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Legal Environment of Business > Ch. 1 > Flashcards

Ch. 1 Flashcards

1
Q

What are 7 areas of law that can affect business decision making?

A

1) contract
2) intellectual property
3) torts
4) product liability
5) sales
6) internet/social media and privacy
7) environmental law and sustainability

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2
Q

Define primary source of law

A

Establishes law (constitution, statutes, regulations)

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3
Q

Define secondary source of law

A

Summarize and clarify the primary source of law

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4
Q

Name 3 parts of Statutory Law

A

1) Ordinances
2) Uniform Laws
3) Uniform Commercial Code

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5
Q

Name the 2 parts of administrative law

A

1) federal agencies
2) state and local agencies

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6
Q

What is American law based largely off of?

A

English common law

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7
Q

What two separate court systems were there in English common law?

A

1) court of law: granted limited kinds of monetary remedies such as land, items of value and money

2) court of equity: awards non monetary relief called remedies in equity such as specific performance, injunctions and rescissions

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8
Q

What two remedies are there in the court system?

A

1) legal
2) equitable

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9
Q

What are the 6 equitable maxims?

A

1) whoever seeks equity must do equity
2) where there is equal equity the law must prevail
3) one seeking aid of the equity court must come to court with clean hands
4) equity will not suffer a wrong to be without a remedy
5) equity regards substance rather than form
6) equity aids the vigilant, not those who rest on their rights

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10
Q

What does “stare decisis” mean? (Stand in decided cases)

A

Common law doctrine where judges must follow the precedents established in common law doctrine

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11
Q

What are the two aspects of stare decisis?

A

1) a court shouldn’t overturn its own precedents unless there is compelling reason to do so
2) decisions made by a higher court are binding on lower courts

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12
Q

Define binding authority:

A

Any source of law a court must follow when deciding a case. Includes constitutions, statutes and regulations

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13
Q

What is controlling precedent?

A

A binding authority that requires a court to follow prior court decisions in its jurisdiction

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14
Q

Define persuasive authority

A

Any primary or secondary source of law that a court may consult for guidance but is not binding on the court. Includes sources from other jurisdictions, issues of fairness, social values and customs and unpublished opinions

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15
Q

In what kind of cases are persuasive authority used?

A

First impression-those with no precedent

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16
Q

What is the IRAC method?

A

The legal reasoning process to decide cases
I=issue
R=application
A=application
C=conclusion

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17
Q

Common law governs transactions not covered by what law?

A

Statutory

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18
Q

What are the compilations that generally summarize the rules of the common law of the states called?

A

Restatements of the law

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19
Q

What are the 4 schools of thought of law?

A

Natural law school
Positivist school
Historical school
Legal realism

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20
Q

Define natural school of law

A

Assumes a higher/universal law exists that applies to all humans and that written laws should reflect the principles inherent in natural law

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21
Q

Define positivism school of law

A

There is no higher laws than those created by a national gov’t

Laws must be obeyed to prevent anarchy even if they’re unjust

Basis for national law

22
Q

Define historical school of law

A

Emphasizes the evolutionary process of law

Concentrates on the history/origins of the legal system

Law derives its legitimacy and authority from standards that have withstood the test of time

23
Q

Define legal realism

A

Law is shaped by social forces and needs

Judges must account for economic and social realities when deciding cases

Influenced the growth of “sociological school” which focuses on law as a tool to promote social justice

24
Q

Every type of law will either be:

A

1) Substantive or Procedural
2) Civil or criminal

25
Q

What are all laws that define, describe, regulate and create legal rights and obligations called?

A

Substantive law

26
Q

Define procedural law

A

All laws that outline the methods of enforcing the rights established by substantive law

27
Q

What spells out the rights and duties that exist between persons and their governments as well as the relief that’s available when a person’s rights are violated?

A

Civil law

28
Q

Define criminal law

A

Concerned with wrongs committed against the public as a whole

29
Q

Define internet, social media and privacy laws

A

All laws governing electronic communications and transactions

30
Q

What is a reference to a publication in which a legal authority can be found called?

A

Citation

31
Q

Where do rules and regulations from federal administration agencies appear first?

A

Federal register

32
Q

What are the two types of courts in the United States?

A

1) federal
2) state

33
Q

What kind of court is evidence given and testimony presented?

A

Trial

34
Q

Trial court decisions can be appealed in what court?

A

Appellate court

35
Q

Appellate court can be appealed to what kind of court?

A

Supreme Court

36
Q

Where are state court opinions published?

A

Regional reporters

37
Q

Where are federal district court opinions published?

A

Federal supplement

38
Q

Where are opinions of the Supreme Court published?

A

United States reports

39
Q

How are legal cases identified?

A

By legal citations

40
Q

What is the party who initiates a lawsuit called?

A

Plaintiff/Petitioner

41
Q

What is the party against whom the lawsuit is brought called?

A

Defendant/Respondent

42
Q

What is the party who takes an appeal from one court to another called?

A

Appellant/Petitioner

43
Q

What is the party against whom an appeal is taken called?

A

Appellee/Respondent

44
Q

What is a monetary award sought as a remedy for a breach of contract or a tortious act called?

A

Damages

45
Q

What is a federal or state statute setting a maximum period of time during which a certain action can be brought or certain rights enforced?

A

Statute of limitations

46
Q

What is the courts reasons for its decisions, the rules of law that apply and the judgement called?

A

Opinion

47
Q

What is an opinion that represents the view of all the judges who heard a case called?

A

Unanimous opinion

48
Q

What is a court opinion that represents the opinion of more than half of the judges deciding a case?

A

Majority opinion

49
Q

What is a court opinion by one or more judges who agree with the majority opinion but not the legal reasoning behind it called?

A

Concurring opinion

50
Q

What is an opinion by one or more judges who disagree with the majority’s opinion called?

A

Dissenting opinion

51
Q

What is an opinion that has the support of the largest number of judges but less than the majority called?

A

Plurality opinion

52
Q

What is a unanimous opinion that doesn’t indicate which judge wrote it?

A

Per curiam opinion

Legal Environment of Business (1 decks)

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