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Business Law > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Constitutional law

A

Law expressed in US and state constitutions. U.S. Constitution is the supreme law of the land according to article VI of the U.S. Const. As such is the basis of all law in the US

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2
Q

Laws enacted by legislative body’s at any level of government, make up what is known as

A

Statutory Law

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3
Q

Ordinances

A

Also included under statutory law, statutes passed by municipal or county governing units to govern matters not covered by federal or state law

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4
Q

NCCUSL

A

National conference of commissioners on uniform state laws

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5
Q

Uniform laws

A

A model law created by the NCCUSL and the American law institute for the states to consider adopting. If the state adopts the law it becomes statutory law for the state. Each state has option of adopting or rejecting all or part of a uniform law

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6
Q

Administrative law

A

Rules orders and decisions of administrative agencies

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7
Q

A federal, state or local government agency established to preform a specific function. Dictate a businesses capital structure and financing, it’s hiring and firing procedures, it relations with employees and unions, and the way it manufactures and markets its products

A

Administrative agencies

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8
Q

Agencies that are subject to the authority of the president who has the power to appoint and remove their officers. Ex: food and drug administration

A

Executive agencies

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9
Q

Independent regulatory agencies

A

Federal trade commission, securities and exchange commission, and Federal Communications Commission. Presidents power is less pronounced in independent agencies who’s officers serve for fixed terms

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10
Q

Case law

A

Body of judge made law, the rules announced in court decisions. Rules include interpretations of constitutional provisions of statutes enacted by legislature and of regulations created by administrative agencies governs all areas not covered by statutory law, administrative law and is part of common law tradition

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11
Q

Common law

A

A body of general rules that applied throughout the entire English realm. Eventually common law tradition became part of the U.S. Tradition

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12
Q

Remedy at law

A 
Today remedy at law normally takes the form of monetary damages 
Originally it was
Land
Items of value
Money
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13
Q

Remedies in equity

A

Specific performance
Injunction
Rescission

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14
Q

Specific performance

A

Ordering a party to preform an agreement as promised

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15
Q

Injunction

A

An order to a party to cease engaging in a specific activity or to undo some wrong or injury

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16
Q

Rescission

A

The cancellation of a contractual agreement

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17
Q

Propositions or general statements of equitable rules

A

Equitable maxims

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18
Q

Equitable doctrine of laches ( last equitable maxim )

A

Equity aids the vigilant not those who rest on their rights. Laches- derived from Laxus, meaning “ lax” or “ negligent” can be used as a defense

19
Q

Time periods for different types of cases are now usually fixed by

A

Statutes of limitations

20
Q

A part has the right to demand a jury trial in an action in —– but not in an action in —-

A

Can deman jury trail in an action at law but not in an action in equity

21
Q

A decision that furnishes an example or authority for deciding subsequent cases involving identical or similar legal principles or facts

A

Precedent

22
Q

Cases are published in volumes called —-

A

Reporters

23
Q

“To stand on decided cases” judges are obligated to fallow the precedents established within their jurisdictions.

A

Stare decisis

24
Q

Any source of law that a court must fallow when deciding a case

A

A binding authority

25
Q

In deciding cases of first impression, courts often look at ———- for guidance. (Precedents from other jurisdictions)

A

Persuasive authorities

26
Q

Judges harmonize their decisions with those that have been made before, as the doctrine of stare decisis requires. This process is known as ——–

A

Legal reasoning

27
Q

Tort

A

A civil wrong not arising from breach of contact. A breach of a legal duty that proximately causes harm or injury to another.

28
Q

Jurisprudence

A

The science or philosophy of law

29
Q

The belief that government and the legal system should reflect universal moral and ethical principles that are inherent in human nature. This law school is the oldest and one of the most significant schools of legal thought.

A

Natural law

30
Q

The failure to exercise the standard of care that a reasonable person would exercise in similar circumstances

A

Negligence

31
Q

A school of legal thought based on the assumption that their is no law higher than the laws created by a national government. Laws must be obeyed even if they are unjust to prevent anarchy.

A

Legal positivism

32
Q

School of legal though popular in 1920’s and 30’s take into account the circumstances in which transactions take place. This school of thought left a lasting impression on American jurisprudence

A

Legal realism

33
Q

A school of legal thought that emphasizes the evolutionary process of law and that looks to the past to discover what the principles of contemporary law should be.

A

Historical school

34
Q

A school of legal thought that looks at the law as a tool to promote justice in society

A

Sociological school

35
Q

Law that defines the rights and duties of individuals with respect to each other as opposed to procedural law which defines the manner in which these rights and duties may be enforced

A

Substantive law

36
Q

Rules that define the manner in which the rights and duties of individuals may be enforced

A

Procedural law

37
Q

The branch of law dealing with the definition and enforcement of all private or public rights as opposed to criminal matters

A

Civil law

38
Q

Law that defines and governs actions that constitute crimes. Wrongful actions committed against society for which societal demands redress

A

Criminal law

39
Q

An informal term used to describe all laws governing electronic communications and transactions, particularly those conducted via the Internet

A

Cyber law

40
Q

A reference to a publication in which a legal authority such as a statute or a court decision or other source can be found

A

Citation

41
Q

4 primary sources of law.

A

constitutions- federal and state
Statutory- congress state and local
Regulations- created by administrative agencies
Case Law and common law doctrines

42
Q

Under what circumstances might a judge rely on case law to determine the intent and purpose of a statute?

A

When a particular area is not covered by statutory or administrative law ?

43
Q

A federal statue conflicts with the U.S. Constitution. Which sources or law takes priority

A

uS constitution

Business Law (14 decks)

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