Business Law Exam #1 2022/2023 with complete solutions
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Business Law
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Business Law
Four Main Sources of law in the U.S Common Law System
1. Constitutional law (U.S. Constitution and state constitutions)
a. If there's ever a conflict between federal and state law, federal takes precedent
2. Statutory law (laws passed by federal and state legislatures)
3. Administrative Law (re...
business law exam 1 20222023 with complete solutions
four main sources of law in the us common law system
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Business Law Exam #1
Four Main Sources of law in the U.S Common Law System - Answer 1. Constitutional
law (U.S. Constitution and state constitutions)
a. If there's ever a conflict between federal and state law, federal takes precedent
2. Statutory law (laws passed by federal and state legislatures)
3. Administrative Law (regulations passed by federal and state agencies)
4. Common law (court decisions from federal and state appellate courts)
Constitutions - Answer create government and guarantee individual liberties.
Constitutional law is the highest source of law and overrules all other sources of law
• Establishes structure
• Bill of Rights
Statutes - Answer are laws that are enacted by the legislatures, and are a higher source
of law than administrative law
Administrative Law - Answer are regulations that are enacted by federal and state
agencies
• Administrative agencies carry out these regulations
Common Law - Answer are court decisions, which become rules of law in the
English/American legal system.
This means the decision becomes a binding law that is not just binding on the
immediate parties.
Specifically, it's the appellate courts that make law through their decisions. Appellate
courts hear appeals from trial courts only on issues of law.
Facts decided by a trial court cannot be appealed.
All trial courts, and lower appellate courts, must follow prior rulings on the same legal
issue that were decided by higher appellate courts, in accordance with a rule called
precedent, or stare decsisis.
How court cases Proceed: - Answer 1. Cases start in a trial court. Jury decides facts.
Judge applies the law.
2. Loser at trial can appeal automatically to intermediate appellate court. Only legal
issues involving how the trial judge applied the law can be appealed. The jury's decision
on the facts at trial is final.
3. Loser at intermediate appellate court can petition top appellate court (Supreme court)
to hear case, via Writ of Certiorari (Cert). Most requests are denied.
, How to read cases: - Answer 1. Cases will normally be appellate cases (not trial cases)
because trial courts do not create precedent.
2. First listed party on appeal may be the plaintiff, or the party who lost at trial.
3. To "brief" a case, identify the Material Facts (those facts relevant to the Legal Issue),
the Legal Issue (the legal question that the appellate court must decide), the Holding
(the court's decision on the legal issue), and the court's Rationale for the holding.
Material facts should include - Answer the procedural history,
i.e. who filed the suit, and who won at each level prior to this appellate court. The legal
issue is always a question. The holding is the answer to that question, which can start
with a "yes" or "no' answer on the question and then identify who won the appellate
case and what the appellate court ordered.
Law can be divided into two broad areas: - Answer Criminal Law v. Civil Law
Criminal Law
Plaintiff:
Remedies:
Goals:
Standard Plaintiff must meet to win?: - Answer 1. Government
2. Jail, fine paid to government, etc.
3. Punishment, rehabilitation
4. Proof Beyond a Reasonable Doubt (>90% likelihood of guilt)
Civil Law
Plaintiff:
Remedies:
Goals:
Standard Plaintiff must meet to win?: - Answer 1. Private Individual
2. Monetary damages awarded to plaintiff, or court order*
3. Compensate plaintiff
4. Preponderance of Evidence (>50% likelihood Plaintiff proved essential elements of
case)
Injunction - Answer orders defendant to stop doing something
Specific Performance - Answer orders someone to do something
How statutes are passed - Answer 1. Bill introduced in House or Senate
2. Majority (>50%) approval in committee
3. Majority (>50%) approval by both House and Senate
4. President or governor signs bill
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