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Will K. > BUSINESS LAW > Flashcards

BUSINESS LAW Flashcards

1
Q

Functions of the 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

Facilitating planning

A

the most important function of the law to BUSINESS; starts years in advance; incur expensive before getting paid –> INVESTMENT

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3
Q

What do laws and regulations affect?

A

virtually all business activities

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4
Q

Which areas of law are important for business?

A

ALL areas of law

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5
Q

Statutory law

A

elected officials; ordinances; uniform commercial code; WE have a direct influence

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6
Q

Administrative law

A

federal agencies; state and local agencies; WE have very little influence

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7
Q

Common Law tradition

A

American law is based on the English Common Law; based on traditions, social customs, rules, and cases dating back to 1066AD

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8
Q

Early English courts

A

courts of LAW (monetary relief); courts of EQUITY (non-monetary relief)

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9
Q

Courts of equity

A

“Chancellor’s Court”

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10
Q

What was the status of merchants?

A

merchants were beneath the king’s dignity; did not have access to the courts

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11
Q

What did the merchants end up doing?

A

they handled their OWN affairs

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12
Q

Merchant law

A

became the most fair and stable area of law…eventually became BUSINESS LAW; very efficient because it was motivated by PROFIT; by 1600, the Common Law adapted merchant law

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13
Q

1896 (USA), 1954 (UK)

A

law, equity, and merchant courts combined; some minor exceptions

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14
Q

Who made the original courts of law?

A

William the Conqueror

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15
Q

Who made the original court of equity?

A

William the Conqueror’s chancellors

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16
Q

The doctrine of stare decisis

A

“stand on decided cases” is judge-made law; case precedents and reporters; each decision becomes a legal PRECEDENT

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17
Q

When will courts change a precedent?

A

when the precedent is clearly wrong; times have changed and new precedents are needed; when there are no precedents the courts will use their best judgment

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18
Q

Case of first impression

A

a case with no precedent

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19
Q

“The wisdom of the ages”

A

the Common Law is slow

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20
Q

Is there ever one “right” answer?

A

NO, there are often good arguments for both sides; judges’ personal beliefs can affect outcomes; lawsuits can NOT be predicted with certainty

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21
Q

How many legal generations have there been since William the Conqueror?

A

24

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22
Q

What does the Common Law today govern?

A

actions not covered by statutory law; courts interpret statutes

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23
Q

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

A

49/50; exception is Louisiana

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24
Q

T/F: a law in 1601 could be the governing law in Alabama today.

A

True

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25
Q

Why did states adopt the English Common Law as their own?

A

they needed SOME laws; Americans were already familiar with the English Common Law

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26
Q

What date was the English Common Law effective in each state?

A

the day they joined the Union

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27
Q

What is the effect of the different adoptions dates of the English Common Law?

A

every state has slightly different laws

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28
Q

Did the Federal Government adopt the English Common Law?

A

NO–there is no Federal English Common Law; all Federal law is considered statutory law

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29
Q

T/F: court decisions under the Common Law affect future cases in many circumstances.

A

True

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30
Q

T/F: a court decision from England in 1709 may be the law in some states but NOT in others.

A

True

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31
Q

Desired constitution before the Revolutionary War

A

states wanted a confederation with weak national government and limited powers

32
Q

During the Revolutionary War, the states…

A

adopted the Articles of Confederation

33
Q

Did the Articles of Confederation “work?”

A

No–the states called a Constitutional Convention to form a new government

34
Q

What was the result of the Constitutional Convention?

A

the U.S. Constitution

35
Q

What is the sole reason we have the Constitution we have today?

A

Business

36
Q

What was the flaw of the first proposed Constitution?

A

it did NOT protect individual rights and liberties

37
Q

What fixed the flaw of the first proposed Constitution?

A

The Bill of Rights

38
Q

The Bill of Rights

A

the first 10 amendments

39
Q

Constitutional powers of government

A

established the federal form of gov’t; SHARES power between national and state gov’ts; national gov’t has limited, enumerated powers delegated from states

40
Q

Regulatory powers of the states

A

10th amendment; police powers

41
Q

Police powers

A

health, safety, order, and morals; they have NOTHING to do with the actual police

42
Q

Privileges and Immunities Clause

A

prevents states from discrimination against non-citizens

43
Q

Full Faith and Credit Clause

A

requires states to enforce the laws and court rulings of other states, especially concerning property and criminal proceedings

44
Q

Separation of power

A

CHECKS AND BALANCES –> legislative, executive, judicial

45
Q

Legislative branch (Congress)

A

creates laws

46
Q

Executive branch (president/agencies)

A

enforces laws

47
Q

Judicial branch (courts)

A

interprets laws

48
Q

T/F: Congress has the power to regulate commerce with foreign nations, AND among states.

A

True

49
Q

The Commerce Clause

A

the MOST IMPORTANT clause in the Constitution to BUSINESS; gives the federal gov’t the exclusive right to regulate interstate commerce…IF they choose to exercise it

50
Q

Interstate (1824)

A

across states

51
Q

Intrastate (1942)

A

in states

52
Q

T/F: the federal government can regulate ALL commerce and anything that affects commerce.

A

True

53
Q

Equal protection

A

strict security; intermediate scrutiny; “rational basis” test

54
Q

When can states regulate interstate commerce?

A

if the Federal Gov’t has not decided to exclusively regulate a particular area of commerce; the state regulation does not “unduly burden” interstate commerce

55
Q

The Supremacy Clause

A

the Constitution provides that federal law is the “Supreme Law of the Land” (but limited by 10th amendment); a VALID federal statute or regulation will take precedence over a conflicting state or local statute

56
Q

Federal Preemption

A

when state law is upheld or “preempted” due to the Supremacy Clause

57
Q

Business and the Bill of Rights

A

first 10 amendments to the U.S. Constitution; protect our individual rights

58
Q

T/F: your rights don’t extend as far as to interfere with other peoples’ rights.

A

True

59
Q

All courts have three levels

A
  1. trial court
  2. courts of appeal
  3. Supreme Court
60
Q

Trial court

A

original jurisdiction

61
Q

What is the name of the federal trial court?

A

U.S. District Court

62
Q

Courts of appeal

A

intermediate level

63
Q

Supreme Court

A

top authority

64
Q

U.S. Supreme Court

A

ONLY appellate court that does NOT have to listen to your appeal; hears cases in its discretion

65
Q

How many appeals per year does the U.S. Supreme Court get?

A

10,000+ appeals

66
Q

Petition Certiorari

A

one-page request to the Supreme Court to hear your appeal

67
Q

How many appeals does the U.S. Supreme Court actually hear per year?

A

80-100 appeals

68
Q

Writ of Certiorari

A

Supreme Court agreement to hear your appeal

69
Q

T/F: in the U.S., you have the right to sue anyone over any matter in any court.

A

True

70
Q

T/F: all appellate courts MUST hear your appeal.

A

False (U.S. Supreme Court is the exception)

71
Q

Alternative dispute resolution (ADR)

A

most common methods: negotiation, mediation, arbitration

72
Q

mediation

A

does NOT result in a decision

73
Q

arbitration

A

DOES end in a decision; if non-binding, you can appeal

74
Q

Why consider an ADR?

A

trails are expensive and time consuming; ADRs are inexpensive, quick, and give parties more control over the process

75
Q

T/F: unless court-ordered, there is NO RECORD which is an important factor in commercial litigation due to trade secrtes

A

True

Will K. (10 decks)

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