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BusLawStudyGuide1

BusLawStudyGuide1 - BUSINESS LAW EXAM 1 STUDY GUIDE...

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BUSINESS LAW EXAM 1 STUDY GUIDE JURISPRUDENCE - the way we apply practical wisdom to think about the law; practical wisdom, common sense, one of the four cardinal virtues JURISPRUDENTIAL SCHOOLS: 1. Historical – Von Sovigny 2. Positivist – Thomas Hobbes 3. Realist – Oliver Wendell Holmes Jr. 4. Natural Law – Thomas Aquinas (Aristotle – Cicero) FEDERAL SYSTEM – the system of government in which a central government is given power to administer to national concerns while individual states retain the power to administer to local concerns COMMON LAW – the body of unwritten principles originally based upon the usages and customs of the community that were recognized and enforced by the courts -reception statute -uses case law – “judge made” -stare decisis – “let the decision stand” – the court should set the precedent and control the decisions of similar cases in the future NAPOLEONIC CODE – Roman civil law; French civil code -top down statutory – legislative (not case law) COMMERCE CLAUSE – transformed from transactional analysis () into affectation doctrine(congress may regulate interstate commerce) -congress can regulate any activity that affects commerce -shifted balance of power BILL OF RIGHTS – first ten amendments to the constitution LAW VS. EQUITY – Law – tort contract; kings court - Equity – bishops court DUE PROCESS – the constitutional right to be heard, question witnesses, and present evidence -5 th amendment – Feds can’t deprive you of your rights without due process -14 th amendment – States can’t deprive you of your rights without due process -substantive – what is done to you must be fair -procedural – how it is done to you must be fair; first you get a notice, then you get a hearing and a trial EQUAL PROTECTION LAW – prohibits the government from treating one person differently form another when there is no reasonable ground for classifying them differently -rational relations – basic test -heightened scrutiny – laws that discriminate sex/gender -strict scrutiny – discriminate against race PRIVACY – left alone ENUMERATED POWERS – congress may only exercise powers that are stated in the constitution PENUMBRAL – “umbrella”; covers enumerated powers CRIME – a breach of a public duty imposed by law -criminal law involves: crime -civil law involves: contracts (K) and torts ELEMENTS OF A CRIME: -mens rea – mental act (intent) -general intent – basic intent required for all crime -specific intent – more thinking and planning involved; voluntary intoxication, mental cognition -actus rea – physical act (omission)
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SPECIFIC CRIMES: CONSPIRACY – an agreement between 2 or more persons to commit an unlawful act CRIMES RELATED TO PRODUCTION, COMPETITION, AND MARKETING IMPROPER USE OF INTERSTATE COMMERCE – shipment of improper goods or the transmission of improper information in interstate commerce SECURITIES CRIMES – regulation on the issuance and public sale of stocks and bonds
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