Chapter 1: Business & Its Legal Environment
What are our four sources of law? Name them.
Case Law and Common Law Doctrines
Describe those four sources of law.
Constitutional Lawit constitutes (makes) our
Chapter 2: The Court System
What is judicial review?
The judiciary decides whether or not the actions of the other branches are constitutional.
What is jurisdiction?
The power to hear a case; does the court have enough power over the specific case to
Chapter 9, Contractual Agreements
What is a contract?
A promise or set of promises. The law gives remedy to them if breached. The law recognizes the performance of
the promise(s) as a duty.
What are the elements of a contract?
Chapter 5Constitutional Clauses and Amendments
What are different constitutional clauses?
Privileges and Immunities
Full Faith and Credit
Allows the U.S. federal government to regulate interstate commerce in any way
that they want to.
Chapter 3: Alternative and Online Dispute Resolution
What is alternative dispute resolution?
A number of different ways you can settle a dispute outside of a court/trial
What is ADR?
The acronym commonly used in place of the term alternative dispute resol
Chapter 6, Administrative Agencies
What is an administrative agency (AA/AA's)?
Groups that create laws pertaining to their specific area of expertise.
What branch of government creates AA's?
Created by Congress/State Legislature
What branch of government
Chapter 11, Sales and Lease Contracts
What is the UCC?
Uniform Commercial Code (for the sale and leasing of goods)
What is a sales contract?
A contract made for the selling/buying of goods
What are goods?
Tangible and moveable. NOT a service
What is tangi
Chapter 14, Patents, Trademarks, Copyrights
What is intellectual property?
Sort of like intangible property. Your ideas (may or may not be in physical form)
What are different types of intellectual property?
What is a tradema
What is a tender?
An unconditional offer to perform by a person who is ready, willing, and able to do so
What is a condition?
A qualification in a contract based on a future event
What is the difference between complete performance and substa
Chapter 12 & 13
What is a tort?
Designed to compensate those who have suffered a loss or injury due to anothers act
How is a tort different from a crime?
In a tort, the defendant wouldnt have to serve time if they lose. They would just have to pay compe
Alternative Dispute Resolution
Searching for Alternative to Litigaion
Mediation vs. Arbitration Alternative Dispute Resolution aka ADR How to get a resolve a case without going to court.
The parties come together infor
Chapter 4 Ethics & Business Decision Making
What is Ethics ?
Ethics = is the study of what constitutes right and wrong behavior. It focuses on morality. It asks . What is fair and just ?
What is business ethics
Business ethics focuses o
THE COURT SYSTEM
I. The role of the Judiciary
Judicial Review the process by which court decide the constitutionality of legislative enactments and actions of the Executive branch. (Not in Constitution) Marbury v. Madison, 5 U.S. (1 Cranch)
LEGAL ENVIRONMENT OF BUSINESS
WHAT IS THE LAW ?
The law consists of enforceable rules governing relationships among individuals and between individuals and society
The science of philosophy of law.
Schools of Jurisprudence
Constitutional Powers of Government
The Articles of Confederation 1781
Established independent states and central government with limited powers. Sovereign power = supreme power to which no other authority is superio