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Flashcards in Business law Tst 1 Deck (39)
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1

Business Law

Enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges

2

Law

Rules of conduct in any organized society that are enforced by the governing authority of the community

3

Constitutional Law

General limits and powers of a government as interpreted from its written constitution

4

Statutory Law

Assortment of rules and regulations put forth by legislatures

5

Model laws

Laws created to account for the variability of laws among states. These laws serve to standardize the otherwise different interstate laws

6

Case Laws

Collection of legal interpretations made my judges. They are considered to be law unless otherwise revoked by statutory law

7

Precedent

Judges make decisions based on rulings in previous similar cases

8

Stare Decisis

Rulings made by upper courts are binding for lower courts

9

Restatements of Law

Summaries of common law rules in a particular area of the law. Restatements do not carry the weight of law but can be used to guide interpretations in certain cases

10

Administrative law

Collection of rules and decisions made by administrative agencies to fill in particular details missing from constitutions and statutes

11

Natural Law

School of Jurisprudence hat recognizes the existence of higher law, or law that is morally superior to human laws

12

Legal positivism

You should obey the law because someone in authority made it

13

Identifying with the vulnerable

People who think society should be fair. Particular attention is paid to the sick, poor, ill and old

14

Historical school

Uses traditions and the past for future laws

15

Legal realism

Context must be taken into account when enforcing the law. Like Economic conditions and social

16

Cost benefit analysis

Cost and benefits of everything are given monetary values. And then choose the one with the best ratio of benefits to costs

17

Ethics

Study and practice of what is good and right

18

Business Ethics

Use of ethics and ethical principles to solve business dilemmas

19

Ethical Dillema

Know when there’s not a clear right or wrong. A question on how one should behave in a situation. No clear right answer

20

Values

Positive abstractions that capture our sense of what is good and desiresble. Gotten from religion, family, culture, experience,..

21

WH approach

Set of ethical guidelines that urges us to consider Whom an action affects, the purpose of the action, and how we view its morality.

Who How

22

Ways to make ethical decisions

Golden Rule (do unto others)
Public Disclosure Test (How would it look on the news?)
Universalization test (How would the world look if everyone acted this way?)

23

Trial Court

Court in which most civil or criminal cases start when they first enter the legal system. Parties present evidence and call witness to testify. AKA court of original jurisdiction and court of first instance

24

Appellate court

Higher court usually consisting of more than one judge. Reviews decision and results of a lower court when a party filed for an appeal. Do not hold a trial but may request additional arguments from each party. They issue written decisions which collectively constitute case law or common law

25

Jurisdiction

Power to hear trials.

26

In personam jurisdiction

Power of a court to require a party or witness to come before the court. Court must have personal jurisdiction to enforce its judgments or orders against a party.

Extends only to the states boarders in the court system and across the courts geographic district in Federal system

27

In rem jurisdiction

Power of a court over the property or status of an out of state defendant when that property or status is within the courts jurisdiction area

28

Subject matter jurisdiction

Power of the court over the type of case presented to it

29

Long arm statute

A statute that enables a court to obtain jurisdiction against an out of state defendant as long as the defendant has sufficient minimum contacts within the state such as committing a tort or doing business in the state

30

Court Process

Must have standing to take action
Claim
Answer/Counter claim
Discovery (find stuff the other side has to avoid surprises in court)
THE TRIAL
Pick Jury
Opening statements
Examination of witness and evidence
Closing arguments
Jury instructions