Business Law Test 1 - Study Guide. PDF

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Chapter 1 6 functional fields of business: 1) Corporate management 2) Production and transportation 3) Marketing 4) Research and development 5) Accounting and finance 6) Human resource management Primary sources of law: - US/State constitutions - Statutory law - Regulations by administrative agencies (administrative law) - Case law o governs all areas of law not covered by statutory or administrative law -There are secondary sources of law such as books, journals, etc. ● Uniform laws – “model statutes” that can be adapted or altered ● Uniform commercial code (UCC) – Uniform rules that govern commercial transactions Common (case) law ● Precedent – past legal decisions decide outcomes for others o Stare decisis (“to stand on decided cases”) o Has *binding authority (any lower court must follow the precedent) o persuasive authorities - precedents from other jurisd ● Remedy – means given to a party to enforce a right or compensate for violation of one ● Equity – branch of law founded on justice (finishing out contract, counseling, etc.) ● Jurisprudence – the study of law ● Remedies in equity - Injunction, specific performance ● Legal remedies - money or property Schools of legal thought 1) Natural Law School a. Yields to higher, universal law that humans have natural rights 2) Legal Positivism a. Laws are laws and must be followed; no appeal to higher law 3) Historical School a. Focus on origin and history of legal system to make decisions 4) Legal Realism a. Law shaped by social forces and needs of a society (loose interpretation)

Classifications of law ● Substantive v procedural law o substantive law - determines something o procedural law - tells steps/how to ● Federal/state law v private law ● Civil Law – obtain a remedy (money, etc.) to compensate o defines private and public rights; X v Y ● Criminal Law – Punish wrongdoer to discourage actions done against society ● Recission - cancelling a contract

Chapter 2 ● Judicial review – deciding on the constitutionality of Executive and Legislative actions o Established in Marbury V Madison ● Jurisdiction o Personal jurisdiction (ie businesses) o In rem jurisdiction (ie property) ● Long-arm statutes – Statute that permits a state to exercise jurisdiction over nonresident defendants o Need minimum contacts to do so ● Differences between limited jurisdiction and general (unlimited jurisdiction) o Probate and Bankruptcy courts have limited jurisdiction ● Venue – Where a case is held o Civil Case – where the defendant rises o Criminal Case – where the crime was committed ● Standing to sue – individual must have stake in a controversy to bring about a lawsuit o Requires *justiciable controversy ● Electronic Filing o Federal courts heavily rely on this o Not as prominent in state court systems, however it is increasing with time ● Docket - Court’s schedule of cases to be heard Jurisdiction in Cyberspace -”Sliding-scale” standard rules 1) substantial business over internet? Jurisdiction is proper. 2) Some activity through defendant’s website? Jurisdiction may be proper. (dependent) 3) Passive internet activity (email lists, suggested sites, etc.)? Jurisdiction is not proper. State Court Systems (in order from lowest to largest) 1) Trial courts

2) Appellate courts 3) Highest state court (sometimes state supreme court) *Small claims courts ● State judges are elected typically, NOT appointed for life Federal Court System (in order) ● 94 US District courts (general and limited jurisdiction) ● 13 US Court of Appeals ● Supreme Court a) Must issue a *Writ of certiorari (to hear a case) b) Rule of Four i) Grants petitions as they please within their jurisdiction as long as 4 Justices are interested in hearing a case ● To be heard in Federal Court a) Must pertain to Federal Law/Questions b) People vary in states AND $75,000 or more is at hand Procedures: ● Must be “standing to sue” ○ stake in justiciable controversy (can’t be someone random) ○ legal injury Pretrial 1) Plaintiff’s lawyer files complaint 2) Service of process a) delivery of complaint and summons to the defendant b) a *default judgement* is served if defendant does not respond 3) Pleadings a) complaint b) defendant answers c) motion to dismiss? Pretrial Motions ● Motion for judgement on pleadings (no more sufficient evidence/argument, go ahead and decide verdict) ● Motion for summary judgement (request to rule that the other party has no case; shouldn’t be here in the first place) ● Discovery - Opposing parties collect information to help their case ○ Deposition - testimony of a party to the lawsuit or witness taken under oath before a trial ○ Interrogatories - written answers to written questions that are signed under oath ■ directed at the plaintiff or defendant, not witnesses ○ Electronic discovery Pretrial Conference

● Voir dire - jury selection At Trial ● Diagrams and pictures are HEAVILY influential ● Always request reimbursement of attorney’s fees (contingent on winning your case) Post Trial ● Motion for Judgement N.O.V. ○ notwithstanding the verdict ○ granted if the verdict is unreasonable and/or erroneous ● Motion for new trials ○ Set aside adverse jury verdicts The Appeal (Contingent) ● Filing appeal - briefs pointing out reversible errors while attempting to reverse the trial court’s verdict ○ only briefs/evidence are presented at trial ● Appeals are only done to see if the courts made a mistake, not to see if you did ● Motion for stay - freeze the court’s verdict to allow time to appeal Alternative Dispute Resolution (ADR) ● Only 10% of cases make it to trial, the rest are solved through alternative dispute resolution ● Provided by government and private agencies ● Online dispute resolution is offered for smaller disputes Types: 1) negotiation a) most popular, typically done with an attorney 2) Mediation a) 3rd party observer who guides conversation b) BIG when disputes are between people who are involved with one another 3) Arbitration a) 3rd party imposes a regulation b) typically legally-binding BUT not always c) decision is called an “award” d) many companies have *arbitration clauses* which make disputes go through arbitration...