Business law exam

law

is a system of rules created and enforced through social or governmental institutions to regulate behavior and maintain order.

liability

legal responsibility for one's actions or failures that can result in legal consequences.

business decision making (factors that effect)

intellectual property, torts, product liability, sales

primary sources of law

1) us constitution 2) statuatory law 3) regualtions created by agencies 4) case law and common law

secondary sources

books and articles that summarize primary sources

constitutional law

supreme law of the land, based on the constitutions

uniform law

model law created by national conference

administrative law

laws for administrative agencies

statutory law

set forth rules and regulations, state or federal, created by legislature

ordinances

regulations passed by local governing body

case law

rules of law announced in court decisions

case brief organization

1- case name and citation 2- facts 3-issue 4- holding 5- reasoning

common law

body of law developed from custom or judicial decisions

precedent

court decision that effect future court choices

reporter

publication on how courts are published

stare decisis

Judges are obligated to follow precedents

controlling precedents

precedents that must be followed in a jurisdiction

cases of first impression

cases with no precedent existing

persuasive authority

legal authority that courts look at for guidance

legal reasoning

process of reasoning where judges look at previous decisions

IRAC

issue, rule, application, case on point, conclusion

Jurispudence

science of philosophy of law, law in its most generalized form

natural law

oldest form of legal thought

legal positivism

positive law, “no law is higher than the national government”

historical school

looks to the past for principles of law

legal realism

law is the only one factor to be considered

sociological school

views the law as a tool for promoting justice

substance law

defines, describes, and regulates

procedural law

establishes methods of enforcing rights

private law

deals with relationships between private entities

public law

adresses relationship between person and government

civil law

private and public rights, between people and people

criminal law

punishes wrongful actions

cyberlaw

laws governing electronic space

U.S. Constitution

provides a legal framework for the nation, structure of government

federal forms of government

states form a union, sovereign divided between the central gov, implied powers

state regulatory powers

police powers, inherent sovereignty

privileges and immunities clause

requires state to not discriminate

full faith and credit clause

full faith and credit shall be given in each state

commerce clause

gives congress the power to regulate interstate commerce

dormant clause

federal gov can regulate, but the state cannot- has both positive and negative effect

supremacy clause

us constitution and laws are the supreme law of the land,

preemption

certain federal laws can take precedent over state laws

taxing and spending powers

Congress has the power to lay taxes, giving Congress its spending power

1st amendment

freedom of speech, religion + press

2nd amendment

right to bear arms

3rd amendment

no lodging of soldiers in peacetime

4th amendment

no unreasonable search and seizure

5th

due process, no double jeopardy, no property seize without compensation

6th

right to a speedy and public trial

7th

trial by jury

8th

no excessive bails and fines

9th

more rights than listed in the constitution

10th

powers belong to the people

1st amendment v2

symbolic speech, expression, political speech, commercial speech

non- protected speech

fighting words, threatening speech, hate speech,

establishment clause

prohibits any law that violates freedom of religion

free exercise clause

prohibits law that inhibits the exercise of religion.

4th amendment v2

search warrant

5th amendment v2

self-incrimination, due process clause, equal protection clause

privacy rights

not stated but implied for\ things like smart phones

ethics

moral principles and values

ethical dilemma

choosing between 2 things, inconsistent answers

relationship of law and ethics

unethical and illegal corporate conduct that leads to more regulation

surbanes oxley

implemented records requirements for all firms that audit publicly traded companies

dodd frank

due to subprime mortgage loans, causes market collapse

moral minimum

minimum degree of ethical behavior accepted

code of ethics

Many industries implement to link ethics and law

shareholder value myth

business is required to maximize shareholder value no matter what

triple bottom line

should not worry just about the profits

ethical reasoning

individual links their moral convictions to situations

duty based ethics

every person has certain duties to others

outcome based ethics

focuses on the impact of the decisions

religious ethical principles

Religions have principles about how to treat others

principles of rights

human beings have certain fundamental rights

deontology Kantian Ethical principles

Human beings are qualitatively different from other physical objects, categorical imperatives

categorical imperatives

When faced with a dilemma think about how it would be if everyone were in the same situation

utilitarianism

ethically correct behavior, the greatest good for the greatest number of people, focuses on outcome

CSR

corps should act ethically and support the community

sources of ethical issues in business decisions

short term profit maximization, social media, rationalization, uncertainty

making ethical business decisions

inquiry, discussion, decision, review

jurisdiction

authority of a court to hear a case and decide a specific action

corp jurisdiction

corp is normally subject to personal jurisdiction

broad jurisdiction

power to have all cases not within exclusive federal jurisdiction

probate court

state court that conducts proceedings related to settlement of a dead persons estate

concurrent jurisdiction

two different courts have the power to hear a case

exclusive jurisdiction

when a case can only be heard in a particular court

venue

geographical district in which an action is tried and firm which jury is selected

civil case

defendant resides or does business or the location of the event that caused litigation

criminal case

case in which crime occurred

standing to sue

individual must need to have a stake in the controversy

state trial courts

courts of general jurisdiction

state supreme courts

courts that appeal right to the top

supreme court

highest level of courts, nine justices, final authority

writ of certiorari

when a higher court asks a lower court for record of a case

rule of 4

they wont request a writ unless 4 justices want one

litigation

resolving dispute through a court system, costly and time consuming

ADR

resolution of disputes in ways other than traditional judicial process

negotiation

settle without going to court

mediation

setting outside of court using a third party