buisness law

Name a source of law 1

1. Constitution – Highest law; establishes government powers and limits

Name a source of law 2

1. 2. Statutory Law – Laws passed by legislatures (Congress/state)

Name a source of law 3

1. 3. Administrative Law – Rules made by government agencies (like FDA, EPA)

Name a source of law 4

1. 4. Case Law (Common Law & Precedent) – Law created by court decisions.

What is Precedent?

A rule or principle established in a prior case that courts use to decide future cases.

Persuasive Precedent

may be considered

Binding Precedent

must be followed

What does Stare Decisis mean?

"Let the decision stand" → courts follow prior rulings for consistency.

What is Alternative Dispute Resolution (ADR)?

Ways to resolve disputes without court

Alternative Dispute STEP ONE

1. Negotiation – parties settle directly

Alternative Dispute STEP TWO

2. Mediation – neutral third party helps reach agreement (nonbinding)

Alternative Dispute STEP THREE

3. Arbitration – neutral third party makes a decision (usually binding).

What is the Commerce Clause?

Gives Congress the power to regulate interstate commerce (business across state lines).

What is the Supremacy Clause?

Federal law is the supreme law of the land → overrides conflicting state laws.

What is the Bill of Rights?

The first 10 amendments to the Constitution that protect individual rights and liberties.

What are torts?

A civil wrong that causes harm/injury, leading to legal liability.

What are the elements of negligence? 1

1. Duty – obligation to act reasonably

What are the elements of negligence? 2

1. 2. Breach – failure to meet that duty

What are the elements of negligence? 3

1. 3. Causation – breach caused harm

What are the elements of negligence? 4

1. 4. Damages – actual injury/loss.

What is strict liability?

Liability without fault → focuses on the product, not behavior; applies to defective products (design, manufacturing, warning defects), with very few defenses.

What are defenses to negligence?

1. Assumption of Risk – plaintiff knowingly took the risk

What are defenses to negligence? 2

1. 2. Contributory Negligence – plaintiff contributed to their own harm.

1. Contributory Negligence

1. – plaintiff contributed to their own harm.

1. Assumption of Risk

plaintiff knowingly took the risk

What are the stages of a civil trial?

1. Complaint filed 2. Answer filed 3. ADR (optional) 4. Jury selection 5. Opening statements 6. Plaintiff presents case 7. Defense presents case 8. Rebuttal (optional) 9. Closing arguments 10. Jury deliberation 11. Verdict.

What are punitive damages?

Money awarded to punish the defendant and deter future misconduct (not just compensate).

What is causation in law?

A direct link between defendant’s actions and plaintiff’s injury, including actual cause ("but for" test) and proximate cause (foreseeable harm).

What are the types of intellectual property? 1

1. Trademark – Protects brand names, logos, slogans. Example: Nike swoosh.

What are the types of intellectual property? 2

1. 2. Copyright – Protects original creative works (music, books, art). Example: a song or movie.

What are the types of intellectual property? 3

1. 3. Trade Secret – Confidential business info that gives advantage. Example: Coca-Cola recipe.

What are the types of intellectual property? 3

1. 4. Patent – Protects inventions/processes. Example: new technology or machine.