Bus- Notes #1 - August 31 Business Law: Intro to Law •...

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August 31 Business Law: Intro to Law Typical Lawsuit o X (plaintiff) vs. Y (defendant) o Plaintiff= someone whose rights have been infringed upon o Defendant= Admit or deny situation Bodies of Law o There are no differences between common and equity law now o Common law= judge created this system of law, law that has been set by a precedent, outcome of most common law cases is money (money damages) Precedent makes law somewhat predictable “stare decisis”= let the decision stand o Equity law= equity courts created because in the common law courts believed that sometimes money was not enough Injunction= court order that tells you to do something or to stop doing something (ex. Restraining order) Specific performance= people need to perform on the terms that they agreed upon, need to show why the specific way that the terms were agreed upon were important, not an easy way of performance Reformation= need to change the terms of the contract Two parties need to change contract so they go to a judge to reform their contract Rescission= to cancel a contract Two parties can’t agree on something so contract cancelled, but the parties are returned to how they were before o Constitutions= setup how government is going to be run Declaration of Independence has no legal binding
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Bus- Notes #1 - August 31 Business Law: Intro to Law •...

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