Business Law Exam 1.docx

Business Law Exam 1.docx - What is Law Rules that must be...

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What is Law - Rules that must be obeyed which regulates individuals, businesses, and other organizations and violators will be sanctioned by the controlling authority. It protects people and their property against unwanted interference Law forbids persons from engaging in certain undesirable activities Functions of Law - Keeping the peace, shaping moral standards, Promoting social justice, maintaining the status quo, Facilitating orderly change, and providing a basis for compromise Fairness of the Law- the American legal system is one of the most comprehensive, fair, and democratic systems of law ever developed and enforced Flexibility of the Law- U.S. law evolves and changes along with the norms of society, technology, and the growth and expansion of commerce in the United States and the world Primary source of law: A document that establishes the law on a particular issue, such as a constitution, a statute, an administrative rule, or a court decision. Secondary source of law: A publication that summarizes of interprets the law, such as a legal encyclopedia, a legal treatise, or an article in a law review. The US Constitution is the supreme law of the land. Codified Law- Statutes and ordinances Statutes- are enacted by Congress and state legislatures Ordinances- are enacted by municipalities and local government agencies Treaties- The president, with the advice and consent of the Senate, may enter into treaties with foreign governments Executive orders- Issued by the president and governors of states and they regulate the conduct of covered parties Rulemaking --Rules, orders and decisions of administrative agencies, federal, state and local. Adjudication --agencies make rules, then investigate and enforce the rules in administrative hearings. Purpose is to ensure that the rule issued is based on a consideration of relevant factors rather than being arbitrary and capricious, which include the powers to: Conduct Inspections and Tests, Issue Subpoenas, Search Warrants. Precedent : court decision that furnishes an example involving identical or similar facts. Kings Courts used precedent to build the common law. Remedy - means to enforce a right or compensate for injury to that right Remedies in Equity- Based on justice and fair dealing a chancery court does what is right: specific performance, injunction, and rescission. Plaintiff- the party who originally brought the lawsuit Defendant - the party against whom the lawsuit has been brought Petitioner or Appellant - the party who has appealed the decision of the trial court or lower court Respondent or Appellee - the party who must answer the petitioner’s appeal Substantive : laws that define and regulate rights and duties. Procedural: laws that establish methods for enforcing and protecting rights.
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