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FIN 26074 study guide exam 1

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by: Olivia Zemanek

FIN 26074 study guide exam 1 FIN - 26074 - 001

Marketplace > Kent State University > Finance > FIN - 26074 - 001 > FIN 26074 study guide exam 1
Olivia Zemanek
GPA 3.6
Timothy D Ludick (P)

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About this Document

This is a study guide for the first exam. Covers material from lectures 1-5. In the study guide I have included definitions and concepts with fill in the blanks. This is like an outline to fill in....
Timothy D Ludick (P)
Study Guide
FIN 26074, Ludick, Kent State University, Study Guide, Exam 1, Legal Environment of business
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This 8 page Study Guide was uploaded by Olivia Zemanek on Friday October 2, 2015. The Study Guide belongs to FIN - 26074 - 001 at Kent State University taught by Timothy D Ludick (P) in Summer 2015. Since its upload, it has received 188 views. For similar materials see LEGAL ENVIRONMENT OF BUSINESS in Finance at Kent State University.


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Date Created: 10/02/15
Definitions work Lawyers present the evidence and the points of law CRUCIAL for the legal system to 0 Duties to their clients delity loyalty and integrity Judges Appointed by President of US appointed for LIFE apply rules of law The Jury selected from registered voter list and licensed drivers make a unanimous decision Plaintiff the party that initiatesbegins the lawsuit Defender party on opposite side of plaintiff Trial Court Plaintiff initiates lawsuit against defender decision by a jury overseen by a judge witnesses give testimonies Appellate Courts Review cases documents and other evidence ability to overturn decision if an error is found Criminal Case the ones that get the most coverage Drunk driving domestic violence murder etc Civil Case Someone seeking compensation for something that happened Jurisdiction the power of the court to take action 39 Statutory powerthe power to hear a case each trial court can only hear certain cases Personal jurisdiction power over the people Statutory agent a specific individual designated to receive and deliver legal documents Venue relates to the appropriateness for the court to hear the case Voir dire speak the truth An examination that allows attorneys to find out more about these potential jurors They want to aim for a group of jurors that will be fair A lengthy process sub poenacourt order compelling or sub poena duces tecummedical reportphysical evidence Direct examination attorneys will ask questions directly to witnesses in the court room and the witness is either directed to answer the question or not based on the rules of evidence Cross examination defendant s attorney tries to prove opposite of What was proved in the direct examination attacks the other party tries to make the Witness look bad or unreliable Concepts lmpermeable process 0 there must be fundamental fairness o a right of notice which allows time for defendant to plan and prepare for the trial 6 different trial courts in the state of Ohio and what they do 0 1 Probate Court 0 2 Juvenile Court 0 3 Domestic Relations Court 0 4 Municipal Court 0 5 Common Pleas Court 0 6 Court of Plains Doctrines that can stop a litigation called quotLimitations of seeking legal reliefquot 0 Concept of standing 0 There has to be a case or controversy 0 Ripeness doctrines 0 Concept of mootness Political question Res judictalet the judgment Collateral Statute of limitations time limit of initiation of lawsuit Extended in certain situations 0 1 o 2 Concept of immunity Contractual immunity Judicial immunity Sovereign immunity The Federal Court System How does the Ohio Supreme Court get cases 0 1 o 2 o 3 Trial Courts in federal court system 0 1 o 2 o 3 o 4 o 5 o 6 The three ways that the federal courts get jurisdiction 0 1 o 2 o 3 The U Supreme Court 0 9 judges all appointed for except bankruptcy one 0 Only hears 80100 cases a year out of thousands they receive 0 The rule of Only of 9 judges have to want to hear the case 0 just because they take a case does not mean they will take a certain side 0 There is NO trial Only look at previous evidence no new evidence How lawyers get paid Litigation Process A lawsuit begins with a This is then served to the defendant via certi ed mail personal service of a processor or by publication Once received the defendant answers all allegations either admitting or them The defendant must answer within 2028 days of being served and must tell plaintiff what kind of defense they have The Trial Process Most cases are resolved the trial even takes place There are never surprise witnesses because of the concept of Each party is entitled to discover the evidence that the other side is going to use in the trial If the lawyer does not use the process of and it could be seen as malpractice Ways of discovery they go in unprepared o attorney asks witnesses questions in person and witnesses answer in person 0 Written questions and answers o Physicalmentalpsychological exams and evaluations 0 Production of documents Potential jury members are chosen from two lists 0 1 o 2 Process of selection the jury members Lawyers use voir dire o The jurors should have no preconceived perception of who should win orlose o jurors should have no or 0 They should not have signi cant of the case 0 They should not be to one of the parties jurors can be removed from the perspective list by to a certain party o This is when a perspective juror gives the lawyer correct answers about being fair and not having a bias BUT for some reason that the lawyer is not obligated to share something didn t seem right about the juror for the case Lawyers cannot exclude jurors based on or Basic rules of evidence The best evidence rule Privileged communications rule 0 4 relationships include I PWF Leading question rule Hearsay evidence Resting the case I If the defendant rests the case then both parties can ask for directed verdict If plaintiff rests case then only defendant can ask for directed verdict mostly used in criminal cases The verdict of the jury I 1 general I 2special The changing of the jury verdict I Concept of defendant asks judge to reduce money damages awarded Judge agrees with the verdict but not the amount I Concept of plaintiff wins but amount too low Allows the judge to increase the amount of award Only in some states NOT in Ohio I Motion for a if some fraud by one of the parties or attorneys occurs Ability for one of them to convince the judge that it was unfair and that the trial needs to be restarted Enforcing a judgement procedures in obtaining the winnings from the losing individual I 1 I 2 I 3 I 4 Other ways to address a litigation 391 ACROSS l A basic rule of evidence pertaining to Witnesses who have confidential information that they cannot share to the court Relationships include attorneyclient doctorpatient and priestparishioner 2 A court order that tells a Witness to appear in the court 3 One of the 6 trial courts the one that deals With criminal conduct committed by a minor paternity and child abuseneglect 4 A type of jurisdiction This power allows a court to hear a case Each trial court has the power to hear only certain types of cases The other type of jurisdiction is personal jurisdiction which gives the court power over the people 5 A tool of discovery that involves an attorney asking questions to a witness orally and then having the witness answer back orally 6 court The court that deals with a deceased person s debtsloans adoptions and guardianships 7 Literally means speak the trut An examination that allows attorneys to find out more about the potential jurors 8 A crucial individual to the legal system They present the evidence and the points of law and provide fidelity loyalty and integrity to their clients 9 A way of enforcing a judgment so that the winner of the case can claim their reward where the loser s personal property can be ceased by the sheriff and sold 10 A way that the judge may change the verdict of the jury This concept claims that the amount for the winner of the case was too low allowing the judge to raise the amount This is not used in Ohio DOWN 1 The court that deals with allegations of criminal misconduct Usually misdeameanors Possible initial hearing for felonies Also deals with civil cases in which the amount of controversy does not exceed 15000 Contains a subdivision called the small claims court 2 Another way of enforcing a judgement where the individual s employer joins as a third party and is ordered to withhold money from their paychecks and send it to court Usually about 25 of the wages are withheld 3 This concept allows courts to handle a litigation There are two different kinds a court must have 4 The statement that begins a lawsuit 5 The party that initiates the lawsuit 6 Concept of Something that can stop a litigation This concept states that the plaintiff must have a real and personal loss or injury because of what the other party did 7 An alternate way of resolving a case that includes a third party that is brought in as an expertise on a particular subject and decides the merits of the dispute 8 A way that a judge can change the verdict of the jury that includes the defendant asking the judge to reduce the amount of awarded to plaintiff This is when the judge agrees with the verdict but not the amount


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