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Business Law Exam 1 ReviewFederal and state law Each state has its own laws and the US gov has its own lawsState laws = daily lifeFederal laws = big pictureFederal law takes the front seatThere is some overlap, but also some things are completely separate Civil and Criminal LawCivil = independent party vs. independent partyojudgement o“preponderance of the evidence”, one side outweighs the otheroPrivate law usuallyCriminal = government vs. independent party oacquittal/convictiono“beyond reasonable doubt”oPublic lawCommon Law and StatutesStatutes = laws a legislature has enactedCommon law = developed by courts’ judicial decisions in areas where legislature has not enacteda statuteUniform 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 statutesAn act or transaction can be covered by both state and federal law and both common law and statutes at the same timeNature of LawLaw = how should we live together on this planet?Good laws promote our shared values and promote ethical actionUtilitarianism= the “right thing” produces the most happiness units and the least pain unitsLibertarianism= maximize individual freedoms. Don’t want government control or any paternal control/enforcementWhen 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:oFrom an original position of equality(equal bargaining power) andoBehind a “veil of ignorance” as to where we’ll end upMoral minimum = set of universal values (ex: honesty, loyalty, reliability, do no harm)The Trolley Problem exampleoIt’s difficult/impossible to make the “right” decisionoWho gets to decide who lives and who dies? Fate?
JurisdictionJurisdiction = The power of who gets to hear the caseSubject matterjurisdiction = the power to hear a case about a particular subjectSubject matter jurisdiction is granted by the constitution(s) or a statute You can only