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Finance 240 > chapter 1 > Flashcards

chapter 1 Flashcards

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1
Q

Administrative law

A

The body of law created by administrative agencies in order to carry out their duties and responsibilities

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2
Q

Primary sources of law

A

US constitution
Statutory law
Laws from administrative agencies
Case law and common law

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3
Q

Secondary sources of law

A

Books and articles that summarize and clarify the primary sources of law

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4
Q

Constitutional law

A

Law that is based on the US constitution

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5
Q

The constitution is law of the land according to

A

Article 6

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6
Q

Statutory law

A

The body of law enacted by legislative bodies (as opposed to constitutional law, admin law or case law)
- includes ordinances

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7
Q

Ordinances

A

A law passed by a local governing unit such as a municipality or a county

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8
Q

Uniform laws

A

A model law created for the states to consider adopting. If the state adopts it it becomes statutory law

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9
Q

Executive agencies

A

An admin agency within the executive branch of the government. At the federal level, exec agencies are those within the cabinet departments
- subject to the authority of the president

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10
Q

Independent regulatory agencies

A

Not considered part of the executive branch.

- officials cannot be removed without cause

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11
Q

Case law

A

The rules of law announced in court decisions

- judge made law

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12
Q

Common law

A

The body of law developed from custom or judicial decisions in English and US courts, not attributable to a legislature

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13
Q

Remedies

A

The relief given to an innocent party to enforce a right or compensate for the violation of a right
In old days: land, items of value, money (remedies at law)
- could only be awarded in courts of law
Today: money damages

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14
Q

Chancellor

A

an adviser to the king at the time of early kings courts of England

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15
Q

Remedies in equity

A

A remedy granted in an equity court

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16
Q

Breaches

A

To violate a law by an act or omission, or to break a legal obligation that one owes to another person or to society

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17
Q

Equitable maxims

A

General propositions or principles of law that have to do with fairness (,equity)

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18
Q

Whoever seeks equity must do equity

A

Anyone who wishes to be treated fairly must treat others fairly

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19
Q

Where there is equal equity, the law will prevail

A

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

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20
Q

One seeking the aid of an equity court must come to court with clean hands

A

The plaintiff must have acted fairly and honestly

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21
Q

Equity will not suffer a wrong to be without a remedy

A

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

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22
Q

Equity regards substance rather than form

A

Equity is more concerned with fairness and justice than with legal technicalities

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23
Q

Equity aids the vigilant, not those who rest on their rights

A

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

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24
Q

Laches

A

The equitable doctrine that bars a party’s right to legal action if the party has neglected for an unreasonable length of time to act on his or her rights

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25
Defense
Reasons that a dependent offers why the plaintiff should not obtain what he or she is seeking
26
Defendant
One against whom a lawsuit is brought, the accused person of a criminal proceeding
27
Plaintiff
One who initiates the lawsuit
28
Petitioner
In equity practice, the party that initiates the lawsuit
29
Respondent
In equity practice, the party who answers a bill or proceeding (the defendent)
30
Statutes of limitation
A federal or state statue setting the maximum time period during which a certain action can be brought or certain rights enforced
31
In equity courts
The decision is made by a judge, no jury The result is called a decree The remedy is an injunction (an order to stop)
32
Precedent
A court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts
33
Reporters
A publication in which court cases are published or reported
34
Stare decisis
A common law doctrine under which judges are obligated to follow the precedents established in prior decisions 1. A court should not overturn its own precedents unless there is a compelling reason to do so 2. Decisions made by higher courts are binding on lower courts
35
Binding authority
Any source of law that a court must follow when deciding a case. Binding authorities include constitutions, statutes, and regulations that govern the issue being decided as well as court decisions that are controlling precedents within the jurisdiction
36
Cases of first impression
When there is no precedent
37
Persuasive authorities
Any legal authority or source of law that a court may look to for guidance but need not follow when making its decision
38
Public policy
A government policy based on widely held societal values and expressed or implied in laws or regulations
39
Legal reasoning
The process of reasoning by which a judge harmonizes his or her decision with the judicial decisions of previous cases
40
IRAC method of legal reasoning
Issue Rule Application Conclusion
41
Issue
What are the key facts and issues
42
Rule
What rules of law apply to the case
43
Application
How do the rules of law apply to the particular facts and circumstances
44
Conclusion
What conclusion should be drawn
45
Alleges
To state, recite, assert, or charge
46
Cases on point
A previous case involving factual circumstances and issues that are similar to those in the case before the court
47
Jurisprudence
The science or philosophy of law
48
Natural law school
The belief that government and the legal system should reflect universal moral and ethical principles that are inherent in human nature.
49
Legal positivism (positivist school)
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 - no natural rights, rights exist bc of laws. - US constitution belong to this
50
Historical school
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 - looks at history of the legal system
51
Legal realism
Law is just one of many institutions in society and is shaped by social forces and needs. - judges should take social and economic realities into account when deciding cases
52
Sociological school
A school of legal thought that views the law as a tool for promoting justice in society
53
Substantive law
Law that defines the rights and duties of individuals with respect to each other - the law as it is applied to people
54
Procedural law
Rules that define the manner is which the rights and duties of individuals will be enforced - the step by step process of how you go about resolving a dispute or how laws are created
55
Civil law
Deals with definition and enforcement of all private or public rights
56
Criminal law
Law that defines and governs actions that constitute crimes | - against society as a whole
57
Cyber law
All laws governing electronic communications and transactions
58
Citation
A reference to a publication in which a legal authority such as statue or court decision can be found - used to find primary sources of law
59
Appellant
The party who takes an appeal from one court to another
60
Appellee
The party against whom an appeal is taken | - the party who opposes reversing the judgment
61
Opinions
A statement by the court expressing the reasons for its decision in a case
62
Majority opinion
A courts written opinion outlining the views of the majority of judges deciding the case
63
Concurring opinion
A written opinion outlining the views of a judge to make or emphasize a point that was not made of emphasized in the majority opinion
64
Dissenting opinion
A written opinion by a judge who disagrees with the majority opinion
65
Plurality opinion
No single position is supported by a majority of judges
66
Per curiam opinion
A court opinion written by the court as a whole instead of being authored by a judge
67
Administrative agency
A federal, state, or local gov agency established to perform a specific function. Authorized by legislative acts to make and enforce rules to administer and enforce the acts

Finance 240 (33 decks)

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