Legal Environment of Business Final Exam Flashcards

Prepare for the Legal Environment of Business Final Exam in a brief manner with these flashcards and revise the concepts related to it. Learn the important terms, definitions, and much more briefly with these quiz based flashcards quizzes. Attempt these flashcards quizzes and check your knowledge.

30 cards   |   Total Attempts: 182
  

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Cards In This Set

Front Back
Agent
  1. Agent- The person who on behalf of a principal deals with a third party.
Apparent authority
  1. Apparent authority- The authority that a third party in an agency relationship perceives to exist between the principal and the agent. In fat, no actual authority does exist. Sometimes also called ostensible authority.
Arbitration
  1. Arbitration- Submission of a dispute to an extrajudicial authority for decision.
European Union
  1. European Union- Created by the Treaty of Rome, an organization that seeks to facilitate the free movement of goods, services, labor, professions transportation, and capital among European countries.
Assault
  1. Assault- The intentional creation of immediate apprehension of injury or lack of physical safety.
Bubble concept
  1. Bubble concept- A procedure by which the EPA allows a business to treat its entire plant complex as though encased in a bubble. The business suggests its own methods of cleanup, provided the total pollution does not exceed certain limits.
Consequentialism
  1. Consequentialism- An ethical system that concerns itself with the moral consequences of actions.
Conspiracy
  1. Conspiracy- A combination or agreement between two or more persons for the commission of a criminal act.
Copyright
  1. Copyright- A statutorily created property in creative expression that protects authors.
Derivative suit
  1. Derivative suit- A lawsuit filed by one or more shareholders of a corporation against that organization’s management. This suit is brought to benefit the corporation directly and its shareholders indirectly.
Discovery
  1. Discovery- Procedures by which one party to a lawsuit may obtain information relevant to the case from the other party or from third persons.
Environmental Impact Statement
  1. Environmental Impact Statement- A filing of documents required by the National Environmental Policy Act that forces governmental agencies to consider the environmental consequences of their actions.
Frolic and Detour
  1. Frolic and Detour- The activity of an agent or an employee who has departed from the scope of the agency and is not, therefore, a representative of his or her employer.
General Partner
  1. General Partner- The owner of a limited partnership that enjoys the control of the partnership’s operation. This type of partner is personally liable for the debts of the limited partnership.
Grand Jury
  1. Grand Jury- Consists of 23 citizens that live within the jurisdiction of the court that would try on of an accused crime; for an indictment to be returned, a majority of the grand jury must find that a crime has been committed and that evidence is sufficient to warrant the accused’s standing trial (probable cause).Only used in major crimes.