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Finance 240 > chapter 1 > Flashcards

chapter 1 Flashcards

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1
Q

Administrative law

A

The body of law created by administrative agencies in order to carry out their duties and responsibilities

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2
Q

Primary sources of law

A

US constitution
Statutory law
Laws from administrative agencies
Case law and common law

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3
Q

Secondary sources of law

A

Books and articles that summarize and clarify the primary sources of law

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4
Q

Constitutional law

A

Law that is based on the US constitution

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5
Q

The constitution is law of the land according to

A

Article 6

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6
Q

Statutory law

A

The body of law enacted by legislative bodies (as opposed to constitutional law, admin law or case law)
- includes ordinances

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7
Q

Ordinances

A

A law passed by a local governing unit such as a municipality or a county

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8
Q

Uniform laws

A

A model law created for the states to consider adopting. If the state adopts it it becomes statutory law

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9
Q

Executive agencies

A

An admin agency within the executive branch of the government. At the federal level, exec agencies are those within the cabinet departments
- subject to the authority of the president

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10
Q

Independent regulatory agencies

A

Not considered part of the executive branch.

- officials cannot be removed without cause

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11
Q

Case law

A

The rules of law announced in court decisions

- judge made law

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12
Q

Common law

A

The body of law developed from custom or judicial decisions in English and US courts, not attributable to a legislature

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13
Q

Remedies

A

The relief given to an innocent party to enforce a right or compensate for the violation of a right
In old days: land, items of value, money (remedies at law)
- could only be awarded in courts of law
Today: money damages

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14
Q

Chancellor

A

an adviser to the king at the time of early kings courts of England

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15
Q

Remedies in equity

A

A remedy granted in an equity court

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16
Q

Breaches

A

To violate a law by an act or omission, or to break a legal obligation that one owes to another person or to society

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17
Q

Equitable maxims

A

General propositions or principles of law that have to do with fairness (,equity)

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18
Q

Whoever seeks equity must do equity

A

Anyone who wishes to be treated fairly must treat others fairly

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19
Q

Where there is equal equity, the law will prevail

A

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

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20
Q

One seeking the aid of an equity court must come to court with clean hands

A

The plaintiff must have acted fairly and honestly

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21
Q

Equity will not suffer a wrong to be without a remedy

A

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

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22
Q

Equity regards substance rather than form

A

Equity is more concerned with fairness and justice than with legal technicalities

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23
Q

Equity aids the vigilant, not those who rest on their rights

A

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

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24
Q

Laches

A

The equitable doctrine that bars a party’s right to legal action if the party has neglected for an unreasonable length of time to act on his or her rights

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25
Q

Defense

A

Reasons that a dependent offers why the plaintiff should not obtain what he or she is seeking

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26
Q

Defendant

A

One against whom a lawsuit is brought, the accused person of a criminal proceeding

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27
Q

Plaintiff

A

One who initiates the lawsuit

28
Q

Petitioner

A

In equity practice, the party that initiates the lawsuit

29
Q

Respondent

A

In equity practice, the party who answers a bill or proceeding (the defendent)

30
Q

Statutes of limitation

A

A federal or state statue setting the maximum time period during which a certain action can be brought or certain rights enforced

31
Q

In equity courts

A

The decision is made by a judge, no jury
The result is called a decree
The remedy is an injunction (an order to stop)

32
Q

Precedent

A

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

33
Q

Reporters

A

A publication in which court cases are published or reported

34
Q

Stare decisis

A

A common law doctrine under which judges are obligated to follow the precedents established in prior decisions

  1. A court should not overturn its own precedents unless there is a compelling reason to do so
  2. Decisions made by higher courts are binding on lower courts
35
Q

Binding authority

A

Any source of law that a court must follow when deciding a case. Binding authorities include constitutions, statutes, and regulations that govern the issue being decided as well as court decisions that are controlling precedents within the jurisdiction

36
Q

Cases of first impression

A

When there is no precedent

37
Q

Persuasive authorities

A

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

38
Q

Public policy

A

A government policy based on widely held societal values and expressed or implied in laws or regulations

39
Q

Legal reasoning

A

The process of reasoning by which a judge harmonizes his or her decision with the judicial decisions of previous cases

40
Q

IRAC method of legal reasoning

A

Issue
Rule
Application
Conclusion

41
Q

Issue

A

What are the key facts and issues

42
Q

Rule

A

What rules of law apply to the case

43
Q

Application

A

How do the rules of law apply to the particular facts and circumstances

44
Q

Conclusion

A

What conclusion should be drawn

45
Q

Alleges

A

To state, recite, assert, or charge

46
Q

Cases on point

A

A previous case involving factual circumstances and issues that are similar to those in the case before the court

47
Q

Jurisprudence

A

The science or philosophy of law

48
Q

Natural law school

A

The belief that government and the legal system should reflect universal moral and ethical principles that are inherent in human nature.

49
Q

Legal positivism (positivist school)

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

  • no natural rights, rights exist bc of laws.
  • US constitution belong to this
50
Q

Historical school

A

A school of legal thought that emphasizes the evolutionary process of law and that looks to the past to discover what the principles of contemporary law should be
- looks at history of the legal system

51
Q

Legal realism

A

Law is just one of many institutions in society and is shaped by social forces and needs.
- judges should take social and economic realities into account when deciding cases

52
Q

Sociological school

A

A school of legal thought that views the law as a tool for promoting justice in society

53
Q

Substantive law

A

Law that defines the rights and duties of individuals with respect to each other
- the law as it is applied to people

54
Q

Procedural law

A

Rules that define the manner is which the rights and duties of individuals will be enforced
- the step by step process of how you go about resolving a dispute or how laws are created

55
Q

Civil law

A

Deals with definition and enforcement of all private or public rights

56
Q

Criminal law

A

Law that defines and governs actions that constitute crimes

- against society as a whole

57
Q

Cyber law

A

All laws governing electronic communications and transactions

58
Q

Citation

A

A reference to a publication in which a legal authority such as statue or court decision can be found
- used to find primary sources of law

59
Q

Appellant

A

The party who takes an appeal from one court to another

60
Q

Appellee

A

The party against whom an appeal is taken

- the party who opposes reversing the judgment

61
Q

Opinions

A

A statement by the court expressing the reasons for its decision in a case

62
Q

Majority opinion

A

A courts written opinion outlining the views of the majority of judges deciding the case

63
Q

Concurring opinion

A

A written opinion outlining the views of a judge to make or emphasize a point that was not made of emphasized in the majority opinion

64
Q

Dissenting opinion

A

A written opinion by a judge who disagrees with the majority opinion

65
Q

Plurality opinion

A

No single position is supported by a majority of judges

66
Q

Per curiam opinion

A

A court opinion written by the court as a whole instead of being authored by a judge

67
Q

Administrative agency

A

A federal, state, or local gov agency established to perform a specific function. Authorized by legislative acts to make and enforce rules to administer and enforce the acts

Finance 240 (33 decks)

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