Business Law Terms-Dr. Dosson

What are two types of remedies available to a prevailing party in a civil lawsuit?

1. A legal remedy (money damages) 2. An equitable remedy such as injunction, specific performance of a contract, or rescission of a contract)

Under what 4 circumstances may a court ignore the mandate of stare decisis and deviate from legal precedent?

1. Change in Public policy 2. The particular law at issue has become illegal 3. A law is no longer just 4. Changes in society

What are the 4 general areas of law?

1. Civil law 2. Criminal Law 3. Administrative Law 4. International Law

What are the 2 sources of Law?

1. Common Law 2. Statutory Law

What are 5 advantages of stare Decisis?

1. Efficiency 2. Uniformity 3. Consistency 4. Stability 5. Predictability

List (in order) the 10 general steps that a typical civil lawsuit follows from start to finish

1. Event causing problem 2. Drafting complaint 3. Filing of complaint 4. Service on defendant(s) 5. Filing an answer and counterclaim 6. Filing answer to Counterclaim 7. PT Motions, PTC, Discovery 8. Perhaps ADR 9. Trial and Verdict/Opinion & judgement 10. Enforcement of judgement or filing

What are the 3 types of jurisdiction?

1. Jurisdiction over the person 2. Jurisdiction over the property 3. Jurisdiction over the subject matter

Generally, under what 2 circumstances does a lawsuit arise?

1. One party has been wronged 2. A dispute exists

What are the 3 components of the definition of law?

1. Rules of conduct 2. With legal force and effect 3. Set forth by the government

Who are the parties to an appeal?

1. The person (or entity) bringing the appeal is called "The Appellant" 2. The person (or entity) defending against the appeal is called "the Appellee"

Who are the parties to civil lawsuit?

1. The person(s) filing the lawsuit is the "plaintiff" 2. The person(s) being sued the "Defendant" 3. If there is a counterclaim, the original Defendant also becomes the "Counter Plaintiff" and the original Plaintiff also becomes a defendant

Define the Law

A body of rules of conduct with legal force and effect set forth by the government of society

What is Precedent?

A court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts

What is "Stare Decisis?"

A doctrine of the courts under which judges are obligated to follow the precedents established within their jurisdictions.

What is a lawsuit?

A judicial proceeding for the resolution of a dispute between parties in which rights are enforced or protected, wrongs are prevented or redressed, or public offenses are prosecuted

What do we call a U.S. Supreme Court case in which the ruling deviates from stare decisis?

A landmark decision

What is a "cause of action"?

A situation or state of facts that gives a person a right to initiate a lawsuit

What is an "ambiguity?"

A statement in a written document (e.g. a contract, a will, or a statute) that is unclear to the extent that it has two possible interpretations

What is statutory law?

Laws passed by a legislative body

Under Stare Decisis, is a court obligated to follow a decision from another jurisdiction?

No. A ruling from another jurisdiction is only "persuasive authority" and not "binding authority"

What is Case Law?

Rules of law announce in court decions

What is the "Supreme Law of the Land?"

The U.S. Constitution

What is jurisdiction?

The authority of a court to hear and decide a specific action

What is common law?

The body of law developed from custom or judicial decisions in English and U.S. courts

What is the geographic limitation on a State Appellate Court's Jurisdiction?

The boundary lines of that state

What is a breach?

The failure to perform a legal obligation (also known as a legal "duty"

What determines the area of the law we use to help with a business problem?

The outcome we desire

What is a remedy?

The relief given to innocent parties, by law or by contract, to enforce a right or to prevent or compensate a wrong