Business Law Test 1 ACCT 2700-003 Questions And Answers Already Graded A+
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Business Law ACCT 2700-003
Institution
Business Law ACCT 2700-003
Natural law - ️️Laws, rights, and ethics based on universal moral principals inherent
in nature discoverable by human reasoning (OLDEST)
federal question cases - ️️rights/obligations of a party are created or designed by
some federal law
black letter law - ️️not enough. basic unders...
Business Law Test 1 ACCT 2700-003
Natural law - ✔️✔️Laws, rights, and ethics based on universal moral principals inherent
in nature discoverable by human reasoning (OLDEST)
federal question cases - ✔️✔️rights/obligations of a party are created or designed by
some federal law
black letter law - ✔️✔️not enough. basic understanding
Sources of American Law - ✔️✔️1. Constitutional law
2. Statutory law
3. Administrative law
4. Case law and common law
Administrative Law - ✔️✔️1. Federal Agencies
2. State and Local Agencies
Common Law Tradition - ✔️✔️American Law is based on English traditions, social
customs, rules and cases dating back to 1066 A.D.
Courts of Law - ✔️✔️In Common law: monetary relief. Also called "kings court" decided
by judges who were appointed by king
Courts of Equity - ✔️✔️In common law: branch of law founded on what is fair and just.
Non monetary relief ex. performance, injunctions, rescissions (Chancellors not judges)
Law of Merchant - ✔️✔️In common law: Beneath the kings dignity. left to their own
devices and regulated business activities and was efficient
Common Law - ✔️✔️1. Court of Law
2. Court of Equity
3. Law of Merchant
Stare Decisis - ✔️✔️Judge made law (stand on decided cases)
each decision becomes a legal precedent
cases are published
required to follow unless precedent is wrong or old
, Precedent - ✔️✔️Stare Decesis: each decision and interpretation from all cases
Common Law TODAY
49 of 50 states have adopted common law
(Louisianna only one that hasn't) - ✔️✔️It governs transactions not covered in statutory
law
2 good things about that
1. even statutory law is based on what the common law was
2. Courts interpret statutes (laws made by Congress) -courts have the right to review
and interpret statutory law.
Natural Law (names) - ✔️✔️Martin Luther King
Thomas Jefferson
Thomas Hobbes
Sociological (names) - ✔️✔️Obama
Hillary Clinton
Franklin D. Roosevelt
Historical (names) - ✔️✔️John Roberts - suprême cout justice
Bill O'Rielly
Clarence Thomas(supreme court justice)
trivial names (common names)
Sociological - ✔️✔️Law should reflect the social situation of the present time. The law
is just another tool to use to correct social injustices
Historical - ✔️✔️Evolutionary process of law. origins of legal system. Law derives its
legitimacy and authority from standards that have withstood the test of time
Law and Economics - ✔️✔️Law reflects economics therefore new laws/changes to old
laws should include an evaluation of economic impact
The Scarlet Letter - ✔️✔️Economics is key part. Single woman having a child is a
strain of economy
Carnival Cruse lines v. Shute - ✔️✔️Forum Selection Clause. Have to sue in florida bc
it was stated on the back of the ticket
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