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Final exam study guide

by: Jennifer Scheuer

Final exam study guide LGS200-002

Jennifer Scheuer

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About this Document

Material covered on the Final exam.
Legal Studies
Ruth Ann Hall
Study Guide
Legal Studies
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This 5 page Study Guide was uploaded by Jennifer Scheuer on Saturday April 23, 2016. The Study Guide belongs to LGS200-002 at University of Alabama - Tuscaloosa taught by Ruth Ann Hall in Spring 2016. Since its upload, it has received 111 views.


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Date Created: 04/23/16
LGS-200 Final Study Guide Securities  Securities Act of 1933: regulates the ISSUANCE of securities by corporations, limited partnerships, and association.  Purpose: require full and honest disclosure of information to investors.  Securities and Exchange Commission (SEC): federal agency empowered to administer federal security laws.  Adopt rules and regulations to interpret and implement federal security laws.  Investigate alleged violations and enforce punishment.  Regulate activities of security brokers and advisors.  Sarbanes-Oxley Act: enacted in 2002 to bring transparency to securities markets and eliminate conflict of interest in the industry.  Erects a wall between investment bankers and securities analysts.  Protects analysts from review, pressure, and oversight by bankers.  Short Swing Profits: requires company insiders to return any profit made from the purchase and sale of company stock if both transactions occur within a six-month period.  Insider Trading: insider makes a profit by purchasing or selling shares of a corporation prior to disclosure of information to the public.  Section 10(b) and Rule 10b-5: prevents insider trading, makes use of material nonpublic information to make a profit in security trading illegal.  United States vs Bhagat: NVIDIA won contract to develop X-Box for Microsoft.  Background: NVIDIA’s CEO notifies employees of trading blackout on stocks. Bhagat purchases stocks after receiving the email and tips his friend.  Issue: Is Bhagat guilty of insider trading and tipping?  Decision: Bhagat is found criminally guilty of insider trading/tipping.  True Insider:  Officer, director, and employees at all levels of the company.  Lawyers, accountants, consultants, and other agents hired by the company on a temporary status to provide service/work to company.  Those who owe fiduciary duty to the company.  Material Information: information about a company that has not yet been made public but will have an effect on its share price when released.  Due Diligence: investigation of an audit/potential investment that confirms all the facts of the sale.  Business Judgment Rule: protects the corporation’s board of directors is protected from misleading allegations about its business. Equal Employment Opportunities  Americans with Disabilities Act (ADA): imposes obligations on employers and providers of public transportation, telecommunications, and accommodations to accommodate people with disabilities.  Civil Rights Act 1964: federal statute that makes it illegal to discriminate in employment, housing, transportation, and public accommodations based on race, nationality, color, gender, or religion.  Employment Discrimination:  Race: employment discrimination against one’s race.  National Origin: discrimination against heritage, culture, or country of ones ancestors.  Color: discrimination against one’s color.  Gender: discrimination against one’s gender.  Religious: discrimination based on one’s religion.  Defenses: merit/seniority systems  Age Discrimination Act (ADEA): prohibits age discrimination practices against employees who are 40 years and older.  Bona Fide Occupational Qualification: a true job qualification. Discrimination based on protected classes other than race or color.  Sexual Harassment: remarks, touching, intimidation, posting indecent material, and any verbal or physical contact of sexual nature on the job.  Affirmative Action Plan: provides certain job preferences to members of minority racial and ethnic groups, females, and other protected applicants when making employment decisions. Employment Laws Workers Compensation Acts: compensate workers and their families when a worker is injured in connection with their jobs. OSHA: federal agency that enforces the Occupational Safety and Heath Act focused on promoting safety in the workplace. Kelley vs Coca-Cola Enterprises:  Facts: Kelley was injured by a co-worker while at a mandatory corporate kick-off event. He filed for workers compensation and was denied by Coca-Cola, as they deemed it horseplay.  Issue: Is Kelley entitled to workers’ compensation?  Decision: Kelley is entitled to workers’ compensation benefits. Consolidated Omnibus Budget Reconciliation Act (COBRA): permits employees and their beneficiaries to continue their group health insurance after the employment ends. Employee Retirement Income Security Act (ERISA): federal act that prevents fraud and other abuses associated with private pension funds. Family Medical Leave Act: act that guarantees workers up to 12 weeks of unpaid leave in a 12-month period to attend family and medical emergencies. Property Law Bailments: temporary placement of control of personal property by one person, the bailor, into the hands of another, the bailee, for a purpose the two parties have agreed on. Ziva Jewlery vs Car Wash Headquarters, Inc.:  Facts: Jewelry sales men’s car gets robbed at the car wash while he is not in the car.  Issue: Is car wash headquarters liable for the stolen jewelry?  Resolution: Car Was Headquarters, Inc. cannot be held liable under the negligence theory. Mislaid Property: owner voluntarily places property somewhere and inadvertently forgets it. Owner of the premises is entitled to take possession except against the rightful owner. Lost Property: owner leaves property because of negligence, finder obtains the title. Abandoned Property: owner discards property with the intent to relinquish his rights to it or gives up any attempts to find mislaid property. Ownership:  Possession or Capture: unowned property in its natural state. Rare in today’s society.  Purchase or Production: purchasing from its rightful owner, producing a finished product from raw material and supplies.  Gift: voluntary transfer of title to property without payment of consideration. 1. Donative intent 2. Delivery (physical or constructive) 3. Acceptance  Will or Inheritance: property distributed to beneficiaries in a will and distributed to heirs stipulated in an inheritance statute.  Accession: when value of personal property increases because it is added to or improved manufactured means, belongs to owner. If improvement is made wrongly owner acquires value of improved property.  Confusion: occurs when fungible goods are commingled, owners share title to goods in proportion to the amount contributed.  Divorce: obtain certain rights in the property of the marital estate. Fee Simple:  Absolute: highest form of ownership of real property. Definite in duration, no limitation, and does not end upon the occurrence of an event.  Defeasible: qualified fee. All of the incidents of an absolute but may be taken away if a specified condition occurs. Adverse Possession: person who wrongfully possesses another’s real property obtains title to that property if certain statutory requirements are met.  Statutorily prescribed time period.  Open, visible, and notorious.  Actual and exclusive.  Continuous and peaceful.  Hostile and adverse. Eminent Domain: right of the government to expropriate private property for public use with payment of compensation. Non-Possessory Rights: right to use or restrict the use of another person’s land. Kelo vs. City of New London:  Facts: city of New London uses eminent domain to seize private property, which was then sold to private developers.  Issue: is the city allowed to seize the private property for the developers?  Outcome: Court rules in favor of New London stating the seizing qualified as public use.


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