Business Law Exam 1 Study Guide Chapter 1 Sources of American Law Areas of Law That Affect Decision Making o Intellectual Property Agency Business Organizations Professional Liability Ecommerce Torts Product Liability Primary Sources of Law sources that establish the law o The U S State Constitutions o Statutory Law laws passed by Congress state legislatures or local governing bodies o Regulations created by administrative agencies i e FDA o Case law and common law doctrines o Treaties Federal NAFTA Secondary Sources of Law books and articles that summarize and clarify the primary sources of law Constitutional Law and Statutory Law and Federal Statute and State Statutes applied to US Constitution Constitutional Law Statutory Law o Basis of all law in the U S o Any law that is in violation of the U S Constitution will be declared unconstitutional and will nor be enforced no matter what its source o 10th Amendment reserves to the states all powers not granted to the federal government Unless conflicting with the U S Constitution or Federal Law a state s constitution is supreme within the state s boarders o Statutory Law laws enacted by legislative bodies at any level of government such as the statures passed by Congress or by state legislatures When a legislature passes a statute it becomes included in the federal code of laws or state equivalent o Ordinances statutes rules laws or orders passed by municipal or county governing units to govern matters not covered by federal or state law o Uniform Laws model laws that were started by the National Conference of Commissioners on Uniform State Laws NCCUSL that states can elect to adopt Started in 1892 to make trade and commerce easier 1 o The Uniform Commercial Code UCC facilitates commerce among states by providing a uniform and flexible set of rules governing commercial transactions ensures that contracts if valid will be enforced o Administrative Law the rules orders and decisions of administrative agencies Administrative Agencies federal state or local government agencies established to perform a specific function State and Local Agencies and Federal Agencies Federal Agencies o Executive Agencies subject to the authority of the president who has the authority to appoint or remove their officers i e U S Department of Health o Independent Regulatory Agencies officers serve a fixed term cannot be removed without just cause i e Securities Exchange Commission Federal Trade Commission State Local Agencies administrative agencies at the state and local levels o Created as a parallel to a federal agency o Just as federal statutes take precedence over state statutes federal agency regulations take precedence over conflicting state regulations Remedies in Equity Remedies in Equity remedies granted by the equity courts including o Specific Performance ordering a party to perform an agreement as promised o Injunction ordering a party to cease engaging in a specific activity or to undo some wrong or injury o Recession the cancellation of a contractual obligation Granted when Remedies at Law monetary damages are not adequate o Ex Someone purchased a property seller breaches the agreement instead of suing for return of funds he wants the property and seeks Specific Performance Equitable Maxims Equitable Maxims propositions or general statements of equitable rules Doctrine of Laches equity aids the vigilant not those who rest on their rights o Encourages people to bring lawsuits while the evidence was fresh o Lead to the development of Statutes of Limitations time periods for different types of cases Equitable Maxims 1 Anyone who wishes to be treated fairly must treat others fairly 2 2 The law will determine the outcome of a controversy in which the merits of both sides are equal 3 The plaintiff must have acted fairly and honestly 4 Equitable relief will be awarded when there is a right to relief and there is no adequate remedy at law 5 Equity is more concerned with fairness and justice than with legal technicalities 6 Equity will not help those who neglect their rights for an unreasonable period of time Stare Decisis and Common Law Tradition Stare Decisis a common law doctrine under which judges are obligated to follow the precedents established in prior decisions o Precedent a decision that furnished an example or authority for deciding subsequent cases involving identical or similar legal principles or facts o Jurisdiction a geographic area in which a court or courts have the power to apply the law Aspects of Stare Decesis 1 Decisions made by higher courts are binding on lower courts 2 The court should not overturn its own precedents unless there is a compelling reason to do so Legal Stability o Helps the courts to be more efficient o Makes the law more stable and predictable Civil and Criminal Law Civil Law the rights and duties that exist between persons and between persons and their governments as well as the relief available when a person s rights are violated Criminal Law concerned with the wrongs committed against the public as a whole criminal acts are defines and prohibited by local state or federal governments Cyberlaw the emerging body of law that governs transactions conducted via the internet Decisions and Opinions Opinions contains the court s reason for a decision the rules of law that apply and the judgment five types 1 Unanimous Opinion all judges agree on an opinion the opinion is written for the entire court 3 2 Majority Opinion not a unanimous decision the majority opinion outlines the view supported by the majority of the judges or justices deciding the case 3 Concurring Opinion written by a justice who agrees with the majority or unanimous opinion but for different reasons 4 Dissenting Opinion presents the opinion of one or more judges who disagree with the majority s decision 5 Per Curiam a decision that has anonymous authorship the judge that wrote the decision is not stated Classifications of Law Subsitive Law Procedural Law o Subsitive what the law says about an issue legal rights and obligations o Procedural where do you file and how the process determines what happens in a civil or criminal process Civil Criminal Law o Civil rights and duties between persons governments and corporations Damages or equity proof necessary Burden of proof on plaintiff o Criminal wrongs committed against society Plaintiff is the government Defendant is the individual Federal aircraft hijacking income tax fraud State DUI speeding Cyber
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