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Legal And Ethical Environment Of Business > Law > Flashcards

Law Flashcards

1
Q

What are the 4 primary sources of law?

A
  1. Constitutional Law
  2. Statutory Law/Legislation
  3. Common Law/Case Law
  4. Administrative Law
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2
Q

True or False:

Constitutional Law exists at both the federal and state level.

A

True

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3
Q

How are statutory laws created and approved?

A

Created by a legislative body (Congress) and approved by the executive branch (president or governor).

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4
Q

What’s another name for common law?

A

Case law

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5
Q

Who makes common laws?

A

Appellate courts

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6
Q

When a decision from an appellate court becomes a case precedent, where is it binding?

A

Usually only binding within the jurisdiction of the court setting the precedent

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7
Q

What is the doctrine of stare decisis?

A

A principle that similar cases with similar facts and issues should have the same judicial outcome.

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8
Q

What does administrative law regulate?

A

The exercise of authority by government agencies.

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9
Q

What’s another name for administrative law?

A

Regulations

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10
Q

How are secondary sources of law different than primary sources?

A

They have no independent authority and are not legally binding.

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11
Q

What are restatements of the law?

A

Summaries of common law.

Collections of uniform legal principles in a specific area of law that are designed to reduce the complexity of judicial decisions.

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12
Q

What are two examples of restatements of law?

A

Torts and contracts

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13
Q

What are uniform model statutes?

A

Statutes drafted by legal experts, in hopes that they will be used or adopted by state legislatures to provide uniformity in laws between the states.

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14
Q

What are civil laws designed to do?

A

Compensate individuals

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15
Q

What are criminal laws designed to do?

A

Protect society through penalizing violators with fines and imprisonment.

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16
Q

What do substantive laws do?

A

Provide individuals with rights and create certain duties.

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17
Q

What do procedural laws do?

A

Provide a structure and set out rules for pursuing substantive rights.

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18
Q

What’s the difference between public and private laws?

A

Public laws are created by government entities while private laws (like contracts) are recognized as binding even though no specific statute or regulation provides for the rights of the parties.

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19
Q

What are the two roles of the judiciary?

A
  1. Courts adjudicate disputes

2. Certain courts are charged with the responsibility of judicial review.

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20
Q

Are most court cases filed in federal or state courts?

A

State courts

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21
Q

What are the two types of state courts?

A

State trial courts and state appellate courts

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22
Q

What are the principal federal trial courts?

A

U.S. district courts

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23
Q

What are federal appellate courts called?

A

U.S. courts of appeal

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24
Q

What is the ultimate arbiter of federal law?

A

U.S. Supreme Court

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25
Q

Does litigation in out-of-state courts increase or decrease costs?

A

Increase costs

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26
Q

True or False:

Federal Courts are Courts of Limited Jurisdiction.

A

True

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27
Q

Subject Matter Jurisdiction:

Federal Courts may hear cases under what circumstances:

A
  1. Federal questions (claims arising under the U.S. Constitution, an act of Congress, or a treaty)
  2. Diversity of citizenship (parties to the dispute reside in different states and the lawsuit involves more than $75,000)
  3. If the US is a party
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28
Q

What is concurrent jurisdiction?

A

When a case can be brought to either state or federal courts

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29
Q

What is exclusive jurisdiction?

A

When a case can only be brought in either a state court or a federal court

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30
Q

Personal Jurisdiction:

A court has personal jurisdiction under what circumstances?

A
  1. Residents and businesses located in the state
  2. Non-residents with minimum contacts
  3. Non-residents owning property
  4. Voluntary – Forum Selection Clause
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31
Q

What is the legal concept that defines the most appropriate location for the trial within a jurisdiction?

A

Venue

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32
Q

Typically, where does a state statutes provide the venue in a civil case?

A

Where the defendant resides or is headquartered

33
Q

What is the requirement for a class action case?

A

If defendant’s conduct affects many parties in same way.

34
Q

Define pleadings.

A

The formal allegations by the parties to a lawsuit of their respective claims and defenses

35
Q

What is involved in the pleadings stage?

A

Complaint, summons, answer, counterclaim

36
Q

What is involved in the discovery stage?

A

Depositions, interrogatories, and requests for production

37
Q

Define deposition.

A

The oral questioning of any person who may have helpful information about the facts of a case

38
Q

Define interrogatory.

A

Written question to a party to a lawsuit and its attorney.

39
Q

What is not allowed and is considered a felony (due to Sarbanes-Oxley) during the discovery stage?

A

Destruction of documents intended to impair their use in official proceedings, even if an investigation is only pending.

40
Q

True or False:

An appellate court can hear a case and make a ruling based on disagreeing with the original verdict.

A

False:

An appellate court will review the manner in which the trial judge applied the law to the case and conducted the trial.

41
Q

What are some disadvantages to litigation?

A

Cost, time, privacy, expertise, and difficulty preserving a business relationship

42
Q

What are some benefits of settlements?

A

Cost effective, minimizes bad publicity, and may preserve business relationships

43
Q

What does ADR mean?

A

Alternative dispute resolution

44
Q

What are some types of ADR?

A

Settlement, arbitration and mediation

45
Q

Is arbitration binding?

A

Yes, it is contractual and binding.

46
Q

Can arbitration and mediation happen at the same time?

A

Yes, mediation often occurs at the same time arbitration moving forward

47
Q

True or False?

Mediation is binding

A

False

48
Q

True of False?

States have power to protect general welfare of citizens.

A

True

49
Q

Do states or the federal government have limited power to regulate individuals and businesses?

A

Federal government

50
Q

What are the limited powers granted to the 3 branches of federal government?

A

Enumerated powers

51
Q

What is judicial review?

A

The power of federal courts to review acts of the legislative and executive branches of government to see if they violate the Constitution

52
Q

What is the most lenient form of judicial review?

A

Rational basis

53
Q

What is the strictest form of judicial review?

A

Strict scrutiny

54
Q

Describe rational basis judicial review.

A

The most lenient form of judicial review. Presumption is that the legislation is constitutional

55
Q

Which level of judicial review deals mostly with economic and tax cases?

A

Rational basis

56
Q

Describe strict scrutiny judicial review.

A

The strictest form of judicial review. Presumption is that the legislation is unconstitutional.

57
Q

Which level of judicial review deals with fundamental rights or suspect classifications?

A

Strict scrutiny

58
Q

What does the Commerce Clause regulate?

A

It gives Congress power to regulate commerce among the several states.

59
Q

What does the Supremacy Clause state?

A

Federal laws are always supreme to any conflicting state law

60
Q

What does the doctrine of preemption state?

A

Federal law preempts state law even when they conflict.

61
Q

What are the first 10 amendments to the Constitution?

A

The Bill of Rights

62
Q

What does The Bill of Rights contain?

A

Specific guarantees of individual liberties and limitations on the federal government from infringing with those liberties

63
Q

What does the First Amendment guarantee?

A

Freedom of religion, speech, press, and assembly

64
Q

True of False?

Political speech is entitled to more protection than commercial speech.

A

True

65
Q

What kind of speech is not protected by the First Amendment?

A

Speech that creates a “clear and present danger” by inciting imminent violence

66
Q

True or False?

Contracts should be viewed as a planning document.

A

True

67
Q

Which of the below is a goal of contracts?

  1. To have a workable deal
  2. To enforce through litigation/arbitration
A
  1. To have a workable deal
68
Q

Are oral contracts enforceable?

A

Yes, but they are difficult to prove

69
Q

Are gifts considered an enforceable contract?

A

No, gifts are not a contract and are not enforceable

70
Q

What do courts do when faced with an illegal contract?

A

They leave the parties in the same position as they find them

71
Q

What is a consideration?

A

A thing of value exchanged in a contract that includes, money, services, an object, a promise, forbearance, or giving up the right to do something

72
Q

What is capacity?

A

The ability (requisite presence of mind) to enter into a binding contract

73
Q

Do minors have full, limited or no capacity?

A

Limited capacity

74
Q

True or false?

Minors can not only disaffirm a contract but enforce it if it is advantageous to them

A

True

75
Q

What is the usual remedy for breach of contract?

A

Compensation or money damages to make the victim “whole”

76
Q

What is the usual remedy for breach of contract for irreplaceable goods?

A

“Specific performance”

77
Q

What is “specific performance”in contracts?

A

The party that breached a contract must do something, e.g. perform its obligations under the contract

78
Q

True or false?

Employment contracts can have “specific performance”

A

False. People cannot be forced to work for another party because of the 13th Amendment (abolishes slavery and involuntary servitude).

79
Q

Are oral agreements to arbitrate binding?

A

No, the Federal Arbitration Clause requires parties to agree to arbitration in writing

Legal And Ethical Environment Of Business (2 decks)

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