Business Law Exam 1 Review - 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 =

Business Law Exam 1 Review - Business Law Exam 1 Review...

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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?
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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 You can only
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