D216 Business Law for Accountants - PA Review

D216 Business Law for Accountants - PA Review 10 studiers recently Leave the first rating Students also studied Terms in this set (78) Western Governors UniversityD 216 Save Business Law for Accountants - D216...135 terms jschwinn0Preview D216 Business Law for Accountants ...65 terms juliagoolia0906 Preview D216 Business Law for Accountings (...87 terms hbev04Preview WGU B 354 term kris What is Punitive in regard to types of damages? Punitive damages are awarded when the goal is to punish.Which source of law is considered Primary?Common Law Doctrine Which source of law is considered Secondary? A Legal Encyclopedia - any encyclopedia is trying to explain something is a secondary source of law.What are the other terms used for Common Law Doctrine?1) Case Law 2) Judge Law What is Stare Decisis?Stare Decisis is used in case/judge/common law doctrine - means the court will follow past precedent in their jurisdiction.Note there are exceptions to stare decisis.What are the sources of American Law?1) US Constitution & State Constitutions 2) Statutory Law - enacted by legislative bodies 3) Administrative Law - regulations by administrative agencies 4) Case/Judge/Common Law When is Stare Decisis not followed in Common Law Doctrine?1) When the fact patterns are not the same in the case 2) When the court said they were wrong in the past What does Administrative Law focus on?Administrative Law focus is on rules for their area of expertise at the Federal, State, & Local level of agencies.Example of agencies FDA, FAA, FTC, SEC Who creates Statutory Law?Statutory Law is created by legislative bodies at the Federal, State, & Local levels.Examples - Congress = federal, Senate = state, City Council = local

Does all law have to be constitutional?Yes, the US Constitution is the supreme law of the land and if a law is created and considered NOT constitutional then it CANNOT become a law.What is the Supremacy Clause?Supremacy Clause pertains to the U.S. Constitution, that says it takes precedent over all law.How do change / overturn a Supreme Court Decision? 1) Create a new law = remember it must be Constitutional 2) Constitutional Amendment = not easy to accomplish What is the purpose of the Uniform Commercial Code UCC?UCC's purpose is to reduce difficulties for businesses conducting trade and commerce.NOTE does not apply to real estate, services, & employment contracts What are characteristics of UCC?1) UCC is STATE Law, adopted by ALL states.2) It is uniform but FLEXIBLE set of rules governing commercial transactions.3) Applies to tangible & moveable goods only 4) Is statutory law Does UCC have presedent over contract terms? It can but it doesn't have too, it is at the discretion of the contract creators. This is a demonstration of the UCC's flexible design.If a contract doesn't cover something, then the UCC applies.What is civil law?Civil Law is also known as tort law. Deals with rights and duties between persons or between persons & their governments.Example private party lawsuit against each other.What is Criminal Law?Criminal Law deals with wrongs committed against the public as a whole. It is Prosecuted by public officials, not by the victim.Example person is driving drunk and kills someone in another car in a wreck.What is Majority Opinion in regard to a court decision? Majority Opinion is generally written when there is not unanimous agreement.It outlines the views of the majority of the judges deciding the case.What is Concurring Opinion in regard to a court decision?Concurring Opinion is generally written by a judge who agrees/concurs with the majority opinion as to the result but not as to the legal reasoning.In it, the judge sets out the reasoning that he/she considers correct.What is Dissenting Opinion in regard to a court decision?Dissenting Opinion is written by a judge to present the views of one or more judges who disagree with the majority view.What is Plurality Opinion in regard to a court decision? Plurality Opinion occurs when no single position is fully supported by a majority of judges deciding a case.This is the opinion that has the support of the largest number of judges but less than the majority.What is Per Curiam Opinion in regard to a court decision?Per Curiam Opinion occurs when the judge who wrote the opinion is not indicated.

What is the difference between a decision and an opinion in court cases?1) Decision is made by the trial court which has a single judge.2) Opinion is made when someone doesn't like the decision of the 1st court and chooses to appeal.The 2nd court (court of appeals or supreme court) has more than 1 judge ruling on the case.What type of speech is considered UNPROTECTED? Obscene speech is unprotected.Since 1st amendment did not cover this topic in detail additional laws are created to deal with the associated situations.What is the Bill of Rights?Bill of Rights was the first 10 amendments to the Constitution.It deals with people's personal rights.1st amendment is freedom of speech, religion, & to assemble.What is considered Obscene Speech?Obscene speech is pornography, and hateful speech = fighting words. This is not clearly defined by the Supreme Court.What is a characteristic of a legal claim?Remedy is usually monetary damage in civil law but not always.Legal vs. equitable remedy is seeking payment, vs. equity fairness.Ex. equitable remedies seek specific performance or injunctions.What is Specific Performance?An equitable remedy in which the court (rather than awarding money damages for the breach of contract) orders the parties to perform the contract exactly according to its terms.Is a Private Company Codes of Ethics law?No, a private company's code of ethics/conduct is only enforceable by the company.Industry Ethical Codes give guidance, may result in discipline against an employee or a company the industry.Company rules are NOT LAW!Who sets the standard for ethics at a company? Ethical leadership is set by the top management's behavior.What is outcome-based ethics?An ethical philosophy that focuses on the impacts of a decision on society or on key stakeholders, aka utilitarianism.Focus is on the consequences of the action, greatest good for the greatest number.What is Duty-Based ethics?An ethical philosophy rooted in the idea that every person has certain duties to others, including both humans and the planet. Those duties may be derived from religious principles or from other philosophical reasoning.What is the difference between legal vs. ethical? 1) Legal issues are determined by the adherence to an existing law.2) Ethical issues are determined by beliefs on is an action right or wrong.What is Arbitrary in regard to a trademark?Arbitrary is when a common word is used in an uncommon way used in association with a trademark.Is considered a STONG MARK, receives automatic protection.What is Fanciful in regard to a trademark?Fanciful is a made-up word used in association with a trademark.Is considered a STONG MARK, receives automatic protection.

What is Suggestive in regard to a trademark?Suggestive is when a word suggests something about the product associated with a trademark.Is considered a STONG MARK, receives automatic protection.What is a Trademark?Trademarks related to distinctive mark, motto, device, or implement that a manufacture stamps, prints to goods to identify their origin.Ex. Nike swoosh.What are examples of intellectual property?Copyright (books, music), patents (function), trade secrets (recipes) & trademarks (company name).What kinds of trademarks receive automatic protection? 1) Fanciful 2) Arbitrary 3) Suggestive What is Trademark Dilution?Trademark Dilution is when someone uses a famous mark that give rise to an association between marks & impairs the distinctiveness.What is Trademark Infringement?Trademark Infringement is when another company or person use of a mark causes confusion about the origin of the goods.What are the penalties imposed via the Lanham Act? 1) Injunction - stop what you're doing 2) Actual damages - recover actual loses/suffer 3) Profits of Infringer - profits go to the plaintiff company 4) Destruction of unauthorized goods 5) Attorney fees - reimbursed Which type of trademarks NEVER receive protection? Trademarks that have GENERIC marks.Ex. aspirin or escalator What should a business use to protect its trade secrets?? A non-disclosure agreement is when an employee signs an agreement that restricts them from disclosing confidential information.Trade Secrets are NOT registered.How is a violation of Trade Secret determined?1) Must be discovered by improper means aka stolen 2) Must be a breach of duty owed to the other party Ex. like paying off an employee to tell a company's secret.What three ways are Trade Secret violations handled? 1) Uniform Trade Secret Act 2) Economic Espinage Act 3) Tort action What does Copyright protection cover regarding Software (Section 102 of the Copyright Act)?Applies to the high-level language that can be read by humans or the binary- language of the object code read by the computer.DOES NOT APPLY to the look & feel of the program.