Legal Environment of Business: Unit 1
What are the five things you address when reading a law case? - ANS-1) What question
or issue was the Court asked to answer?
2) What law did the Court apply?
3) What was the result?
4) What reasoning did the Court use to reach this result?
5) Do you agree with the outcome of this case and why?
Who is the plaintiff? - ANS-person suing
Who is the defendant? - ANS-person being sued
What is the legal citation? - ANS-where to find the case in a law library
What are the foundations of a free market system? - ANS--The Rule of Law
-Enforceability of contracts
-Enforceability of property interests
What is a law? - ANS-Enforceable rules that regulate the conduct of individuals,
businesses, and other organizations within society.
What are the classifications of law? - ANS-Criminal or Civil
What are the two convictions in criminal law? How do they vary? - ANS--Felony =
imprisonment of 1+ years
-Misdemeanor = imprisonment of less than 1 year
What are the four kinds of civil law? - ANS--Contract
-Tort
-Domestic
-Constitutional
What are the types of law? - ANS-Substantive and Procedural
What does substantive law deal with? - ANS-"Merits" of a dispute
-defines the rights and responsibilities of citizens
What does procedural law deal with? - ANS-Procedures of the legal system
, -focuses on the process
What are the sources of US law? - ANS--Constitutions
-Treaties
-Executive orders
-Regulations and administrative orders
-Statutory law
-Judicial decisions
What are the federal and state agencies that regulate businesses? - ANS--Occupational
Safety and Health Administration
-Equal Employment Opportunity Commission
-National Labor Relations Board
What is Stare Decisis latin for? Who does it apply to? - ANS-"To stand by the decision"
meaning adherence to precedent
-Applies to lower courts
How can you distinguish between civil and criminal law? - ANS--Criminal law concerns
behavior so threatening that society outlaws it altogether
-Civil Law regulates the rights and duties between parties
What is jurisprudence concerned with? What are the three theories? - ANS--Concerned
with the basic nature of law
1) Legal positivism = the law is what the sovereign says it is
2) Natural Law= An unjust law is no law at all
3) Legal realism = Who enforces the law is more important than what the law says
What is a statute? - ANS-a written law passed by a legislative body
What is a common law? - ANS-judge made law
What are ethics? - ANS-Normative standards, generally accepted rules of conduct that
govern society
What is the difference between ethics and law? - ANS-Ethics- unspoken rules
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.18. You're not tied to anything after your purchase.