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MGMT 466, chapter 1
Business Law
36
Management
Undergraduate 4
06/08/2009

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Term
What is law?
Definition
It establishes rights, duties, and privileges consistent with society's beliefs. It consists of enforceable rules governing relationships among individuals and between individuals and their society.
Term
4 Types of Law
Definition
Constitutional, Statutory, Administrative, Common/Case
Term
Constitutions
Definition
Fundamental law of land - establishes organization, powers, and limits of government
Term
US Constitution
Definition
Supreme law of land, creates national government, 10th Amendment reserves all powers not granted to federal government to states.
Term
State Constitutions
Definition
Create state governments, highest form of law within borders of that state, and subject to US Constitution. If a state constitutional provision conflicts with the US Constitution, that statute will be struck down.
Term
Statutory Law
Definition
Created by legislatures, found in federal/state code of laws
Term
State statutes
Definition
Cannot violate state or federal constitutional law. Municipal ordinances are as strong as statutes.
Term
Federal statutes
Definition
Apply to all states. (eg, Civil Rights Act 1964)
Term
Uniform Laws (most accepted uniform law)
Definition
UCC
Term
Administrative law and the 3 Functions of Agencies
Definition
can have state or federal agencies. 1.) Rule-Making Authority. 2.) Investigation & Enforcement. 3.) Adjudication (to judge)
Term
Case/Common Law (Judge-made)
Definition
Rules of Law announced in court decisions. Courts interpret constitutions, statutes, and administrative regulations, as well as creating "common law" doctrines.
Term
Court at Law
Definition
"King's Court." If dilemma can be resolved w/ property or money, then do so in this court.
Term
Court at Equity (Chancellor's Court"
Definition
When money doesn't satisfy an issue, it will be resolved here.
Term
Stare Decisis Doctrine and its 4 Functions
Definition
the use of prior similar (precedent) cases to decide the present case. 1.) Efficiency. 2.) More just & uniform system. 3.) Makes law stable & predictable. 4.) Use lessons learned in the past.
Term
When a judge will depart from precedent:
Definition
1.) Wrong decision made before. 2.) Decision has become outdated. 3.) No precedent exists.
Term
Case of First Impression
Definition
Where no legal precedent on which a decision can be based.
Term
6 Factors used in Case of First Impression or when conflicting precedent exists. NOt tested on this info in particular.
Definition
1.) Look at persuasive authority (authority from another jurisdiction). 2.) Look at legal principles and policies underlying other court decisions. 3.) Make judgment that is fair. 4.) Social values and customs. 5.) Public policy (what's generally "good" for society). 6.) Social science data (demographics).
Term
Major classifications of law:
Definition
Substantive v. Procedural. Public v. Private. Civil v. Criminal.
Term
Substantive law
Definition
tells us what our rights are. They define, describe, and create our legal rights and obligations.
Term
Procedural law
Definition
The method for enforcing our rights.
Term
Public law
Definition
deals with relationships between people & government (criminal law, penal code, constitutional issues)
Term
Private law
Definition
deals with relationships between people and other people or people and companies
Term
Civil law, its main purpose and burden of proof
Definition
where rights and duties exist between people or between people and the government in non-criminal matters. Main purpose = compensation for injuries or damage. Burden of proof = By a preponderance of the evidence (tip the scales in favor of P or D).
Term
Criminal law, main purpose and burden of proof
Definition
Concerns wrongs committed against society as a whole. Main purpose = punishment. Burden of proof = Beyond a reasonable doubt.
Term
Cyberlaw
Definition
Similar legal principles that now take place online.
Term
4 types of Remedies at Law (Civil litigation)
Definition
Compensatory damages (actual and special), Punitive/Exemplary Damages, Nominal Damages, and Unique Remedies
Term
Compensatory damages (actual and special)
Definition
To restore plaintiff to where they were prior to suffering wrong (not just physically). Actual damages are for actual out-of-pocket damages (loss of time, loss of money, or property damages). Special damages are for pain and suffering, injury to reputation, mental anguish, disfigurement, loss of earning capacity.
Term
Punitive/Exemplary damages
Definition
Usually given when egregious actions committed. Purpose is to punish wrongdoing. Can only receive these IF compensatory damages were received.
Term
Nominal damages
Definition
Small dollar amount. An expensive way to say "D was liable/responsible."
Term
Unique remedies (expectancy and market share)
Definition
Unique remedies aren't used often, courts can create new ones. Expectancy damages may be awarded to give P what D would have paid for contract prior to D's breech of said contract. Market share damages blah blah.
Term
Remedies in Equity (Equitable Remedies) and the three types
Definition
Only available if legal remedies ($$) are inadequate. Specific performance, Injunction, or Rescission.
Term
Specific performance
Definition
used in breech of contract issue if contract is for something unique (land or one of a kind artwork). Court can order D to un-breech contract. LOLOLOL
Term
Injunction
Definition
A court order to perform or refrain from performing a specific action. Temporary (prior to litigation) or Permanent (after litigation).
Term
Rescission
Definition
Court order undoing an agreement, taking parties back to how they were prior to agreement.
Term
Plaintiff & Defendant
Definition
Trial: Plaintiff v. Defendant. Appellate: Appellee v. Appellant. Supreme: Petitioner v. Respondent
Term
Look at pg 10 in handbook!
Definition
DO IT. DO IT NOW.
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