LS 3323 Exam 1 - Lepak OU jaja

What is business law?

enforceable rules of conduct that govern actions

Examples of business law?

-Corporate management

-Production and transportation

-Marketing

-Accounting + finance

-More..

Purpose of the law?

-Reduces conflict

-Provides order and certainty

-Encourages social justice

-Guarantees personal freedoms

-Serves as a moral-ethical guide

What is private law?

Regulates disputes between non-governmental individuals or groups

What is public law?

regulates disputes between private individuals or groups and their government

What is criminal law?

Law involves wrongful acts committed by an individual against the public

What is civil law?

Law that governs rights in relation to private people, groups, and governments

Sources of business law?

-Constitution

-Statutes

-Cases (common law)

- Treaties

-Executive orders

-Administrative law

Other sources of business law?

- Precedent +Stare Decisis (let things stand)

- Schools of jurisprudence (different philosophies or ways of thinking about where law comes from and what its purpose is)

What is business ethics?

Use of ethical principles to solve business dilemmas

Ethics?

Study and practice of decisions about what is good or right

What is an ethical dilemma?

Problem concerning what a firm should do for which no clear, right decision is available

Who is in the WH process in decision-making?

-Consumers

-Owners or investors

-Management

-Employees

-Community

-Future generation

Who is in the HH process in decision-making?

-Public disclosure

-Universalization

-Golden Rule

What is the universalization test?

Taking into consideration what the world would look like if our decision were copied by everyone else

What are primary values in business?

- Honesty

-Freedom

-Security

-Justice

-Efficiency

What is a plaintiff?

A person or business that is suing someone else

What is a defendant?

A person or business that is accused of a crime or sued

What is a jurisdiction?

The authority of a court to hear and decide a case

What is an original jurisdiction?

To hear and decide cases when they first enter

What is an appellate jurisdiction?

Review previous judicial decisions to determine whether court erred their decisions

What is an in personam (personal) jurisdiction?

Render a decision affecting the rights of specific persons before court date

What is an in rem jurisdiction?

Render a deicion affectign property

What is a subject-matter jurisdiction?

Hear certain types of cases (admiralty, bankruptcy, federal criminal prosecution, intellectual property (trademarks, patents)) also fall under state and concurrent federal jurisdiction.

What is state jurisdiction?

All cases under state constitutio

What is concurrent federal jurisdiction?

The case can be brought in federal or state court in two ways:

• Federal: require interpretation of the U.S. Constitution

• Diversity of citizenship: plantiff does(do) not reside in the same state, OR controversy amount is in excess of $75,000

What is the difference between original and appellate jurisdiction?

• Original (trial courts): power to hear and decide cases when they enter the system, sometimes called district or circuit courts

• Appellate: power to review previous judicial decisions to determine whether trial courts erred in their decisions—> include appeal and supreme courts

What are federal court systems?

• U.S. district courts

• Circuit courts of appeal

• Special U.S. courts

• U.S. Supreme Court

What are state court systems?

• State Trial Courts

• Courts of Appeal

• Specilized State Courts

• State Supreme Courts

What is a venue?

individual courts like geographic locations within state or federal district

What is the forum selection clause?

Parties specify in contract which court would hear regarding disputes over breaches

What is the choice of law clause?

a contract that decides which state or country's laws will apply if a legal problem or fight happens

What is the term: in standing?

to sue

What is the term: ripeners?

Issue of timing

What are steps of civil litigation pretrial stage?

• Informal negotiations

• Pleadings

• Service of process

• Defendant’s Response

• Scheduling

• Discovery & Motions

What are the trial steps?

• Jury Selection

• Opening statements

• Motions

• Closing arguments

• Examination of witnesses

• Jury instructions and verdict

What happens after verdict?

• Post-trial motions

• Judgement

• Appeals

• Collections of Judgement

What is a writ of certiorari?

The party files petition asking the court to accept the case

What is an alternative dispute resolution (adr)?

A resolution of legal disputes through methods other than litigation

What are primary forms of ADR?

• Negotiation

• Mediation

• Arbitration

What is mediation?

Parties voluntarily select a neutral party to facilitate negotations to solve their dispute?

What are the elements of mediation?

• Mediator: anyone voluntarily accepted by the parties

• Goal of mediation: reach an agreement to end litigation

• Possible outcomes? : settlement-agreement between parties in a form of a contract; case does not settle

• Advantages: more control over the process (advantage)

What is arbitration?

Resolution of dispute by neutral third party outside of judicial setting

What are advantages of arbitration?

• More efficient, less expensive than traditional litigation

• Party participation

What are disvantages of arbitration?

High difficulty appealing arbitration award

What is federalism?

government authority is divided between federal and state governments, founded in the U.S. Constitution, and allocates power between governments

What are the checks and balances of the legislative branch?

Executive:

• refuse to approve or limit president’s budget

• Refuse to approve presidential appointees

• Refuse to ratify treaties

• Can impeach and remove pres

Legislative:

• Pass amendments

• Can impeach judges

What are checks and balances of the executive branch?

Legislative:

• Can veto laws passed by legislative branch

• Can call sessions of Congress

Judicial:

• Appoints federal judges

• Can pardon federal offenders

• Can impact judges

What are the checks and balances of the judicial branch?

Legislative:

• Can declare laws passed by Congress unconstitutional

Executive:

• Can declare acts of the executive branch unconstitutional

What is the Supremacy Clause?

provides the federal law is “supreme law”

What is the commerce clause?

primary source of authority for federal regulation of business

What is the tax and spending powers of federal gov. clause?

powers the “power to lay and collect taxes”

What is the Bill of Rights?

the rights of citizens where individual freedoms cannot be violated from federal authority

What is the 14th Amendment?

State governments cannot violate fundamental rigths