Exam 1 Flashcards
Categoris of Law
Criminal
Civil
Substantive
Procedural
Public
Private
Criminal Law
Protection of society
Civil Law
Compensate parties for loss or damage
Substantive Law
Individual rights and duties
Procedural Law
Structure of rules for pursuing rights
Public Law
Established by a government entity
Private Law
Arising from private agreement
Primary Sources and Levels of American Law
-Much of American law is derived from English legal doctrines
-It is generally a combination of constitutional law, statutory law, administrative law, and common law at the federal, state, and local levels (primary sources)
Primary Sources of American Law
Satutory
Administrative
Common
Administrative Law
-Autherizes the exercise of authority by executive branch and independent agencies
-Administrative agencies: administer detail of statutes. Have broad power to impose regulations, make policy, and enforce law in a designated area.
Common Law
-Essentially law made by the courts, i.e, law that has not specifically been passed by the legislature but is based on the fundamentals
-Precedent: when courts apply the law of a previous case to surrent cases with similar facts
Statutory Law
-Created by legislative body
- Bill: draft or propoosed statue that a legislature has not yeat passed or the exedcutive has not yet approved
-Levels: federal statutes, state statutes, and ordinances (local government)
Law and Equity
-Remedies: judicial actions to compensate for civil legal injury
-Remedy at law: generally money damages
-Equitable relief- award bt court to “make a party whole” (e.g., injunction, specific performance)
Stare Decisis and Precedent
-Stare Decisis: similar cases with similar facts and issues should have the same judicial outcomes
-Lower courts, such as trial courts, must follow case precedent
-Once an appellate court has decided a particular case, the decision becomes case precedent
-Trial courts apply precedent by making use of key statements from earlier judicial opinion, known as the holding of a case.
Morals
Generally accepted standards of right and wrong in a given society or community
Narrow view “Greed is Good”
-Milton Friedman
-Only responsibility is to maximize shareholder wealth
-Friedman argues that pursuing social
Moderate view “just follow the law”
-Ethical responsibility is to comply with the law and pursue objectives that are leagal
-It is government’s job to establish legal and regulatory guidlines for business
-Government already represents aggregate moral vs of the public
Broad view “good corporate citizenship and a social license to operate”
-Aim to achieve commercial success in ways that honor ethical vlaues and respect people, communities, and the natural environment in a sustainable manner while recognizing stakeholders
Social license to operate- includes the demands on, and expectations for, a business that emerge from heighborhoods, environmental groups, community members, and other elements of civil society
-Triple bottom line: conventional creation of economic value (profit) + creation (or destruction) of environmental and social value
National Power
-Coin Money
- Regulate interstate and foreign trade
-Raise and maintain ramed forces
-Declare war
-Govern U.S. terttitories and admit new states
-Conduct foreign relations
Structure of the U.S. Constitution
-Preamble: more perfect union, justice, domestic tranquility, national deense, general welfare, liberty
-7 articles: Article 1 is legislative, Article 2 is executive, Article 3 is judicial
-27 subsequent amendments: Bill of right (first 10 amendments)
-Structural features: federalism, seperation powers