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Business Law

by: Anthony Ivy

Business Law MGT 306 - 0001

Anthony Ivy

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I took a lot of notes for this class and wanted to share them
Legal, Ethical And Regulatory Environment Of Business
David Lloyd
Study Guide
business law
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This 5 page Study Guide was uploaded by Anthony Ivy on Monday March 7, 2016. The Study Guide belongs to MGT 306 - 0001 at University of Missouri - Kansas City taught by David Lloyd in Fall 2015. Since its upload, it has received 47 views. For similar materials see Legal, Ethical And Regulatory Environment Of Business in Business, management at University of Missouri - Kansas City.

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Date Created: 03/07/16
1 Study Guide­Business Law David Lloyd Definitions: Chapter 1 (Ch.)Precedent­The obligation to decide current cases on previous  rulings Common Law­Judge­made law Statute­A law passed by a legislative body Equity­A court’s power to fashion a remedy, such as an injunction,  which the common law does not provide  Criminal law­ criminal law prohibits or requires certain behavior Civil law­ civil law regulates the rights & duties between parties Substantive law­defines the rights of the parties Procedural law­ establishes the processes for settling disputes Jurisprudence­The philosophy of law Sovereign­The recognized political power, whom citizens obey (ch.2) Ethics­The study of how people ought to act (ch.3) Litigation­The process of filing claims in court & ultimately  going to trial  Alternative dispute resolution­Any formal or informal process used to  settle disputes without trial Jurisdiction­A court’s power to hear a case Appeals courts­Generally accept the facts given to them by trial courts  & review the trial record to see if the court made errors of law 2 Error of law­A finding by an appellate court that a law was misapplied or misinterpreted Court words I. Appellant­The party filing the appeal II. Appellee­The party opposing the appeal III. Briefs­Written arguments on the case IV. Reversed­Nullified  V. Affirmed­Permitted to stand  Federal question­A case in which the claim is based on the US  constitution, a federal statute or a federal treaty  Diversity jurisdiction­(1) The plaintiff & defendant are citizens of  different states & (2) The amount in dispute exceeds $75,000 Writ of certiorari­A petition asking the Supreme Court to hear a case Pleadings­The documents that begin a lawsuit, consisting of the  complaint, the answer, & sometimes a reply  Complaint­A short, plain statement of the facts alleged & the legal  claims made Default judgement­A decision that the plaintiff wins without a trial  because the defendant failed to answer in time 3 Counter­claim­A second lawsuit by the defendant against the plaintiff Reply­A answer to a counter­claim Class action­One plaintiff represents the entire group of plaintiffs,  including those who are unaware of the lawsuit or even unaware they  were harmed Motion­A formal request to the court to take some step or issue an  order Discovery­The pre­trial opportunity for both parties to learn the  strengths & weakness of the opponent’s case Deponent­The person being questioned Motion for a protective order­A request that the court limit discovery Summary Judgement­A ruling by the court that no trial is necessary  because some essential facts are not in dispute Voir dire­The process of selecting a jury Challenges for cause­A claim that a juror has demonstrated probable  bias Peremptory challenges­The right to excuse a juror for virtually any  reason Precedent­Earlier decisions by the state appellate courts on similar  issues Modify­To affirm the outcome but with changes Reverse & remand­To nullify the lower decision & return the case for  reconsideration or retrial  Harmless error­A mistake by the trial judge that was too minor to  affects the outcome 4 The Commerce Clause­Gives Congress the power to regulate  commerce with foreign nations & among states The Supremacy Clause­Makes the Constitution, & federal statutes &  treaties, the supreme law of the land Judicial activism­A court’s willingness to be involved in major issues Judicial restraints­A court’s attitude that is should leave lawmaking to legislators  Political speech­Protected unless it is intended & likely to create  imminent lawless action  Commercial speech­Communication, such as advertisements, that has  the dominant theme of proposing a business transaction Taking Clause­Ensures that when any government unit takes private  property for public use, must compensate the owner Procedural due process­Ensures that before the government takes  liberty or property, the affected person has a fair chance to oppose the  action Substantive due process­Holds that certain rights are so fundamental  that the government may not eliminate them Eminent domain­The power of the government to take private property for public use Fundamental rights­Rights that are so basic that any government  interference with them is suspect & likely to be unconstitutional  Equal Protection clause­Generally requires the government to treat  people equally 5 The Bill of Rights I. First Amendment­Guarantees freedom of  speech, of religion & press…right to assembly II. Second­Right to bear arms III. Third­Forced to house troops IV. Fourth­Unreasonable searches/seizures V. Fifth(fif)­Self­incrimination “Due process of  law” VI. Sixth­Rights of the accused “speedy & public”  trial VII. Seventh­Common law exceed over $20 VIII. Eighth­“Cruel & unusual punishment” IX. Ninth­Rights that are not enumerated in the  Constitution are secure­: not be automatically  infringed upon X. Tenth­reserving for the states all powers that  are not explicitly granted to the federal  government by the Constitution 


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