Business Law Exam 1

what are the steps of the IRAC method

1) Identify the legal issue

2) state the Rule of law

3) Apply the rule of law

4) reach a Conclusion

what is tort law

a civil counterpart of a law - not federal, not warranting imprisonment

what are some definitions of the law?

1) the rules governing the rights and duties that exist among particular individuals or entities under given sets of circumstances

2) rules that regulate the conduct of individuals, businesses, and other organizations in society intended to protect persons and their property

3) that which must be obeyed by citizens, subject to sanctions or legal consequences

4) legislation and decisions from the courts

what are three other ways to refer to legislation

statutory law, enacted law, codified law

what is the natural law school of legal thought

a moral/ethical theory based on what is “correct” discovered by humans using reason + choosing between good/evil

what is the historical school of legal thought

law is an aggregate of social traditions and customs developed over centuries. changes in societal norms will gradually be reflected in the law

what is the analytical school of legal thought

law is shaped by logic. results are reached by applying rules of logic to the facts of a case, the only thing that matters is applying the law correctly and logically.

what is the sociological school of legal thought

law is a means of achieving and advancing certain sociological goals, and the purpose of the law is to shape human behavior (EX. seatbelts + smoking in USA)

• if the state is trying to change behavior, especially in order to save money, it is the sociological school

what is the command school of legal thought

law is a set of rules developed, communicated, and enforced by the ruling party rather than a reflection of society’s morality. law changes when the ruling party does

what is the critical legal studies school of political thought

legal rules are unnecessary and used by the powerful to maintain the status quo. disputes should be settled based on what is “fair.” this school allows judges to make subjective decisions and rulings regarding fairness

what is the law and economics school of legal thought

promoting market efficiency should be the central goal of legal decision making. believes society would ultimately be better with minimal or no government interference with the free market