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Business_Law_Study_Guide - Joe Russo Professor Kowtna...

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Joe Russo Professor. Kowtna Business Law Study Guide Chapters: 1, 2, 3, 4, 7, 8 and 9. Jurisprudence (Philosophies regarding Law) · Positive Law- The body of conventional, or written, law of a particular society at a particular point in time. · Legal Positivism- A school of legal though centered on the assumption that there is no law higher than the laws created by a national government. Laws must obeyed, even if they are unjust, to prevent anarchy. · Historical School- A school of legal thought that emphasizes the evolutionary process of law and looks to the past to discover what the principles of modern law should be. · Natural Law- The belief that government and the legal system should reflect universal moral and ethical principles that are essential in human nature. The natural law school is the oldest and one of the most significant schools of legal thought. Supremacy Clause - from the US Constitution, the clause establishes that the Constitution, Federal Statutes, and U.S. treaties as "the supreme law of the land." The text establishes these as the highest form of law in the American legal system, mandating that state judges uphold them, even if state laws or constitutions conflict. Legislative Branch - the Legislative branch makes laws for the nation. They don’t always become real laws though. Executive Branch - either vetoes or passes the laws made by the Legislative branch. Judicial Branch- The judicial branch interprets and upholds the laws enacted by the legislative branch. Lower courts insure that the law is upheld, and higher courts attempt to interpret the law when there is a disagreement. Uniform Laws- a Uniform Act is a proposed state law drafted by the U.S. Uniform Law Commission (ULC) and approved by its sponsor, the National Conference of Commissioners on Uniform State Laws (NCCUSL).
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Uniform Commercial Code - first published in 1952, is one of a number of uniform acts that have been advertised in affiliation with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. Precedent - a legal case establishing a principle or rule that a court or other judicial body utilizes when deciding subsequent cases with similar issues or facts. Stare decisis- the legal principle by which judges are obliged to obey the set-up precedents established by prior decisions. The words originate from the Latin phrase Stare decisis et non quieta movere, "Maintain what has been decided and do not alter that which has been established". Common law- a law established by judges following earlier judicial decisions. *JUDGES HAVE TO FOLLOW PRECEDENT!* Courts provide relief to the winner by giving them a remedy. Equitable Remedies-
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