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Law → rules that come from controlling authority that must be obeyed or there is a consequence Ethics → A set of moral principles or values that govern the conduct of an individual or a group Corporate Social Responsiblity → States that corporations and businesses should act with awareness of the consequences and impact that their decisions will have on others Maximization of Profits theory → also called Shareholder Interest theory) - make profit Moral Minimum → duty to fo...

implied authority → it arises from the position of authority held by an agent and by the history of actual authority situations Apparent authority → it may arise in a situation where a principal terminates an agent's authority but fails to inform third parties about the termination trading partnership → a partner has the implied authority to borrow money in the usual course of business and pledge the credit of the firm Nontrading partnership → A partner requires actual au...

Subject Matter Jurisdiction → determines the types of cases a court can hear by subject matter and/or amount. (exclusive or concurrent) General Jurisdiction → courts have authority to hear civil, criminal and equity cases. Limited Jurisdiction → courts' authority is limited by subject matter, e.g., bankruptcy (federal), probate and juvenile courts (state) or by amount, e.g., small claims & magistrate courts Exclusive Federal Jurisdiction → -Admiralty → -Bankruptcy → -...

Your textbook suggests that property promotes prosperity in three ways. Which way occurs by allowing people to keep and benefit from what they produce, thereby motivating effort? A) incentive B) divisibility of resources C) profitability of business D) establishes the conditions necessary for capital formation → A According to your Power Point Lecture, which of the following is considered a fixture? A carpeting that is glued to the floor B) car C) clothes D) loose carpeting (like a...

the branch of government that is primarily responsible for interpreting the laws of the land → judicial branch the ____ system is an important part of the tripartite system of government in the united states → court jurisprudence → the study of law, legal systems, and legal philosophy law and "rule of law" are synonymous terms → false corporate governance → the law protecting the owners of a business organization from the managers who run it for them _________ jurispr...

Ethics → the study of right and wrong behavior; knowing whether the action is fair, right, and just. Business Ethics → directors and officers owe a complex set of duties to all of their stakeholders civil liability → initiated by harmed individuals or administrative agencies such as SEC Criminal Culpability → initiated by law enforcement and/or prosecutes professional liability → loss of license to practice certain profession The most common reason ethical problems manifest...

Joinder Rule → All persons may join in one lawsuit as plaintiffs if the causes of action arises out of the same transaction or series of transactions and involve common questions of law and fact. In addition, additional parties may be added by the Plaintiff and Defendant who are necessary to a complete determination of the lawsuit. Trial Stage → Plaintiff, Defendant, Third Party Defendant Appeal Stage → Appellant, Appellee Litigation: Standing to Sue → -Plaintiff must have b...

In order to protect the health and welfare of its residents, Maryland has a law requiring that all public swimming pools be tested daily for bacteria. Maryland passed this law pursuant to its ________________powers.  Police American government is based on the concept of ____________, which allocates the power to govern between a sovereign federal authority and the sovereign states.  Federalism Assume that State University institutes a curfew for the female students who live on ca...

Tort → A wrongful act committed by one person against another person or his or her property Negligence → Failure to do that which an ordinary, reasonable, prudent person would do, or the doing of some act that an ordinary, prudent person would not do Strict liability → The doctrine under which a party may be required to respond to tort damages, without regard to that party's fault Compensatory damages → A sum of money the court imposes on a defendant as compensation for the...