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Business Law I > Chapter one > Flashcards

Chapter one Flashcards

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1
Q

Sources of American Law

A

Primary and Secondary

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2
Q

Primary Source

A

U.S Consitution
Statutory Law
Regulations
Case and Common Law Doctrines

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3
Q

Statutory Law

A

Passed by Congress state legislatures or local governing bodies
Federal: passed by Congress (applies to all states)
State: Passed by state legislature (only applies in state borders)

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4
Q

Regulations

A

Created by administrative agencies

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5
Q

Constitutional Law

A

Supreme law of the land (each state has its own constitution unless it conflicts with the federal constitution, supreme in its borders)

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6
Q

Ordinances

A

laws passed by local government

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7
Q

Uniform Law

A

a model law created by the National Conference of Commissioners and/or American Law Institute for states to adopt or reject

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8
Q

Uniform Commercial Code (UCC)

A

facilitates commerce among states by providing a uniform yet flexible set of rules governing commercial transactions

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9
Q

Administrative Law

A

Body of law created by administrative agencies to carry out their duties

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10
Q

Case Law

A

The rules of law announced in court decisions

interprets:
statutes
regulations
constitutional provisions
other case law

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11
Q

Common Law

A

unwritten laws based on legal precedents established by the courts

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12
Q

Precedent

A

court decision that furnishes an example of authority for deciding subsequent cases

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13
Q

stare decisis

A

common law doctrine where judges are obligated for follow precedents established within their juisdiction

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14
Q

Persuasive Authority

A

Legal authority or source of law that a court may look to for guidance

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15
Q

Legal Reasoning

A

Process of reasoning by which a judge harmonizes his opinion with judicial decisions in previous cases

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16
Q

IRAC

A

Issue
Rule
Action
Conclusion

17
Q

Jurisprudence

A

Science or philosophy of law

18
Q

Natural Law School

A

Oldest school of legal thought based on belief that legal system should reflect “higher” moral or ethical principles

19
Q

Positivist School

A

Centered on the assumption that there is no law higher than those created by natural government (case law or common law)

20
Q

Historical school

A

The study of how law has evolved and why its changed

21
Q

Legal Realism School

A

law derives from prevailing social interests and public policy, as opposed to purely formalistic legal considerations. Judges have different personalities, values, and intellects they will bring different reasoning to the same case.

22
Q

Sociological School

A

Law is a tool for promoting justice in society

23
Q

Classifications of Law

A

Substantive - defines and regulates legal rights and obligations
Procedural - establishes methods of enforcing the rights established by substantive law

24
Q

Areas of law that affect business decision-making

A

contracts
intellectual property
torts
product liability
sales
internet laws, social media and privacy
environmental and sustainable law

25
Q

regulations govern

A

capital structure and financcng
hiring and firing procedures
relations with employees and unions
how business manufactures and markets it products

26
Q

Federal agencies

A

executive agencies: within the executive branch of government

independent regulatory agencies

27
Q

Remedy

A

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

28
Q

court of law

A

court of which only remedies that can be cranted are things of value, like money damages

29
Q

remedies at law

A

a remedy available in court

30
Q

remedies in equity

A

a remedy allowed in court when remedies at law are not appropriate

like an injunction

31
Q

equitable maxims

A

principles of law that have to do with fairness

32
Q

Laches

A

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

33
Q

Binding authority

A

any source of law that must follow when deciding a case

34
Q

civil law

A

dealing with the definition and enforcement of all private and public rights

35
Q

criminal law

A

defines and punishes wrongful actions committed against the public

36
Q

concurring opinion

A

opinion by one or more judges who agree with the majority but when to make a point that was not made

37
Q

dissenting opinion

A

opinion of one or more judges that disagree with the majority

38
Q

plurality

A

opinion joined by largest number of judges hearing the case but fewer than half the total number

39
Q

per curiam opinion

A

opinion written by court as a whole not just judge

Business Law I (14 decks)

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