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Bus Law > Ch 1 > Flashcards

Ch 1 Flashcards

0
Q

Why is law important to you?

A

Because it is created to serve the public and you are the public

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1
Q

What is law?

A

A body of enforceable rules governing relationships Amon individuals and between individuals and their society

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2
Q

Why does the United States’ laws consist of?

A

Written laws, court decisions created by modern legislative and judicial systems

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3
Q

What feature is common for all laws?

A

They establish rights, duties, and privileges that are consistent with the values and beliefs of a society it its ruling group

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4
Q

What is a breach?

A

A failure to perform a legal obligation

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5
Q

What are the functional fields of business?

A 
Corporate management 
Production and transportation
Marketing
Research and development 
Accounting and finance 
Human resource management
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6
Q

What are some examples of areas of law that ,I gut affect business decision making?

A 
Contracts
Sales
Negotiable instruments
Creditors rights
Intellectual property 
E-commerce 
Product liability 
Torts 
Agency 
Business organizations 
Professional liability 
Courts and courts procedures
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7
Q

What is a primary source of law?

A

A document that establishes a law on a particular issue, such as a constitution, a statute, an administrative rule, or a court decision

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8
Q

What are some primary sources of law in he United States?

A 
US constitution
Statues or laws passed by congress and by state legislative 
Regulations created by administrative agencies (ex FDA)
Case law (court decisions)
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9
Q

What is secondary course of law?

A

A publication that summarizes or interprets the law

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10
Q

What are some examples of secondary sources of law?

A

Legal encyclopedia
Legal treatise
Article in a law review

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11
Q

What are secondary sources of law used for?

A

Used by courts for guidance in interpreting and applying primary sources

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12
Q

What is constitutional law?

A

The body of law derived from the U.S. Constitution and the constitutions of he various states

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13
Q

What does the constitution do?

A

They set forth general organization, powers, and limits of their respective governments

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14
Q

What is he basis for law in the US?

A

The constitution

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15
Q

What is statutory law?

A

Body of law enacted by legislative bodies

Opposed to constitutional, administrative, or case law

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16
Q

What is an ordinance?

A

Regulation enacted by a city or country legislative body that becomes part of that states statuary law

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17
Q

What is a statue?

A

Laws, rules, or orders

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18
Q

What are uniform laws?

A

A model law developed by the national conference of commissions on uniform state laws for the states to consider enacting into statue

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19
Q

What problem did differences in state laws cause?

A

Created difficulties for businessperson conducting over state borders.
Formed national conference of commissioners on United States laws to draft uniform laws to counter this

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20
Q

How does a uniform law become part of the state’s law.

A

By choosing to adopt it becomes a part of the statutory laws for that state

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21
Q

What is uniform commercial code?

A

Created by NCCUSL and American law institute
Adopted by all 50 states DC and begin islands
Uniform yet flexible set of rules governing commercial transactions

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22
Q

What is administrative law?

A

Rules, orders, and decisions of administrative agencies

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23
Q

What is an administrative agency?

A

Federal, state, local govt agency established to preform a specific function

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24
Q

What is case law?

A

Rules of law announced in a court decision. Interpret statues, regulations, constitutional provisions, and other case law

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25
Q

What is American law based on?

A

English legal system

26
Q

What is curiae regis?

A

British common law court, Kings court

27
Q

What is common law?

A

The body of law developed from custom or judicial decisions in English and U.S. courts, not attributable to a legislative
Started in great Britain

28
Q

What is legal precedent?

A

Court decision that furnishes an example or authority for deciding subsequent cases involving similar or identical fact

29
Q

What were the year books?

A

Useful re fences with results from all big cases

Used for precedent

30
Q

What is stare decisis?

A

To stand on decided cases

Decide new cases based on previous precedents

31
Q

What are the two aspects of stare decisis?

A

Decisions made by a higher court are bidding to lower courts

A court could not overturn its own precedent unless there is strong reason to do so

32
Q

What is a binding authority?

A

Controlling precedents

Any source of law that a court must follow when deciding a case

33
Q

When are old Supreme Court cases no longer relevant?

A

Until overruled by subsequent Supreme Court decidings, constructional amendment, congressional legislation

34
Q

What is one of the most famous precedent over rulings?

A

Brown V. The board of education

35
Q

What are cases with issues that have never arose before called?

A

Cases of first impression

36
Q

What are persuasive authorities?

A

And legal authority or source of law that a court may look to for guidance but need not follow when making its decision

37
Q

What is a remedy?

A

The relief given to an innocent party to enforce a right or compensate for the violation of a right

38
Q

What were the courts of law?

A

Early king’s court could either award money or property

Remedies were called remedies at law

39
Q

What is equity?

A

Branch of law founded on the notion of justice and fair dealing
Used when no adequate remedy was available
Petitioned king for relief and referred to chancellor (called remedies in equity)

40
Q

Are courts of equity still used?

A

No, courts of law and equity have become merged but principles of equity still apply, and courts will only grant equitable remedies if remedy at law is inadequate

41
Q

What are equitable principles and maxims?

A

General propositions or principles of law that have to do with fairness

42
Q

Who does the initiation of a lawsuit?

A

Action at law
Filing a complaint
Action in equity
Filing a petition

43
Q

Who makes the decision?

A

Action at law
Jury or judge
Action in equity
By judge

44
Q

What are the results?

A

Action at law
Judgment
Action in equity
Decree

45
Q

What are the remedies?

A

Action at law
Monetary damages
Action in equity
Injunction, specific performance, or rescission

46
Q

What is jurisprudence?

A

The science of philosophy of law

47
Q

What is the natural law school?

A

Oldest school of legal thought, based on belief that the legal system should reflect universal moral and ethical principles that are inherent in human nature.

Applies universally to all human kind
God and shit
All laws apply to everyone
Aka foreign workers are protected by our working laws

48
Q

What are some of the most significant equitable principles and maxims?

A

Anyone who wishes to be treated fairly must treat others fairly

The law will determine the outcome of a controversy in which the merits of both sides are equal

Plaintiffs must act fairly and honestly

Equitable relief will be awarded when there is a right to relief and there is no adequate remedy at law

Equity is mostly concerned with firmness and justness than legal technicalities

Equity will not help those who neglect their rights for an unreasonable period in time

49
Q

What is the equitable doctrine of laches?

A

Most bring forth lawsuits while hey are fresh

50
Q

What is statues of limitations?

A

Statues set the maximum time period during which a certain action can be brought

51
Q

What is legal positivism?

A

A school of legal thought centered on the assumption that there is no law higher than the laws created by a national government. Laws must be obeyed, even if they are unjust, to prevent anarchy

Applies to only citizens of a nation
Humans rights exist solely because of laws

52
Q

What is legal realism?

A

A school of legal thought that holds that the law is only one factor to be considered when deciding cases and that social and economic circumstances should also be taken into account

Look beyond law and take into account social and economic realities

Judges are different and therefore have different rulings

53
Q

What is the historical school?

A

A school of legal thought that looks to the past to determine what the principles of contemporary law should be

Based on standards previously set that have proved to be workable

54
Q

What is substantive law?

A

Law that defines, describes, regulates, and creates legal rights and obligations

Law stating employee can get benefits from work injuries

55
Q

What are procedural laws?

A

Law that establishes the methods of enforcing the rights established by substantive laws

Law stating how an employee must notify employer or work injuries

56
Q

What are federal, state, and private laws?

A

Dealing with relationships among people

57
Q

What is public law?

A

Addressing the relationship between persons and their government

58
Q

What is cyber Law?

A

An informal term that refers goal law governing electronic communications and transactions, particularly those conducted via the Internet

59
Q

What is civil law?

A

Law dealing win the definition and enforcement of all private and public rights, as opposed to criminal matters

60
Q

What is a civil law system?

A

Systems of laws derived from roman law that is based on codified laws versus precedents

61
Q

What are criminal laws?

A

Law that defines and punishes wrongful acts committed against the public
Prosecuted by public officials
Goal is to punish the wrong doer

62
Q

What is national law?

A

Law that pertains to a particular nation

63
Q

What is international law?

A

Law that governs relationships among nations

Bus Law (4 decks)

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