Ch 1 Flashcards Preview

Bus Law > Ch 1 > Flashcards

Flashcards in Ch 1 Deck (64):

What is law?

A body of enforceable rules governing relationships Amon individuals and between individuals and their society


Why is law important to you?

Because it is created to serve the public and you are the public


Why does the United States' laws consist of?

Written laws, court decisions created by modern legislative and judicial systems


What feature is common for all laws?

They establish rights, duties, and privileges that are consistent with the values and beliefs of a society it its ruling group


What is a breach?

A failure to perform a legal obligation


What are the functional fields of business?

Corporate management
Production and transportation
Research and development
Accounting and finance
Human resource management


What are some examples of areas of law that ,I gut affect business decision making?

Negotiable instruments
Creditors rights
Intellectual property
Product liability
Business organizations
Professional liability
Courts and courts procedures


What is a primary source of law?

A document that establishes a law on a particular issue, such as a constitution, a statute, an administrative rule, or a court decision


What are some primary sources of law in he United States?

US constitution
Statues or laws passed by congress and by state legislative
Regulations created by administrative agencies (ex FDA)
Case law (court decisions)


What is secondary course of law?

A publication that summarizes or interprets the law


What are some examples of secondary sources of law?

Legal encyclopedia
Legal treatise
Article in a law review


What are secondary sources of law used for?

Used by courts for guidance in interpreting and applying primary sources


What is constitutional law?

The body of law derived from the U.S. Constitution and the constitutions of he various states


What does the constitution do?

They set forth general organization, powers, and limits of their respective governments


What is he basis for law in the US?

The constitution


What is statutory law?

Body of law enacted by legislative bodies

Opposed to constitutional, administrative, or case law


What is an ordinance?

Regulation enacted by a city or country legislative body that becomes part of that states statuary law


What is a statue?

Laws, rules, or orders


What are uniform laws?

A model law developed by the national conference of commissions on uniform state laws for the states to consider enacting into statue


What problem did differences in state laws cause?

Created difficulties for businessperson conducting over state borders.
Formed national conference of commissioners on United States laws to draft uniform laws to counter this


How does a uniform law become part of the state's law.

By choosing to adopt it becomes a part of the statutory laws for that state


What is uniform commercial code?

Created by NCCUSL and American law institute
Adopted by all 50 states DC and begin islands
Uniform yet flexible set of rules governing commercial transactions


What is administrative law?

Rules, orders, and decisions of administrative agencies


What is an administrative agency?

Federal, state, local govt agency established to preform a specific function


What is case law?

Rules of law announced in a court decision. Interpret statues, regulations, constitutional provisions, and other case law


What is American law based on?

English legal system


What is curiae regis?

British common law court, Kings court


What is common law?

The body of law developed from custom or judicial decisions in English and U.S. courts, not attributable to a legislative
Started in great Britain


What is legal precedent?

Court decision that furnishes an example or authority for deciding subsequent cases involving similar or identical fact


What were the year books?

Useful re fences with results from all big cases
Used for precedent


What is stare decisis?

To stand on decided cases
Decide new cases based on previous precedents


What are the two aspects of stare decisis?

Decisions made by a higher court are bidding to lower courts
A court could not overturn its own precedent unless there is strong reason to do so


What is a binding authority?

Controlling precedents
Any source of law that a court must follow when deciding a case


When are old Supreme Court cases no longer relevant?

Until overruled by subsequent Supreme Court decidings, constructional amendment, congressional legislation


What is one of the most famous precedent over rulings?

Brown V. The board of education


What are cases with issues that have never arose before called?

Cases of first impression


What are persuasive authorities?

And legal authority or source of law that a court may look to for guidance but need not follow when making its decision


What is a remedy?

The relief given to an innocent party to enforce a right or compensate for the violation of a right


What were the courts of law?

Early king's court could either award money or property
Remedies were called remedies at law


What is equity?

Branch of law founded on the notion of justice and fair dealing
Used when no adequate remedy was available
Petitioned king for relief and referred to chancellor (called remedies in equity)


Are courts of equity still used?

No, courts of law and equity have become merged but principles of equity still apply, and courts will only grant equitable remedies if remedy at law is inadequate


What are equitable principles and maxims?

General propositions or principles of law that have to do with fairness


Who does the initiation of a lawsuit?

Action at law
Filing a complaint
Action in equity
Filing a petition


Who makes the decision?

Action at law
Jury or judge
Action in equity
By judge


What are the results?

Action at law
Action in equity


What are the remedies?

Action at law
Monetary damages
Action in equity
Injunction, specific performance, or rescission


What is jurisprudence?

The science of philosophy of law


What is the natural law school?

Oldest school of legal thought, based on belief that the legal system should reflect universal moral and ethical principles that are inherent in human nature.

Applies universally to all human kind
God and shit
All laws apply to everyone
Aka foreign workers are protected by our working laws


What are some of the most significant equitable principles and maxims?

Anyone who wishes to be treated fairly must treat others fairly

The law will determine the outcome of a controversy in which the merits of both sides are equal

Plaintiffs must act fairly and honestly

Equitable relief will be awarded when there is a right to relief and there is no adequate remedy at law

Equity is mostly concerned with firmness and justness than legal technicalities

Equity will not help those who neglect their rights for an unreasonable period in time


What is the equitable doctrine of laches?

Most bring forth lawsuits while hey are fresh


What is statues of limitations?

Statues set the maximum time period during which a certain action can be brought


What is legal positivism?

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

Applies to only citizens of a nation
Humans rights exist solely because of laws


What is legal realism?

A school of legal thought that holds that the law is only one factor to be considered when deciding cases and that social and economic circumstances should also be taken into account

Look beyond law and take into account social and economic realities

Judges are different and therefore have different rulings


What is the historical school?

A school of legal thought that looks to the past to determine what the principles of contemporary law should be

Based on standards previously set that have proved to be workable


What is substantive law?

Law that defines, describes, regulates, and creates legal rights and obligations

Law stating employee can get benefits from work injuries


What are procedural laws?

Law that establishes the methods of enforcing the rights established by substantive laws

Law stating how an employee must notify employer or work injuries


What are federal, state, and private laws?

Dealing with relationships among people


What is public law?

Addressing the relationship between persons and their government


What is cyber Law?

An informal term that refers goal law governing electronic communications and transactions, particularly those conducted via the Internet


What is civil law?

Law dealing win the definition and enforcement of all private and public rights, as opposed to criminal matters


What is a civil law system?

Systems of laws derived from roman law that is based on codified laws versus precedents


What are criminal laws?

Law that defines and punishes wrongful acts committed against the public
Prosecuted by public officials
Goal is to punish the wrong doer


What is national law?

Law that pertains to a particular nation


What is international law?

Law that governs relationships among nations