Business Law Exam 1 SG Ch 1 3 Further Study Resources available https myhome cengagebrain com cb Email adm10e my fsu edu Password Overlook1 CHAPTER 1 This information will allow access to quiz questions and flashcards The purpose of law is to provide stability predictability and continuity so that people can know how to order their affairs The law consists of enforceable rules governing relationships among individuals and between individuals and their society Primary Sources of Law or sources that establish the law include the following the US Constitution and the constitutions of various states Statutory Law including laws passed by Congress State Legislatures or local governing bodies Regulations created by administrative agencies such as the Food and Drug Administration Also Case law and common law doctrines Constitutional Law Federal government and the States have separate written constitutions that set forth the general organization powers and limits of their respective governments Constitutional Law is the law expressed in these constitutions The constitution is the supreme law of the land Each state in the union has its own Constitution A states constitution is supreme within the states borders Statutory Law Laws enacted by legislative bodies at any level of government When a legislature passes a statute that statute ultimately is included in the federal code of laws or the relevant state code of laws Also includes local ordinances which are statutes passed by municipal or county governing units Ordinances commonly have to do with city of county land A federal statute applies to all states A state statute applies only within the states borders No law may violate the US constitution or the relevant state constitution Uniform laws or model laws were drafted up by the NCCUSL for states to consider adopting Each state has the option of adopting or rejecting a uniform law Only if a state legislature adopts a uniform law does that law become part of the statutory law of that state State legislature may adopt all or part of a uniform law They may rewrite the law however it wishes Administrative Law Consists of the rules orders and decisions of administrative agencies These agencies are a federal state or local government agency established to perform a specific function These laws constitute a dominant element in the regulatory environment of business Federal Agencies At the national level the cabinet departments of the executive branch include numerous executive agencies The U S Food and Drug Administration for example is an agency within the U S Department of Health and Human Services There are also major independent regulatory agencies at the federal level such as the Federal Trade Commission The president does not have as much power with independent agencies Nobody can be removed without just cause State and Local Agencies A state agency is often created as a parallel to a federal agency Example a state pollution control agency and the Environmental Protection Agency Federal agency regulations take precedence over conflicting state regulations Case Law and Common Law Doctrines Case Law is the doctrines and principles announced in cases governs all areas not covered by statutory law or administrative law and is part of our common law tradition Judge made law including interpretations of constitutional provisions of statutes enacted by legislatures and of regulations created by administrative agencies Common law was a body of general rules that applied throughout the entire English realm Remedies are the legal means to enforce a right or redress a wrong If one person wronged another in some way the kings courts could award as compensation one or more of the following Land items of value or money Courts of Equity and Remedies in Equity Equity is a branch of law founded on what might be described as notions of justice and fair dealing These seek to supply a remedy when no adequate remedy at law is available The remedies granted by the equity courts became known as remedies in equity A defense is an argument raised by the defendant the party being sued indicating why the plaintiff suing party should not obtain the remedy sought In equity proceedings the party bringing a lawsuit is called the petitioner and the party being sued is referred to as the respondent The doctrine of laches arose to encourage people to bring lawsuits while the evidence was fresh What constitutes a reasonable time of course varies according to the circumstances of the case Time periods for different types of cases are now usually fixed by statutes of limitations After the time allowed under a statute of limitations has expired no action lawsuit can be brought forth no matter how strong the case was originally A party may now request both legal and equitable remedies in the same action and the trial court judge may grant either or both forms of relief A party has the right to demand a jury trial in an action at law but not in an action in equity The Doctrine of Stare Decisis One of the unique features of common law is that it is judge made law The body of principles and doctrines that form the common law emerged over time as judges decided legal controversies Equitable Maxims Anyone who wishes to be treated fairly must treat others fairly Where there is equal equity the law must prevail The law will determine the outcome of a controversy in which the merits of both sides are equal Must come to equity court with clean hands The plaintiff must have acted fairly and honestly Equity will not suffer a wrong to be without a remedy Equitable relief will be awarded when there is a right to a relief and there is no adequate remedy at law Equity regards substance rather than form Equity is concerned with fairness and justice than with legal technicalities Equity aids the vigilant not those who rest on their rights Equity will not help those who neglect their rights for an unreasonable period of time Remedies in equity are remedies that include specific performance which is ordering a party to perform an agreement as promised An injunction which is ordering a party to cease engaging in a specific activity or to undo some wrong or injury There is also rescission or the cancellation of a contractual obligation Today s courts will not grant equitable remedies unless the remedy at law monetary damages is inadequate Ted wants the court to grant the equitable remedy of specific performance because monetary damages are
View Full Document
Unlocking...