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The significance of law in business, focusing on the concepts of rights, duties, and commercial relationships. It covers various aspects of law, including constitutional law, common law, statutory law, and equity. Students will learn about the relationship between rights and duties, important legal cases, and the role of ethics in business. Additionally, the document discusses the structure of the government and its relationship with the people.
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The reason we study law? correct answer: It is the single most significant influence in society today. What is the definition of law? correct answer: Law is a body of principles that govern conduct and can be enforced by courts or administrative agencies. What is the definition of business law? correct answer: enforceable rules that governs commercial relationships What is the significance of law in business? correct answer: -determines good/bad, right/wrong behavior that govern relationships -John Lock "no law, no freedom" (to set free) What are the four sources of law? correct answer: Constitution, Administrative, Statutory, Common law What is a right? correct answer: legal capacity to require a person to act or refrain from acting What is a duty? correct answer: an obligation to act or refrain from acting What is the relationship between rights and duties? correct answer: they coexist What are our expressed rights? Where are they found? correct answer: explicitly written rights found mostly in the Bill of Rights There are 5 amendments that particularly set forth our person freedom guarantees. Which amendments and what guarantees does each contain? correct answer: 4th- unreasonable searches and seizures (must have warrant) 5th-remain silent, due process, double jeopardy, grand jury 6th- criminal procedure (right to attorney, speedy trial, call witnesses) 8th- bails and fines shall not be excessive 14th- equal protection (due process) Can rights granted in the U.S. Constitution be taken away or restricted by state constitutions or by statutes? correct answer: No What are impllied rights? Where do they come from? correct answer: Rights we take for granted(travel, children, career) they come from Judicial interpretaion What is the Penumbra Doctrine? correct answer: implied rights
What case did we discuss that has been judicially interpreted to expand our right to privacy? correct answer: Roe vs. Wade (abortion) Privacy is discussed/defineed in two particular ways. What are they correct answer: -protection from unreasonable searches -protection from unwanted and unreasonable What is the one penumbra right we discussed in detail? correct answer: Privacy=protection from unwanted or unreasonable intrusions What is the significance of the US constitution? correct answer: It is the supreme law of the land (provides stable uniformity) What is the result is a federal or state law conflicts with the US constitution? correct answer: find answer What is statutory law? correct answer: federal statutes, state laws, federal statutes, local ordinance (Congress and State) What are administrative regulations? Where do they come from? What is the effect of administrative regulations? correct answer: regulations that are passed by administrative agencies What is common law? correct answer: Judge made laws Where did common law come from? correct answer: England What state doesn't use common law? correct answer: Louisiana Once a decision is rendered by a court is it set in stone or can that common law precedent be changed? What examples did we discuss? correct answer: No it can change. Plessy vs. Ferguson. Separate but equal was changed What is the Doctrine of Stare Decisis? correct answer: "let the decision stand" What is a precedent? correct answer: When a judge make a decision based on a similar previous one? What is substantive law? correct answer: creates and defines rights and obligations What is procedural law? correct answer: how cases proceeds through the legal system What are the origins of law that we discussed? correct answer: English Common Law, French Civil law, Merchant courts
-District Court of Appeals -Supreme Court What are the three levels of courts in the state court system? correct answer: -Trial court -Intermediate court -State Supreme court Which courts are trial courts? correct answer: lower courts f law. What does a trial court do? correct answer: Evidence is presented and decisions rendered (mucicipal justice) What does an appellate court do? correct answer: review other cases (9 elected judges) What are the 3 ways a civivl case gets into federal court? correct answer: 1. Trial Transcript
What are the three phases of civil litigation? correct answer: pre-trial trial post-trial What happens in the pre-trial phase? correct answer: -pleadings (written documents) -discovery -settlement conference=Attorney's meet with judge What is discovery? correct answer: learn about other sides case. no trial by surprise What are the four methods of discovery we discussed? correct answer: 1. deposition
4 limitations on government correct answer: 1. due process
-goal is to prevent exploitation in Mexico What is required for a product to be covered by NAFTA? correct answer: products must originate in one of the 3 member nations What is the IMF? correct answer: International Monetary Fund What is the purpose of the IMF? correct answer: Oversees a complex lending system between countries with capital surplus and countries that need international help Is there an international currency? correct answer: no What are the 4 forms of business organizations that we discussed for doing business abroad? correct answer: 1. export sales