fraud - ANSWERstate law tort
intentional lie
material misrepresentation
crime
excuse to get out of a contract
misrepresentation - ANSWERinnocent mistake
crime when involved with financial information based on:
sarbanes-oxley act
sarbanes-oxley act - ANSWERcreated Public Company Accounting Oversight
Board
corporate governance
CEOs and CFOs must sign off on financial statements
whistleblower protection
Public Company Accounting Oversight Board - ANSWER5 members appointed by
SEC commissioners
reports to commissioners
given oversight of accounting firms that audit public companies
separated auditing and consulting functions
injurious falsehood - ANSWERintentional lie to hurt someone
false statement that is published
hurts products or company's reputation
"trade libel"
loss of business
must prove malicious intent
defamation - ANSWERsimilar to injurious falsehood
usually refers to an individual, not a company
do not have to prove malicious intent
emotional harm
mutual mistake - ANSWERboth sides of the party are confused
if confusion is about main character or contract, contract becomes voidable
Sherwood v Walker
Wood v Boynton
sherwood v walker - ANSWERcow case
,mistake of judgement- therefore not voidable
mistake of judgement or value is not reason to void
Wood v Boynton - ANSWERdiamond case
mistake of judgement, not fact
therefore contract was not voidable
Intention Infliction of Emotional Distress - ANSWERmost often in cyber bullying
really severe; beyond human decency
outrageous conduct
sever mental anguish
walmart case
Westboro baptist church
Remedies for breach of contract under law - ANSWERcompensatory damages
consequential damages
liquidated damages
Compensatory damages - ANSWERdesigned to set the clock back
in tort law: injured and missed work, give you money that you would have at this
point
in contract law: focuses on where you though you would be if contract wasnt
breached
consequential damages - ANSWERcontract was breached, now more and more
bad things keep happening
domino effect
must provide for foreseeable damages
liquidated damages - ANSWER"if you breach the contract, I get this much"
common clause that is put in contract
remedies for breach of contract under equity - ANSWERspecific performance
injunction
specific performance - ANSWERunique service
monetary damages cannot be agreed upon or provided, judge forces breaching
party to perform the task
injunction - ANSWERjudge tells you to do or not to do something
comes in situations when money cannot be a remedy
2 sections of cases - ANSWERLiability - is defendant responsible
damages - how much does defendant have to pay
,Title VII - ANSWEReliminates job discrimination on the basis of race, color,
religion, sex or national origin
15 or more employees
ADEA - ANSWERAge Discrimination in Employment Act
prohibits employment discrimination for people 40 or older
prohibits mandatory retirement
20 or more employees
Equal Pay Act - ANSWERprohibits discrimination on the basis of sex in payment
of wages
EEOC - ANSWEREqual Employment Opportunity Commission
enforces provisions of the Civil Rights Act
composed of 5 memebers
Complaint Procedure
Investigate
Conciliation
EEOC sues
Issue right to sue letter
ADA - ANSWERAmericans with Disabilities Act
prohibits employer discrimination based on:
having a disability
having a disability in the past
being regarded as having a disability
Disbaility - ANSWERany physical or mental impairment that substantially limits
one or more of an individual's major life activities
Enron/Sox - ANSWERMark to Market accounting
various crimes committed by Enron prompted Sarbanes-oxley act
Mark to Market accounting - ANSWERvaluing assets based on current market
value rather than initial value when bought
FMLA - ANSWERFamily Medical Leave Act
requires employers to give people time off for personal medical family
emergencies
really only deals with immediate family
unpaid
up to 12 weeks
Affirmative Action - ANSWERonly get if you're a part of a group that has been
discriminated against in the past
qualified only
, federally contracted employees must actively recruit minorities
HIPPA - ANSWERHealth Insurance Portability and Accountability Act
provides data privacy and security provisions for safeguarding medical
information
GINA - ANSWERGenetic Information Nondiscrimination Act
cannot discriminate against employees or applicant based on genetic information
USERRA - ANSWERUniformed Services Employment and Reemployment Rights
Act
establishes rights and responsibilities for uniformed Service members and their
civilian employers
Pregnancy Discrimination Act - ANSWERcannot discriminate against employees
who become pregnant and give birth
- ANSWER
laws - ANSWERrules issued by the state and backed by enforcement
rule of law - ANSWERlaws are generally and equally applied (no one is above the
law)
property - ANSWERright to possess property and shield from others
common law - ANSWERjudge made laws; precedent (stare decisis-let prior
decision stand)
civil law - ANSWERrelies heavy on legislation
sanctions in criminal law - ANSWERdeath, imprisonment, fines, removal from
office, disqualification from holding office and from voting
sanctions in civil law - ANSWERcompensatory damages, consequential damages,
punitive damages
rule of law helps to: - ANSWERreduce transaction costs
hierarchy of laws - ANSWERconstitution -> federal statues -> federal regulations -
> state constitutions -> state statues ->state regulations-> local ordinances ->
case law
corporations - ANSWER1) person hood by way of "legal fiction" 2) owned by
shareholders 3) in large companies, board of directors oversee 4) officers and
managers in charge of day to day
intentional lie
material misrepresentation
crime
excuse to get out of a contract
misrepresentation - ANSWERinnocent mistake
crime when involved with financial information based on:
sarbanes-oxley act
sarbanes-oxley act - ANSWERcreated Public Company Accounting Oversight
Board
corporate governance
CEOs and CFOs must sign off on financial statements
whistleblower protection
Public Company Accounting Oversight Board - ANSWER5 members appointed by
SEC commissioners
reports to commissioners
given oversight of accounting firms that audit public companies
separated auditing and consulting functions
injurious falsehood - ANSWERintentional lie to hurt someone
false statement that is published
hurts products or company's reputation
"trade libel"
loss of business
must prove malicious intent
defamation - ANSWERsimilar to injurious falsehood
usually refers to an individual, not a company
do not have to prove malicious intent
emotional harm
mutual mistake - ANSWERboth sides of the party are confused
if confusion is about main character or contract, contract becomes voidable
Sherwood v Walker
Wood v Boynton
sherwood v walker - ANSWERcow case
,mistake of judgement- therefore not voidable
mistake of judgement or value is not reason to void
Wood v Boynton - ANSWERdiamond case
mistake of judgement, not fact
therefore contract was not voidable
Intention Infliction of Emotional Distress - ANSWERmost often in cyber bullying
really severe; beyond human decency
outrageous conduct
sever mental anguish
walmart case
Westboro baptist church
Remedies for breach of contract under law - ANSWERcompensatory damages
consequential damages
liquidated damages
Compensatory damages - ANSWERdesigned to set the clock back
in tort law: injured and missed work, give you money that you would have at this
point
in contract law: focuses on where you though you would be if contract wasnt
breached
consequential damages - ANSWERcontract was breached, now more and more
bad things keep happening
domino effect
must provide for foreseeable damages
liquidated damages - ANSWER"if you breach the contract, I get this much"
common clause that is put in contract
remedies for breach of contract under equity - ANSWERspecific performance
injunction
specific performance - ANSWERunique service
monetary damages cannot be agreed upon or provided, judge forces breaching
party to perform the task
injunction - ANSWERjudge tells you to do or not to do something
comes in situations when money cannot be a remedy
2 sections of cases - ANSWERLiability - is defendant responsible
damages - how much does defendant have to pay
,Title VII - ANSWEReliminates job discrimination on the basis of race, color,
religion, sex or national origin
15 or more employees
ADEA - ANSWERAge Discrimination in Employment Act
prohibits employment discrimination for people 40 or older
prohibits mandatory retirement
20 or more employees
Equal Pay Act - ANSWERprohibits discrimination on the basis of sex in payment
of wages
EEOC - ANSWEREqual Employment Opportunity Commission
enforces provisions of the Civil Rights Act
composed of 5 memebers
Complaint Procedure
Investigate
Conciliation
EEOC sues
Issue right to sue letter
ADA - ANSWERAmericans with Disabilities Act
prohibits employer discrimination based on:
having a disability
having a disability in the past
being regarded as having a disability
Disbaility - ANSWERany physical or mental impairment that substantially limits
one or more of an individual's major life activities
Enron/Sox - ANSWERMark to Market accounting
various crimes committed by Enron prompted Sarbanes-oxley act
Mark to Market accounting - ANSWERvaluing assets based on current market
value rather than initial value when bought
FMLA - ANSWERFamily Medical Leave Act
requires employers to give people time off for personal medical family
emergencies
really only deals with immediate family
unpaid
up to 12 weeks
Affirmative Action - ANSWERonly get if you're a part of a group that has been
discriminated against in the past
qualified only
, federally contracted employees must actively recruit minorities
HIPPA - ANSWERHealth Insurance Portability and Accountability Act
provides data privacy and security provisions for safeguarding medical
information
GINA - ANSWERGenetic Information Nondiscrimination Act
cannot discriminate against employees or applicant based on genetic information
USERRA - ANSWERUniformed Services Employment and Reemployment Rights
Act
establishes rights and responsibilities for uniformed Service members and their
civilian employers
Pregnancy Discrimination Act - ANSWERcannot discriminate against employees
who become pregnant and give birth
- ANSWER
laws - ANSWERrules issued by the state and backed by enforcement
rule of law - ANSWERlaws are generally and equally applied (no one is above the
law)
property - ANSWERright to possess property and shield from others
common law - ANSWERjudge made laws; precedent (stare decisis-let prior
decision stand)
civil law - ANSWERrelies heavy on legislation
sanctions in criminal law - ANSWERdeath, imprisonment, fines, removal from
office, disqualification from holding office and from voting
sanctions in civil law - ANSWERcompensatory damages, consequential damages,
punitive damages
rule of law helps to: - ANSWERreduce transaction costs
hierarchy of laws - ANSWERconstitution -> federal statues -> federal regulations -
> state constitutions -> state statues ->state regulations-> local ordinances ->
case law
corporations - ANSWER1) person hood by way of "legal fiction" 2) owned by
shareholders 3) in large companies, board of directors oversee 4) officers and
managers in charge of day to day
