LSB 3213 Exam 1 (Okstate) All Answers Correct - Simply knowing the "black-letter" law and understanding the behaviors that could result in liability is
not sufficient. - Areas of law that influence business decisions include contracts, intellectual property, product liability,
tort law, sales,...
LSB 3213 Exam 1 (Okstate) All Answers Correct
- Simply knowing the "black-letter" law and understanding the behaviors that could result in liability is
not sufficient.
- Areas of law that influence business decisions include contracts, intellectual property, product liability,
tort law, sales, internet law (especially regarding privacy), and environmental law.
- Torts are defined within common law jurisdictions as civil wrongs that cause another party to
experience a loss.
- Primary sources of law are those that create the law, such as constitutions, statutes, and regulatory
measures.
- Secondary sources of law serve to summarize and clarify primary sources, like restatements of the law.
- Deceit is defined as making a promise without intending to fulfill it.
- The fourth branch of government is identified as administrative law.
- Administrative law encompasses federal, state, and local agencies.
- American law is fundamentally based on English common law.
- Courts of law provide specific types of legal remedies.
- Courts of equity focus on providing non-monetary relief.
- A party might seek an equity court for reasons related to pride or to gain leverage in a situation.
- The hierarchy of primary sources of law is as follows: US Constitution, federal statutes, state
constitutions, state statutes, local ordinances, administrative regulations, and common law.
- Equitable maxims remain relevant in the 21st century.
- A party can request both legal and equitable remedies within the same lawsuit.
- Initiating an action in law involves filing a complaint, while initiating an action in equity involves filing a
petition.
- The parties in an action at law are referred to as the plaintiff and defendant, whereas in an action of
equity they are known as the petitioner and respondent.
- In law, decisions can be made by either a judge or a jury, while in equity they are made solely by a
judge.
- The outcomes differ: a judgment in law versus a decree in equity.
- Remedies also differ: monetary damages in law versus remedies like injunctions, specific performance,
or rescission in equity.
- The 7th Amendment grants the right to a jury trial in legal actions.
, - Statutes of limitations serve as a legal defense related to the time frame for filing a lawsuit.
- Laches refers to the principle that a party waited an unreasonable amount of time before filing a
lawsuit.
- Rescission means to undo or terminate a contract.
- Stare decisis is a common law principle requiring judges to follow precedents set by previous decisions.
- Judges derive their decisions by applying the relevant law to the specific facts of the case.
- The two elements of stare decisis entail that a court should not overturn its own precedents without a
compelling reason and that decisions of higher courts bind lower courts.
define binding authority ✔️any source of law a court must follow when deciding a case
define a controlling precedent ✔️a binding authority that requires a court to follow prior court
decisions in its jurisdiction
what happens if there is no authority ✔️it is called a case of first impression
define persuasive authority ✔️any primary or secondary source of law that a court may consult for
guidance but that is not binding on the court
what sources are considered persuasive ✔️legal/equitable ones, precedents from other jurisdictions,
unpublished opinions, fairness/social values/customs
when can a higher court in a jurisdiction depart from a precedent ✔️the precedent is incorrect, or
inapplicable
what do precedents do ✔️they make laws consistent and uniform
what is the legal reasoning process ✔️IRAC, issue, rule, analysis, and conclusion
courts ..... statutes and regulations ✔️interpret
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.89. You're not tied to anything after your purchase.
