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LEGS 3010: EXAM 1
Business law |
enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges (b/t commercial relationships |
6 functional areas of business that sit on a foundation of business law |
1. mgmt
2. production&transportation
3. markting
4. R & D
5. accounting and finance
6. HR mgmt |
Law |
rules of conduct in any organized society that are enforced by the governing authority of the community. >Majority of citizens can create rules |
Classifications of Law |
1. public vs private
2. national vs international
3. civil vs criminal
4. federal vs state |
Private Law |
law that involves suits b/t private individuals or groups X. business person doesn't pay rent to landlord |
Public Law |
law that involves suits b/t private indiv. or groups and their gov't X. business dumps wastes behind building |
Civil Law |
Body of laws that govern the rights & responsibilities either b/t person or b/t person and their gov't X. restaurant pays bills after customer gets sick from their food |
Criminal Law
|
body of laws that involve the rights & responsibilities an indiv. has w/ respect to the public as a whole X. prohibit insider trading |
Sources of Business Law |
1. constitution
2. Statutes
3. Cases
4. Admin. Law
5. Treaties
6. Executive Orders
7. Schools of Legal Interpretation |
1.Constitutional Law |
general limits & powers of a gov't as interpreted from its written constitution |
Another name for U.S Constitution |
'Supreme Law of the Land' |
2. Statutory Law |
assortment of rules & regulations put forth by legislatures
>Statutes=legislative actions
>found in U.S. Code |
Codes |
Collection of all the laws in one convenient location
-local city&county ordinances X. zoning, building codes |
Modern/uniform Laws |
laws created to account for the variability of laws among states. These laws serve to standardize the otherwise different interstate laws
>urge uniform laws in states
|
3. Case Law |
collection of legal interpretations made by judges. They're considered to be law unless otherwise revoked by a statutory law "common law" |
Precedent |
tool used by judges to make rulings on cases on the basis of key similarities to previous cases. X. Micky d's had to add 'caution its hot' bc someone sued |
Stare Decisis |
"standing by the decision"; a principle stating that rulings in higher courts are binding precedent for lower courts
>iffy bc of diff interpretations |
Restatements of the Law |
summaries of common law rules in a particular area of the law. Restatements don't carry the weight of law, but can be used to guide interpretations of particular cases.
>a judge's mind |
4.Administrative Law |
collection of rules & decision made by administrative agencies to fill in particular details missing
X. OSHA with UPS' safety
|
5. Treaty |
binding agreement b/t 2 states or international orgs
> to be "binding", it must be approved by 2act/3 of Senate
>similar to a contr
|
6. Executive Orders |
article 2, section 1
>president and state governors can issue these
X. ppl sent to internment camps |
7. Schools of Legal Interpretation(6) |
-law is human creation shaped by many perspectives and approaches
>legislators& courts are guided by habit/interpretations |
1~Natural Law |
school that recognizes the existence of higher law, or law that is morally superior to human laws
>conscience go against laws |
2~Legal Positivism |
bc society requires authority, a legal&authoritarian hierarchy should exist. When a law is made, obedience is expected bc authority created it |
3~Identification w/ the Vulnerable |
society should be fair. Particular attention is therefore paid to the poor, ill and elderly X. Minimum wage |
4~Historical School |
**most often used guideline (tradition)
-uses traditions as the model for future laws& behavior
>>Stare Decisis is in this |
5~Legal Realism |
context must be considered as well as law. Context includes factors such as economic conditions & social conditions |
6~Cost-Benefit Analysis |
all costs& benefits of a law are given monetary values. Laws w/ the highest ratios of benefits to costs are than preferable to those w/ lower ratios
>more benefits, saved resources, resources to make more g/s, economy more efficient, producing more for less |
Comparative |
comparing & studying the laws in different countries
X. Google& chinese gov't
|
Ethics |
study&practice of decisions about what is good or bad |
Business Ethics |
use of ethics & ethical principles to solve business dilemmas
**Doesn't yield correct decisions
>standards to business conduct |
Ethical Dilemma |
a question about how one should behave that requires one to reflect on the advantages and disadvantages of the optional choices for various stakeholders
>no right decision is available |
Social Responsibility of business |
expectations that a community places on the actions of firms inside that community's borders |
Business Law& Business Ethics: |
>first assemble the facts
>ethics guides decision w/in firms |
WH Approach (to ethical decision making) |
set of ethical guidelines that urges us to consider whom an action affects, the purpose of the action& how we view its morality
>provides ethical guidelines |
Ethical Guidelines |
simple tool that helps determine whether an action is moral. "practical steps" |
Values |
-basic unit of business ethics
-positive abstractions that capture our sense of what is good & desirable
>represent our understanding of the purposes
>pull and push our decision |
4 most important values influencing business ethics |
1. Freedom
2. Security
3. Justice
4. Efficiency
>helps to question others' ethical actions |
Weight of values stem from: |
-tradition
-family
-culture
-reasoning about the consequences
-religion
-sense of obligation |
WH Framework: Business |
-'whom' would this decision affect?
-'how' to make ethical decisions
1. W-who (Stakeholders)
...customers, investors, owners, employees
2. H-how (guidelines)
...public disclosure, universalize, Golden Rule |
Stakeholders |
groups of people affected by a firm's decisions (customers, employees, investors...)
>consider all stakeholders when engaging in ethical reasoning (direct s. and background s)
|
1. The Golden Rule (ethical guideline) |
treat others the way that you want to be treated.
>6 interpretations |
2. Public Disclosure Test (ethical guideline) |
"television test"-would you want your actions seen on TV?
>ray of sunlight that makes our actions visible |
3. Universalization Test (ethical guideline) |
urges us to consider, before we act, what the world would be like if everyone acted in this way.
>focus on others |
Jurisdiction (3 types) |
court's power to hear cases & render decision |
1. Original vs Appellate Jurisdiction |
-trial courts
-courts of appellate |
Trial courts/courts of original jurisdiction |
**most civil or criminal cases start here when they enter the legal system
>present evidence
>call witnesses to testify
>"courts of common pleas" |
Courts of appellate jurisdiction/appellate courts |
-a higher court
-they review the decision&results of a lower court when a losing party files an appeal
>they do NOT hold trials, but may request more oral&written arguments
>>They issue written decisions
>>Handle questions of law ONLY (can overrule question of fact) |
Question of Law |
an issue concerning the interpretation or application of the law |
Question of Fact |
a question about an event or characteristic in a case
X. if white student yelled racial slur
>trial courts
|
2. Jurisdiction over persons&property |
--nothing |
in personam jurisdiction |
power of a court to require a party or a witness to come before the court
-fed=geographic district
-state=extends to state's borders
>must have personal jurisdiction |
Plaintiff |
person or party who initiates a lawsuit (action) before a court by filing a complaint w/ the clerk against the defendent |
Defendent |
person or party against whom a civil or criminal lawsuit is filed in a court of law |
Complaint |
formal written document that begins a civil lawsuit; contains the plaintiff's list of allegations against the defendant along w/ the damages the plaintiff seeks |
Summons |
legal document issued by a court & addressed to a defendant & how & when to respond to the complaint |
Service of Proces |
procedure, courts present documents to defendants
>if is a business, president receives it or an appointed agent
|
long-arm statutes |
statute that enables a court to obtain jurisdiction against an out-of-state defendant as long as the defendant has sufficient minimum contacts w/in the state |
In rem jurisdiction |
power of a court over the property or status of an out-of-state defendant when that property or status is w/in the court's jurisdiction area
>charlie hit someone in cali. Cali took his cali vacation home |
Quasi in rem jurisdiction (attachment j) |
applies to personaly suits against the defendant in which the property is not the source of the conflict, but is sought as compensations by the plaintiff
>charlie hit someone in cali. Cali took his cali vacation home |
3. Subject Matter Jurisdiction |
power of a court over the type of case presented to it |
Exclusive Federal Jurisdiciton |
very few cases
-patent, trademark, copyright
-bankruptcy
-state vs state
-claims vs US
|
Exclusive State Jurisdiction |
broad range
-adoption and divorce case
-most cases are this |
Concurrent Jurisdiction |
both state and federal have jurisdiction
-diversity of citizenship |
Federal-Question |
require interpretation of U.S. constitution |
Diversity-of-citizenship |
must satisfy: 1. the plaintiff does not reside in the same state as the defendant 2. controversy concerns on amount in excess of $75,000
>most federal cases are based on this |
Right of Removal |
defendant can transfer the case to federal court and plaintiff can file case in federal court as well |
Venue |
determines which trial court in the system will hear the case
>the place a hearing takes place at
>legal doctrine relating to selection of a court w/ subject matter |
Federal Court System |
-article 3, Sec 2
-3 main levels |
1. (fed court)
Federal Trial Courts
|
US district courts
>can grant any remedy
**almost every case in federal system starts here
"courts of general jurisdiction" |
2. (fed court) Intermediate Courts of Appeal |
"US circuit courts" |
3. (fed court) The court of Last Resort |
"US Supreme Court"
>will NOT hear cases questioning the state law |
State Court Systems |
-each state has their own system
-3 levels |
1. (state c) State Trial Courts |
**most cases start here
>hear all cases over which the state court system has jurisdiction
>>>have county courts too |
2. (state c) Intermediate Courts of Appeal |
in half the states. Broad jurisdiction
> "superior courts" |
3. (state c) Courts of Last Resort |
appeals from the state intermediate courts |
3 Threshold Requirements (before a case goes to court) |
1. Standing
2. Case or Controversy
3. Ripeness |
What does constitutional law do |
framework for our nations gov't
-establishes a system of gov't tht divides power b/t federal gov't and the statesd |
Federalism |
-what the constitution is based on
-system of gov't in which power is divided b/t a central authority & constituent political units
>legislative, judicial, executive |
judicial review |
explicitly allow courts to review legislature & executive actions to determine whether they are constitutional |