Business Law Textbook Notes

Business Law Textbook Notes - Business Law Textbook Notes-...

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Business Law Textbook Notes- Test 1 Chapter 1 By the 15 th century the Iroquois solved Federalism, and led Benjamin Franklin to draft the Constitution Principles and rule of law come from many sources. We inherited a complex structure from England. Anglo-Saxon oath helpers are probably forerunner of our modern 12 person jury. De Bracton (wrote a book) was teaching judges to rule based on previous cases-precedent. Precedent ensure predictability Common law- judge-made law (accumulation of precedent) Statute- a law passed by a legislative body Substantive rules of law- state the rights of a party Procedural rule of law- tells how a court should go about settling a dispute Equity- a court’s power to fashion a remedy, such as an injunction which the common law does not provide. Injunction- an equity order to stop (polluting the air) After the Revolution law became a serious profession The first great legal achievement was the adoption of the U.S. Constitution The U.S. Constitution does 3 things- 1)it establishes the national govt. of the United States with its 3 branches, creates congress, and states what congress laws can pass 2) states retain all power not given to the national govt. 3) guarantees basic rights to the American people. The second important source of law is statutes or statutory law Statute- a law passed by a legislative body such as congress Stare Decisis- “let the decision stand” precedent is binding on later cases Administrative law- concerns all agencies, boars, commissions, and other entities created by a federal or state legislature and charged with investigating, regulating, and adjudicating a particular industry or issue. Classifications of law include; criminal and civil, substantive and procedural, and public and private law. Criminal law- crime so threatening that society outlaws it all together (mostly statutes)
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Civil law- regulates the rights and duties between parties Substantive law- defines the rights of people Procedural law-establishes the processes for settling disputes. Public law- rights and obligations of governments as they deal with the nation’s citizens. Private law- regulates the duties between individuals (Landlord-tenant) Jurisprudence-the philosophy of law Law and morality are different. Sovereign-the recognized political power, whom citizens obey (in the US state and fed govt’s) Natural law- the theory that an unjust law is no law at all and need not be obeyed. Law must have moral basis Legal ralism-who enforces the law counts more that what is in writing Legal positivism-law is what the sovereign says Holding-the courts rational and a statement of who wins and who loses.
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This note was uploaded on 09/01/2011 for the course FIN 3055 at Virginia Tech.

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Business Law Textbook Notes - Business Law Textbook Notes-...

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