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Business Law: FINAL EXAM Study Guide

constitution The document that sets forth the framework of a government and its relationship to the people it governs.
Common law based upon the current standards or customs of the people.
positive law Law that is dictated from above by a sovereign or other central authority
business ethics Ethical principles used in making business decisions
Guidelines Laws made by administrative agencies
stare decisis Doctrine that requires lower courts to adhere to existing case law in making decisions
ordinances Legislative actions taken by city or town councils
statutes Laws enacted by state or federal legislative bodies
case law The type of law made when an appellate court endorses a rule to be used in deciding court cases
ethics A collection of standards of conduct and moral judgment forming the basis for a reasoned, impartial decision as to what is right and what is wrong
Thomas Jefferson author of the Declaration of Independence
the preamble to the U.S. Constitution (quote it) We, the people, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our prosperity…..
Bill of Rights The first 10 amendments to the constitution
5th amendment the right to life, liberty and property
Executive, Judicial, and Legislative The three branches of the government
procedural law Filing proper motions and completing everything required legally in the proper order
criminal law an offence against society
Standard of proof in a criminal case beyond a reasonable doubt
unanimous Jury’s verdict in a criminal case must be _______________.
civil law an offense against an individual
Standard of proof in a civil case preponderance of the evidence (more than 50%)
majority Jury’s verdict in a civil case must be _______________.
population House of Representatives membership by state is based on ________________.
statehood Senate membership is based on _______________.
Small claims court for claims under $2,500
Juvenile court for those under 18
Probate court for wills and estates
Appellate court court of appeals.
1. duty2. breach of duty3. injury4. causation Elements of a tort (4 things)
Strict liability Dealing with what a reasonable person would consider to be dangerous.
Unilateral contract one person makes the contract
Bilateral contract two parties involved in contract
1. Business and contract law2. intrastate commerce name 2 areas of law that are of concern for states
1. Interstate commerce2. import/export law3. military and national defense name 3 areas of law that are of concern for the federal government
option Making a down payment on an offer in order for the offer to remain open for a certain period of time
capacity to contract One has the ability, according to law, to understand their actions and the effect of those actions
unilateral mistake a mistake about a contract that one person makes
bilateral mistake a mistake that both parties to the contract makes
contracts between merchants covered by the Uniform Commercial Code and, as such, are held to a higher and much tougher standard than contracts between consumers
consideration for contracts Each person to the contract must receive something of value that changes their legal position.
Liquidated debt the parties agree to the amount owed.
Unliquidated debt the parties do not agree on the amount of the debt.
output contract a vendor agrees to purchase all of the “output:–all of the production that a supplier is able to make.
requirements contract a supplier agrees to supply all of the “requirements”—what the vendor needs—for production.
promissory estoppel Prevents promisors from stating in court that no consideration was received in exchange for the promise
1. Promisor should be able to foresee that the promisee would reasonably rely on the promise2. Promisee does act in reliance on the promise3. Promise would suffer substantial economic loss if the promise was not fulfilled4. Injustice can be avoided only by enforcement of the promise name 4 conditions that must be met for promissory estoppel
composition with creditors Creditor agree to accept less than what they are entitled to in satisfaction for the claims against a debtor in exchange for bankruptcy not being filed
statute of frauds Statutes that require that certain contracts must be in writing in order for them to be enforceable
1. Contracts for the sale of goods for over $5002. Contract to sell an interest in real property3. Contract that requires more than one year to complete4. Contract to take over the debts of another or the debts of an estate.5. Contract for which the consideration is marriage. Name 5 contracts that fall under statute of frauds
In pari lecto of equal guilt
Lassiz faire hands off
Caveat emptor let the buyer beware
blue-sky law Prohibits the selling of worthless stocks and bonds
Allocation of markets competitors agree to divide up the market and not to compete in each other’s territory
Price fixing competitors agree to set the same price
Bid rigging competitors agree to take turns submitting the lowest bids on projects.
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Social Studies Chapter 11 Vocabulary

Laissez Faire Economic theory that promotes leaving business unregulated
Isolationist One opponent to U.S. involvement in foreign affairs
Kellog-Briand Pact International agreement in which nations agreed to refrain from war
Assembly Line Process of assembling a Pratik whereby workers at various stations add parts to it
Installment Buying Buying on credit and be paying the amount in monthly payments
Flapper Flapper symbol of the 1920s American women
Al Capone Famous Chicago crime boss
NAACP Organization aimed at protecting the rights of an African-American
Marcus Garvey Black nationalist leader
Fundamentalism Believe in a literal interpretation of the Bible
Ku Klux Klan Organization that preached racism and white superiority
Harlem Renaissance Flourishing of African-American cultural activity center it in the Harlem district of New York City
Lost Generation Name given to the artist who lost faith in humankind because of the war and who feft alienated by the values of the 1920s
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Trusts and Big Business

A government is laissez-faire when itfairly regulates workers.fairly regulates businesses.does not interfere with business affairs and does not regulate its actions.leaves workers alone and doesn’t regulate unions. c
Why was Carnegie Steel able to offer its product more cheaply than its competitors? Carnegie introduced the Bessemer process, which decreased the cost of production.Carnegie cut corners in his production, lowering his costs.Carnegie could cut his costs because he owned the supply of raw materials and the means of production and distribution.Carnegie made an inferior product, so it was less expensive to produce. c
What is the main reason that the American public turned against monopolies?They saw the price of goods rise as their wages decreased.They saw the price of goods rise as their wages increased.They resented the wealth of the big business owners. They were concerned about smaller businesses. a
Why did government officials allow monopolies to operate without strong regulations during the Gilded Age? They believed monopolies would keep competition alive.They believed monopolies were responsible for the growth of the economy.They believed monopolies would treat their workers well.They believed monopolies were the most successful way for businesses to make a profit. b
How did John D. Rockefeller vertically integrate his monopoly in 1882?He created a trust that controlled oil wells, refineries, and distribution networks.He created a trust that controlled ninety percent of the nation’s oil refineries.He purchased coal plants around the country to add to his business.He purchased iron mines around the country to add to his business. a
Which company was a monopoly during the Gilded Age?MicrosoftAT&TAllegheny SteelCarnegie Steel d
What was the main reason that Carnegie invested in the Frick Coke Company?He wanted to make sure he could always get fuel for his steel plant.He thought he could help the company become profitable.He wanted to invest in new technology.He was interested in the coal business. a
Why was the Cleveland Massacre significant in the formation of Standard Oil?Standard Oil significantly improved its business practices after the Cleveland Massacre.Standard Oil was bought out by other Cleveland companies after the Massacre.Standard Oil closed down after the Cleveland Massacre.Standard Oil became a monopoly in the Cleveland oil market after the Massacre. d
How did the Carnegie’s purchase of Allegheny Steel contribute to the formation of his monopoly?The purchase gave Carnegie new access to the raw materials he needed.The purchase enabled Carnegie to discover a more efficient production method.The purchase enabled Carnegie to control most of the rail lines.The purchase gave Carnegie control of coke production. b
The Cleveland Massacre wasa takeover by Standard Oil of the refineries in Cleveland.a labor dispute at Standard Oil in Cleveland that turned violent. an attempt to stop Standard Oil from becoming a monopoly.a failed attempt by Standard Oil to take over other refineries. a
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Chapter 6 HW Business

Leveling the playing field for home-based businesses, ___________ has (have) made starting a home-based business much more affordable. broadband Internet connections and other technologies
The primary concerns when first starting your business are: financing and planning.
A business plan for a new business does not need to include: the names of the prospective lending companies.
According to the textbook, one of the drawbacks of using venture capital is that: venture capital firms may ask for a high stake in your business.
For a market to exist there must be potential buyers: who have a willingness and the resources to buy.
Why do incubator facilities continue to remain very popular with start-up businesses? By providing essential services to entrepreneurs, they have a very strong success rate.
Why do experts agree that small-business management and large-business management are similar in practice? Similar to large businesses, small business have concerns about obtaining capital and good marketing and management practices.
Which of the following is a false statement about small business? The first job for most Americans is unlikely to be in a small business.
Although the business plan has a great amount of detail and requires thoroughness, a well-explained business idea will come to life almost immediately in which part of this document? The executive summary
A small business advantage is ________. the ability to quickly adapt to customer needs
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Intro to Business

Importing buying products from another country
Exporting the selling of products to another country
Who is the largest importer in the global market today? The United States
In volume of exports, the three leading nations are The United States, Germany, and China
The world market is approximately 7 billion potential customers
Which of the following continents is home to the largest percentage of the world’s population? Asia
A nation has a ___________ in the production of a good or service if it can produce that good or service more effectively or efficiently than it can produce other goods. comparative advantage
__________ occurs when a country has a monopoly on producing a product or is able to produce it at a cost well below that of all other countries. Absolute advantage
The theory of comparative advantage exists because: no nation can produce all the products its people want and need.
The concept of free trade means: goods and services can be traded freely across borders without political and/or economic barriers.
One advantage of free trade is innovation for new products occurs which keeps firms competitively challenged.
Free trade between nations generally results in: mutually beneficial exchange relationships.
A free trade agreement is likely to result in an increase in imported goods and services
The movement of goods and services among nations without political or economic barriers free trade
States that a country should sell to other countries those products that it produces most effectively and efficiently, and buy from other countries those products it cannot produce as effectively or efficiently comparative advantage theory
If it has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries absolute advantage
the total value of a nation’s exports compared to its imports measured over a particular period. The balance of trade
the difference between money coming into a country (from exports) and money leaving the country (for imports) plus money flows coming into or leaving a country from other factors such as tourism, foreign aid, military expenditures, and foreign investment. The balance of payments
the practice of selling products in a foreign country at lower prices than those charged in the producing country dumping
involves a foreign company producing private-label goods to which a domestic company then attaches its own brand name or trademark contract manufacturing
a partnership in which two or more companies (often from different countries) join to undertake a major project A joint venture
a long-term partnership between two or more companies established to help each company build competitive market advantages A strategic alliance
the buying of permanent property and businesses in foreign nations foreign direct investment
an organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management A multinational corporation
an attitude that one’s own culture is superior to all others. In contrast, foreign businesspeople are very good at adapting to U.S. culture ethnocentricity
the value of one nation’s currency relative to the currencies of other countries exchange rate
lowering the value of a nation’s currency relative to other countries devaluation
a complex form of bartering in which several countries may be involved, each trading goods or services for services countertrading
the use of government regulations to limit the import of goods and services trade protectionism
taxes on imports, thus making imported goods more expensive to buy tariffs
limits the number of products in certain categories that a nation can import An import quota
a complete ban on the import or export of a certain product or the stopping of all trade with a particular country An embargo
an international forum for negotiating mutual reductions in trade restrictions General Agreement on Tariffs and Trade
to assume the task of mediating trade disputes among nations World Trade Organizations
a regional group of countries that have a common external tariff, no internal tariffs, and the coordination of laws to facilitate exchange among member countries A common market