Business law 210 wsu - Study guides, Class notes & Summaries

Contract - An agreement between tow or more parties that is legally enforceable. Differ state-to-state by law Not every promise can be enforced legally, but a set of promises confirmed in a contract entitles the party that is injured by a breach of that contract to force the other party to honor the contract through government intervention Express Contract - The terms are understood by written or oral words. Each instance of the terms is agreed upon Implied Contract - Where the contract i...

Morality refers to principals of right an wrong as determined by one's own __________. - conscious Ethics are.... - A set of rules of conduct (right vs. wrong) recognized by a particular group of individuals What is the main difference between violating your own morals, an ethical code, or a law? - The punishment. Morals = feel bad. Ethics = censure, disciplinary procedures, or license suspension. Law = fines, damages, jail. Jurisprudence - The philosophy of law Sarbanes Oxley Act - Res...

rime - any act or omission that violates a governmental entity's penal laws criminal justice system - the police, law enforcement officials, courts, probation officers, and jail and prison systems prison - removing people from their environment for rehabilitation - Deters people from doing things that would cause them to go to prison - Keeps victims and others safe from retribution felony - more serious crimes punishable by over a year misdemeanor - less serious crime, punishable by unde...

Statutes/Statutory Law Written laws enacted by the US Congress and State legislatures. Subservient to Constitution Ordinances Laws passed by local govs with effect of statutes Common Law "Judge made law" 4th branch of gov administrative agencies, under executive branch Legislative Branch Congress, House + Senate Ex post facto laws Master01 | September, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ Not permitted by US Constitution, applied re...

Diversity of Citizenship Cases - ️️Involves disputes between different states that exceeds $75,000 1oth Ammendment - ️️The powers not delegated to the U.S. by the constitution nor prohibited by it to the states, are reserved for the states Statutes/Statutory Law - ️️Written laws enacted by the US Congress and State legislatures. Subservient to Constitution Ordinances - ️️Laws passed by local govs with effect of statutes Common Law - ️️"Judge made law" 4th branch...

Sole Proprietorship - - simplest form of business organization. - easiest to work with on your taxes. - you might be stuck with debits and liabilities. - states have different laws, but you can still have a business name. Advantages of Sole Proprietorship - - don't have to pay state to incorporate - don't have to follow stupid corporate formalities - much easier on taxes Disadvantages of Sole Proprietorship - - debts and liabilities are on you personally (your personal tax return) - i...

The trial court will create a record of the case which includes: - ️️Pleadings, Exhibits, Transcripts, findings of fact, rulings of law, the court's decision What is the main difference between violating your own morals, an ethical code, or a law? - ️️The punishment. Morals = feel bad. Ethics = censure, disciplinary procedures, or license suspension. Law = fines, damages, jail. Morality refers to principals of right an wrong as determined by one's own __________. - ️️cons...

"Malum in se" - - Wrong in itself - covers most common law crimes legislative - Congress, makes laws executive - President, enforces laws judicial - Supreme Court, interprets laws statutes - laws made by legislature, signed by president/governor substantive law - Law that defines, describes, regulates, and creates legal rights and obligations. procedural law - Law that establishes the methods of enforcing the rights established by substantive law. Utilitarianism - idea that the goal o...

Morality refers to principals of right an wrong as determined by one's own __________. conscious Ethics are.... A set of rules of conduct (right vs. wrong) recognized by a particular group of individuals What is the main difference between violating your own morals, an ethical code, or a law? The punishment. Morals = feel bad. Ethics = censure, disciplinary procedures, or license suspension. Law = fines, damages, jail. Jurisprudence The philosophy of law Sarbanes Oxley Act...