Bus. Law Review

Bus. Law Review - Chapter 1: The Legal Environment Law: a...

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Chapter 1: The Legal Environment Law : a body of enforceable rules governing relationships among individuals and between individuals and their society Legal realism : a school of legal thought of the 1920s and 1930s that generally advocated a less abstract and more realistic approach to the law, an approach to the law, an approach that takes into account customary practices and the circumstances in which transactions take place. This school left a lasting imprint on American jurisprudence. Statutory law : the body of law enacted by legislative bodies (as opposed to constitutional law, administrative law, or case law). *written laws Uniform law : a model law created by the National Conference of Commissioners on Uniform State Laws and/or the American Law Institute for the states to consider adopting. If the state adopts the law, it becomes statutory law in that state. Each state has the option of adopting or rejecting all or part of the uniform law. *example- laws in states about gun possession, license Uniform Commercial Code (UCC) facilitates commerce among the states by providing a uniform, yet flexible, set of rules governing commercial transactions. The UCC assures businesspersons that their contracts, if validly entered into, normally will be enforced. *French Civil Law- Louisiana has not signed onto UCC 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. *very brief laws Common law : the body of law developed from custom or judicial decisions in English and U.S. courts, not attributable to a legislature. *comes from England, traditional Precedent : a court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts. *precedent is not absolute, used to separate into courts of law and courts of equity. In Brown vs. Board of Education , the United States Supreme Court expressly overturned precedent when it concluded that separate educational facilities for whites and blacks, which had been upheld as constitutional in numerous previous cases, were inherently unequal. *law reversed itself, reversed precedent Equity : refers to a branch of the law, founded in justice and fair dealing, that seeks to supply a fair and adequate remedy when no remedy is available at law. *injunction can make someone do something Stare decisis : a common law doctrine under which judges are obligated to follow the precedents established in prior decisions. Civil law : the branch of law dealing with the definition and enforcement of all private or public rights, as opposed to criminal matters. Individual vs. state and civil matters, not criminal Criminal law : law that defines and governs actions that constitute crimes. Generally, criminal law has to do with wrongful actions committed against society for which society demands redress. *courts of law ad courts of equity- can be made whole with money, use equity in cases that are unique
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This note was uploaded on 02/07/2011 for the course ACCT 324 taught by Professor Eppink during the Spring '10 term at South Carolina.

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Bus. Law Review - Chapter 1: The Legal Environment Law: a...

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