Ch01: Law and Legal Reasoning

Flashcards covering the key concepts of Law and Legal Reasoning based on lecture notes.

What constitutes the law in the United States?

The law consists of written laws and court decisions.

Are the legal rules that control business actions reflective of past and current thinking?

Yes, they reflect past and current thinking about how similar businesses should and should not act.

Is the ability to analyze and evaluate legal ramifications a lasting skill?

Yes, it is a lasting skill.

Does the study of business law involve an ethical dimension?

Yes, the study of business law does involve an ethical dimension.

Is a constitution a primary source of law?

Yes, a constitution is a primary source of law.

Is a statute considered a secondary source of law?

No, a statute is not a secondary source of law.

Do courts refer to secondary sources of law for guidance?

Yes, courts often refer to secondary sources of law for guidance.

Is the U.S. Constitution the basis of all law in the United States?

Yes, the U.S. Constitution is the basis of all law in the United States.

What type of law must a state legislature adopt for it to become part of the statutory law?

A uniform law.

What is a local ordinance?

A regulation enacted by a city or county legislative body.

Do federal statutes apply only to states that agree to apply them?

No, federal statutes apply to all states.

Are independent regulatory agencies subject to the authority of the president?

No, independent regulatory agencies are not subject to the authority of the president.

Do rules issued by administrative agencies affect business operations?

Yes, they affect almost every aspect of a business's operations.

Does administrative law play a significant role in the regulatory environment of business?

No, administrative law plays a relatively significant role.

What governs areas not covered by statutory or administrative law?

The doctrines and principles announced in court decisions.

What is the common law?

A body of law developed from judicial decisions.

Are controlling precedents considered binding authorities?

Yes, controlling precedents are binding authorities.

What is a case of first impression?

Any legal authority or source of law that a court may look to for guidance but need not follow.

Can more than one rule of law be applicable to a case?

Yes, often more than one rule of law will be applicable to a case.

Is there one right answer to every legal question?

No, there is not one right answer to every legal question.

Do principles of equity apply since courts of law and equity have merged?

Yes, principles of equity are still applied.

Is civil law concerned with wrongs committed against society?

No, civil law concerns the rights and duties between persons.

Is international law derived from the laws of individual nations?

Yes, international law derives from a variety of sources, including individual nations.

What must a court have to grant an equitable remedy?

A remedy at law must be inadequate.

What is rescission?

The cancellation of a contractual obligation.

What is the basis of a civil law system?

A written code of laws.

What types of managers can benefit from understanding legal concepts?

All types of managers such as accounting, finance, human resources, and marketing.

What do primary sources of law include?

Case law.

What do secondary sources of law include?

Legal scholars’ research.

What does a constitution set forth?

A government's limits and powers.

What is statutory law?

Laws enacted by legislative bodies at any level of government.

What happens to a state law that conflicts with the U.S. Constitution?

The state provision will not be enforced.

Who can enforce a law that violates the U.S. Constitution?

No one.

What does the Uniform Commercial Code facilitate?

Commerce among the states.

What does administrative law include?

The rules, orders, and decisions of a government agency.

What may regulations issued by a state or local agency affect?

All aspects of a business's operations except compliance with conflicting federal regulations.

Who is the Food and Drug Administration (FDA) subject to?

The authority of the president.

How do common law rules develop?

From principles underlying judges’ decisions in actual controversies.

What is stare decisis?

A doctrine under which judges follow established precedents.

What is a precedent in legal terms?

A court decision that furnishes an example for deciding subsequent cases.

What is jurisdiction?

The geographic area in which a court has the power to apply the law.

When must a principle from a court case be applied in future cases?

When the cases involve similar facts.

What sources can a court consider in deciding a case of first impression?

Legal authorities that are not binding, issues of fairness, and government policy.

What is an action in legal terms?

A court proceeding to enforce a right.

Who is a plaintiff?

The person initiating a lawsuit.

What is an equitable remedy?

An order to perform what was promised.

What is an injunction?

An order to do or to refrain from doing a certain act.

What is an award of damages?

A payment of money or property.

What is the only remedy a court of law could grant historically?

Monetary damages.

What is the natural law tradition?

Believing in a higher law that applies to all human beings.

What does civil law concern?

The rights and duties between persons.

What are criminal statutes against?

Wrongs committed against society.

What is the object of a civil case?

To obtain a remedy to compensate the injured party.

What is cyberlaw?

Law that relates to the online environment.

What does "157 A.D.3d 486" represent in court opinions?

The number of the volume in the official reports of the court’s decisions.

What does "617" represent in U.S. Supreme Court opinions?

A page number in the referenced volume.

According to the U.S. Constitution, what takes priority in conflicts between federal and state law?

Federal law takes priority.

What principle applies if a court case conflicts with precedent?

The court may rule contrary to a precedent if it decides the precedent is incorrect.

What means to enforce a right or compensate for a violation?

A remedy.

What is an action in court?

To enforce a right.

What type of case does the plaintiff initiate?

A lawsuit.

What is the purpose of an equitable remedy?

To order a party to perform what was promised.

What is an injunction in court?

An order to do or to refrain from doing a certain act.

What does an award of damages entail?

A payment of money or property.