OU LS sarahLepak exam1 review

Business Law

Enforceable rules governing market exchanges and conduct.

Consequences

Penalties for failing to comply with business law.

Purposes of Law

Order, conflict reduction, social justice, personal freedoms.

Private Law

Regulates disputes between private individuals or groups.

Public Law

Regulates disputes between individuals and the government.

Civil Law

Governs rights and responsibilities in personal relationships.

Criminal Law

Involves rights and responsibilities towards society.

Preponderance of Evidence

Standard of proof in civil cases (51% certainty).

Burden of Proof

Requirement to prove guilt in criminal cases.

Sources of Business Law

Includes constitutions, statutes, cases, treaties, orders.

Stare Decisis

Legal principle of following precedents in court from past cases.

Administrative Law

Regulations from government agencies at various levels.

Natural Law

Belief in inherent human rights overriding enacted laws.

Legal Positivism

Law is separate from morality; obey the law.

Legal Realism

Judges consider social factors in legal rulings.

Cost-Benefit Analysis

Evaluating legal changes based on benefits versus costs.

Business Ethics

Application of ethical principles in business decisions.

Ethical Dilemma

Situation with no clear right decision available.

Stakeholders

Individuals affected by business decisions (e.g., consumers).

Public Disclosure

Transparency in business actions to the public.

Universalization

Considering global impact of decisions on society.

Golden Rule

Treat others as you wish to be treated.

Jurisdiction

Court's authority to hear and decide cases.

Original Jurisdiction

Power to hear cases at their first entry.

Appellate Jurisdiction

Power to review decisions of lower courts. (to appeal)

In Personam Jurisdiction (Personal)

Court's power over specific individuals in cases.

In Rem Jurisdiction

Court's power over property in legal matters.

Trial Courts

Courts where cases are initially heard and decided.

Plaintiff

Individual who initiates a lawsuit against another.

Defendant

Individual being sued in a legal case.

Complaint

Document filed by plaintiff to initiate a lawsuit.

Subject Matter Jurisdiction

Court's authority to hear specific types of cases.

US Dual Court System

Parallel structure of federal and state courts.

Exclusive Federal Jurisdiction

Only federal courts can hear specific cases.

Admiralty Cases

Legal issues arising from maritime activities.

Bankruptcy Cases

Legal proceedings for individuals or entities unable to pay debts.

Federal Criminal Prosecutions

Cases involving violations of federal law.

Diversity of Citizenship

Parties from different states with claims over $75,000 and where the plaintiff and defendant are from different states

Federal Court System

Includes district courts, circuit courts, and Supreme Court.

State Court Systems

Includes trial courts, appellate courts, and state supreme courts.

Venue

Geographic location of the court with jurisdiction.

Forum Selection Clause

Contractual clause designating court for disputes.

Choice-of-Law Clause

Contract clause specifying applicable state law.

Standing to Sue

Plaintiff must be personally affected by the case.

Justiciable Case/Controversy

Real legal dispute between parties, not hypothetical.

Ripeness

Case must be ready for court decision.

Pretrial Stage

Initial phase involving negotiations and pleadings.

Discovery

Process of gathering evidence for the case.

Summary Judgment

Pretrial motion resolving cases without material fact disputes.

Motion in Limine

Pretrial motion to exclude certain evidence.

Jury Selection

Process of choosing jurors for the trial.

Opening Statements

Initial presentations by attorneys outlining their cases.

Examination of Witnesses

Process of questioning witnesses during the trial.

Post Trial Motions

Motions filed after trial for different judgments.

Judgment

Final decision made by the court in a trial.

Appeals

Requests to review a court's decision for errors.

Remand

Sending a case back to lower court for reconsideration.

Writ of Certiorari

Petition to the Supreme Court to accept a case.

Alternative Dispute Resolution (ADR)

Methods to resolve disputes outside of litigation.

Negotiation

Direct discussion between parties to reach an agreement, no 3rd party.

Mediation

Neutral party facilitates negotiation between disputing parties.

Mediator

Neutral facilitator in mediation, not a decision-maker.

Settlement

Agreement reached between parties, ending litigation.

Arbitration

Dispute resolution by a neutral third party making decisions.

Arbitrator

Neutral party who makes binding decisions in arbitration.

Award

Outcome of arbitration, binding on the parties.

Federal Arbitration Act

1925 law supporting arbitration and limiting appeals.

Appeal Grounds

Reasons to challenge an arbitration award legally.

Binding Arbitration Clause

Contract term requiring disputes to be resolved by arbitration.

10th Amendment

Reserves powers not given to federal government to states.

Checks and Balances

System ensuring no branch of government exceeds power.

Legislative Branch

Branch of government responsible for making laws.

Executive Branch

Branch that enforces laws and manages government operations.

Judicial Branch

Branch that interprets laws and administers justice.

Impeachment

Process to remove a president or judge from office.

Marbury v. Madison

Landmark case establishing judicial review in the US.

Injunctions

Stop orders against government actions.

Supremacy Clause

Federal law is supreme over state law.

Commerce Clause

government regulates commerce among states and nations.

Tax and Spending Powers

Federal government can impose uniform taxes.

16th Amendment

Allowed federal income tax collection.

Bill of Rights

First 10 amendments protecting individual freedoms.

14th Amendment

Extends Bill of Rights to state governments.

Artificial Persons

Corporations receive Bill of Rights protections.

First Amendment

Protects freedom of speech, religion, and assembly.

Second Amendment

Right to bear arms for militia security.

Third Amendment

Prohibits housing soldiers in peacetime.

Fourth Amendment

Protects against unreasonable searches and seizures.

Fifth Amendment

Rights against self-incrimination and double jeopardy. ("I plead the 5th")

Sixth Amendment

Right to a speedy public trial and attorney.

Seventh Amendment

Right to jury trial in lawsuits over $20.

Eighth Amendment

Prohibits excessive bail and cruel punishment.

Ninth Amendment

Retains rights not specifically enumerated.

Equal Protection Clause

Prevents discrimination by state governments.

IRAC

Framework for legal analysis: Issue, Rule, Analysis, Conclusion.