EXAM 1 Flashcards
What is a Law?
a set of enforceable rules that regulates
the conduct of individuals, businesses and other
organizations within society
What does a Law serve in society
It keeps peace
Define Liability
The state of being legally responsible (liable) for
something, such as a debt or obligation
Legal concepts are useful for business persons in the
following fields (6)
- Corporate management
- Research and development
- Accounting and finance
- Marketing
- Production and transportation
- Human resource management
What is a Primary Source of Law
A document that establishes the law on
a particular issue, such as a constitution, a statute, an
administrative rule, or case law.
What is a Secondary Sources
A publication that summarizes of
interprets the law, such as a legal encyclopedia, a legal
treatise, or an article in a law review.
What source do courts rely to?
Courts refer to secondary sources for guidance in
interpreting/applying the primary sources of law.
What are the primary sources (4)
- Case law (court decisions)
- U.S. Constitution
- Regulations
- Statutory Law
What are Statutory laws
Laws passed by U.S. Congress , state
legislatures, and local governing bodies
Who are regulations created by (3)
administrative agencies
- SEC
- EPA
- IRS
What is a Constitutional Law
law derived from the U.S. Constitution and of the 50 states in the union.
What is the basis of Law in the US
The Constitution
Each state has its own constitution, which is the supreme law within its geographic territory, UNLESS…
It conflicts with the U.S. Constitution,
or federal law
What can Statutes not do
violate the U.S. Constitution or relevant state constitution
What is Local Ordinance (2)
- Laws passed by a county
- deal with matters not covered by federal or state law.
What are Uniform Laws (2)
- Model laws
- developed by legal scholars/lawyers for states to consider enacting into statute
What is an Administrative Law
- Law created by administrative agencies
- Carry out Administrative duties and responsibilities for the executative branch
Bill of Rights
First 10 of the Amendments
Business and the Bill of Rights (4)
- Freedom of Speech (1st Amendment).
- Freedom of Religion (1st Amendment).
- Due Process of Law (5th and 14th
Amendment). - Equal Protection of the Laws (14th
Amendment).
Free Speech: Commercial
Speech
Speech by business firms that involve only their commercial interests, such as advertising and marketing.
Types of speech not protected (4)
- Defamatory speech.
- Speech that violates criminal laws (e.g.,
inciting a riot, threatening speech). - “Fighting words.”
- Obscenity
What does Judicial Review do for courts? (2)
Interprets and applies laws passed by the
legislature
determines the constitutionality of acts by the legislature or the executive (federal and state)
A plaintiff must meet these requirements in order to file a lawsuit (JVS)
- Jurisdiction
- Venue
- Standing to Sue
What are the two types of Jurisdiction
- Jurisdiction over Persons and Property
- Jurisdiction over Subject Matter
What is Personal Jurisdiction
power of court to compel parties to appear in court and litigate lawsuit.
What is another word for personal jurisdiction
Personam
What are the roles of the Plaintiff and Defendant in Personal jurisdiction
- Plaintiffs gives court jurisdiction over themselves by
filing lawsuits. - Court must obtain jurisdiction over the defendants.