Business Law

  1. Staris Decisis
    Means let the decision stand.

    • The lower courts have to abide by the rulings in previous
    • cases
  2. Two aspects of stare decisis
    • ~Binding authority – any source of law that a court must
    • follow when deciding a case. (ex: constitutions, statutes, and regulations)

    • ~Persuasive
    • authorities- Precedents from other jurisdictions
  3. departures from precedent
    • ~When courts decide that a given precedent should no longer
    • be followed

    ~The court will rule contrary to the precedent

    • ~Ex:
    • Brown vs. Board of education of Topeka ruled separate educational facilities
    • for whites and blacks ruling overturned
  4. Structure of a case
    Every case has to have two parts:  

    1. Liability- what was the wrongdoing

    2. Damage- what was the injury
  5. Remedy
    What can the court do?

    • The ultimate decision of the court that relieves the
    • innocent party by enforcing a right or compensating for the violation of the
    • right.

    (i.e.compensation for a wrongdoing)
  6. 2 types of remedies
    • 1.Equitable – non monetary, based on justice and
    • fairness. You would do a Petition.

    2. Legal– compensation in monetary terms. You would do a complaint.
  7. a. plaintiff
    b. defendant
    A.  The one who has damage and brings a complaint.

    B. The one against whom an action is brought and has a liability.
  8. the structure of a corporation
    Owners are shareholders

    Owners elect directors

    Directors appoint officers

    Officers manage the corporation
  9. the moral minimum
    Suggests making a profit while obeying the law

    • The minimum degree of ethical behavior expected of a
    • business firm

    Compliance with the law
Card Set
Business Law
Chapter 1, 2, & 8