Business Law Study Guide

Business Law Study Guide - BLaw 2361 REVIEW EXAM 1-Chapts...

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BLaw 2361 REVIEW : EXAM 1--Chapts 1-5 There are more questions on Chs. 1 and 3 than the rest. There are not any “trick questions”—the most obvious answer is the right one. CH 1: - INTRODUCTION Do not have to worry about the “definitions of law” --Under the U.S. Constitution, there are 3 branches of government: Executive, Legislative, and Judicial. --The court system is part of the Judicial branch --the primary function of courts is to interpret and apply the law. Distinguish between civil law systems and common law systems . --iIn CIVIL LAW systems court decisions are based on a CODE of law (for ex: Louisiana law is based on the Napoleonic Code), whereas, --in COMMON LAW systems, the courts rely on “PRECEDENT” or “CASE LAW.” --DO NOT confuse this with the distinction between “ civil ” and criminal ” law: -- Civil law defines and enforces the duties or obligations of persons to one another. -- Criminal law , by contrast, defines and enforces the obligations of persons to society as a whole. --Usually in civil cases an individual sues another individual, and --in criminal cases the State (or federal govt) brings an action
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against an individual on behalf of the other members of society. LEGAL REMEDIES vs. EQUITABLE REMEDIES : --Originally, in the English common law system on which the U.S. system is based, there were two different types of courts : Courts of Law and Courts of Equity. --In the U.S., there are not separate courts, but all courts can award both “ legal ” remedies and “ equitable ” remedies. -- Legal Remedies = money -- Equitable Remedies = non-monetary damages which courts may award IF money damages are not appropriate in a case. EXs : specific performance, injunctions, -- PRIMARY SOURCES of Law--IMPORTANT: 1--Common law : case law or judge-made law. --Based on prior court decisions and reflects the concepts of “stare decisis” or “precedent.” “Precedent” is: The authority afforded to prior judicial decisions by judges deciding subsequent disputes involving the same or similar facts and the same jurisdiction’s substantive law. --Case law from trial courts is not authoritative , only appellate court decisions. --Case law from one jurisdiction is not authoritative in other jurisdictions. STATE COURTS: State trial court decisions are appealed to -- Intermediate appellate courts . --Decisions by intermediate state appellate courts become “ precedent ” in that jurisdiction --i.e., that Court and lower courts which appeal to that court--but NOT other
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intermediate appellate courts in the same state and NOT trial courts in other jrds. --all intermediate appellate courts and trial courts in the STATE are bound by decisions from the State Supreme Court and U.S. Supreme Court. --Decisions by one state’s courts, even state Supreme Court, are NOT binding on the courts of other states, even trial courts.
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