Final Exam Review - Business Law

Chapter 11 Bankruptcy

Applies to businesses that wish to remain in operation and not be liquidated.

Chapter 9 Bankruptcy

Applies to farmers

Sarbanes Oaxley

Authority to set accounting standards and discipline CPAs for misconduct. Force many firms to standardize procedures and accounting

Endangered Species Act

Authorizes designation of critical habitat, areas needed to preserve endangered species, and calls for recovery plans for listed species

Electronic Signatures Act (E-Sign)

Be able to sign contracts online

Respodeat Superior

Creates liability on the principal and agent for acts committed by the agent in teh scope and course of employment. Can be a negligent act, intentional act, crime, misrepresentation, fraud

OSHA

Empolyers must provide employees a workplace "free from recognized hazards that are causing or are likely to cause death or serious physical harm" and that employers must "comply with occupational safety and health standards"

The Taft Hartley Act

Encouraged labor union formation to be a more balanced approach. Prohibit from charging huge fees, coercing employees to support the union, etc.

Chapter 13 Bankruptcy

Equivalent to Chapter 11 except it only applies to natural persons. This type of bankruptcy sets a payment plan between the borrower and the creditor monitored by the court. The homeowner can keep the property, but must make payments according to the court's terms within timeframe specified by statue of limitations.

Norris-La Guardia Act

Every worker should have full freedom of association, self-organization, and designation of representatives of his own choosing, to negotiate terms and conditions of his employment

Trade Secret

Force employees to sign a form to not disclose any information about the company

Landrum Griffin Act

Intended to assure that union members are protected from improper actions by union leaders

Limited Partnership

Is only liable to the extent of its investment in the limited partnership

Eminent Domain

Law permits the taking of your land (without your consent), all or some part of it. Must be used for public purpose and are paid "just" compensation (5th Amendment)

Chapter 7 Bankruptcy

Liquidation and fair distribution of the debtor's non-exempt assets to the creditors. Voluntary bankruptcies can be filed by individuals and businesses

MRS M LAMB

Murder, rape, sodimy, mayhem, larsony, arson, manslaughter, burglary

National Labor Relations Act

Presents you with a historical event in labor-management relations which created the opportunity and the right for labor to unionize, strike adn engage in collective bargaining with management

Environmental Protection Agency

Primary responsbile for four major external environmental problems, air, water, land and pollution associated with certain products

Employee Polygraph Report

Prohibites an employer from giving you a polygraph test, not admissable in court

Superfund

Provides the authority to clean up abandoned hazardous sites

Securities Act of 1933

Regulates public offerings of securities, when they are first sold. Investors are given material information about new securities and it prevents misrepresentation

Securities Act of 1934

Regulates trading in existing securities and imposes disclosure requirements on corporations that have issued publicly held securities

Statue of Frauds

Requires certain contracts to be written

Wagner Act

Right to self-organization, to form, join, or assist labor organizations, to bargain collectively through representaties of their own choosing, and to engage in other concerted activities for the purpose of collective bargaining or other mutual aid or protection

Rule 10b-5

Securities fraud action

Civil Rights Act of 1991

Title VII of the Civil Rights Act of 1964 and its progeny applies not only in America but applies with the same force and effect extraterritorially

3 types of agents

Totally undisclosed, partially undisclosed, and disclosed

General Partnership

Two or more people engaged in business for profits, partnership is liable for debts of GP, as well as any damages it causes

Limited Liabillty Company

Unincorporated business entity that can be taxed as a partnership

Sole Proprietor

You have all the gain and all the pain