Finance Law Quiz 1

In a federal form of government, the national government is the sole sovereign power.

True

The Bill of Rights protects individuals against various types of interference by other individuals.

True

The due process clause states that no person shall be deprived “of life, liberty, or property, without due process of law.”

True

The USA Patriot Act

Anti-terrorism laws in the USA implemented in 2001 shortly after 9/11 to expand law inforcement surveillance and information sharing.

State regulatory powers are referred to as

Police powers

Police powers are…

The inherent authority that state governments have to protect public wellfare, health, safety, and morals.

Pursuant

To act in accordance with a certain law or contract.

Privileges and Immunities clause

Ensures that citizens of one state are allowed the privileges and rights assured by other states. Prevents state-based discrimination.

Interstate vs Intrastate

Interstate crosses state borders, intrastate is contained entirely within the borders of one state.

Gibbons v. Ogden

Ruling that established the U.S congress’ power over regulation of interstate commerce. In context, it invalidated New Yorks steamboat monopoly.

Commerce Clause

Grants congress the power to regulate commerce between states, foreign nations, and with native nations.

Griswold v. Connecticut

A U.S. supreme court decision that removed Connecticuts ban on contraceptives, stating the citizens had a right to privacy by the first, third, fourth, and ninth amendments.

Dormant Commerce Clause

States do not have the authority to regulate interstate commerce, only the federal government and congress.

Establishment Clause

A specific clause of the first amendment that states that congress shall make no law restricting freedom of religion.

Steps of a trial

Voir dire (getting a jury), opening statements, plaintiffs case, motion for verdict, defendants case, closing statements, jury instructions, submission to jury, verdict, post-trial motions.

If two parties are in different states…

They must go to a federal court AND damages must exceed 75k.

Judicial review

The power of courts to review and invalidate laws that may violate the constitution

“In Personam” jurisdiction

A courts legal authority to make binding decisions over a specific person or entity

Subject Matter jurisdiction

The courts authority to hear and decide on a specific type of case

Arbitration

Where parties bring the issue to an unbiased third party (aka arbitrator) to decide the matter. The arbitrator bust have the authority to grant an award.

Negotiation

Most common, where parties or attorneys negotiate and try to reach a settlement.

Mediation

Third party neutral (aka mediator) helps the parties reach a voluntary settlement. Unlike arbitrators, mediators do not have the authority to grant an award. Rather, they focus on simply finding an agreement.

Legal positivism

The law is straightforward, simply being whatever the ruler says it is with little room for nuance or situation based differences. Example, no difference for a case involving someone taking a life if it was done out of pure murderous intent or out of self defense.

Legal realism

States that those who enforce the law may be biased due to different backgrounds and circumstance. Everyone holds intrinsic biases, and thus, the law will never be applied with true uniformity across all classes, genders, ethnic backgrounds, etc.

Natural law

All laws must be moral, and follow the ideas that humans have natural rights that cannot be infringed upon.

Stare Decisis

The idea that courts must adhere to previously held cases. If a new case has almost identical circumstances and details to a previous one, the court must adhere to whatever it is they did in the previous one.

Statutory law vs common law

Statutory laws are passed by a legislative body, while common law is based on judicial precedents and past judicial opinions.

Substantive vs procedural law

Substantive law defines the crime, while procedural law provides for the right to appeal

Statute vs regulations

Statutes are laws enacted by legislatures, while regulations are rules implemented by administrative agencies to enforce those laws.

Laws that regulate economic or social issues are…

Presumed valid, and the courts will apply minimal scrutiny to evaluate if they are discriminatory

Procedural due process

Requires government officials to follow fair procedures before depriving a person of life, liberty, or property.

Supremacy clause

U.S. Constitution, federal laws, and treaties take priority over conflicting state laws.