LSB 3213 Exam 1 (Okstate) All Answers Correct - Simply knowing the "black-letter" law and understanding the behaviors that could result in liability is
not sufficient. - Areas of law that influence business decisions include contracts, intellectual property, product liability,
tort law, sales,...
LSB 3213 Exam 1 (Okstate) All Answers Correct
- Simply knowing the "black-letter" law and understanding the behaviors that could result in liability is
not sufficient.
- Areas of law that influence business decisions include contracts, intellectual property, product liability,
tort law, sales, internet law (especially regarding privacy), and environmental law.
- Torts are defined within common law jurisdictions as civil wrongs that cause another party to
experience a loss.
- Primary sources of law are those that create the law, such as constitutions, statutes, and regulatory
measures.
- Secondary sources of law serve to summarize and clarify primary sources, like restatements of the law.
- Deceit is defined as making a promise without intending to fulfill it.
- The fourth branch of government is identified as administrative law.
- Administrative law encompasses federal, state, and local agencies.
- American law is fundamentally based on English common law.
- Courts of law provide specific types of legal remedies.
- Courts of equity focus on providing non-monetary relief.
- A party might seek an equity court for reasons related to pride or to gain leverage in a situation.
- The hierarchy of primary sources of law is as follows: US Constitution, federal statutes, state
constitutions, state statutes, local ordinances, administrative regulations, and common law.
- Equitable maxims remain relevant in the 21st century.
- A party can request both legal and equitable remedies within the same lawsuit.
- Initiating an action in law involves filing a complaint, while initiating an action in equity involves filing a
petition.
- The parties in an action at law are referred to as the plaintiff and defendant, whereas in an action of
equity they are known as the petitioner and respondent.
- In law, decisions can be made by either a judge or a jury, while in equity they are made solely by a
judge.
- The outcomes differ: a judgment in law versus a decree in equity.
- Remedies also differ: monetary damages in law versus remedies like injunctions, specific performance,
or rescission in equity.
- The 7th Amendment grants the right to a jury trial in legal actions.
, - Statutes of limitations serve as a legal defense related to the time frame for filing a lawsuit.
- Laches refers to the principle that a party waited an unreasonable amount of time before filing a
lawsuit.
- Rescission means to undo or terminate a contract.
- Stare decisis is a common law principle requiring judges to follow precedents set by previous decisions.
- Judges derive their decisions by applying the relevant law to the specific facts of the case.
- The two elements of stare decisis entail that a court should not overturn its own precedents without a
compelling reason and that decisions of higher courts bind lower courts.
define binding authority ✔️any source of law a court must follow when deciding a case
define a controlling precedent ✔️a binding authority that requires a court to follow prior court
decisions in its jurisdiction
what happens if there is no authority ✔️it is called a case of first impression
define persuasive authority ✔️any primary or secondary source of law that a court may consult for
guidance but that is not binding on the court
what sources are considered persuasive ✔️legal/equitable ones, precedents from other jurisdictions,
unpublished opinions, fairness/social values/customs
when can a higher court in a jurisdiction depart from a precedent ✔️the precedent is incorrect, or
inapplicable
what do precedents do ✔️they make laws consistent and uniform
what is the legal reasoning process ✔️IRAC, issue, rule, analysis, and conclusion
courts ..... statutes and regulations ✔️interpret
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