BUSFIN 3500 STUDY GUIDE
business law - Answers - Enforceable rules of conduct that govern actions fo verious
parties in commercial exchanges (buyers, sellers, etc)
private vs public law - Answers - private: between private citizens
public: between persons and gov
civil vs criminal - Answers - civil: relationships among and between persons and
government. guilty by preponderence of evidence.
criminal: act against public. guilty beyond a reasonable doubt.
cyberlaw - Answers - online
constitution - Answers - limits and powers of government
US Constitution is supreme law of the land
statutes/statutory law - Answers - passed by government (fed,state,local)
common law - Answers - judicial decisions in cases
laws interpreted by judges; precedents are previous rulings in similar cases; stare
decisis is departure from precedent
stare decisis - Answers - departure from precedent
administrative law/regulation - Answers - admin agencies tasked w specific function; ie
EPA and OSHA
Brown v Board of Education - Answers - example of stare decisis. separate but equal
not truly equal. (plessy v ferguson w railcars is where precedent that separate but equal
is constitutional)
Restatements of the Law - Answers - Summaries of common law rules in a particular
area of the law. Restatements do not carry the weight of law but can be used to guide
interpretations of particular cases.
treaty - Answers - binding agreement between two states or international organizations.
negotiated by executive branch, approved by 2/3 senate.
executive orders - Answers - by prez; take care that laws be faithfully executed
caterpillar case - Answers - James Lewis (from KY) sues Caterpillar (incorp in Delaware
and Illinois principal place of business) and Wayne Supply (KY principal place of
business).
sued in KY state court; Wayne agrees to settle (would create diversity).
, Caterpillar removes the case from state to federal. THEN Wayne officially settles.
(premature removal)
Caterpillar wins but Lewis appealed and courts agreed it should've stayed in KY.
trial courts - Answers - courts of original jurisdiction. power to hear and decide cases
when first end legal system.
aka district courts
appeals court - Answers - power to review trial court judicial decisions to determine
whether trial court decisions were correct. questions of law
supreme court is ultimate appeals court
Jurisdiction needs: - Answers - 1) personal. affects rts of specific persons before court
2) subject matter. decide certain cases related to certain subjects
personal requirement for jurisdiction - Answers - be a state resident or nonresident with
minimum contacts in state (does it feel fair; long arm statute). or sue property (in rem).
corporations: 3 places (incorporate, location of main offices, where conduct business).
website: sliding scale
subject matter jurisdiction - Answers - federal exclusive items and all else to state (plus
adoption and divorce).
*concurrent matters*: federal questions or diversity of citizenship; plaintiff chooses
where
where are corporations subject to personal jurisdiction? - Answers - 3 places: where
incorporated, location of main offices, where conduct business
service of process - Answers - court give complaint and summons to defendant
complaint: plaintiffs document lays out complaint/injury/demand
summons: tells defendant how to respond
need service of process
sliding scale - Answers - web based business. is digital prescence essentially make it a
brick and mortar store? not just passive info (ie a single online sale doesn't est personal
jurisdiction
diversity of citizenship requirements - Answers - 1) plaintiff cannot reside in same state
as defendant (corporations reside both where incorporated and principal place of
business, so diversity must be complete)
2) controversy amount is over $7500
business law - Answers - Enforceable rules of conduct that govern actions fo verious
parties in commercial exchanges (buyers, sellers, etc)
private vs public law - Answers - private: between private citizens
public: between persons and gov
civil vs criminal - Answers - civil: relationships among and between persons and
government. guilty by preponderence of evidence.
criminal: act against public. guilty beyond a reasonable doubt.
cyberlaw - Answers - online
constitution - Answers - limits and powers of government
US Constitution is supreme law of the land
statutes/statutory law - Answers - passed by government (fed,state,local)
common law - Answers - judicial decisions in cases
laws interpreted by judges; precedents are previous rulings in similar cases; stare
decisis is departure from precedent
stare decisis - Answers - departure from precedent
administrative law/regulation - Answers - admin agencies tasked w specific function; ie
EPA and OSHA
Brown v Board of Education - Answers - example of stare decisis. separate but equal
not truly equal. (plessy v ferguson w railcars is where precedent that separate but equal
is constitutional)
Restatements of the Law - Answers - Summaries of common law rules in a particular
area of the law. Restatements do not carry the weight of law but can be used to guide
interpretations of particular cases.
treaty - Answers - binding agreement between two states or international organizations.
negotiated by executive branch, approved by 2/3 senate.
executive orders - Answers - by prez; take care that laws be faithfully executed
caterpillar case - Answers - James Lewis (from KY) sues Caterpillar (incorp in Delaware
and Illinois principal place of business) and Wayne Supply (KY principal place of
business).
sued in KY state court; Wayne agrees to settle (would create diversity).
, Caterpillar removes the case from state to federal. THEN Wayne officially settles.
(premature removal)
Caterpillar wins but Lewis appealed and courts agreed it should've stayed in KY.
trial courts - Answers - courts of original jurisdiction. power to hear and decide cases
when first end legal system.
aka district courts
appeals court - Answers - power to review trial court judicial decisions to determine
whether trial court decisions were correct. questions of law
supreme court is ultimate appeals court
Jurisdiction needs: - Answers - 1) personal. affects rts of specific persons before court
2) subject matter. decide certain cases related to certain subjects
personal requirement for jurisdiction - Answers - be a state resident or nonresident with
minimum contacts in state (does it feel fair; long arm statute). or sue property (in rem).
corporations: 3 places (incorporate, location of main offices, where conduct business).
website: sliding scale
subject matter jurisdiction - Answers - federal exclusive items and all else to state (plus
adoption and divorce).
*concurrent matters*: federal questions or diversity of citizenship; plaintiff chooses
where
where are corporations subject to personal jurisdiction? - Answers - 3 places: where
incorporated, location of main offices, where conduct business
service of process - Answers - court give complaint and summons to defendant
complaint: plaintiffs document lays out complaint/injury/demand
summons: tells defendant how to respond
need service of process
sliding scale - Answers - web based business. is digital prescence essentially make it a
brick and mortar store? not just passive info (ie a single online sale doesn't est personal
jurisdiction
diversity of citizenship requirements - Answers - 1) plaintiff cannot reside in same state
as defendant (corporations reside both where incorporated and principal place of
business, so diversity must be complete)
2) controversy amount is over $7500
