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Chapter 1 FIL 185
test 1
17
Finance
Undergraduate 3
10/05/2010

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Cards

Term
Natural Law
Definition
Laws are related to universal and moral and ethical principles that are inherent in human nature-->Nazis violated this
Term
Historical School
Definition
Law evolves...Develops due to the spirit of the people-->we eventually get what we want
Term
Legal Realism and Sociological School
Definition
Law is shaped by social forces and needs. Law is what judge says it is. An unenforced law is no law at all
Term
Economic School
Definition
Laws develop as a result of rational people trying to maximize the welfare of society.
Term
Civil Law
Definition
Deals with the rights and duties that exist between persons and between persons and their government
Term
Civil Law
Definition
Deals with wrongs committed against society
Term
Substantive Law
Definition
Law that defines, describes, regulates, and creates legal rights and duties
Term
Procedural Law
Definition
Laws that establish the methods of enforcing the substantive laws
Term
Stare Decisis
Definition
A decision where lower courts are required to follow decisions of higher courts under similar circumstances
Term
Exceptions to Stare Decisis
Definition
Unjust (Plessey v. Ferguson & Brown v. Board of Education) Poorly Reasoned (Roe v. Wade) Changing Times (Flagielo v. Nolan)
Term
Compensatory Damages
Definition
An amount intended to place a plaintiff in the financial position he/she would have been in had the injury not happened-->typically given in negligence cases
Term
Punitive Damages
Definition
Money given over and above compensatory to punish a defendant who has acted with a willful and want disregard for people or property
Term
Recission
Definition
Undoing a contract-->Nolan Ryan Case
Term
Injunctions
Definition
A court order directing a party to do or not do something-->take down a fence/not have a parade
Term
Specific Performance
Definition
A court ordering a party to go through with a contract-->only unique things like LAND OR PICASSO
Term
Restraintist
Definition
Tend to be conservative, leave things up to legislature, do not create new rights
Term
Activist
Definition
Liberal, like government power, create new rights
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