BUSI 281 Final exam study guide December 2015 Your exam consists of 100 multiple-choice questions drawn from chapters 2-8, 29, 30,32, & 33 1. Jurisdiction A court’s power to hear a case Subject Matter Jurisdiction o Means that a court has the authority to hear a particular type of case Trial courts of limited jurisdiction. These courts may hear only certain types of cases Trial courts of general jurisdiction. Trial courts can hear a very broad range of cases. Personal Jurisdiction generally exists, if: o For individuals, the defendant is a resident of the state I which a lawsuit is filed. For companies, the defendant is doing business in that state o The defendant takes a formal step to defend a lawsuit. Most papers filed with a court count as formal steps, but special appearances do not o A summons is served on a defendant. A summons is the court’s written notice that a lawsuit has been filed against the defendant. 2. Stakeholder, shareholder Anyone who is affected by the activities of a corporation, such as employees, customers, creditors, suppliers, shareholders and neighbors. Shareholders: managers have a fiduciary duty to act in the best interest of the corporation’s shareholders; shareholders are primarily concerned about their return investment, managers must maximize shareholder value, which means providing shareholders with the highest possible financial return from dividends and stock price. 3. Secondary boycotts Generally illegal A picket line established not as the employer’s premises, but at the workplace of a different company that does business with the union’s employer. 4. Partnership law An unincorporated association of tow or ore co-owners who operate a business for profit 5. Uniform Partnership act Directs courts apply common law to resolve any issue that it does not cover Many of the rules in the UPA are so called default rules, meaning that they apply unless the partners reach a different agreement. The UPA does not require partnerships to prepare a written agreement or make a formal filing
But they must file statement with the Secretary of State that contains basic info about the partnership According to the UPA, the association of two or more persons to carry on as co- owners a business for profit forms a partnerships, whether or not that person intend to form a partnership Under the UPA, the rules governing the liability of partners to outsiders are mandatory Every partner is an agent of the partnership for the purpose of its business Whatever one partner knows, the partnerships is deemed to know 6. Ethics How people ought to act 7. Corporations Dominant form of organization—they have been around for a long time, and as a result, they are numerous and the law that regulates them is well developed.