BUSFIN 3500 FINAL STUDY GUIDE
Employer's can fire employee for any reason or no reason. Exceptions: - Answers -
implied contract, discrimination, implied covenant of good faith
Wage and hour laws: - Answers - Federal and state minimum wage and hours laws
Fair Labor standards act (FLSA): - Answers - covers all employers working in interstate
commerce
- Requires a minimum wage to be paid to all covered employees
- 40 hour work week, 1.5x for overtime
Family and Medical Leave Act (FMLA): - Answers - federal law requires certain
employers to give eligible employees up to 12 weeks of leave during any 12 month
period for family related occurrences. EX: child birth, foster child, ill family member,
health conditions that prevents from doing job
Federal Unemployment Tax Act (FUTA): - Answers - Created state system that provides
unemployment compensation to qualified employees who lose their jobs
Worker's compensation laws - Answers - state laws that provide "no fault" financial
compensation to employees when a covered employee is injured on the job
Workers comp requirements - Answers - must demonstrate: is an employee, both
employer and employee are covered by state workers' compensation program, injury
occurred on the job
Consolidated Omnibus budget reconciliation act (COBRA): - Answers - gives
employees right to continue receiving health insurance benefits under employer's policy
for up to 18 months after job termination; to continue benefits, employee must pay
102% of policy premiums; COBRA does not apply if employee is fired for misconduct or
employer decides to eliminate benefits for all current employees
Employment Retirement Income Security Act (ERISA): Federal law sets minimum
standard for most voluntarily established pension and health plans in private industry to
protect individuals enrolled in these plans - Answers -
ERISA Requirements - Answers - plan information (features and funding), assurances
of fiduciary responsibility of those in charge of managing and controlling plan assets, a
process for participant grievances and appeals, right to sue for benefits and breaches of
fiduciary duty
Occupational Safety and Health Act - Answers - requires every employer to "furnish to
each of their employees free from recognized hazards that are likely to cause death or
, serious harm"; Occupational Safety and Health Administration enforces act through
inspections and levying of fines against violators
Employee Privacy in the Workplace: - Answers - employees generally do not have a
reasonable expectation of privacy on company systems, even during non working
hours; communication and consent is important
Privacy polices: - Answers - - Employer monitoring of telephone conversations
- Surveillance policies
- Access to medical and personal records
- Drug testing policies
- Lie detection
- Ownership of computers and all issues unique to the electronic workplace
- Workplace dating policies
Contract - Answers - A set of legally enforceable promises
Contract elements: - Answers - - Agreement: offer and acceptance
- Consideration: value given by both parties
- Contractual capacity: legal ability to enter into a binding agreement
- Legal: contract cannot be illegal or against public policy
Lack of genuine assent: - Answers - a defense to the agreement of a contract in which
the offeree claims that the offeror secured the agreement through improper means
Objective theory of contracts - Answers - 1. In determining whether parties intended to
enter a contract, courts look at their objective words and behavior
2. Contract interpretation is based on how a reasonable person would interpret it
common law - Answers - restatement of the law, contracts collects and summarizes the
common law
uniform commercial code: - Answers - governs contracts for the sale of goods
Bilateral contract - Answers - Promise in exchange for a promise; contract formed when
promises were exchanged; to have a bilateral contract, both parties must be making
binding promises
Unilateral contract - Answers - is a promise in exchange for performance; requires a
performance to form a contract
Express contract - Answers - based on written or spoken words
Implied contract - Answers - based on parties conduct rather than their words
Employer's can fire employee for any reason or no reason. Exceptions: - Answers -
implied contract, discrimination, implied covenant of good faith
Wage and hour laws: - Answers - Federal and state minimum wage and hours laws
Fair Labor standards act (FLSA): - Answers - covers all employers working in interstate
commerce
- Requires a minimum wage to be paid to all covered employees
- 40 hour work week, 1.5x for overtime
Family and Medical Leave Act (FMLA): - Answers - federal law requires certain
employers to give eligible employees up to 12 weeks of leave during any 12 month
period for family related occurrences. EX: child birth, foster child, ill family member,
health conditions that prevents from doing job
Federal Unemployment Tax Act (FUTA): - Answers - Created state system that provides
unemployment compensation to qualified employees who lose their jobs
Worker's compensation laws - Answers - state laws that provide "no fault" financial
compensation to employees when a covered employee is injured on the job
Workers comp requirements - Answers - must demonstrate: is an employee, both
employer and employee are covered by state workers' compensation program, injury
occurred on the job
Consolidated Omnibus budget reconciliation act (COBRA): - Answers - gives
employees right to continue receiving health insurance benefits under employer's policy
for up to 18 months after job termination; to continue benefits, employee must pay
102% of policy premiums; COBRA does not apply if employee is fired for misconduct or
employer decides to eliminate benefits for all current employees
Employment Retirement Income Security Act (ERISA): Federal law sets minimum
standard for most voluntarily established pension and health plans in private industry to
protect individuals enrolled in these plans - Answers -
ERISA Requirements - Answers - plan information (features and funding), assurances
of fiduciary responsibility of those in charge of managing and controlling plan assets, a
process for participant grievances and appeals, right to sue for benefits and breaches of
fiduciary duty
Occupational Safety and Health Act - Answers - requires every employer to "furnish to
each of their employees free from recognized hazards that are likely to cause death or
, serious harm"; Occupational Safety and Health Administration enforces act through
inspections and levying of fines against violators
Employee Privacy in the Workplace: - Answers - employees generally do not have a
reasonable expectation of privacy on company systems, even during non working
hours; communication and consent is important
Privacy polices: - Answers - - Employer monitoring of telephone conversations
- Surveillance policies
- Access to medical and personal records
- Drug testing policies
- Lie detection
- Ownership of computers and all issues unique to the electronic workplace
- Workplace dating policies
Contract - Answers - A set of legally enforceable promises
Contract elements: - Answers - - Agreement: offer and acceptance
- Consideration: value given by both parties
- Contractual capacity: legal ability to enter into a binding agreement
- Legal: contract cannot be illegal or against public policy
Lack of genuine assent: - Answers - a defense to the agreement of a contract in which
the offeree claims that the offeror secured the agreement through improper means
Objective theory of contracts - Answers - 1. In determining whether parties intended to
enter a contract, courts look at their objective words and behavior
2. Contract interpretation is based on how a reasonable person would interpret it
common law - Answers - restatement of the law, contracts collects and summarizes the
common law
uniform commercial code: - Answers - governs contracts for the sale of goods
Bilateral contract - Answers - Promise in exchange for a promise; contract formed when
promises were exchanged; to have a bilateral contract, both parties must be making
binding promises
Unilateral contract - Answers - is a promise in exchange for performance; requires a
performance to form a contract
Express contract - Answers - based on written or spoken words
Implied contract - Answers - based on parties conduct rather than their words
