Quiz 1 Content (Test 1) Flashcards
1
Q
business law
A
creation & enforcement of: duties, obligations, rights
2
Q
what is the purpose of law?
A
- functioning society
- order, stabilize, consistency
- protect rights
- punishment, hold accountable
- better economic growth
3
Q
ethics
A
- individual standards
- how do you monitor ethics? you ask yourself
4
Q
laws
A
- established by society’s needs
- how do you monitor laws? gov, police, criminal justice
- reflect moral principles that we share
- can be morally neutral
- a lot of our laws are based on ethics (but not all, some are for health & safety too)
- the moral MINIMUM
5
Q
what are the 2 classifications of laws?
A
1) substantive & procedural
2) criminal & civil law
6
Q
substantive law
A
defines specific rights we are entitled, specific duties, specific prohibitions
7
Q
procedural law
A
specifies the process by which we enforce substantive laws
8
Q
criminal law
A
- rules that protect society as a whole by establishing certain minimum standards (“acceptable behavior”) and establish punishment for those who fail to meet the standards
- always written laws (statutory)
- enforced by the gov
9
Q
civil law
A
- laws that are concerned with private relations between members of our society
- when you have a civil action, it’s suing
- all about $$
- brought by the “injured party”
10
Q
civil law system
A
- based on codes written law created by legislators
- Louisiana is the only exception (only US state with this)
- Delaware only state that has this & common law system
11
Q
common law system
A
- US system
- only in English speaking countries
- judge made law, case law
- we allow our courts to interpret, fill in, shape our law
- Delaware only state that has this & civil law system
12
Q
court of law
A
- “King’s Law”
- very rigid
- juries & judges
- do you want $$?
- you get all or nothing, even if it’s not “fair” (ex: house contract… builder gets no pay if unfinished no matter what)
- only about $ (legal damages are always $)
- money judgment at law (court order requiring the Δ to pay)
- 99.99% cases are settled (can settle at any time before the decision comes in)
13
Q
court of equity/chancery
A
- “Church of England”
- ONLY civil cases
- very flexible, based on what’s fair
- chancellors (no longer)
- NO juries
- do you want people to follow the law?
- unjust enrichment (no one gets benefit @ detriment of others, Quasi-K contract is a legal obligation imposed by law to prevent unjust enrichment)
- ex: house contract… builder gets 1/2 pay if 1/2 unfinished
- remedies are a court’s order to do/refrain from a certain act (injunction = court order to stop, “specific performance” enforces contracts)
- you can only seek equitable damages when legal damages are insufficient!
- contempt = Δ refuses to pay (can fine them every day they refuse court, or jail until you comply)
14
Q
what are the historical differences between court of law and court of equity?
A
different buildings, decision maker, procedures, rules, remedies, enforcement of remedies
15
Q
how is the law vs. equity today?
A
1 building, 1 judge, 1 case
