Business_law_notes_unit_1

Business_law_notes_unit_1 - were assigned to them 4 Also a...

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Business law notes unit 1 Lecture 1 - Unit 1- court systems Unit 2 - torts -civil wrongs Unit 3 - contracts Unit 4 - torts and contracts -laws of sales and contracts Unit 1 Laws - set of rules that are legally binding upon the people Consequences for breaking the law can be monetary fines, incarceration, death, warning, community service, loss of rights, loss of standing in society, loss of job. There are 2 sets of laws: Federal and State There are 2 sets of courts: Federal and State Federal Court System: (3 layers) 1. Federal Supreme Court is supreme on matters of Federal law. 2. Federal Circuit Courts - there are 13 federal circuits, they are the appelate courts for federal laws 3. Federal District Courts - These are the trial courts. They can only hear cases that
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Unformatted text preview: were assigned to them. 4. Also a category of specialized courts (ex: U.S. tax court, U.S. claims court) State Court Systems: (3 layers) 1. State Supreme Court- this is the highest court on matters of state law. It deals only with questions of law, not questions of fact. 2. Appelate courts- they only rule on questions of law. Appeals court. 3. District courts- these are trial courts. Questions of fact and law are ruled upon in these courts. Jury does not rule on questions of law but they rule on questions of fact. 4. Also a category of lowest courts called courts of limited jurisdiction (ex: justices of the peace, probate courts, domestic-relations courts)....
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