Business Law Mid Term 1 Notes

Business Law Mid Term 1 Notes - Business Law Mid Term Study...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Business Law Mid Term Study Guide Ch 1 Nature of Law Types/Source of Law o Constitutional: Based on the US Constitution Federal/State Level o Statues Created by congress or state legislatures Model Laws: - classic example: uniform comm. o Common Law (Case Law) Created by judges Precedent In cases where no law specifies outcome Formal: Stare decisis (Let the decision) In MD: Only look at MD cases Restatements: suggestions about what law should be Equity Money damages Equitable Administrative regulatory agency decisions Treaties Ordinances Executive Orders Priority Rules what if there is conflict abut sources of law o Federal Supremacy Fed. Laws trump conflicting state laws o Constitutions t rump all other sources o Statutes t rump administrative regulations and agency decisions o Statutes and administrative regulations t rump common law Classifications of Law o Criminal Vs. Civil Criminal: Prosecution by the govt for commission of crimes Civil: Obligations private parties owe to each other o Substantive vs. Procedural Law Substantive: Rights & Duties of people in society Procedural: Rules about enforcing substantive law o Public vs. Private Public: Powers of govt & relations between govt & private parties Private: Between parties, deals with contract, property, and agency Legal Reasoning o Case law reasoning: Judge has case with no statues, and has to use case/common law Precedent is important, as judges use them or have to make something up o Statutory Interpretat ion (For ambiguous statutes) Plain meaning (usual or conventional meaning) Statues legislat ive history Committee reports looking for intent of statute Pr ior interpretat ion Lim its on the power of the courts o Dont issue advisory opinions, only may be given with regard to existing cont roversies (big issues) o Standing to sue plaint iff must have some direct, tangible, & substantive stake in the outcome o Precedent o Scrut iny of public opinions o Fear of reversal o Polit ical factors Elections Recall Censured Ch. 2 Resolution of Private Disputes State Courts o Courts of limited jurisdiction: Hear specific cases Traffic Court Probate Courts Small Claims Court o Trial Court In General, no subject matter restrictions Courts of record transcript is made of the proceeding Superior Courts o Appellate Courts No new evidence Small states -> 1 level of appellate courts Large states -> 2 levels of appellate courts Jurisdiction & Venue o For a court to hear a case, both Jurisdiction & Venue must be proper Jurisdiction: Courts power to hear a case and issue a decision Subject matter jurisdiction (always must have) In personam : jurisdiction over the specific defendant (people who reside in a state, consent, or doing business in a state commit a wrongful act)...
View Full Document

Page1 / 10

Business Law Mid Term 1 Notes - Business Law Mid Term Study...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online