Business Law Review - Ryan Moore Business Law Review...

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Ryan Moore Business Law Review Chapter 1 Law – The order or pattern of rules that society uses to govern the conduct of individuals and their relationships. Right – Legal capacity to require another person to perform or refrain from performing an act. Duty – Obligation of law imposed on a person to perform or refrain from performing a certain act. Duties and rights coexist Right of Privacy – Provides security against unreasonable search and seizure as well as protects individuals against intrusions by others. This is given by the fourth amendment. Constitution – A body of principles that establishes the structure of a government and the relationship of that government and the relationship of that government to the people who are governed. Statutory Law – Legislative acts. Congress and the state legislature enact statutory law. Federal statutory law are things like anti-trust acts, while state statutory law are things like zoning and traffic laws. Administrative Regulations – Rules promulgated by state and federal administrative agencies such as SEC. Have the power of statues. Private Law – The rules and regulations parties agree to as part of their contractual relationships. Case Law – Principles that are expressed for the first time in court decisions. Precedent – Principles decided in case law that applies to future cases that involve that problem. Stare Decisis – States that rules can be overturned and judges have flexibility. Common Law – Time-honored rules of the community Substantive Law – Creates, defines, and regulates rights and liabilities Procedural Law – specifies the steps that must be followed in enforcing rights and liabilities Equity and Justice – The way law is classified. When law can’t fix the problem, money and other damages can be paid to the victim Chapter 2 Court – A tribunal established by government to hear and decide matters brought before it, provide remedies, and prevent possible wrongs from happening. Jurisdiction – the power to hear a case Subject Matter Jurisdiction – Covers the type of proceedings that the court holds. Original Jurisdiction – Trail court or the court with the authority to conduct the first proceedings in the case. General Jurisdiction – Court with broad authority over different types of case. Does both civil and criminal cases. Limited Jurisdiction – Authority to only hear particular types of cases. Appellate Jurisdiction – Has the power to review the works of a lower court. Appeal – The review of the trail and decision of the lower court.
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Reversible Error – A mistake in applying the law or a mistake in applying the law or a mistake in admitting evidence that affected the outcome of the case.
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