Business Law I- CH1 Introduction to Law and Legal Reasoning

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Business Law I- CH1 Introduction to Law and Legal Reasoning
2013-03-06 20:57:58
Business Law Legal Reasoning Introduction

Flashcards for West's Business Law Chapter 1
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  1. What is the function of law in society?
    To provide stability, predictability,and continuity so that people can know how to order their affairs.
  2. What are the four primary sources of American Law?
    1. The U.S. Constitution and the constitutions of the various states.

    2. Statutory law—including laws passed by Congress, state legislatures, or local governing bodies.

    3. Regulations created by administrative agencies, such as the Food and Drug Administration.

    4. Case law and common law doctrines.
  3. What are secondary sources of law?
    Books and articles that summarize and clarify the primary sources of law.
  4. What is Constitutional law?
    Written constitutions that set forth the general organization, powers, and limits of federal and state governments
  5. According to Article VI of the U.S. Constitution, the Constitution is... ?
    The supreme law of the land.
  6. A law in violation of the US Constitution...
    will be declared unconstitutional and will not be enforced, no matter what its source.
  7. The Tenth Amendment to the U.S. Constitution...
    reserves to the states all powers not granted to the federal government.
  8. What is statutory law?
    Laws enacted by legislative bodies at any level of government, such as the statutes passed by Congress or by state legislatures.
  9. What happens when a legislature passes a statute?
    The statute ultimately is included in the federal code of laws or the relevant state code of laws
  10. What are local ordinances?
    Statutes (laws, rules, or orders) passed by municipal or county governing units to govern matters not covered by federal or state law
  11. Where do federal, state, and local statutes apply?
    A federal statute applies to all states.

    A state statute applies only within the state’s borders. State laws thus may vary from state to state.

    No federal statute may violate the U.S. Constitution, and no state statute or local ordinance may violate the U.S. Constitution or the relevant state constitution.
  12. What are uniform laws and where do they come from?
    The National Conference of Commissioners on Uniform State Laws (NCCUSL) draft uniform laws, or model laws, for the states to consider adopting.

    Only if a state legislature adopts a uniform law does that law become part of the statutory law of that state.
  13. What is the Uniform Commercial Code and what is it's purpose?
    The Uniform Commercial Code (UCC) facilitates commerce among the states by providing a uniform, yet flexible, set of rules governing commercial transactions.The UCC assures businesspersons that their contracts, if validly entered into, normally will be enforced.
  14. What is administrative law?
    The rules, orders, and decisions of administrative agencies. An administrative agency is a federal, state, or local government agency established to perform a specific function.
  15. What is case law?
    The rules of law announced in court decisions. These rules include interpretations of constitutional provisions, of statutes enacted by legislatures, and of regulations created by administrative agencies.
  16. What subjects does case law cover?
    All areas not covered by statutory law or administrative law and is part of our common law tradition
  17. What are legal remedies?
    The legal means to enforce a right or redress a wrong.
  18. Explain courts of law vs. courts of equity.
    Courts of law were empowered only to award wronged parties money or other valuable compensation, while courts of equity were empowered to award any manner of non-monetary relief like issuing an injunction, an order to stop an action.