38335894
Description
Flashcards by Carley Hoyle, updated more than 1 year ago
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Created by Carley Hoyle
over 1 year ago
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| Question | Answer |
| Agency Theory | Principle and Agent agent works for principal principal has duty to indemnify (protect) agent |
| Elements of a Contract | (1) Agreement (2) Consideration (3) Contractual Capacity (4) Legality |
| Agreement | Offer and Acceptance |
| Consideration | The bargain for exchange |
| Contractual Capacity | Must have mental capacity to understand that entering into a contract will have ramifications and can understand them. Minors, adjudicated mentally incompetent, intoxicated persons |
| Legality | Contract must be for a legal purpose |
| Tort Classifications | Intentional Unintentional Strict or Product Liability |
| Intentional Torts | Concept: Focus on intent Damages: Compensatory and Punitive |
| Unintentional (Negligence) Torts | Elements: Duty of care - reasonable person under same circumstances Breach of Duty Causation - "but for" test Damage or injury - degree of permanence Foreseeable |
| Strict or Product Liability | Concept: put out a product that injuries someone, no intent, but poorly made, no warning labels Damages: Compensatory (make whole) |
| Civil law burden of proof | Preponderance of the evidence |
| Criminal law burden of proof | Beyond a reasonable doubt |
| Elements of Guilt | Actus reus: guilty act Mens rea: guilty mind |
| Criminal and Civil Torts | Assualt and Battery |
| Business Organizations | Sole Proprietorship Partnership Corporations Hybrids |
| Sole Proprietorship | One owner Difficulty financing Unlimited liability |
| Partnership | Share profits and losses "Pass-through" taxation |
| Corporation | Ownership is represented by stock generally many owners, one individual can hold all stock, corps can "own" other corps Double taxation |
| Hybrids | Multiple types of corps and partnerships ex. Limited Liability Company (LLC) |
| Uniform Commerical Code (UUC) | Covers commercial transactions |
| UCC Art 2 | Covers sales: Transfering of title from seller to buyer for price |
| UCC Art 2A | Covers leases - Owner of property is transferring right to use for price |
| Shipment Contracts | Once goods leave seller, no longer responsible for goods |
| Destination Contract | Seller is responsible for goods until goods reach buyer |
| Utilitarianism | Greatest good for the greatest number of people includes the cost-benefit analysis |
| Golden Rule | Do unto other as you would have them do unto you |
| Moral Minimum | Complying with legal standard |
| Principle of Rights | How the decision affects the rights of others |
| Corporate Social Responsibility | Businesses should act ethically and be accountable to society for their actions |
| Stakeholders | Those that have an interest or are impacted by company decisions |
| 1st Amendment | Freedom of religion, speech, press, assembly, and petition |
| 5th Amendment | Right to remain silent Double jeopardy Right to due process |
| 4th Amendment | Freedom from unreasonable searches and seizures |
| Title VII of the Civil Rights Act of 1964 | Forbids discrimination on the basis of sex, race, color, religion, or national origin in all areas of employment |
| Bilateral Contract | Promise for a promise |
| Unilateral Contract | Promise for an act |
| Statute of Frauds | State statute under which certain types of contracts must be in writing to be enforceable |
| 5 Contracts that must be in writing | (1) sale of an interest in land (2) performance that extends 1yr (3) surety; assumes someone else's debt (4) marriage (5) sale of goods over $500 |
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