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Level 38

Business Law: Principles & Practices


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acts
laws passed by Congress
administrative regulations
rules made by administrative agencies that have the same force and effect as statutes and court decisions
business ethics
branch of ethics that relates to what is right or good in business setting
Case Law
law that is based from judical decisions
Civil Law
Law dealing with rights & duties of individuals among themselves
code of ethics
document outlining the type of ethical behavior expected of an employee on the job
Common Law
traditional unwritten law from England
Constitutional Law
Fundamental law of a government establishing its powers, limitations & giving fundamental rights to individuals
Criminal Law
Offenses against the entire community
Equity
should be fair to tax payers
Ethics
Standard of conduct based on moral duties and virtues that are derived from the principles of right and wrong
Law
A rule of civil conduct prescribed by the supreme power in a state, commanding what is right and prohibiting what is wrong.
ordinances
laws passed by local governments such as cities, towns, and villages
Precedent
Court decisions on legal questions that guide future cases with similar questions.
Stare Decisis
a rule that a lower court must follow rules of law stated by higher appeal (appellate) court in written decisions
Statutes
(Statutory law) Laws passed by legislative bodies (e.g., federal Congress and state legislatures).
accommodation of interests
Acknowledgment of the equitable consideration of parties involved in a dispute
appellate courts
courts that determine whether lower courts have made errors of law
Bill of Rights
The first ten amendments of the U.S. Constitution.
commercial claims court
special lower court, similar to small claims court, that allows businesses to sue debtors up to a certain limit
drug courts
courts that handle drug-related crimes
General Jurisdiction
Refers to a court that can hear any type of controversy and award any amount of money.
Judicial Review
Enables a court to cancel any laws passed by Congress or State legislature that conflicts with the constitution.
Jurisdiction
An area of authority or control; the right to administer justice.
Limited Jurisdiction
Refers to a court that cannot hear all types of controversy and is limited as to how much money it can award a party.
Litigation
Suing a person in court for monetary damages.
Separation of Powers
Constitutional authority is shared by three different branches of government
small claims court
court that hears minor civil cases involving small amounts of money
standing to sue
a person has legitimate issues giving him or her the legal right to bring a lawsuit
Writ of Certiorari
Order by the Supreme Court directing a lower court to send up the records of a case for review.
arraignment
charging a person with a crime and asking for that person's plea
arrest
to take into police custody
arson
intentional, illegal burning of a home, building, or personal property
assault
crime of unlawfully causing physical injury to another; tort of threatening another with bodily harm
bail
money or property given to a court to obtain the release of a person from jail
blackmail (extortion)
crime in which a person illegally obtains money or other property by making threats; also called extortion
Bribery
To give, offer, or promise a benefit or gift to any public servant in order to influence the performance of any act or omission within the official discretion of that person.
burglary
unlawfully entering another's home or building with the intent to commit a crime
computer crime
using a computer for fraudulent purposes
Crime
punishable offense against society
cyber crimes
crimes committed with or through the use of computers or computer technology
defense
reason an accused offers to excuse his or her guilt in a criminal action; also, reason offered by defendant in a lawsuit for being relieved of responsibility
dram shop act
law imposing liability on bars and taverns selling alcoholic beverages to intoxicated individuals
driving while intoxicated
having consumed sufficient alcohol that the ability to properly operate a motor vehicle is affected
Duress
one party uses an improper threat or act to obatain an expression of agreement
embezzlement
unlawful use or stealing of property by one who has been legally entrusted with the property
entrapment
a law enforcement officer persuading or forcing a person to commit a crime
false pretense
unlawfully obtaining, through deception or trickery, possession of another's lawful property
Felony
A serious criminal offense punishable by a prison sentence of more than one year.
Forgery
falsely making or materially altering a writing to defraud another
identity theft
unlawfully obtaining and using personal identifying information of another person
indictment
formal, written accusation by a grand jury that one has committed a crime
initial appearance
person's first appearance before a judge after being arrested
insider trading
refers to the buying or selling of any publicly traded investment based upon information not available to the general public
larceny
intentional theft of the money or personal property of another
Miranda warnings
rights read to a suspect upon arrest
misdemeanor
less serious crime punishable by a jail sentence of less than one year
Parole
Release of an inmate from a correctional institution prior to the conclusion of the inmate's court-imposed sentence
preliminary hearing
hearing immediately following an arrest to determine if probable cause for the arrest existed and whether continued restraint of the accused was warranted
Probable Cause
A reasonable belief that a prudent police officer must have that a suspect has committed, is committing, or is about to commit a crime, thereby giving the officer the authority to conduct a search
Probation
Sentence placing a person under the supervision of a probation officer for a specified length of time instead of confinement.
receiving stolen property
possession of property acquired as the result of some wrongful act or dishonest act of taking
RICO
Racketeer Influenced and Corrupt Organizations Act
robbery
forcible taking of money or personal property of another
shoplifting
taking merchandise from a store without paying for it
theft
unlawful taking of a persons property without the use of force and with the intent of permanently depriving the person of their property
assumption of risk
defense against people who voluntarily expose themselves to a risk of harm, suffer an injury, and then sue
battery
unlawfully striking another person
comparative negligence
comparing the negligence of the injured party and the one being sued
Compensatory damages
amount of money awarded to compensate for a plaintiff's loss
Contributory Negligence
A partial defense to a negligence action when the plaintiff's conduct also contributed to the injury-the loss will be apportioned according to degree of fault.
conversion
wrongfully exercising control or ownership over another's personal property
cyber torts
wrongful acts causing personal injury or damage committed on the internet
damages
money paid by a defendant to a successful plaintiff for his or her injuries
Defamation
untrue statement published which injures or causes harm to the character and or reputation of an individual
false arrest
unauthorized detainment by an officer of the law
false imprisonment
unlawfully restricting a person's freedom of movement
Fraud
intentional misrepresentation of an existing, important fact
infliction of emotional distress
when one person's extreme conduct causes severe mental suffering in another; also called outrage
Injunction
Decree ordering a party to do or refrain from doing a specified act
intentional tort
when one person deliberately inflicts injury to another person or damages that person's property
interference with contractual relations
intentional procuring of breach of a valid contract
invasion of privacy
violating one's right to be left alone
Libel
Written defamation.
malicious prosecution
wrongfully initiating a lawsuit against one who has done no wrong
malpractice
professional's improper or immoral conduct in performing duties done intentionally or through carelessness or ignorance
Negligence
A tort or civil wrong in which the defendant unintentionally causes injury or damages to another.
nuisance
use of one's property to annoy or disturb others
Punitive Damages
Extra money given to punish the defendant and to help keep a particular bad act from happening again.
Slander
Spoken defamation.
Strict Liability
Liability that is imposed based upon causation regardless of fault.
theft of trade secrets
unlawfully acquiring information vital to a business
Tort
A civil wrong, other than breach of contract, for which the court can award money damages.
tort law
A civil wrong, not in contract, for which the court will provide a remedy in the form of damages and always results in an injury to either the physical being of the plaintiff o…
trespass
illegally entering or remaining on the property of another
wrongful death
wrongful act that causes the death of another