Constitutional Law Law that involves the interpretation and application of the U.S. Constitution and state constitutions Statutory Law the body of laws created by legislative statutes. None of these laws can violate the U.S constitution Administrative Law the body of rules and regulations and orders and decisions created by administrative Read more…
Law rules of order that dictate some minimum expectation for how to live in a society for civility and reduced chaos with reasonable protections of rights and minimal interference of others rights Burden of Proof (2) obligation to prove one’s assertion, always rests on plaintiff Types of Law (2) criminal, Read more…
1. Jurisdiction The authority of a court to hear and decide a case. To make a legally valid decision in a case, a court must have both “subject matter jurisdiction” (power to hear the type of case in question, which is granted by the state legislatures and Congress). 2. Venue Read more…
Compos Mentis of sound mind Lucid Interval moment of clarity Consensus ad Idem identity of subject matter (of one mind (meeting of minds)) Quantum Meruit in the eyes of the law not everyone is considered equal (how much does it merit – is it worth?) Ratio Decidendi Reason for decision Read more…
Acceptance an agreement to an offer resulting in a contract Accord and Satisfaction an agreement made and executed in satisfaction of the rights one has from a previous contract Agent the party appointed by the principal to enter into a contract with a third party on behalf of the principal Read more…
Acquisition The process of taking possession of something, e.g., acquiring another business by purchasing it Annual report A document outlining the financial status of a business Asset(s) Anything of value that a business or individual owns Better Business Bureau A consumer organization that monitors complaints against businesses Business-format franchise A Read more…
4 Considerations for a Business Ability to raise capital, how easy it is to form, tax considerations, and liability Sole Proprietorship One owner, owner is the business. Sole Proprietorship Advantages Simplest form of business, very easy to form. 2/3 of all American businesses are this, no strict liability. Complete autonomy Read more…
Requirements of acceptance of an offer 6 1. Must be communicated to the person making the offer (except for post) 2. In the same terms of the offer 3. Contract not still subject to a condition 4. Acceptance made while the offer is still in existence. 5. Acceptance made in Read more…
Statutory law written law; state and federal constitutions, legislative enactments, treaties of the federal government, and ordinances Common law unwritten law; decisions handed down by courts Precedent guide judges in handling of new cases Administrative agencies federal or state institutions and other government organizations created by Congress or state legislatures Read more…
Contract between two or more parties that is enforceable by the court of law Elements of a contract 1. Agreement = Proper author, Proper accepts 2. Consideration = For something of legal value ( I agreed to pay 10K to paint appartment , you agreed to do it) 3. Capacity Read more…
Administrative agency governmental body formed to carry out particular laws Business ethics ethical principles used in making business decisions Business law group of laws that governs business situations and transactions Case law made when an appellate court endorses a rule to be used in deciding court cases Civil disobedience group Read more…
What is a Merchant? 1. Person 2. Engaged in purchase or sale 3. of “goods” 4. Involved in contract 5. Knowledgeable/constructive knowledge Why is it important to be a merchant in a dispute resolution? Because they are knowledgeable and held to a higher standard What is an Assignment? Legal transfer Read more…
Discuss the nature of law and sources of law in the US 1) Law is a body of rules prescribed by a controlling authority (government) with binding legal force 2) The law consists of rules that regulate the conduct of individuals, business, and other organizations within society 3) The law Read more…
Consideration Parties must have this to be considered a contract Unilateral Contract formed by an offer on one side for an act to be done on the other, and a doing of the act by the other by way of acceptance of the offer; that is, a contract wherein the Read more…
Contract Any agreement enforceable by law Equity Theory Exchange of items of equal value What do contracts do? Create both moral and legal obligations. Social Arrangements Are not contracts and not enforceable by law. (Prom date). Will Theory Wether the parties agreed to the terms set forth by the contract Read more…
Act Legislation adopted by Congress or a state legislature. Administrative Law The legal principles involved in the workings of administrative agencies with the regulatory process Breach of Contract A party’s failure to perform some contracted-for or agreed-upon act, or failure to comply w/ a duty imposed by law. Citation the Read more…
Promisor Person making the promise Promisee Person to whom the promise is made Objective Theory of Contracts intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions Requirements of a valid contract Agreement, Read more…
The characteristics of the law is that the law is: Powerful, Important, & Fascinating The sources of contemporary law is the: US Constitution, State Constitution, Statute, Common Law, Administrative, Treaties and Executive order The reason why one bothers with ethics is because: Society as a whole benefits by encouraging economic Read more…
Bill of Rights The first ten amendments to the U.S. Constitution. Checks and balances The system by which each of the three branches of the national government (executive, legislative, and judicial) exercises checks on the powers of the other branches. Commerce clause The provision in Article I, Section 8, of Read more…
What do legal systems do? evolve to encourage and promote stability and order in a society and to give effect to public policy Who is the law in interest of? Everyone What does the law involve? political, religious, social and/or economic questions Who is the law resolved by? Courts What Read more…