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Business Law 1

The first day I told you one reason we should study law. What was it? (hint – it is the singlemost important…….) Law is the single most important influence in your daily life.
What is the definition of law? Law: consists of a body of principals that govern, conduct, and can be enforced by courts or administrative agencies.
What is the significance of law in business? The law gives us stability, predictability, and protection
We also talked about balance between too little and too much regulation. What did we say about reasonable regulation? Reasonable regulation in business is not only necessary but it is desirable
Remember that laws do not apply in isolation. Look at your notes and in the book regarding the discussion of how many types of law can affect a single decision. How laws effect everything in daily life. NOT ON TEST
What are the four sources of law? 1. Constitutional Law 2. Statutory Law 3. Administrative Law 4. Common Law
What is a constitution? What does it provide? Constitution: a body of principals that establishes the framework of government and the relationship of the government to those governed
What is the significance of the U.S. Constitution? The Constitution is the supreme law of the land
What is the result if a federal or state law conflicts with the U.S. Constitution? Why? Any law that conflicts with the US Constitution will be shot down
What is statutory law? At what levels of government do we find statutory laws? Statutory law is law written down and carried out by a legislature. There are Federal Statutes, Local Statutes, and Local Ordinances.
What are administrative regulations? Where do they come from? What is the effect of administrative regulations? (They have the same force and effect as……………..) Administrative Regulations: rules made by state and federal administrative agencies.
What is common law? Where did it come from? What state is the exception? The body of unwritten principles originally based upon the usages and customs of the community that were recognized and enforced by the courts. Common law comes from England. The exception is Louisiana, they use French civil law.
What is the Doctrine of Stare Decisis? What is precedent? Using precedent and following decisions in similar cases.Precedent is when a previous court case is used to make a decision in a current court case.
Once a decision is rendered by a Court is it set in stone or can that common law precedent be changed? What examples did we discuss?
What is substantive law? Laws that create, define, and regulate rights and liberties
What is procedural law? Procedural law specifies the steps that must be followed in enforcing those rights and liberties.
What are the origins of law that we discussed?
We defined the law according to the remedies available. What is the difference in the remedies provided in a court of equity and a court of law?
Compare and contrast a civil case and a criminal case. You must know this distinction. Criminal courts are courts of law (circuit court) (guilt or innocence) Civil courts are courts of equity (money)
What is the difference between public and private law? Public laws settle disputes between individuals and the government Private laws settle disputes between two individuals (car wreck)
Created by: pwg31
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