Exam 1 Flashcards
(82 cards)
Law
made up of rules which are laid down by the state and backed by enforcement
Three types of Property
Public, Private and Common
Natural Law
law contains universal moral principles that are observable and can be determined through human reason
Positive Law
law is simply the commands of the state backed by force and punishments
Historical School
contemporary law should focus on legal principles that have withstood the test of time in a nation
Sociological Juris.
law can and should change to meet new developments in society
Legal Realism
looks at what’s being done by law enforcers
Common Law
emphasizes the role of judges in determining the meaning of laws
Civil Law
relies more on legislation than on judicial decisions to determine what the law is
Public Law
includes those matters that involve the regulation of society (const.,admin. and criminal)
Private Law
covers those legal problems and issues that concern your private resource relationships with others (property, contract and tort)
Substantive Law
defines the legal relationship of people with other people, or of people and the state
Procedural Law
deals with the methods and means by which substantive law is made and administered
Three sources of law
Federal, State and Case Law
Advantages of Case Law
“let the prior decision stand,” helped people become secure in their property rights which led to investing resources in fixed locations
Disadvantages of Case Law
large volume of prior cases to search through, conflicting precedents creates uncertainty, courts are hesitant to reject precedents
Const. Relativity
the idea that courts should interpret the Const. relative to the times
Originalism
the idea that courts should interpret the Const. only according to the intentions of those who wrote it
Legal Sanctions
methods used to encourage or force compliance with obedience to the law
Sanctions for Criminal Conduct
death, fine, imprisonment, removal from office, banned from holding office, banned from voting
Sanctions for Breach of Contract
compensatory damages usually, sometimes consequential damages, if serious enough contract may be allowed to be cancelled
Sanctions for Tortious Conduct
compensatory damages usually, if extreme or intentional then punitive/exemplary damages
Sanctions for Violating Statutes and Regs.
compensatory damages, usually use a multiplier for damages and award attorneys fees
Corporate Governance
legal rules that structure, empower and regulate the agents of corporations and define their relationship to the owners