Brooklyn College Business Law 1 MIDTERM

What is the Law?
The Law consists of enforceable rules governing relationships among individuals and between individuals and their society.
Natural Law
A higher or universal law exists that applies to all human beings and that written laws should imitate inherent principles. If written law is unjust then it is not a natural law and need not to be obeyed.
Positivist Law
thought centered on the assumption that there is no law higher than the law is created by the government. Obeyed even if unjust.
Historical School
A school of legal thought that stresses the evolutionary nature of law and looks to doctrines that have withstood the passage of time for guidance in shaping present laws.
Legal Realism
Advocated a less abstract and more pragmatic approach to the law, an approach that would take into account customary practices and the circumstances in which transactions take place. The school left a lasting imprint on American jurisprudence.
Monetary Damages
amount given to a party whose legal interest have been injured
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Remedies at Law
compensation if a person wrongs another of one or all, 1) land, 2) items of values, or 3) money in the court of law
Remedies in Equity
remedies are.
1) Specific Performance; ordering a party to perform an agreement as promised.
2) Injunction; ordering a party to cease engaging in a specific activity or to undo some wrong injury
3)Rescission; the cancellation of a contractual obligation
The suing party
The party being sued
decision that furnished an example or authority for deciding on the principles suggested by earlier cases. Judges attempt to base decisions on the principles suggested by earlier cases.
Departures from precedents
Sometimes a court will depart from the precedent if it decides it should no longer be followed; case-overturned that separate schools for blacks and whites are equal
Stare Decisis
Deciding new cases with reference to former decisions (precedents)
A lawsuit., The process of resolving a dispute through the court system.
Alternative Dispute Resolution
An increasingly popular process that occurs when parties try to resolve disagreements outside of the usual adversarial system by using creative settlement techniques.
Simplest form, parties settle dispute informally, with or without attorneys to represent them
A neutral third party acts as a mediator and works with both sides in the dispute to facilitate a resolution
An arbitrator (third party or expert panel) hears a dispute and imposes a resolution on the parties
Arbitration clause
specifying that any dispute arising under the contract will be resolved through arbitration rather than court, A clause in a contract that provides that, in the event of a dispute, the parties will submit the dispute to arbitration rather than litigate the dispute in court.
Summary Jury
parties present their arguments and evidence and the jury renders a verdict and the jury’s verdict is not binding, but it is a guide to both sides
Motion for Summary Judgement
Asks the court to grant a judgment in that party’s favor without a trial. Only granted if its determines that no facts are in dispute and the only question is how the law applies to the facts.
Checks and Balances in Constitution
For each branch to check the other branches to make sure none has too much power.
A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.
Voire Dire
jury selection process to make sure jurors are not bias or related to plaintiff or defendant
Police Powers
State regulatory powers
Can a state enact a statute that violates the United States Constitution?
The constitution is the supreme law of the land. No state can enact a statute that violates it. Federal laws have power over State law.
A party appealing a court decision or ruling.
The party against whom an appeal is filed
Equal protection
Government cannot enact laws that treat similarly situated individuals Differently
Procedural due Process
The government must give a person proper notice and an opportunity to be heard.
Strict Scrutiny
If a law or action prohibits or inhibits some persons from exercising a fundamental right, the law or action will be subject to “
Intermediate Scrutiny
Cases involving discrimination based on gender or legitimacy
Full Faith and Credit Clause
Ensures that rights established under eeds, wills, contracts, and similar instruments in one state will be honored by other states
Commerce Clause
Prevents states from establishing laws and regulations that would interfere with trade and commerce among states
To compensate those who have suffered a loss or injury due to another person’s wrongful act.
Hurting a person’s good reputation
Hurting a person’s good reputation with statements in writing or other permanent forms.
False charges and malicious oral statements about someone
Use of another person’s name, likeness, identifying characteristic without permission and benefit of user.
Wrongful interference with a contractual relationship
Maliciously induce a person to commit breach of contract or disrupted ability of party to perform their obligations under a contract.
Wrongful interference with a Business Relationship
Unreasonably interfering with another’s business in their attempt to gain a greater share of the market
Constitutional Law
laws expressed in the federal and state constitutions that set forth general organization, powers, and limits, of their respective government
Statutory Law
Laws enacted by federal, state, and local legislatures, Law passed by the U.S. Congress or state legislatures
Administrative Law
Law that governments enact to regulate industries, businesses, and professionals.
Case Law
A law established by following earlier judicial decisions
Legislative Branch
(Congress) citizens elect legislators to the Senate and House of Representatives. It establishes laws
Executive Branch
the branch of government that carries out laws, Led by the President, carries out laws, heads the military, holds meetings in the White House – Found in the Second Article of the Constitution
Judicial Branch
Branch that interprets laws
Intentional Tort
Require intent. The tortfeasor must intend to commit an act that interferes with personal or business interests in a way not permitted by law