Biz Law Test Review 1.docx

Biz Law Test Review 1.docx - Biz Law August 24-What are...

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Biz Law August 24 -What are laws? - “enforceable rules governing relationships among individuals and between individuals and their society.” -Functions law in society -establish guidelines -maintain order -encourage safety -dispute resolution -protect individual freedom Business Activities and the Legal Environment -Laws and regulations affect virtually all business activities. -Many different laws may affect a single business transaction -Knowledge of ‘black-letter’ not enough- business now assumes an ethical demension Source of American Law - Constitutional Law -Federal -State -Statutory -Federal -State -Uniform Laws -Uniform Commercial Code -Case Law (Judges creating laws) -Common Law Doctrine - is based on traditions, social customs, rules, and judicial decisions from prior cases - Common law governs transactions not covered by statutory law. The Common Law Tradition -American law is based largely on English Common Law which was based largely on traditions, social customs, rules, and cases dating back to 1066 A.D.
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Early English courts: at common law, there were two separate court systems: -Courts of law (seeking compensation) -Courts of equity Courts of Law -Judges were appointed by the king -Remedies limited to those provided at law, i.e., land, chattel, money. -Judges resolved disputes by application of rules of law to the facts of the case before the court. Courts of Equity - Equity is a branch of law founded on what is fair and just -Courts of equity were administered by chancellors appointed by the king. -Equitable remedies include: specific performance, injunctions, etc. -Courts will NOT grant equitable remedies UNLESS monetary damages are inadequate. Legal and Equitable Remedies Today - Federal and state courts have consolidated remedies at law and equity. -Generally, the same court order includes both damages and equitable or injunctive relief Stare Decisis - Stare Decisis: The doctrine that requires judges to follow established precedent within a particular jurisdiction -Claws are applied equally to everyone - Decisions made by a higher court are bidding on lower courts -Courts should not overturn their own precedents without compelling reasons Benefits of Stare Decisis -Make the law stable and predictable -Increases judicial efficiency by reliving courts of having to reinvent legal principles for each case brought before them -Departures from precedent - The highest court in a jurisdiction may depart from precedent -Cases “first impression” ^-- No precedent There Is No One “Right” Answer -Good argument are made for different sides -Judges have personal beliefs that can affect decisions -Outcomes to lawsuits cannot be predicted with certainty
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Biz Law 1 Aug 29 Supremacy clause- the constitution is the supreme law of the land.
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