Business Law 3500 Exam 1 Study Guide Definitions Plain meaning rule Examples set by prior cases the study of legal philosophy Natural Law Federal question jurisdiction Power of a court to hear and decide a case Long arm statue Law laid down by the duly constituted authority Is a means of gaining service over an out of state When a court must decide an issue with no statute The court does not go beyond the plain meaning of its Process by which a statute is enacted or the statute itself a remark by the way when a court makes statements by Case Law Case of first impression Body of principles of right and justice existing for all peoples Judge made law let the decision stand is a policy that courts have developed Jurisprudence irrespective of time and culture Positive Law Legislation Common Law Stare decisis as a general rule Obiter dictum way of explanation that are not really necessary to its decision or prior judicial decision to guide its interpretation words to determine what a statute means Jurisdiction defendant jurisdiction over a persona and subject matter of case federal statute a treaty or the U S Constitution been similarly injured Discovery party knows Injunction from doing something conflict a hearing and decided the dispute by a contract Revocation Acceptance her intention to be bound by the offer exchange in order for it to be enforceable Statute of Frauds consideration of marriage for sales of goods priced 500 or more for transfers of real property other than a lease of less than one years duration Most common method to terminate an offer Consists of words or actions by which an offeree signifies his or Expression of one party to another that expresses intent to be bound An order compelling the defendant to do something or to refrain The process where each party attempts to learn what the other Replaces the judge and jury with a private arbitrator who holds Involves an intermediary to assist the parties in resolving the The requirement that a promise be part of a bargained for To bring a suit on behalf of a class of people who have A petition that requests that a court reviews a case Requires written evidence for promises made in Certiorari Class action suit Cases include any claim rising under a Consideration Arbitration Mediation Offer Parole evidence rule Promissory estoppel Express and constructive conditions Provides that if a contract is reduced to writing and that cannot by their terms be performed within one year to answer for the debt of another A way for courts to enforce promises that lacked consideration and oral promises that would otherwise be unenforceable under the Statute of Frauds There must be a promise from a promisor to a promise there must be a reliance by the promise upon the promise the reliancce must be to the promisee s substantial economic detriment the parties intend the writing to be final and complete evidence of the agreement puts meaning affects substance of content the parties themselves Constructive implied as a matter of law form the order of performance contemplated by the parties Expectation damages are calculated to place the victim of the breach in the position he or she would have been in had the contract been performed Reliance damages are calculated to place the victim of the breach in the position he or she would have been in had the contract never been made Restitution damages are designed to place the breaching party in the position he or she would have been in had the contract never been made Specific performance remedy subject to courts equitable discretion Are available if money damages are not an adequate Express conditions established by Expectation reliance and restitution Chapter 1 Humans are rational creatures that want to live in safety and security in cooperation and law is a social institution which we rely upon to uphold these standards Business law and business ethics are interconnected law affects peoples opinions on what is right and wrong or ethical unethical Fiduciary Relationship A relationship between two or more parties with a legal and ethical relationship of trust Fiduciaries examples are real estate agents business partners etc Fiduciary Rule Requires the fiduciary to act solely in the interest of that other persons property or interests Ethics vs Morals o Ethics the rules recognized in respect to a class of human actions or a group or culture Social system External Society says its right thing o Morals A personal compass of right and wrong Individual Internal Personal belief in what s right and wrong Chapter 2 Jurisprudence the study of legal philosophy Chapter 3 o Ideal Positive law laid down by duly constituted authority might the embodiment of a society s customs custom is the chief Natural law body of higher principles from human nature or Close to historical believe law is the sum of what law o Positivist o Historical o Sociological some divine being point to speed limit sign as example of law manifestation of law and law evolves with social development books permit and what human behavior provides judicial decision making process made by judges outcomes are achieved o Feminist Jurisprudence Sees law as an instrument in which good economic Focuses primarily on the social influences affecting the o Economic o Critical o Realist Law is the product of political and sociological judgments Liberal Feminist individual rights legal doctrine Cultural Feminist Laws focus on rights has male perspective Radical Feminist View law as means of male dominance let the decision stand is a policy that courts have developed o Decision stands even if the current court would rule otherwise they must abide by what the higher courts have ruled o Courts should abide by precedence and not disturb resolved matters Stare decisis as a general rule Jurisdiction Power of a court to hear and decide a case o Court must have jurisdiction over both the subject matter as well as the parties to the dispute Venue Geographic locality within the jurisdiction where an action should be tried when location is inconvenient and a hardship the doctrine of forum non conveniens permits defendant to transfer case to a more suitable location The Federal System judicial power of U S all lies in Supreme Court District Courts basic federal trial court Discovery party knows The process where each party attempts to learn what the other o Each party may direct written questions Interrogatories which the other party must reply to under oath o