Chapter 1
Accounting 215 with Curtis at Iowa State University
About this deck
By: Paige S.
Textbook:
West's Business Law: Text and Cases - Legal, Ethical, International, and E-Commerce Environment, 10th Edition
Created: 2009-02-17
Size: 27 flashcards
Views: 78
Textbook:
West's Business Law: Text and Cases - Legal, Ethical, International, and E-Commerce Environment, 10th EditionCreated: 2009-02-17
Size: 27 flashcards
Views: 78
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Schools of Jurisprudential Thought
1. Natural Law view
2. Positivist Law view
3. Historical View
4. Legal Realism view
2. Positivist Law view
3. Historical View
4. Legal Realism view
Natural Law School
-Assumes that law, rights and ethics are based on universal moral principles that are discoverable through human reason
-OLDEST VIEW OF JURISPRUDENCE--Aristotle
-Declaration assumes natural law
-OLDEST VIEW OF JURISPRUDENCE--Aristotle
-Declaration assumes natural law
Positivist School
- Law is supreme will of the State that applies only to citizens of that nation at that time
-Laws and rights/ethics are not universal
-Laws and rights/ethics are not universal
Historical School
- Emphasizes law as an evolutionary process
-concentrates on origins of the legal system
-law comes from standards that have withstood test of time (decisions from earlier cases)
-concentrates on origins of the legal system
-law comes from standards that have withstood test of time (decisions from earlier cases)
Legal Realism
-law is not result of written law, but a product of views of judicial decision makes as well as social/economic/contextual influences
Business Activities/Legal Environments
-study of business law involves knowledge of ethics in decision making
Sources of American Law
-U.S. and State Constitutions
-Statutory Law- federal, state and local
-Administrative regulations and decisions
-Case Law and Common Law doctrines
-Statutory Law- federal, state and local
-Administrative regulations and decisions
-Case Law and Common Law doctrines
Common Law Tradition
- American law is based on English Common Law which was based on traditions, social customs, rules and cases developed over hundreds of years
Courts of Law
Common Law remedy that provided Monetary Relief
Courts of Equity
Common Law remedy that provided non-monetary relief--based on "notions of justice and fair dealing"
Current Legal/Equitable remedies
-remedies at law and equity have been consolidated
- the same court can grant a remedy that includes both damages and equitable or injunctive relief
- the same court can grant a remedy that includes both damages and equitable or injunctive relief
Stare Decisis
- Latin "to stand on decided cases"
-makes law stable and predictable
-increase judicial efficiency by relieving courts of having to reinvent legal principles for each case
-makes law stable and predictable
-increase judicial efficiency by relieving courts of having to reinvent legal principles for each case
Precedent
-judicial decisions that give rise to legal principles that can be applied in future cased based on similar facts
-binding authority and must be followed
-binding authority and must be followed
departures from precedent
in cases of "first impression" where there is no precedent, the court may refer to positive law, public policy and widely held social values in order to craft the best new precedent
Stare Decisis AND legal reasoning
-method used by judges to reach a decision
IRAC Format
Issue (what is question being resolved?)
Rule (what law governs this matter)
Application (Apply the law to the facts)
Conclusion (decision or verdict)
Rule (what law governs this matter)
Application (Apply the law to the facts)
Conclusion (decision or verdict)
Deductive Reasoning
Makes used of syllogism, a type of logical relationship involving a major premise and a minor premise
Linear reasoning
proceeds from point to point, with the final point being the conclusion
Reasoning by analogy
analysis that compares facts of present case with facts of similar previously-decided cases
Common Law TODAY
governs transactions not covered by statutory law
Restatements of the Law
-American Law Institute
-Summarize the common law of most states
-Summarize the common law of most states
Classifications of Law
Every Law will be....
-Civil or Criminal and either...
-Substantive or Procedural, and either
-Public or Private
-Civil or Criminal and either...
-Substantive or Procedural, and either
-Public or Private
Civil Law
defines the rights between individuals or individuals and governments
Criminal Law
defines an individual's obligations to society as a whole
Substantive law
defines or creates the rights and obligations of persons and governments
Procedural Law
provides steps one must follow in order to avail oneself of one's legal rights or enforce another's legal obligations
Cyber Law
-traditional legal rules applied to online transactions
- applies to advertising, contracting, banking, filing documents with courts, employment relationsm etc
- applies to advertising, contracting, banking, filing documents with courts, employment relationsm etc
About this deck
By: Paige S.
Textbook: West's Business Law: Text and Cases - Legal, Ethical, International, and E-Commerce Environment, 10th Edition
Created: 2009-02-17
Size: 27 flashcards
Views: 78
Textbook:
West's Business Law: Text and Cases - Legal, Ethical, International, and E-Commerce Environment, 10th EditionCreated: 2009-02-17
Size: 27 flashcards
Views: 78
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“I have been getting MUCH better grades on all my tests for school. Flash cards, notes, and quizzes are great on here. Thanks!”
Kathy
Kathy