Business law BADM 7140 exam 1
Define Law - ANS-A set of enforceable rules that govern 1) the relationship between individuals
and 2) the relationship between people and society
15 sources of Law - ANS-International law, federal constitution, federal executive order, federal
statute, federal cases, federal regulations, state constitution, state executive order, state statute,
state civil code, state cases, state regulations, ordinances, works of scholars, private party
contracts, trade usage (industry practices)
Natural law - ANS-Divine law, higher code of interest (Aristotle & Grotius)
Positive law - ANS-Written law
Federal court power - ANS-diversity and > $75,000
federal questions
suits against ambassadors
federal tax cases.
State court power - ANS-Court that can hear virtually any type of case (GENERAL SUBJECT
MATTER JURISDICTION)
Standing to Sue - ANS-A party must have a legally protected, tangible interest at stake.
difference between contracts and torts? - ANS-consent to agreement
5 tools of litigation - ANS-1. complaint
2. answer
3. request for documents
4. request for admissions
5. interrogatories
Commerce clause - ANS-US constitution explicitly permits Congress to regulate Commerce with
foreign nations and among the several states and with the Indian tribes.
Supremacy clause - ANS-The constitution, laws, and treaties of the US are the supreme law of
the land.
Establishment clause - ANS-Prohibits the government from establishing a state-sponsored
religion as well as from passing laws that promote religion or that show a preference for one
religion over another.
, Free exercise clause - ANS-Guarantees that a person can hold any religious belief that he or
she wants or a person can have no religious belief.
Due process clause - ANS-Both fourth and fifth amendment provide that no person shall be
deprived of life liberty or property without due process.
Procedural due process - ANS-Requires government decision to take life liberty or property be
made equitably; proper notice and opportunity to be heard.
Substantive due process - ANS-Protects individuals life liberty or property against certain
government actions regardless of the fairness of the procedures used to implement them.
Equal protection clause - ANS-A state may not deny to any person within its jurisdiction the
equal protection of the laws. It also means the federal government cannot enact laws that treat
similarly situated individual's differently.
Agreement - ANS-Parties must agree on the terms of the contract and manifest to each other
their mutual assent to the same bargain.
Consideration - ANS-- legal value
- forbearance from legal right
- accord and satisfaction
- release
EXCHANGE
Capacity - ANS-The legal ability to enter into a contractual agreement.
Legality - ANS-Contract must be formed for legal purpose.
Three types of Alternative Dispute Resolution - ANS-Negotiation, mediation, arbitration
Negotiation - ANS-A process in which the parties attempt to settle their dispute informally, with
or without attorneys to represent them.
Mediation - ANS-A neutral third party acts as mediator and works with both sides in the dispute
to facilitate a resolution.
Arbitration - ANS-An arbitrator (a neutral third party or a panel of experts) hears a dispute and
imposes a resolution on the parties. Can be legally binding if agreed upon by both parties.
Arbitration Clause - ANS-In a contract, a written agreement specifying that any dispute arising
under the contract will be resolved through arbitration rather than through the court system.
2 parts of causation - ANS-cause in fact and proximate clause
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