Fundamentals Of Business Law And Ethics

Front 1

Remedy

Back 1

Method a court used to compensate an injured party.

Hint 1

Compensation expec

Front 2

Expectation interest

Back 2

Puts injured party in the position she would've been in had both sides fully performed

Front 3

Three components of expectation interest

Back 3

Compensatory damages consequential damages incidental damages

Front 4

Reliance interest

Back 4

Places the injured party in the position he would've been had the parties never entered into a contract.

Front 5

Promissory estoppele

Back 5

I promise knowing that the plaintiff would depend on the plaintiff to do so. Not a valid contract a court may still award reliance damages

Hint 5

Invalid

Front 6

Restitution Interest

Back 6

Returns to the injured party a benefit that she has conferred on the other party which it would be unjust to leave with that person.

Front 7

Quasi-contract

Back 7

Parties never created a binding agreement

Hint 7

Never

Front 8

Specific performance

Back 8

Only in cases of land or unique assets requires both parties to perform the contract

Front 9

Specific performance

Back 9

Only in cases of land or unique assets requires both parties to perform the contract

Front 10

Injunction

Back 10

Went to court requires someone to do something or refrain from doing something.

Front 11

Re-formation

Back 11

The process by which the court will occasionally rewrite the contract unsure that it accurately reflects the parties agreement and or to maintain contracts by viability.

Front 12

Mitigate

Back 12

A party injured by a breach of contract may not recover for damages that he could've avoided with reasonable efforts

Front 13

Nominal damages

Back 13

A token son such as a dollar given to an injured plaintiff who cannot prove damages

Front 14

Liquidated damages clause

Back 14

Will be enforced if at the time of create in the contract it was very difficult to estimate actual damages in the liquidated amount is reasonable

Front 15

Liquidated damages clause

Back 15

Will be enforced if at the time of creating the contract it was very difficult to estimate actual damages in the liquidated amount is reasonable

Front 16

Punitive damages

Back 16

Designed not to compensate the injured party but to punish the breaching party

Front 17

What does that UCC article 2 govern?

Back 17

Sale of goods

Hint 17

Actual tangible items

Front 18

Condition

Back 18

An event that must occur before party becomes obligated. It may be stated expressly or implied

Hint 18

Promise

Front 19

Strict performance

Back 19

Requires one party to fulfill its duties perfectly

Front 20

Personal satisfaction contracts

Back 20

Are interpreted under objective standard requiring a reasonable grounds for dissatisfaction

Front 21

True or False? Material breach is the only kind that will discharge a contract

Back 21

True

Front 22

Commercial impracticability

Back 22

Means that some unexpected event has made an extraordinarily difficult and unfair for one party to perform it's obligations

Front 23

True or false? SEC the securities and exchange commission regulates the relationship between publicly held corporation's and their shareholders?

Back 23

True

Front 24

Shareholders rights

Back 24

Receive annual financial statements, inspect and copy the corporations records for proper purposes, elect and remove directors, approve fundamental corporate changes such as a merger or a major sale of assets.

Front 25

What is the role of a proxy?

Back 25

A proxy authorizes someone else to vote in place of a shareholder in a publicly held company.

Front 26

True or false? A shareholder who objects to a fundamental change in the corporation can insist that their shares be bought out at fair value?

Back 26

True - this protection is called dissenters rights.

Front 27

Controlling shareholders

Back 27

May not enter into unfair business transactions with the corporation, have a fighting Sherry duty to my near minority shareholders, may not exclude minority shareholders from beneficial arrangements involving stock, are prohibited from expelling minority shareholders… unless the expulsion is done for legitimate business purposes

Front 28

Primary sources of contemporary law

Back 28

United States Constitution and state constitutions, statutes, common law, administrative law, treaties, executive orders.

Front 29

Criminal law

Back 29

Concerns behavior so threatening to society that it's outlawed

Front 30

Criminal law

Back 30

Concerns behavior so threatening to society that it's outlawed

Front 31

Civil law

Back 31

Deals with the duties and disputes between parties not with outlawed behavior

Front 32

Substantive law

Back 32

Defines the rights of the people

Front 33

Procedural law

Back 33

Describes the process for settling disputes

Front 34

Jurisprudence

Back 34

Is concerned with the basic nature of law.

Front 35

Three theories of jurisprudence

Back 35

Legal positivism the law is what sovereign says it is. Natural law and unjust law is no law at all. Legal realism who enforces the law is more important than what the law says.

Front 36

Alternative dispute resolution

Back 36

Any formal or informal process to settle disputes without a trial mediation or arbitration.

Front 37

Voir dire

Back 37

The process of selecting jurors

Front 38

Stare decisis

Back 38

Let the decision stand once the court has decided a particular issue it will apply the same rules in future cases generally

Front 39

Tort

Back 39

Violation of a duty imposed by the civil law

Front 40

Tort

Back 40

Violation of a duty imposed by the civil law

Front 41

Compensatory damages

Back 41

The normal remedy to a tort case

Front 42

Electronic communications privacy act

Back 42

Prohibits the unauthorized interception or disclosure of wire and electronic communications

Front 43

Stored communications act

Back 43

Bars an unauthorized access to a facility through which an electronic service is provided

Front 44

The Lanham Act

Back 44

Prohibits fall statements and commercial advertising or promotion