Business Law 1 (first exam review)

1. Jurisdiction

The authority of a court to hear and decide a case. To make a legally valid decision in a case, a court must have both "subject matter jurisdiction" (power to hear the type of case in question, which is granted by the state legislatures and Congress).

2. Venue

The appropriate location according to law and court rules, for a trial. In a criminal case, the proper venue is generally the judicial district or county where the crime was committed. In civil cases, venue is generally proper in the county or district wh

3. Supremacy Clause:

Provision under Article IV, Section 2 of the U.S. Constitution, providing that federal law is superior to and overrides state law when they conflict.

4. Damages:

1) In a lawsuit, the harm caused to a party who is injured. 2) In a lawsuit, the money awarded to one party based on injury or loss caused by the other. For either definition, there are many different types or categories of damages. (See also:compensatory

5. Injunctive Relief:

A court-ordered act or prohibition against an act that has been requested in a petition to the court for an injunction. Usually injunctive relief is granted only after a hearing at which both sides have an opportunity to present testimony and legal argume

6. Common Law:

The body of law that developed over many years in England based on court decisions and custom, as compared to written statutes (codifications of the law). Colonists imported England's common law to what became the United States, and it survives today, gre

7. Equity:

1) The net value of real estate, determined by subtracting the amount of unpaid debts secured by the property from its market value. 2) A set of legal principles that operates in addition to statutes and common law and is intended to give judges flexibili

8. Stare decis:

Latin for "let the decision stand," a doctrine requiring that judges apply the same reasoning to lawsuits as has been used in prior similar cases.

9. Diversity Jurisdiction:

The power of the federal courts to decide civil disputes between citizens of different states provided the amount the plaintiff seeks in damages exceeds an amount set by Congress (currently $75,000). The so-called citizens may include companies incorporat

10. Negotiation:

1) A give-and-take discussion that attempts to reach an agreement or settle a dispute. Negotiation is a form of alternative dispute resolution. 2) The transfer of a check, promissory note, bill of exchange, or other negotiable instrument to another in exc

11. Mediation:

A way that parties can resolve their own dispute without going to court. In mediation, a neutral third party (the mediator) meets with the opposing sides to help them find a mutually satisfactory solution. Unlike a judge or an arbitrator, the mediator has

12. Arbitration:

An out-of-court procedure for resolving disputes in which one or more people; the arbitrators hear evidence and make a decision. Arbitration is like a trial in some ways, but typically proceeds much more quickly and with less formality.

13. Contingency:

A provision in a contract stating that some or all of the terms of the contract will be altered or voided by the occurrence of a specific event. For example, a contingency in a contract for the purchase of a house might state that if the buyer does not ap

14. Complaint:

Papers filed in court by an injured party to begin a lawsuit by setting out facts and legal claims (usually called causes of action). The person filing the complaint is called the plaintiff and the other party is called the defendant. In some states and i

15. Equal Protection:

The right, guaranteed by the Fourteenth Amendment to the U.S. Constitution, to be treated the same, legally, as others in the same situation. If a law discriminates between one group of people and another, the government must have a rational basis for doi

16. Due process:

A fundamental principle of fairness in all legal matters, both civil and criminal, especially in the courts. All legal procedures set by statute and court practice, including notice of rights, must be followed for each individual so that no prejudicial or

17. Cost Benefit Analysis:

an analysis of the cost effectiveness of different alternatives in order to see whether the benefits outweigh the costs.

18. Duty Based Ethics: (DUTY)

1) A legal relationship, created by law or contract, in which a person or business owes something to another. The breach of this obligation can result in liability. 2) A tax on imported goods.
A duty that a person has to do the right thing, because they a

19. Utilitarianism:

a theory in normative ethics holding that the proper course of action is the one that maximizes overall happiness. It is now generally taken to be a form of consequentialism, although when Anscome first introduced that term it was to distinguish between

20. Unpublished Court Opinions:

(a) Unpublished opinion Except as provided in (b), an opinion of a California Court of Appeal or superior court appellate division that is not certified for publication or ordered published must not be cited or relied on by a court or a party in any other

21. Free speech:

The right, guaranteed by the First Amendment to the U.S. Constitution, to express beliefs and ideas without unwarranted government restriction.

22. Defamation:

A false statement that harms a person's reputation. If the statement is published, it is libel; if spoken, it is slander. Most states have retraction statutes under which a defamed person who fails to seek a retraction from the publisher, or who seeks and

23. Spam:

Internet slang for unsolicited bulk email, primarily unsolicited commercial email (UCE). Spam has been linked with fraudulent business schemes, chain letters, and offensive sexual and political messages

24. Malware:

Computer contaminant, as in the legal codes of several U.S. states.

25. Conversion:

The civil wrong (tort) of wrongfully using another's personal property as if it were one's own, holding onto another's property that accidentally comes into one's hands, or purposely giving the impression that the assets of another belong to oneself. The

26. Trespass:

The act of entering someone's property without permission or authority.(Although it usually refers to real estate, trespass can apply to personal property as well.) Trespassing can be a tort (a civil wrong, which the property owner can sue over) and can b

27. Safe Web Act:

...

28. Negligence:

Failure to exercise the care toward others that a reasonable or prudent person would use in the same circumstances, or taking action that such a reasonable person would not, resulting in unintentional harm to another. Negligence forms a common basis for c

29. Standard of care:

The watchfulness, attention, caution and prudence that a reasonable person in the circumstances would exercise. If a person's actions do not meet this standard of care, then his/her acts fail to meet the duty of care which all people (supposedly) have tow

30. Inherently Dangerous Activities:

Unsafe, hazardous, fraught with risk. It can be negligence for which a lawsuit can be brought if damage results from creating or leaving unguarded a dangerous condition which can cause harm to others, a dangerous instrumentality (any device which can caus

31. Strict Liability:

Automatic responsibility for damages due to manufacture or use of equipment or materials that are inherently dangerous, such as explosives, animals, poisonous snakes, or assault weapons. A person injured by such equipment or materials does not have to pro

32. Trademark:

A word, phrase, logo, graphic symbol, or other device that is used to identify the source of a product or service and to distinguish it from competitors. Some examples of trademarks are Ford (cars and trucks), Betty Crocker (food products), and Microsoft

33. Patent:

A grant by the U.S. Patent and Trademark Office (USPTO) that allows the patent owner to maintain a monopoly for a limited period of time on the use and development of a new innovation.

34. Copyright:

A bundle of exclusive rights granted to the author of a creative work such as book, movie, song, painting, photograph, design, computer software, or architecture. These rights include the right to make copies, authorize others to make copies, make derivat

35. Burglary:

The crime of entering a building with the intent to commit a crime. Old definitions required that the entering be accompanied by a "breaking," by forcing one's way in or by any pnysical act that allows entry; and that the crime intended be a felony. Moder

36. Larceny:

Another term for theft. Although the definition of this term differs from state to state, it typically means taking property belonging to another with the intent to permanently deprive the owner of the property.

37. Robbery:

The crime of directly taking property (including money) from a person (victim) through force, threat, or intimidation. Robbery is a felony, punishable by a term in state or federal prison.

38. Burden of proof:

A party's job of convincing the decisionmaker in a trial that the party's version of the facts is true. In a civil trial, it means that the plaintiff must convince the judge or jury by a preponderance of the evidence that the plaintiff's version is true -

39. Forgery:

A false document, signature, or other imitation of an object of value used with the intention to deceive another into believing it is the real thing. Those who commit forgery are commonly charged with the crime of fraud.

40. Embezzlement:

The crime of stealing the funds or property of an employer, company, or government or misappropriating money or assets held in trust.

41. Money Laundering:

The process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source.

42. Indictment:

A grand jury's conclusion that a serious crime has occurred, and that it is reasonably probable that the defendant committed it. Prosecuting attorneys may generally choose how to charge a crime: by indictment or by using a criminal complaint. To proceed b

43. Grand Jury:

A group of people chosen at random that sits on a regular basis to hear evidence brought by a prosecutor. The prosecutor presents evidence against a person that he or she thinks will justify an indictment (formal charges) and a trial.

44. Miranda Warnings:

The warnings that law enforcement must give anyone who is in custody and about to be questioned by the police, if the police desire to use any resulting statements against the person questioned. Custodial suspects must be told that they have the right to

45. Defenses:

1) A general term for the effort of an attorney representing a defendant during trial and in pretrial maneuvers to defeat the party suing or the prosecution in a criminal case. 2) A response to a complaint, called an affirmative defense, to counter, defea

46. Hacker:

An enthusiastic and skillful computer programmer or user. A person who uses computers to gain unauthorized access to data.

47. Exclusionary Rule:

A rule of evidence that disallows the use of illegally obtained evidence in criminal trials. For example, the exclusionary rule would prevent a prosecutor from introducing at trial evidence seized during an illegal search.

48. Cyber-Terror:

(cyber-terrorism) an assault on electronic communication networks

49. RICO:

A federal law, passed in 1970, that allows prosecution and civil penalties for certain acts (including illegal gambling, bribery, kidnapping, murder, and money laundering) performed as part of an ongoing criminal enterprise. RICO has been used to prosecut