter 1 Act= legislation is passed by congress Administration Law= covers legal principles that apply to government agencies, boards or commissions Breach of Contract= where a party fails to follow the contract or the law Citation= how to find a case Civil Law= More on Legislation than judicial decision to determine what the law is. Codes= collections by legislation Common Law = law created by judges and how they apply the laws. English Legislatures ( parliament) made common law Compensatory Damages= this applies mostly in breach of contract. To pay for parties losses that are a direct and foreseeable result of the other party’s breach. Conflicts of Law= Rules of law the courts use to determine that substantive laws applies when there is an inconsistency between laws of different states or countries Constitution= Basic framework for federal government and as amended for individual rights Constitutional Law= involves the interpretation and application to either federal or state constitutions Constitutional Relativity = idea that constitutional interpretation is relative to the time in which the constitution is being interpreted Contract Law= how owners transfers resources by exchanging them Corporate Governance= How business is organized and managed. The other concerns how the various levels of government regulate business organizations as they transact business Corporation= an artificial but legal person created by state law. Corporation’s separation of owners and managers gives highly level of flexibility Criminal Law= specifics offenses against the proper order of the state Dicta= statement made in a judicial opinion that are not essential to the decision of the case Exemplary Law= damages awarded to a plaintiff in excess of compensatory damages in order to punish the defendant for a reckless or willful act. Holding= precise legal response Intentional torts= non-contractual legal wrong by one who desires to cause the wrong Jurisprudence = The science of law; practical science of giving a wise interpretation of the law Law= the rules of the state enforced by enforcement Legislation= laws passed by an elected body like congress Negligence= persons failure to exercise reasonable care that foreseeably causes another jury Opinion= Decision of judgment, usually written in a written form Ordinances=Laws in the counties and cities Originalism= opposite of a constitutional relatively Ownership= 3 types of ownership are; public, private, common Precedent= prior judicial decision relied on an example from the rule of law Private Law= legal subject matters that deals most directly with relationships between legal entities. Procedural Law= this was made to make sure substantive was enforced and administrated Property= something that is owned like ownership Property Law= recognition of exclusive rights in the both tangible and intangible resources Public Law= include those matters that involve regulation society. Includes constitutional, administration, and criminal laws Punitive Damages= monetary damages in excess of a compensatory award, usually only granted in intentional tort cases where defendant is involved and deserves a punishment. Remedy= when an individual takes another person resources because that person fails to meet the requirements Rule of Law= laws that are generally and equally apply to society Sanctions= this is used against a person who fails to comply with the law Specific Performance=ordered by the court commanding the party to perform a bargain as agreed Stare Decisis= Doctrine of prior precedents Statute = laws enacted by the federal and state levels Strict Liability= where a party has to respond in tort damage without regard to such party use of due care Substantive Law= legal relationship with people and other people Tort= rules for compensation when an owners boundaries are wrongfully crossed by others Tort Law= A civil wrong that causes someone else a loss or harm Uniform Commercial Code = successful attempt to have a state adopt a uniform law. Made to clarify commercial transactions Chapter 3 Appeal = Request to a higher court to review a decision of a trial court Appellate Court= a court decision whether a trial judge has made a mistake of law Courts of Appeal= courts that review decision b lower courts Diversity of Citizenship= plaintiff filling a lawsuit must be a from state different from those of defendant. Stake of $75,000 Federal Question cases= Litigation involving the application of the federal constitution, federal statutes, federal treaties, or federal administrative agencies. Federal Rule of Civil Procedures= passed by congress to provide a procedural steps to be followed by the federal courts when handling civil litigation. Judicial Activism= the political process cannot adequately handle society’s difficult issues. The courts can correct society’s ills through the decision making process. Judge made law is carried out Judicial Restraint= believes that the political process and not the courts, should correct society’s ills, does not engage in judge made law Judicial Review= the power of courts to declare laws enacted by legislative bodies and actions by the executive branch to be unconstitutional Petit review= fact finding body during a trial. Also called trial or traverse jury Small claims courts= Subject matter jurisdiction= authority of the court to hear cases involving specific issues of law Supreme Court= the highest appellant court Trial Court= level of any court system that initially resolves the dispute of litigants. Writ of Certiorari= which a appellate court can review the ruling of an inferior tribunal Chapter 4 Affidavits = statement made under oath before an officer authority Answer= responsive pleading filed by defendant Appellant= party seeking review of a lower court decision Appellee= party responding to an appeal; the winner in the trial court Beyond a Reasonable Doubt= burden proof required in a criminal case Brief= written document by a party for reviewing court that contains facts, propositions of law, and argument of a party Burden of proof= burden is coming forward with evidence to establish the facts, also burden of persuasion Class-action suit= one of more plaintiffs to file lawsuit on behave of much larger group of persons Clear and convincing proof= this burden requires more proof than merely having preponderance of evidence on one side. Complaint= written statement by a plaintiff Counter-claim= filed by defendant in a lawsuit against plaintiff Counter-defendant= party involved in litigation against whom a counterclaim is filed Counter-plaintiff= the original defendant who is making a claim against the original plaintiff Defendant= someone who is being sued Deposition= outside courts supervision, sworn questioning of a potential witness. A written form. Directed Verdict= request by the attorney for a court to make a ruling before the jury deliberates Discovery= which one party to a lawsuit may obtain information relevant to the case of another party Execution= to carry out some action to completion. Involves the seizure of debtor’s property, a sale of the property, and payment of creditor Extradiction= process of bringing a criminal defendant from one state to another in which they accused a criminal act Garnishment= legal proceeding whereby a creditor may collect directly from a third party who is obligated to a debtor Interrogatories= list of written questions to send to party in lawsuit to gather information Judgment= official adjudication of a court of law Judgment not withstanding the verdict= request by the attorney to the court to overrule the decision of the jury Judgment on the pleadings= principle of litigation a form of motion, one party tests the validity of the allegations contained in the complaint and answer Jury instructions= statement made by judge to the jury informing them of the law applicable to the case Long-arm statutes= allows state court to have jurisdiction over a defendant across state boarder Motion=document in which defendant asks for the court to dismiss lawsuit Oral argument= attorneys appear in appellant court to explain orally to the courts and their position Peremptory challenges= challenge of juror for any reason without disclosing the reasons Personal jurisdiction=standard to meet that allows a court to make a decision that can affect a person who lives in another state Petitioner= filling a case in equity or petition of a writ to supreme court Plaintiff= Person that is filing against defendant Pleading= defining and narrowing the issues by parties who file formal documents stating their position Preponderance of evidence= stand of proof in a civil case Request for an admission= request party to admit certain facts Requests for production of documents= written request submitted to the other party in a lawsuit to provide copies of documents Res judicata= doctrine that deems A former adjudication conclusive and prevent retrial Respondent= partying answering a petition for a writ Standing to sue= plaintiff in lawsuit to have a sufficient legal interest in subject matter Statute of limitation= statue begins after the happening of certain event like breach of contract Summary judgment = motion that request the court to dismiss case because there are no facts Summons= document that tells defendant when and where they must file their response to lawsuit Third party defendants= where another party is brought in by defendant Verdict= decision of the jury Voir dire= potential jury questions to help select jurors Chapter 5 Arbitration= submission of a dispute to an extrajudicial authority for decision Arbitrator= individual member authorized by disputing parties to resolve a dispute through the arbitration process Award= decision announced by an arbitrator Caucus= name used for a private meeting between a mediator and one of the parties involved in mediation Conflict= the common occurrence in life when two or more points of view exist De Novo Judicial Review= proceeding within the judge hears the case as if it had not been heard before Dispute= party conflict claims the right to do or have something and have parties deny, reject claim Focus Group= group acting as mock jury; judge presents case to group to get feedback Mandatory Arbitration= form of resolving a dispute, alternative to litigation, required by statues Med-Arb= resolution for parties going through mediation. Anything not resolved will be arbitration Mediation= third party attempts to assist the disputing parties in reaching a settlement Mediator= individual who assists disputing parties in their effort to resolve their differences. Persuasive ability Negotiation= process to persuade or coerce someone to stop doing something Positional Bargaining= focus on parties exchanging offers, with confessions being made so that parties find a middle ground. Post-dispute Arbitration agreement= can be used to arbitration, mediation other methods of ADR. When parties are already in dispute Pre-dispute arbitration clause= usually this clause is a part of the original contract between the parties Principled, interest-based negotiations= method of negotiation, focuses on the parties interest as opposed positon. Submission= act or process of referring an issue to arbitration Voluntary Arbitration= method to resolving dispute, made be made before or act dispute arises


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