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MIE 305 Midterm Exam 1 (1)
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MIE 305 Midterm Exam 1 (1)
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MIE 305 Midterm Exam 1The Role of Law in Small Businesses - ANS-Business Organization
Taxation
Intellectual Property
Administrative Law
Employment
Contract, Sales and Leases
Accounting
Finance
What are the sources of American Law? - ANS-Constitutional Law: derived from US Constitution
Statutory Law: written laws
Administrative Law: new area of law, regulations by agencies
Case Law: court decisions
Stare Decisis - ANS-common law doctrine under which judges emphasis on precendent. Like
cases should have like decisions
Civil Law - ANS-branch of law dealing with definition and enforcement of all private or public
rights, as opposed to criminal matters
Criminal Law - ANS-branch of law that defines and punishes wrongful actions commited against
the public
Natural Law School - ANS-oldest school of legal thought, based on the belief that the legal
system should reflect universal moral and ethical principles that are inherent in human nature
Legal Positivism - ANS-school of legal thought centered on the assumption that there is no law
higher than the laws created by a national government. laws must be obeyed even if they are
unjust to prevent anarchy
Historical School - ANS-A school of legal thought that looks to the past to determine what the
principles of contemporary law should be
Legal Realism - ANS-school of legal thought that believes that the law is only one factor to be
considered when deciding cases and that social and economic circumstances should also be
taken into account
Procedural Law - ANS-Law that establishes the methods of enforcing the rights established by
substantive law
, Substantive Law - ANS-Law that defines describes, regulates, and creates legal rights and
obligations
Justiciability - ANS-ability of a case to be heard and resolved by judicial power.
Case and controversy - ANS-Court will not issue advisory opinions, there must be a real dispute
between two or more adverse parties
Standing - ANS-a plaintiff must have concrete injury (or must be reasonably imminent) that is a
result or product of the subject of the complaint. with limited expectation, there is no third party
standing
Ripeness - ANS-The fact of a case must have sufficiently crystalized to permit final judicial
adjudication of the matter
Mootness - ANS-an otherwise justiciable case but "events transpiring after filing have deprived
the plaintiff of an ongoing stake in the controversy"
Ex: if court dismisses case of a man trying to take someone to court. Jane breaches the
contract and Bob sues. she gets scared and remedies the breach, he still tried to take her to
court to teach her a lesson
Political Questions - ANS-Subject of cases that is textually commited to another branch by the
U.S constitution, court believes it is impruding to interfere
In personam jurisdiction - ANS-business may be sued in either their principal place of business
where they do business or where they're incorporated. people may be sued in their place of
residence or otherwise if they submit to the jurisdiction of the court
Long Arm Jurisdiction - ANS-if business places goods in the stream of commerce or specifically
solicited business
In Rem Jurisdiction - ANS-deals specifically with property, deals with 1) land. if land is within
boundaries of a state, then the state has jurisdiction of what to do with the land 2) large and not
easily moved businesses
Diversity Cases in Federal Cases - ANS-1. Parties are not from same state
2. amount in controversy exceeds 75k
3. defendant can demand removal of state case to federal court
4. multiparty litigation: complete diversity required between plaintiff and defendant (called
strawbridge rule)
5. Diversity exists where no plaintiff shares residency of a state with any defendants
Writ of Certiorari - ANS-a write from a higher court asking a lower court for the record of a case
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