_Exam One Review Part One.docx - THE LEGAL ENVIRONMENT I...

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THE LEGAL ENVIRONMENTI. Sources of Law1. Constitutional law - The body of law derived from the U.S. Constitution and the Constitutions of the various states. 2. Statutory law - Laws enacted by legislative bodies at any level of government. 3. Administrative law - The body of law created by administrative agencies in order to carry out their duties and responsibilities.Federal, state, or local government:enabling legislation - A statute enacted by Congress that authorizes the creation of an administrative agency and specifies the name, composition, purpose, and powers of the agency being created.rulemaking - The process by which an administrative agency formally adopts a new regulation or amends an old one.4. Common law: The body of law developed from custom or judicial decisions in court, not attributable to legislature. Common Law - is developed by judges, courts, and similar tribunals, stated in decisionsthat nominally decide individual cases but that in addition have precedentialeffect on future cases. Case Law - The rules of law announced in court decisions. Case law interprets statutes, regulations, constitutional provisions, and other case law.II. Legal and Equitable RemediesRemedy - is the relief given to an innocent party to enforce a right or compensate for the violation of a right.Equitable Remedy - is a branch of law founded on notions of justice and fair dealing. It seeks to supply a remedy when no adequate remedy at law is available.a court normally will grant an equitable remedy only when the remedy at law (monetary damages) is inadequate.1. Money damages (legal) - payment of money or property as compensation for damages.2. Injunction (equitable) - the form of a court order that compels a party to do or refrain from specific acts.3. Specific performance (equitable) - is an order of a court which requires a party to perform a specific act, usually what is stated in a contract.4. Rescission (equitable) - Cancellation of the contract5. Restitution (equitable) - under which a person is restored to his or her original position prior to loss or injury, or placed in the position he or she would have been in had the breach not occurred.III. Stare Decisis - If a similar dispute has been resolved in the past, the court is usually boundto follow the reasoning used in the prior decision.

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