Law
a body of enforceable rules governing relationships among individuals and between individuals and their society.
3 important schools of legal thought
natural law tradition ; legal positivism ; legal realism
Natural law tradition
One of the oldest and most significant schools of legal thought. The belief that govt and the legal system should reflect moral and ethical principles that are inherent in human nature.
Legal Positivism
A school of legal thought centered on the assumption that there is no law higher than the laws created by a national government. Laws must be obeyed, even if they are unjust, to prevent anarchy.
Legal Realism
A school of legal thought of the 1920's and 1930's that generally advocated a less abstract and more realistic approach to the law, which takes into account customary practices and the circumstances in which transactions take place. This school strongly i
Areas of law that may affect business decision-making
Contracts, Sales, Negotiable instruments, creditors' rights, intellectual property, e-commerce, product liability, torts, agency, business organizations, professional liability, courts and court procedures.
Sources of American Law
constitutional law, statutory law, administrative law, case law and common law doctrines.
Constitutional Law
the body of law derived from U.S. Constitution (=>"the supreme law of the land"). Any law that conflicts with it is invalid.
Statutory Law
2nd highest law, enacted by legislative bodies. Consists of fed. statutes (or ordinances), which apply to all states; and state statutes (or ordinances), which apply only within state's borders.
Administrative Law
The body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities.
Case Law and Common Law Doctrines
1) Case law - the rules of law announced in court decisions. Includes the aggregate of reported cases that interpret judicial precedents, statues, regulations, and constitutional provisions. Doctrines and principles announced in case law cases govern all
Stare Decisis
to stand on decided cases". A common law doctrine under which judges are obligated to follow the precedents established in prior decisions.
Binding Authority
Any source of law that a court must follow when deciding a case. Binding authorities include constitutions, statutes, and regulations that govern the issue being decided, as well as court decisions that are controlling precedents within the jurisdiction.
Persuasive Authority
Any legal authority or source of law that a court may look to for guidance but on which it need not rely in making its decision. Persuasive authorities include cases from other jurisdictions and secondary sources of law. Used in a case for which there are
Remedy
The relief given to an innocent party to enforce a right or compensate for the violation of a right.
Court of Law vs. Court of Equity (procedural differences)
1)Initiation of lawsuit - by filing a complaint vs. by filing a petition
2)Decision - by jury or judge vs. by judge ONLY
3)Result - judgment vs. decree (->official order)
4) Remedy - monetary damages vs. property (injunction, specific performance, or resc
Classifications of Law
-Substantive vs. Procedural law
-Civil vs. Criminal
-Federal vs. State
-National vs. International
-Private vs. Public
Substantive vs. Procedural law
Substantive = define, describe, regulate, and create legal rights and obligations
Procedural = establishes methods of enforcing the rights established by substantive law.
Civil vs. Criminal law
disputes between private parties vs crimes against the state
Private vs. Public law
law between individuals vs. law between individuals & govt.
Civil Law System
a legal system derives from Roman "code law", in which the primary source of law is a statutory code - an ordered grouping of legal principles enacted into law by a legislature or governing body. Precedents are not binding in the civil law system b/c they