KSU FIN 26074 - Chapter 1 – The Constitutional Foundations

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Chapter 1 – The Constitutional FoundationsLaw: A body of enforceable rules governing relationships among individuals and between individuals and their society. They establish rights, duties, and privileges that are consistent with the values and beliefs of a society or its ruling group.Sources of American Law:- The U.S. Constitution and the constitutions of the various states.- Statutes, or laws, passed by Congress and by state legislatures.- Regulations created by administrative agencies, such as the federal Food and Drug Administrative.- Case law (Court decisions) Primary source of Law: A statement that establishes the law on a particular issue, such as a constitution,a statue, an administrative rule, or a court decision.Secondary Source of Law: A publication that summaries or interprets the law, such as a legal encyclopedia, a legal treatise, or an article in a law review.Constitutional Law: The body of law derived from the U.S. Constitution and the constitutions of the various states.Statutory Law: The body of law enacted by legislative bodies (as opposed to constitutional law, administrative law, or case law)Citation: A reference to a publication in which a legal authority, such as a stature or a court decision, or other source can be found.Ordinance: A regulation enacted by a city or county legislative body that becomes part of that states statutory law.Uniform Law: A model law developed by the National Conference of Commissioners on Uniform State Laws for the states to consider enacting into statute.- The Uniform Commercial Code (UCC): One of the most important uniform acts. This was created through the joint efforts of the NCCUSL and the American Law Institute. The UCC was first issued in 1952 and has been adopted in all 50 states, the District of Columbia, and the VirginIslands. The UCC facilitates commerce among the states by providing a uniform, yet flexible, set of rules governing commercial transactions.Administrative Law: The body of law created by administrative agencies in order to carry out their duties and responsibilities.Administrative Agency: A federal, state, or local government agency created by the legislature to perform a specific function, such as to make and enforce rules pertaining to the environment.- Federal Agencies: Food and Drug Administration, Federal Trade Commission, the Securities and Exchange Commissions, Federal Communications Commissions.- State and Local Agencies: A state agency (such as a state pollution-control agency) is created as a parallel to a feral agency (such as the Environmental Protection Agency).- Agency Creationo Enabling Legislation: A stature enacted by Congress that authorizes the creation of an administrative agency and specifies the name, composition, purpose, and power of the agency being created.o Adjudicate: To render a judicial decision. Adjudication is the trial-like proceeding in which an administrative law judge hears and resolves disputes involving an administrative agency’s regulations.o Administration Process: The procedure used by administrative agencies in administering the law.- Rulemaking: formulating new regulations.o Legislative Rule: An administrative agency’s rule that carries the same weight as a congressionally enacted statuteo Interpretive Rule: A nonbinding rule or policy statement issued by an administrative agency that explains how it interprets and intends to apply the statutes it enforces.- Investigation and Enforcement- Adjudication: Involves a trial-like hearing.o Administrative law judge (ALJ): One who presides over an administrative agency hearing and has the power to administer oaths, take testimony rule on questions of evidence, and make determinations of fact.Case Law: The rules of law announced in court decisions. Case law interprets statutes, regulations, constitutional provisions, and other case law.Common Law: The body of law developed from custom or judicial decisions in English and U.S. courts, not attributable to a legislature.Precedent: A court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts.Stare Decisis (Stand by things decided): A common law doctrine under which judges are obligated to follow the precedents established in prior decisions.Binding Authority: Any source of law that a court must follow when deciding a case.Persuasive Authority: Any legal authority or source of law that a court may look to for guidance but need not follow when making its decision.Remedy: The relief given to an innocent party to enforce a right or compensate for the violation of a right.Plaintiff: One who initiates a lawsuit.Defendant: One against whom a lawsuit is brought, or the accused person in a criminal proceeding.Substantive Law: Law that define, describes, regulates, and creates legal rights and obligations.Procedural Law: Law that establishes the methods of enforcing the rights established by substantive law.Cyber Law: An informal term used to refer to all laws governing electronic communications and transactions, particularly those conducted via the internet.Civil Law: The branch of law dealing with the definition and enforcement of all private or public rights, as opposed to criminal manners. Individual/Personal cases.- Remedies at Law: Money , Damages- Equitable Remedies: Non-monetary relief (based on fairness)o Injunction: When you want the court to seize and desist something from a case.o Specific PerformanceCivil Law System: A system of law derived from Roman law that is based on codified laws. (Rather than on case precedents)Criminal Law: The branch of law that defines and punishes wrongful actions committed against the public. State issues.National Law: Law that pertains to a particular nation (as opposed to international law).International Law: The law that governs relations among nations.Federal Form of Government: A system of government in which the states form a union and the sovereign power is divided between the central government and the member states.Commerce Clause: The provision in Article I, Section 8, of the U.S. Constitution that gives Congress the power to regulate interstate commerce and intrastate. Most laws passed through the Commerce Clause are found constitutional. - Interstate Commerce- Intrastate Commerce (solely within a state)- Dormant Commerce Clause: Denies states, the authority to pass laws interfering with interstate commerce.Police Powers: Powers possessed by the states to protect


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KSU FIN 26074 - Chapter 1 – The Constitutional Foundations

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