Business Law Exam 1
Constitutions - ANS -establish governmental structure, specific rights and duties
Statutes - ANS -written laws enacted by legislatures
Common/case law - ANS -made and applied by judges at the state level as judges decide
cases according to the doctrine of precedent or stare decisis
Stare decisis - ANS -Let the decision stand; decisions are based on precedents from previous
cases
equity - ANS -is applied by state level judiciary to achieve justice when common law rules
would produce unfair results
injunction - ANS -court forbids a party to do some act or orders a party to perform an act
specific performance - ANS -a party is ordered to perform according to the terms of her contract
reformation - ANS -the court rewrites the contract's terms to reflect the parties' real intentions
recission - ANS -the cancellation of a contract; goes back to policy inception with all premiums
paid minus and payments; usually do to fraud, concealment or material misrepresentation
administrative regulations and decisions - ANS -made by state and federal agencies that were
created by statute and hold delegated (granted) power
treaty - ANS -made by other nations, by the US pres on behalf of the US, approved by the
senate
ordinance - ANS -made by subunits of state governments (e.g., counties, cities) for local issues,
such as zoning
executive order - ANS -issued by the pres or a state governor under limited powers
federal supremecy - ANS -a rule of priority for conflicts between laws stating that the U.S.
Constitution is the supreme law
federal supremecy - ANS -Federal law defeats state law
State constitution defeats state legislation
, Statute defeats administrative regulation
Statute or regulation defeats common law
criminal law - ANS -establishes duties to society
Government charges and prosecutes defendant, who will be found guilty or innocent
A convicted defendant will be imprisoned or fined
civil law - ANS -establishes duties and obligations between private parties
Plaintiff sues defendant for monetary damages or equitable relief
A defendant will be held liable or not liable for the plaintiff's injury
substantive law - ANS -establishes rights and duties of people in society- ex: a statute making a
murder a crime
procedural law - ANS -establishes how to enforce those rights and duties- ex: rules for the
proper conduct of a trial are rules of a ____
public law - ANS -the relationship between govts and private parties ex: constitutional, statutory
and administrative law
private law - ANS -refers to the regulation of conduct between private parties ex: contract, tort,
or property laws
jurisprudence - ANS -refers to the philosophy of law as well as the collection of laws
legal positivism - ANS -law is the command of a recognized political authority -- just or unjust,
law must be obeyed
natural law - ANS -unversal moral rules bind all people whether written or not-- unjust positive
laws are invalid
american legal realism - ANS -defines law as the behavior of the judiciary as they rule on
matters within the legal system
-Thus law in action dominates positive law
Sociological Jurisprudence - ANS -unites theories that examine law within its social context
functions of law - ANS -Peacekeeping
Checking government power and promoting personal freedom
Facilitating planning and the realization of reasonable expectations
Promoting economic growth through free competition
Promoting social justice
Protecting the environment
Constitutions - ANS -establish governmental structure, specific rights and duties
Statutes - ANS -written laws enacted by legislatures
Common/case law - ANS -made and applied by judges at the state level as judges decide
cases according to the doctrine of precedent or stare decisis
Stare decisis - ANS -Let the decision stand; decisions are based on precedents from previous
cases
equity - ANS -is applied by state level judiciary to achieve justice when common law rules
would produce unfair results
injunction - ANS -court forbids a party to do some act or orders a party to perform an act
specific performance - ANS -a party is ordered to perform according to the terms of her contract
reformation - ANS -the court rewrites the contract's terms to reflect the parties' real intentions
recission - ANS -the cancellation of a contract; goes back to policy inception with all premiums
paid minus and payments; usually do to fraud, concealment or material misrepresentation
administrative regulations and decisions - ANS -made by state and federal agencies that were
created by statute and hold delegated (granted) power
treaty - ANS -made by other nations, by the US pres on behalf of the US, approved by the
senate
ordinance - ANS -made by subunits of state governments (e.g., counties, cities) for local issues,
such as zoning
executive order - ANS -issued by the pres or a state governor under limited powers
federal supremecy - ANS -a rule of priority for conflicts between laws stating that the U.S.
Constitution is the supreme law
federal supremecy - ANS -Federal law defeats state law
State constitution defeats state legislation
, Statute defeats administrative regulation
Statute or regulation defeats common law
criminal law - ANS -establishes duties to society
Government charges and prosecutes defendant, who will be found guilty or innocent
A convicted defendant will be imprisoned or fined
civil law - ANS -establishes duties and obligations between private parties
Plaintiff sues defendant for monetary damages or equitable relief
A defendant will be held liable or not liable for the plaintiff's injury
substantive law - ANS -establishes rights and duties of people in society- ex: a statute making a
murder a crime
procedural law - ANS -establishes how to enforce those rights and duties- ex: rules for the
proper conduct of a trial are rules of a ____
public law - ANS -the relationship between govts and private parties ex: constitutional, statutory
and administrative law
private law - ANS -refers to the regulation of conduct between private parties ex: contract, tort,
or property laws
jurisprudence - ANS -refers to the philosophy of law as well as the collection of laws
legal positivism - ANS -law is the command of a recognized political authority -- just or unjust,
law must be obeyed
natural law - ANS -unversal moral rules bind all people whether written or not-- unjust positive
laws are invalid
american legal realism - ANS -defines law as the behavior of the judiciary as they rule on
matters within the legal system
-Thus law in action dominates positive law
Sociological Jurisprudence - ANS -unites theories that examine law within its social context
functions of law - ANS -Peacekeeping
Checking government power and promoting personal freedom
Facilitating planning and the realization of reasonable expectations
Promoting economic growth through free competition
Promoting social justice
Protecting the environment
