Wsu business law 210 Study guides, Class notes & Summaries

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...

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...

"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...

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...

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...