Midterm 1 Flashcards Preview

Business Law > Midterm 1 > Flashcards

Flashcards in Midterm 1 Deck (18)
Loading flashcards...

What is Stare Decisis (to stand on decided cases)

The practice of deciding new cases with reference to former decisions, or precedents. Under this doctrine, judges are obligated to follow the precedents established within their jurisdictions.


What are Legal Remedies?

Legal Remedies the means to achieve justice in any matter in which legal rights are involved


What are Equitable Remedies?

Equitable Remedies are a distinct category of Remedies that can be obtained in a breach of contract situation. Equitable Remedies are actions that the court prescribes which will serve to resolve the breach or dispute.


What is an injunction? (Law)

An injunction is a judicial order that restrains a person from beginning or continuing an action threatening or invading the legal right of another, or that compels a person to carry out a certain act. Ie: to make restitution to an injured party.


What is Specific Performance?

Specific Performance is the Performance of a contractual duty, as ordered in cases where damages(money) would not be adequate remedy.


What is Rescission?

Rescission is the revocation, cancellation, or repeal of a law, order, or agreement


What is a Constructive Trust?

A constructive trust is an equitable remedy resembling a trust imposed by a court to benefit a party that has been wrongfully deprived of its rights due to either a person obtaining or holding a legal property right which they should not posses due to unjust enrichment or interference


What are Punitive Damages?

Punitive Damages are damages exceeding simple compensation and awarded to punish the defendant.


What are Compensatory Damages?

Compensatory Damages provide a plaintiff with the monetary amount necessary to replace what was lost, and nothing more. They differ from Punitive Damages.


Capacity to contract

Capacity to Contract means the legal competence of a person to enter into a valid contract


Maritime Law

Maritime law is a distinct body of law that governs maritime questions and offenses


Intellectual Property

Intellectual Property refers to creations of the mind, such as inventions, literary and artistic works, designs, symbols, or names and images used in commerce.


Appellate courts vs trial courts

Appellate courts are called courts of appeals. If either party disagrees with the decision in the trial court, they can appeal, asking a higher court to review the decision.

So cases are heard for the first time in a trial court and the cases only affect people involved with the case.


Contingent Fee

A Contingent Fee is any Fee for services provided where the Fee is payable only if there is a favorable result. (I.e: fee charged for lawyers services only if the lawsuit is successful)


Four parts of an argument.

The four parts of an argument: claims, counterclaims, reasons, and evidence. A claim is the main argument. A counterclaim is the opposite of the argument, or the opposing argument. A resin tells why the claim is made and is supported by the evidence.


What is copyright infringement?

Copyright infringement is the use of works protected by copyright law without permission, infringing certain exclusive rights granted to the copyright holder, such as the right to reproduce, distribute, display or perform the protected work, or to make derivative works.


What is a service mark?

A service mark is a legally registered name or designation used in the manner of a trademark to distinguish an organization's services from those of its competitors. I.e.: frappucinno vs frappe


What is defamation

Defamation is the action of damaging the good reputation of someone; slander or libel.