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BUS 221: Business Law > BUS 221: Business Law Chapter 1 and Appendix A > Flashcards

BUS 221: Business Law Chapter 1 and Appendix A Flashcards

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1
Q

Law

A

Establish rights, duties, and privileges that are consistent with the values and beliefs of their society or its ruling group.

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2
Q

Many different laws may affect a single business _______.

A

decision

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3
Q

Business decision-makers need to consider both ____ and _____.

A

law, ethics

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4
Q

Ethics

A

The principles governing what constitutes right or wrong behavior.

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5
Q

What are the two types of Sources of American Law?

A

Primary and Secondary Law

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6
Q

Primary Sources of Law

A

Including, the US constitution, and the constitutions of various states.
Statutory Law, including laws passed by Congress, state legislatures, or local governing bodies.
Regulations are created by administrative agencies, such as FTC.
Case law and common law doctrines.

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7
Q

Secondary Sources of Law

A

Books and articles that summarize and clarify the primary sources of law.
Ex. Legal encyclopedias, treatises, articles in law reviews, and compilations of law.

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8
Q

Constitutional Law (What is it, What did it do?)

A
  • Law as expressed in the federal government and state constitutions.
  • Set forth the general org. powers, & limits of their respective governments.
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9
Q

What does Article IV of the Consitution say about the Constitution?

A

“The Constitution is the Supreme Law of the Land.”

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10
Q

What does the 10th Amendment to the US Constitution do?

A
  • Reserves to the states all powers not granted to the fed. Gov.
  • State constitution is supreme within the state’s borders unless it conflicts with the US constitution or federal law.
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11
Q

What is statutory law?

A

Laws are enacted by legislative bodies at any level of government.

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12
Q

Local Ordinances

A
  • Regulations passed by municipal or county governing units to deal with matters not covered by federal or state law.
  • Commonly have to do with city or county land use (zoning ordinances), building and safety codes, and other matters affecting the local community.
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13
Q

Uniform Laws

A

1800s: Differences in state laws made businesses conducting trade and commerce difficult.
1892: National Conference of Commissioners - Uniform State Laws (NCCUSL)
Uniform Laws: Model Statutes for the states to consider adopting.
Ex: Uniform Negotiable Instruments Law, Uniform Commercial Code (facilitates commerce among the states in providing a uniform, flexible, set of rules governing, commercial transactions.)

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14
Q

Administrative Law

A

Consists of rules, orders, and decisions of administrative agencies.

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15
Q

Administrative Agency

A

A federal, state, or local government agency established to federal, state, or local government agency established to perform a specific function.

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16
Q

Federal (Executive Agencies)

A

Subject to the authority of the president who has the power to appoint and remove their officers.
Ex: FDA, Health and Human Services

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17
Q

Independent Regulatory Agencies

A
  • Presidents’ power is less pronounced.
  • Officers serve for fixed terms and cannot be removed without just cause.
    Ex: FTC, SEC, FCC
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18
Q

Rules of Law could also be called ___ ____.

A

Case Law

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19
Q

What is Case Law?

A

The doctrines and principles announced in cases, govern all areas not covered by statutory law or administrative law and are part of our common law tradition.

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20
Q

How was common law established?

A

A body of general rules that applied throughout the entire English realm.

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21
Q

What is Common Law?

A

A body of general rules that applied throughout the entire English realm.

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22
Q

Courts of Law (Remedies at Law)

A
  • MONEY
  • the legal means to enforce a right or redress a wrong.
  • Ex: Land, Items of Value, Money
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23
Q

Courts of Equity

A

Seeks to supply a remedy when no adequate remedy at law is available (NOT MONEY).

24
Q

What are the three different types of remedies in equity? (name and define them)

A

Specific Performance: Involves ordering a party to preform an agreement as promised.
Injunction: An order to a party to cease engaging in a specific activity or to undo to apathy to cease engaging in a specific activity or to undo some wrong or injury.
Rescission: Is the cancellation of a contractual obligation.

25
Q

What are equitable maxims?

A

Propositions or general statements of equitable rules.

26
Q

In equity proceedings, the party bringing the lawsuit is the __________ and the party being sued is the _________.

A

Petitioner, Respondent

27
Q

Statutes of Limitations

A

Time period for different types of cases, after expired, no action (lawsuit) can be brought, no matter how strong the case was originally.

28
Q

Do courts of law have a jury? (yes or no)

A

no

29
Q

What is precedent?

A

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

30
Q

What is stare decisis?

A

STARE DECISIS “to stand on decided cases” = PRECEDENT

31
Q

What is the purpose of deciding cases based on precedent?

A

Makes law more stable and predictable.

32
Q

What are controlling precedents?

A

A type of Binding Authority: any source of law that a court must follow when deciding a case.
Ie. constitutions, statutes, and regulations that govern issue being decided AWA court decisions that are controlling precedents within jurisdiction.

33
Q

What do courts do when there is no precedent?

A

Courts often use persuasive authorities: legal authorities that a court may consult for guidance but that are not binding on the court, for these cases.
Ex: Precedents from other jurisdictions, legal principles and policies underlying previous court decisions or existing statutes, issues of fairness, social values and customs, and public policy, unpublished opinions.

34
Q

Steps to Legal Reasoning

A

Issue: What are the Key Facts and Issues? What question must be answered to resolve the legal dispute?
Rule: What rule of law applies to the case? Set forth and explain the applicable rule that governs the use, including any precedential cases.
Application: How does the rule of law apply to particular facts and circumstances of this case? The legal issue that is to be answered must be identified and succinctly stated.
Conclusion: What conclusion should be drawn?(CONCLUSION IS NOT THE VERDICT)

35
Q

Jurisprudence

A

Involves learning about different schools of legal thought, and how the approaches to law characteristic of each school can affect judicial decision.

36
Q

The Natural Law School

A
  • A higher, universal law exists applies to all human beings.
  • Each written law should reflect principles inherent in natural law. If it does not, then it loses its legitimacy and need not be obeyed.
  • People have “natural rights”, human rights.
37
Q

The Positivist School

A
  • Written law of a given society at a particular time.
  • Laws that apply only to the citizens of that nation or society.
  • Believe that there is no higher law than a nations positive law.
  • There are no “natural rights”, human rights exist solely because of laws, “no good or bad”, the law is the law.
38
Q

The Historical School

A

Emphasizes the evolutionary process of law by concentrating on the origin and history of the legal system.

39
Q

Legal Realism

A
  • Law is just one of the many institutions in society that is shaped by social forces and needs.
  • Reasons judges should take social and economic realities into account when deciding cases.
  • Law can never be applied with total uniformity.
  • Sociological school (views law as a tool for promoting justice in society).
40
Q

What are the two classifications of law? (Name and Define)

A
  • Substantive Law: consists of all laws that define, describe, regulate and create legal rights and obligations.
  • Procedural Law: Consists of all laws that outline the methods of enforcing the rights established by substantive law.
41
Q

Civil Law

A

Spells out the rights and duties that exist between persons and between persons and their governments AWA the relief available when a person’s rights are violated.
Includes tort law, contract law.

42
Q

Criminal Law

A
  • Concerned with wrongs committed against the public as a whole.
  • Defined and prohibited by local, state, or federal government statutes.
  • Prosecuted by District Attorneys (DA) on behalf of the state.
43
Q

Cyber Law

A
  • Refers to the emerging body of law that governs transactions conducted via the internet.
  • Not a classification of law, nor a type of law.
  • Informal term used to refer to both new laws and modifications of traditional laws that relate to the online environment.
44
Q

Citation

A

Identifies the publication in which the legal authority, such as a statute or a court decision or other source, can be found.

45
Q

What is the United States Code? (U.S.C) (Statutory and Administrative Law)

A

United States Code (U.S.C.) arranges all existing federal laws by broad subject.
Ex: 15 U.S.C Section 1 (the statute can be found in Section 1 of Title 15)

46
Q

What is the United States Code Annotated (U.S.C.A)? (Administrative and Statutory Law)

A

Contains the official text of the USC plus notes (annotations) on court decisions that interpret and apply specific sections of the statutes.

47
Q

State Codes (How to find the Primary Sources of Law)

A

Similar to USC pattern of arranging law by subject.

Ex: 13 Pennsylvania Consolidated Statutes Section 1101, the statute can be found in Title 13, Section 1101, of the Pennsylvania Code.

48
Q

Administrative Rules/Codes (How to find the primary sources of law)

A

Code of Federal Regulation (CFR )
Ex: 17 CFR Section 230.504 means that the rule can be found in Section 230.504 of Title 17.

49
Q

What is the hierarchy of appeals?

A

United States Supreme Court
State Supreme Court
Court of Appeals (Appellate Court)
Trial Courts

50
Q

Case Citations (Order)

A

Name of the Case, Volume, Name, Page Number of the Reporter(s) in which the opinion can be found [states official reporter National Reporter, other],( year issued)

51
Q

What is a parallel citation?

A

More than one report cited for the same case.

52
Q

When a case is appealed from the original court or jurisdiction to another court of jurisdiction, the party appealing the case is called the _______ , while the _______ is the party against whom the appeal is being taken.

A

Appellant, Appellee

53
Q

What is a plurality opinion?

A

No single position is fully supported by a majority of the judges deciding the case. Has the support of the largest number of judges, but the group in agreement is less than a majority.

54
Q

What is a per curiam opinion?

A

Per Curiam Opinion: “of the Court” Anonymous

55
Q

Steps on how to Brief a Case

A

Step 1. Citation: Name of the case, the date it was decided, and the court that decided it.
Ex: Yeasin v Durham, United States Court of Appeals, 10th Circuit, (2018)
Step 2. Facts: Briefly indicates:
- The reasons for the lawsuit.
- The identity and arguments of the plaintiffs(s) and the defendants(s) respectively,
- The lower courts decision (if appropriate)
Step 3. Issue
- Concisely phrase, in the form of a question, the essential issue before the court. (If more than one issue is involved, you may have two or more questions here.
Step 4. Decision
- Indicate with Yes or No, the court’s answer to the question ( or questions in the Issue Section.
Step 5.Reason
- Summarize briefly as possible the reasons given by the court for its decision (or decisions) and the case or statutory law relied on by the court in arrive at its decision

56
Q

Positivist Law is also called ….

A

National Law

BUS 221: Business Law (3 decks)

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