Business Law 1-6

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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 agencies of government
Case Law
The rules of law announced in court decisions. Case law includes the aggregate of reported cases that interpret judicial precedents, statutes, regulations, and constitutional provisions.
Stare Decisis
Let the decision stand; decisions are based on precedents from previous cases
Remedies
a court will award money or other relief to a party injured by a breach of contract
Natural law tradition, Legal positivism, Historical school, legal realism
What are the four schools of legal thought?
Natural Law Tradition
one of the oldest and most significant schools of legal thought. Those who believe in natural law hold that there is a universal law applicable to all human beings and that this law is of higher order than positive, or conventional, law
Legal Positivism
A school of legal thought centered on the assumption that there is no law higher than the laws created by a national government. Laws must be obeyed, even if they are unjust, to prevent anarchy.
Historical School
Stresses the evolutionary nature of law and looks to doctrines that have withstood the passage of time for guidance in shaping present laws
The executive, judicial and legislative branches
Where do federal laws come from?
The legislative branch
Where do statutes come from?
Courts
Who makes common law?
Yes, if it was unconstitutional
Could a court ever invalidate a statute?
For specialization
Why does congress delegate law making to agencies?
Assembly (99) and Senate (33)
What is the state legislation made up of?
Preponderance of the evidence
What is the burden of proof in a civil trial?
Beyond reasonable doubt
What is the burden of proof of a criminal trial?
Injunction
An order which legally prevents someone from doing something
Short-term profit maximization
One of the more pervasive reasons why ethical breaches occur. Executives should distinguish between short-run and long-run profit goals because only long-run profit maximization is consisten
The moral minimum
lawful behavior is a moral minimum. The law has its limits, though, and some actions may be legal but not ethical. The law cannot control all business behavior (such as backdating of stock options)
Jurisdiction
the authority of a court to hear a case
Appellate jurisdiction
The jurisdiction of courts that hear cases brought to them on appeal from lower courts. These courts do not review the factual record, only the legal issues involved.
Limited jurisdiction
Exists when a court’s authority to hear cases is restricted to certain types of claims, such as tax claims or bankruptcy petitions.
Federal Jurisdiction
Occurs when (1) a federal question is involved and (2) when a case involves diversity of citizenship and the amount in controversy exceeds $75,000
Standing to Sue
A party must have a legally protected and tangible interest at stake sufficient to justify seeking relief through the court system. The controversy at issue must also be a justiciable controversy
plaintiff
Complaint is filed by the ?, a person who brings an action in a court of law
Categories: Business Law