Business Flashcards

Business Law: Chapter 1- The Legal Environment

What is the Uniform Commercial Code (UCC) and what does it do? A model law drafted by the National Conference of Commissioners on Uniform State Laws and the American Law Institute. Provides a uniform flexible set of rules that govern most commercial transactions (which were created by a set of experts, and adopted by all the States- but only in part by Louisana
Uniform Laws are created by panel of experts and ared adopted at the option of each state’s legislature
Remedy Remedies, in general, refers to the the relief given to an innocent party to enforce a right or to compensate for the violation of a right.
What is the difference between remedies at law and in equity? Remedies at law are limited to payments of money or property (including land) as damages.Remedies in equity is available only when there is no adequate remedy at law. A court of equity, could issue a decree for specific performance- an order to perform what was promised; or they can also issue an injunction, directing a party to do or refrain from doing a particular act; possibly even a contract rescission (cancellation). Sometimes known as Equity Relief. Today, actions at law has the right to demand a jury trial, whereas, actions in equity cannot.
What is “common law tradition”? The body of law developed from custom or judicial decisions in English and U.S courts. It’s largely based on previous court decisions to ensure consistencies regarding similar cases.
What is a precedent? an established rule of law set by a previous court decision. Usually comes from cases involving legal facts and raising similar principles as the case at hand.
When might a court depart from precedent? Although courts are obligated to follow precedents, sometimes a court will depart from the rule of precedents if it decides that a given precedent should no longer be followed.if a court decides that a precedent is simply incorrect or that technological or social changes have rendered the precedent inapplicable, the court might rule contrary to it.
What are some important differences between civil law and criminal law? Civil law concerns rights and duties of individuals between themselves; Criminal law concerns offenses against society as a whole.
What are the three branches of government that create law in the United States?
What are the 4 sources of American Law? – Constitutional Law- Statutory Law- Administrative Law- Case Law & Common Law Doctrines
Primary Sources of Law A statement, or document, that establishes the law on a particular issue; such as a constitution, a statute (law), an administrative rule, or a court decision.
Secondary Source of Law A publication that summarizes or interprets the law; such as a legal encyclopedia, a legal treatise, or an article in a law review.
What areas of the law might affect Business Transactions? Contracts; Sales; Negotiable Instruments; Creditors’ Rights; Intellectual Property; E-Commerce; Product Liability; Torts; Agency; Business Organizations; Warranties; and Courts & Court Procedures.
Constitutional Law The Federal constitution is a general document that distributes power among the branches of the government. It is the supreme law of the LAND. Any law that conflicts with this is invalid. The states also have constitutions, but the federal constitution prevails if their provisions conflict (10th amendment).
Statutory Law Congress and state legislatures enact statutes, and local legislative bodies enact ordinances. Much of the work of the courts is interpreting the statutes.
“Stare Decisis” – to stand on decided cases- involves the consistent application by lower courts of principles applied in earlier cases with similar facts.
Administrative Law consists of the rules, orders and decisions of administrative agencies.
What is the difference between Substantive Law and Procedural Law? Substantive law defines, describes, regulates and creates rights and duties. While Procedural law includes rules for enforcing those rights.
Case Law and Common Law Doctrine these are court decisions which are judicial interpretatiions of constitutional provisions, of statutes enacted by legislatures, and of regulations created by administrative agencies.

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