Chapt01 - Finance 3201 Business Law Barbara Danos J.D...

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Unformatted text preview: Finance 3201 Business Law Barbara Danos, J.D. Chapter 1 Legal Reasoning and the Legal Environment J.D. = Juris Doctor = University of North Carolina (Go HEELS) BARS: North Carolina Louisiana Massachusetts STUDENTS WITH GPA OF 3.7 OR HIGHER STUDIED OVER 30 HRS. PER WEEK OUT OF CLASS REVIEWED MATERIAL PRIOR TO CLASS STAYED 1-2 CHAPTERS AHEAD IN TEXT REVIEWED NOTES AFTER CLASS VISITED PROFESSOR/INSTRUCTOR/TUTOR STUDIED IN SMALL GROUPS (3-5) SEVERAL TIMES PER WEEK ASKED QUESTIONS, ASKED QUESTIONS, ASKED QUESTIONS!!! STUDENTS WITH A GPA OF 2.0 OR LESS STUDIED 8-12 HOURS PER WEEK OUT OF CLASS DID NOT REVIEW MATERIAL PRIOR TO CLASS STAYED 1-2 CHAPTERS BEHIND IN READING RARELY ASKED QUESTIONS RARELY DISCUSSED INFORMATION WITH INSTRUCTORS/CLASSMATES/FRIENDS IN EFFECT WERE STILL IN HIGH SCHOOL FOUR YEAR STUDY, R. B. LANDIS, CALIFORNIA STATE UNIVERSITY, 1995 “You have a pretty good case, Mr. Pitkin. How much justice can you afford?” Law VIP for Business Person • • • Avoid hassles Know how to use lawyers Avoid litigation Natural Law • Assumes that law, rights and ethics are based on universal moral principals inherent in nature discoverable through the human reason. • The oldest view of jurisprudence dating back to Aristotle. • Jefferson’s Declaration assumes “the Laws of Nature.” Natural Law Rev. Martin Luther King, Jr. Letter from the Birmingham Jail, April 16, 1963. “[T]here are two types of laws: just and unjust laws. . . . A just law is a manmade code that squares with the moral law . . . . An unjust law is a code that is out of harmony with the moral law. . . . An unjust law is a human law that is not rooted in eternal and natural law.” Legal Positivism • Law is the supreme will of the State that applies only to the citizens of that nation at that time. • Law, and therefore rights and ethics, are not universal. The morality of a law, or whether the law is “bad or good,” is irrelevant. Legal Realism Jurisprudence that holds law is not simply a result of the written law, but a product of the views of judicial decision makers, as well as social,economic, and contextual influences. §2: The Common Law Tradition American law is based largely on English Common Law which was based largely on traditions, social customs, rules, and cases developed over hundreds of years. Courts of Law • Also called “king’s courts” where judges were appointed by the king. • Remedies limited to those provided at law, i.e., land, chattel, money. • Judges resolved disputes by application of rules of law to the facts of the case before the court. Courts of Equity Also called courts of chancery in Delaware. Equitable relief was sometimes available in instances where a strict application of the law to the facts of the case compelled a result that was legal but unjust. Remedies Today • Today federal and state courts of general jurisdiction have consolidated remedies at law and remedies at equity. • Generally, the same court can fashion a remedy that includes both damages and equitable or injunctive relief. Stare Decisis Stare decisis is a Latin phrase meaning “to stand on decided cases.” – – Makes the law stable and predictable. Increases judicial efficiency by relieving courts of having to reinvent legal principles for each case brought before them. Stare Decisis and Precedent • Stare decisis is “judge made law” based on precedent. • Precedents are judicial decisions that give rise to legal principles that can be applied in future cases based upon similar facts. • Precedents and other forms of positive law, such as statutes, constitutions, and regulations, are referred to as binding authority and must be followed Cases of “First Impression” In cases of “first impression,” a/k/a Res Nova, where there is no precedent, the court may refer to positive law, public policy, and widely held social values in order to craft the best new precedent. Legal Reasoning • Method used by judges to reach a decision. • Many courts and attorneys frame decisions and briefs using the IRAC format: Issue, Rule, Application (Analysis), and Conclusion. • See the Legal Reasoning site. (© Copyright 2000. . Used by permission.) Types of Legal Reasoning • Deductive Reasoning: Makes use of syllogism, a type of logical relationship involving a major premise and a minor premise. • Linear Reasoning: Proceeds from point to point, with the final point being the conclusion. • Reasoning by Analogy: Analysis that compares facts of present case with facts of similar previously-decided cases. §3: Sources of American Law • • • • • • U.S. and State Constitutions. International Treaties. Statutory Law--federal and state. Administrative Regulations and Decisions. Restatements of the Law (ALI). Case Law and Common Law Doctrines. §4: Classifications of Law Every type of law will be either: – Civil or Criminal, and either – Substantive or Procedural, and either – Public or Private. Substantive vs. Procedural • Substantive law defines or creates the rights and obligations of persons and governments. • Procedural law provides the steps one must follow in order to avail oneself of one’s legal rights or enforce another’s legal obligations Civil vs. Criminal • Civil law defines the rights between individuals or individuals and governments. • Criminal law defines an individual’s obligations to society as a whole. Criminal Lawsuit P = State D = Person charged with crime P’s Burden of proof = Beyond reasonable doubt Outcome =Punishment & Deterrence - Forfeiture of Liberty - Fine Civil Lawsuit P = Injured party D = Party who caused injury P’s Burden of proof = Preponderance of Evidence Outcome =Make P. Whole - Damages - Equitable Relief - Punitive Damages ...
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