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Business Law Exam 1
Business Law 3175 - Mark Spurling - Exam 1
43
Law
Undergraduate 4
09/24/2014

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Term
Statutory Law
Definition
Laws enacted by legislative bodies other than the constitution.
Term
Ordinance
Definition
A regulation enacted by a city or county that becomes part of that areas statutory law.
Term
Uniform Commercial Code
Definition
A code that facilities fair easy transactions among member states.
Term
Case Law
Definition
Laws that arrive via results from cases
Term
Common Law
Definition
Law developed from customs or court decisions.
Term
Precedent
Definition
A court decision that furnishes an example for deciding subsequent cases involving similar circumstances.
Term
Stare Decisis
Definition
Judges make decisions based on previous cases.
- Decisions of higher courts are binding
- Do not overturn ruling
Term
Remedy
Definition
Compensation for being wronged by another party.
Term
PLaintiff
Definition
Person who initiates the lawsuit
Term
Natural Law School of Thought
Definition
The belief that government and legal system should reflect moral and ethical principals that are human in nature.
Term
Legal Positivism School of Thought
Definition
Centered on the assumption that there is no law higher than those of the national government. Laws must be obeyed.
Term
Legal Realism
Definition
Law is not simply the written law, but a product of the views of judicial decision makers, as well as social, economic, and contextual influences.
Term
Substantive Law
Definition
Laws that create, define and regulate legal rights and obligations.
Term
Procedural LAw
Definition
Law that establishes the methods of enforcing the rights established by substantive law.
Term
Punitive Damages
Definition
Punishment for bad practices that happened.
Term
Friedman View
Definition
Should always maximize profits and shareholder happiness
Term
Enlightened Self Intrest
Definition
Management is responsible first to shareholders but serves them best by being responsible to larger society
Term
School of Social Responsibility
Definition
Managers should server the larger society.
- Involvement in social issues
- Encouraged involvment
Term
Appellate Court
Definition
A court that reviews the proceedings of a lower court, no new evidence and takes place in front of a panel of judges.
- Decisions binding on that court and all lower courts.
Term
En Banc
Definition
A case that is heard by all the judges of a court.
Term
Remand
Definition
A ruling by an appellate court that requires further review
Term
Appellant or Petitioner
Definition
Party appealing the lower court’s decision
Term
Appellee or Respondent
Definition
Party who won below and is not appealing
Term
Subject Matter Jurisdiction
Definition
Jurisdiction over the subject matter of the case
Term
Federal District Court
Definition
General trial court of the federal system. Subject matter jurisdiction when one party is the US government.

- Apply state Law
- 97 Federal Districts
Term
Probate Court
Definition
Court that deals will with documents and guardianship.
Term
Standing
Definition
A plaintiff must have some reason for bringing a law suit.
Term
In Rem Jourisdiction
Definition
When a court deals with an item in a certain place.
Term
PLeadings
Definition
Statements made by the plaintiff and the defendant in a lawsuit that detail the facts, charges and defenses involved in the litigation.
Term
Default Judgement
Definition
A judgement entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiffs complaint.
Term
Anwser
Definition
The defendant's response to the plaintiff.
Term
Interrogatories
Definition
Written questions and answers under oath
Term
Request for Production
Definition
A request for material that your opponent has.
Term
Vior Dire
Definition
The process of jury selection.
Term
Negotation
Definition
The simplest ADR method, it involved parties talking with or with out their attournies present.
Term
Mediation
Definition
A neutral 3rd party meets with the parties and emphasized points of agreement to help them resolve their dispute.
Term
Arbitration
Definition
Parties present their arguments and evidence before and arbitrator, then renders a decision, may be binding.
Term
The Commerce Clause
Definition
Gibbson Vs.Ogden - Government has the right to regulate things that involve interstate commerce.
Term
Supremacy Clause
Definition
In case of direct conflict between state and federal law, state law is invalid.
Term
Citizens United v. Federal Election Commission
Definition
Supreme Court ruled that corporations can spend freely to support or oppose candidates for President and Congress
Term
The Establishment Clause
Definition
bars government from establishing a state-sponsored religion, or passing laws that favor one over the other
Term
Procedural Due Process
Definition
Procedures depriving an individual of her rights must be fair and equitable.

- Removal of drivers license
Term
Substantive Due Process
Definition
Laws limiting fundamental rights (speech, privacy, religion) must have a “compelling state interest.”
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