Business Law Exam 1 Review
Federal and state law
Each state has its own laws and the US gov has its own laws
State laws = daily life
Federal laws = big picture
Federal law takes the front seat
There is some overlap, but also some things are completely separate
Civil and Criminal Law
Civil = independent party vs. independent party
o
judgement
o
“preponderance of the evidence”, one side outweighs the other
o
Private law usually
Criminal = government vs. independent party
o
acquittal/conviction
o
“beyond reasonable doubt”
o
Public law
Common Law and Statutes
Statutes = laws a legislature has enacted
Common law = developed by courts’ judicial decisions in areas where legislature has not enacted
a statute
Uniform commercial codes/UCC = written by lawyers to make sure laws are unified across state
lines (ex: sales, secure transactions, etc.)
Federal and state laws both have common law and statutes
An act or transaction can be covered by both state and federal law and both common law and
statutes
at the same time
Nature of Law
Law = how should we live together on this planet?
Good laws promote our shared values and
promote ethical action
Utilitarianism
= the “right thing” produces the most happiness units and the least pain units
Libertarianism
= maximize individual freedoms. Don’t want government control or any paternal
control/enforcement
When you emphasize one value, you come into conflict with other values which is what makes
value-based systems difficult
The social contract = our agreement as to the rules by which society will be governed. Must be
approached:
o
From an original position of
equality
(equal bargaining power) and
o
Behind a “
veil of ignorance
” as to where we’ll end up
Moral minimum = set of universal values (ex: honesty, loyalty, reliability, do no harm)
The Trolley Problem example
o
It’s difficult/impossible to make the “right” decision
o
Who gets to decide who lives and who dies? Fate?
Jurisdiction
Jurisdiction = The power of who gets to hear the case
Subject matter
jurisdiction = the power to hear a case about a particular subject
Subject matter jurisdiction is granted by the constitution(s) or a statute
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