BUSI 301 (Business Law) Chapter 1 Concepts

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Restatements of law

A collection of uniform legal principles focused in a particular area of the law, which contains statements of common law legal principles and rules in a given area of law

Permanence of constitutional law

A constitution is thought to reflect the basic principles of a particular society and should be amended only in extraordinary cases and only when a majority of its constituents agree over a certain period of time

Federalism

Allowing the federal and state governments shared powers

Precedent

Applying the law made in previous appellate court opinions to current cases with similar facts; binding on the trial courts

The U.S. common law is deep-seated in which other common law?

British common law

In what type of terms should you think of law?

Broad terms

Working closely with a business attorney results in what?

Business opportunities, reduced costs, and limitation of risk and liability (also called counsel)

How is law classified?

By subject matter

Equitable maxims

Common law rules that guide courts in deciding cases and controversies and are intended to be broad statements of rules based on notions of fairness and justice

Preemption of constitutional law

Constitutional law is supreme over all other sources of law such as federal and state statutes, treaties, and common law

Primary sources of law

Constitutional law, statutory law, common law, and administrative law

How should businesses work with attorneys?

Cooperatively

Civil laws

Designed to compensate parties for losses as a result of another's product

Remedies

Either monetary, performance, or injunctive, the court-ordered means of enforcing rights and redressing wrongs after a breach. Also, judicial actions, which can be monetary or equitable, taken by courts that are intended to compensate an injured party in a civil lawsuit

Legal realism

Law is a social institution to promote fairness

Common law

Law that has not been passed by the legislature but rather is made by the courts and is based on the fundamentals of previous cases with similar facts

Public laws

Laws derived from some government entity

Criminal laws

Laws designed to protect society that result in penalties to the violated such as fines or imprisonment

Private laws

Laws that are recognized as binding between two parties even though no specific statute or regulation provides for the rights of the parties

Procedural laws

Laws that provide a structure and set out rules for pursuing substantive rights

Employment law

Laws that regulate certain rights of employees

Damages

Money lost as a result of another's conduct

Natural law

Moral values form the basis for all law; principles of higher authority more important than national laws

1) Restatements of the law 2) various sets of model state statutes

Most important secondary sources of law

How is constitutional law different from other sources of law?

Permanence and Preemption

Substantive laws

Provide individuals with rights and create certain duties

How do you learn to apply legal awareness in practice?

Recognizing opportunities for proactive business planning, limiting liability, gaining a competitive edge, and adding value to the business

Administrative law

Refers to both the law made by administrative agencies and the laws and regulations that govern the creation, organization, and operation of administrative agencies

Equitable relief

Relief granted in the form of either specific performance or an injection when monetary damages are insufficient due to the unique or irreversible consequence of the breach

Contract law

Rules regarding agreements

Positivists

Set of uniformly agreed-upon laws

Model state statutes

Statutes drafted by legal experts to be used as a model for state legislatures to adopt in their individual jurisdictions in order to increase the level of uniformity and fairness across courts in all states

On the federal level, who is the executive to sign or veto a bill

The President

Legislative history

The records kept by the legislature, including the debates, committee and conference reports, and legislative finding of fact used when creating a law, which can be used to show the legislature's intent

Jurisprudence

The science & philosophy of law that defines various approaches to the appropriate function of law and how legal doctrines should be developed and applied

Citation

The special format used by the legal community where a statutory law can be found

Statutory scheme

The structure of the statute and the format of its mandates in a law

Litigator

Trial lawyer

Who is the exclusive legislative body for the passage of federal law

U.S. Congress

Ordinances

Written laws at the local level, local regulations

Statutes

Written laws that are passed by the federal or a state legislature and are either approved or rejected by the executive branch

Secondary sources

sources of law that have no independent authority or legally binding effect but can be used to illustrate a point or clarify a legal issue

Law

A body of rules of action or conduct prescribed by controlling authority and having legal binding force

Two common terms used to refer to state statutes

1) Codes 2) Consolidated Statutes

Three broad areas that constitutional law functions with other sources of law

1) establishing a structure for federal and state governments, setting rules for amending the constitution, and granting specific enumerated powers to the different branches of government 2) establishing the concept of federalism 3) establishing individual civil rights and providing procedural protections for US citizens from wrongful government actions

What is the common characteristic of the current state of law?

It creates duties, obligations, and rights that reflect accepted views of a given society

Black's Law Dictionary

The authoritative source for legal terms

Statutory law

The body of law created by the legislature and approved by the executive branch f state and federal government

Constitutional law

The body of law interpreting state & federal constitutions; the foundation for all other law in the United States and is the supreme law of the land

On the state level, who is the executive to state a bill into law?

The governor

United States Code

The official publication of federal statutory law which arranges all existing federal laws in a system organized by title and divided into chapters and sections

Plain meaning rule

The principle that ifs the words in a statute have clear and widely understood meanings, the court applies the statute; used as the initial guideline in statutory interpretation to determine how a rule should be applied

Doctrine of Stare Decisis

The principle that similar cases with similar facts and issues should have the same judicial outcome

Bill

When Congress is drafting a federal statute, but has not yet passed it or had the executive's concurrence

Breach of contract

When a party to a contract breaks her promise to the other party


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