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| In todays world, knowledge of what is not enough? |
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| The study of business law necessarily involves a... |
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| to break or failing to perform a contract |
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| study of what constitutes right and wrong. |
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| What are the areas of the law that may affect business decision making? |
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| contracts, sales, negotiable instruments, creditors rights, intellectual property, e commerce, product liability, torts, agency, business organizations, professional liability, courts and procedures. |
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| What are primary sources of law |
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| sources that establish the law. |
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| What is constitutional law? |
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| the supreme law of the land, the basis of all law in the united states. According to article 6 |
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| what does the tenth amendment say? |
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| All powers not granted to the federal govt are given to the state, unless it conflicts with the constitutional law. each state has it's own constitution. |
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| Laws enacted by legislative bodies at any level of government, such as the statutes passed by congress or by state legislatures, make up the body of law generally refered to as statutory law. |
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| Statutory law also includes local ordiances, which are? |
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| statutes ( laws, rules, or orders) passed by municipal or county governing units to govern matters not covered by federal or state law. mainly have to do with city or county land use. |
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| model laws, created because states had such different laws back in the 1800s which made trade difficult. called the nCCUSL |
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| uniform commercial code- it facilitates commerce among the states by providing a uniform, yet flexible, set of rules governing commercial transactions. ie if you enter into a contract it will be enforced. |
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| What is administrative law? |
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| consists of the rules, orders, and decisions of administrative agencies ( ie federal agencies, state and local) . These agencies are established to perform a specific function. |
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| what are some federal agencies? |
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| at the national level, the cabinet depts of the executive branch are agencies. THE FDA is and agency. executive agencies are subject to the authority of the president, who has the power to appoint and remove their officers. |
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| the doctrines and principles announced in cases- it governs all areas not coverered by statutory law or administrative law and is part of our common law tradition. |
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| American Law is based largely on |
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| English common law which was based largely on traditions, social customs, rules, and cases dating back to 1066 A.D. |
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| A body of general rules that applied throughout the entire english realm |
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| What two types of courts were there at common law? |
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Courts of law - awards money damanges
Courts of equity- ( non monetary relief ) based on notions of justice and fair dealing |
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| the legal means to enforce a right or redress a wrong. |
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| the three remedies ( land, items of value, money ) used back then, |
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| What were courts of law called? |
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| kings courts, and judges were appointed by the king. |
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| What were courts of equity and remedies in equity? |
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| Courts of equity were administered by chancellors appointed by the king. Equitable remedies include specific performance, injunctions, recissions. |
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| what are equitable maxims? |
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| propositions or general statements of equitable rules. ( ie the 6 rules ) |
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| What is the doctrine of laches? |
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| Equity aids the vigilant, not those who rest on their rights, ie equity will not help those who neglect their rights for an unreasonable period of time. |
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| What is meant by the defendanct and the defense? |
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| A defense is an argument raised by the defendant ( the party being sued ) indicating why the plaintiff ( the suing party) should not obtain the remedy sought. |
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| also known as the plaintiff - the party bringing a lawsuit, and the party being sued is the respondant. |
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| What is the statutes of limitations |
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| after the time allowed under a statute of limitations has expired, no action or law suit can be brought, no matter how strong the case was originally. |
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