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Peyton Riley > Business Law > Flashcards

Business Law Flashcards

1
Q

Functions of law

A

Keeping the peace, promoting social justice, facilitating orderly change, encouraging compromise, shaping moral standards, maintaining the status quo, facilitating planning, maximizing individual freedom

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2
Q

What function of law is essential to business?

A

facilitating planning

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3
Q

Courts of law also known as

A

King Courts

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4
Q

Court decisions under the common law…

A

affect future cases in many circumstances

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5
Q

A court decision from England in 1709:

A

may be the law in some states but not others

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6
Q

What is “Black Letter” Law?

A

Black-letter law refers to the concept that rules are generally well-known and free from doubt or
dispute.

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7
Q

Name 4 sources of American Law

A

Constitutional Law – Statutory Law – Administrative Law – Case Law & common law doctrines

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8
Q

Statutory Law is made up of what?

A

Ordinances and Uniform Commercial Code

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9
Q

Who handles Administrative Law?

A

Federal Agencies and State and Local Agencies

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10
Q

What is Common Law based upon?

A

Traditions, social customs, rules, and prior cases.

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11
Q

Courts of Law dealt with what?

A

Monetary Relief

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12
Q

Courts of Equity Dealt with what?

A

Non-Monetary Relief which is corrective actions that stop the policy, practice or procedure that caused the discrimination.

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13
Q

Why did the Law Merchant come about?

A

Merchants handled their own affairs because they were “beneath the dignity of the king”

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14
Q

Why were Law Merchant laws so effiecient?

A

Because they were based on a profit motive

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15
Q

Are there still Law, Equitable, and Law Merchant Courts today?

A

No. Virtually all courts were merged into on single system

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16
Q

What does “Stare Decisis” mean?

A

“Stand on Decided Cases”

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17
Q

What is “Judge Made” Law?

A

Each decision and interpretation becomes a legal precedent

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18
Q

Can Courts ignore legal precedent?

A

They are obliged to follow precedents and not overturn without compelling reasons.

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19
Q

Name something positive about Stare Decisis

A

Helps courts be more efficient and makes law more predictable.

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20
Q

Name something negative about Stare Decisis.

A

Historically makes changing the law very slow

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21
Q

What happens when there is no precedent?

A

The judge uses best judgment to decide the case.

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22
Q

A case with no precedent is also called what?

A

A case of first impression

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23
Q

Name two reasons a Court would change/overrule a precedent

A

The precedent is clearly wrong, and times have changed and a new precedent is needed.

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24
Q

A case with no precedent is also called what?

A

A case of first impression

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25
Q

Why can’t outcomes to lawsuits be predicted with certainty?

A

Because good arguments can be made on different sides and judges have personal beliefs that can
affect decisions

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26
Q

Today, what does common law govern?

A

Actions not covered by Statutory Law.

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27
Q

What is Statutory Law?

A

The interpretation of statutes in court

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28
Q

How many states adopted the English Common Law upon joining the Union?

A

49 out of 50

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29
Q

What is the English Common Law code of Alabama?

A

ş 1-3-1

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30
Q

T/F The privileges and immunities clause means that states must comply and enforce the ruling of other states concerning mainly property and criminal law

A

False

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31
Q

Virtually the entire reason we have the constitution which we have today is because:

A

Of business

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32
Q

The federal government provides what?

A

Checks and balances

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33
Q

The Legislative Branch (Congress)

A

Creates laws

34
Q

The Executive Branch (President/Agencies)

A

Enforces laws

35
Q

The Judicial Branch (Courts)

A

Interprets laws

36
Q

The commerce clause is

A

The most important clause in the constitution to business

37
Q

T/F The police powers have nothing to do with law enforcement

A

True

38
Q

The study of business law does not involve an ethical dimension.

A

False

39
Q

A constitution is a primary source of law.

A

True

40
Q

Even if it conflicts with the U.S. Constitution, a state constitution is supreme within that states’ borders.

A

False

41
Q

The U.S. Constitution is the basis of all law in the United States.

A

True

42
Q

A local ordinance commonly has to do with a matter concerning only a local governing unit.

A

True

43
Q

Congress or a state legislature establishes an administrative agency to perform a specific function.

A

True

44
Q

Rules issued by administrative agencies affect almost every aspect of a business’s operations.

A

True

45
Q

The doctrines and principles announced in court decisions govern all areas not covered by statutory or administrative law.

A

True

46
Q

The common law is a body of law developed from judicial decisions.

A

True

47
Q

The basis of a civil law system is a written code of laws.

A

True

48
Q

Power, Inc., is a corporation engaged in the business of producing, refining, and distributing energy resources. With respect to the firm’s managers, legal concepts can be useful for Power’s

A

marketing manager, human resources manager, accounting and finance manager

49
Q

Laws enacted by legislative bodies at any level of government make up the body of law generally referred to as

A

statutory law

50
Q

On a challenge to a provision in a state constitution that conflicts with a provision in the U.S. Constitution

A

the state provision will not be enforced.

51
Q

The Florida legislature enacts a state law that violates the U.S. Constitution. This law can be enforced by

A

no one

52
Q

Administrative law includes

A

the rules, orders, and decisions of a government agency

53
Q

Common law rules develop from

A

principles underlying judges’ decisions in actual controversies.

54
Q

Stare decisis is best defined as

A

a doctrine under which judges follow established precedents.

55
Q

A precedent is

A

a court decision that furnishes an example for deciding subsequent cases involving similar or identical facts or principles.

56
Q

In Peyton v. Quality Motors, a state supreme court held that a minor could cancel a contract for the sale of a car. Now a trial court in the same state is deciding Rikki v. Street Deals, Inc., a case with similar facts. Under the doctrine of stare decisis, the trial court is likely to

A

allow the minor to cancel the contract.

57
Q

An award of damages is

A

a payment of money or property.

58
Q

T/F The national government has the implied power to undertake actions necessary to carry out its expressly designated powers.

A

True

59
Q

T/F Local governments, including cities, exercise police powers.

A

True

60
Q

T/F Under the full faith and credit clause, any judicial decision in one state with respect to contract rights will be honored and enforced in all states.

A

True

61
Q

T/F The system of checks and balances in the U.S. Constitution allows each branch of government to limit the actions of the other branches.

A

True

62
Q

State governments do not have any authority to regulate interstate commerce.

A

False

63
Q

T/F The first ten amendments to the U.S. Constitution are commonly known as the Bill of Rights.

A

True

64
Q

Corporations enjoy many of the same rights and privileges as natural persons do.

A

True

65
Q

T/F The rights secured by the Bill of Rights are absolute.

A

False

66
Q

Equal protection means that the government must treat all individuals the same.

A

False

67
Q

Privacy rights receive no protection under federal law.

A

False

68
Q

A federal form of government is one in which the national government shares sovereign power with…

A

the states

69
Q

The term checks and balances refers to the system under which

A

the powers of government are divided among its branches, each of which exercises a check on the actions of the others.

70
Q

The federal government has the power to regulate commercial activities among the states under

A

the commerce clause

71
Q

Under the U.S. Constitution, Congress has the power to regulate

A

every commercial enterprise in the United States.

72
Q

Federal regulations concerning medical devices directly conflict with a certain state law. Under the U.S. Constitution, which law takes precedence is determined by

A

the supremacy clause

73
Q

The Bill of Rights embodies

A

a series of protections for the individual against government action.

74
Q

The members of Climate Action believe that a recently enacted federal law is unconstitutional. They write and sign a petition to the government to repeal the law, refuse to obey it, and stop others from complying with it. Under the First Amendment, these individuals have a right to

A

petition the government

75
Q

Utah enacts a statute to ban advertising in “bad taste.” Most likely, a court would hold this statute to be

A

an unconstitutional restriction of speech.

76
Q

To reduce traffic, Market Town enacts an ordinance that allows only a few specific street vendors to operate in certain areas. A court would likely review this ordinance under the principles of

A

equal protection

77
Q

Jon, a law enforcement official, monitors Kelsey’s Internet activities—e-mail and website visits—to gain access to her personal financial data and student information. This may violate Kelsey’s right to

A

privacy

78
Q

In rem jurisdiction refers to

A

Jurisdiction over property

79
Q

The long arm statute requirement for minimum contact means

A

Any attempt to “come into the state”to do business is probably enough to meet the minimum contacts requirement

80
Q

T/F in the United States you have the right to sue anyone over any matter in any court

A

True

81
Q

T/F all appellate courts must hear your appeal

A

False (the us Supreme Court does not have to hear your case)

82
Q

Standing to sue means

A

You must have some stake in the matter being sued upon

Peyton Riley (5 decks)

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