Business Law - Chapter 1

  1. What are the 4 sources of American Law
    • Constitutional law
    • Statutory law
    • Administrative law
    • Case law and common law
  2. Define constitutional law
    The law as expressed in the US constitution and the various state constitutions. The US constitution is the supreme law of the land. State constitutions are supreme within state borders to the extent that they do not violate the US constitution or a federal law.
  3. Define Statutory Law
    Laws or ordinance created by federal, state, and local legislatures and governing bodies. None of these laws can violate the US constitution or the relevant state constitutions. Uniform Laws when adopted by a state legislature, become statutory law in that state.
  4. Define Administrative law
    The rules, orders, and decisions of federal or state government administrative agencies. Federal administrative agencies are created by enabling legislation enacted by the US congress. Agency functions including rulemaking, investigation and enforcement, and adjudication.
  5. Define Case law and Common law
    • Case Law: Judge-making law, including interpretations of constitutional provisions, of statutes enacted by legislatures, and of regulations created by administrative agencies.
    • Common Law: The doctrines and principles embodied in case law - governs all areas not covered by statutory law or administrative law.
  6. Define Common Law
    Law that originated in medieval England with the creation of the king's courts, or curiae regis, and the development of a body of rules that were common to all regions of the country.
  7. Define Stare Decisis
    A doctrine under which judges "stand on decided cases" - or follow the rule of precedent - in deciding cases. Stare Decisis is the cornerstone of the common law tradition
  8. Define Remedies (court)
    The means by which a court enforces a right or compensates for a violation of a right.
  9. What are the two different types of remedies
    • Legal remedies: Monetary Damages
    • Equitable remedies: Specific performance, injunction, or rescission
  10. When is equitable remedies granted
    when the legal remedy is inadequate or unavailable
  11. What are the branches that make up government power?
    • legislative: makes the law
    • executive (president): enforces the laws
    • judicial: interprets the laws
  12. Define commerce clause
    Permits Congress  to regulate commerce. Over time, courts expansively interpreted this clause, thereby enabling the national government to wield extensive powers over the economic life of the nation.
  13. What does the 10th amendment do?
    Reserves the states all powers not expressly delegated to the national government.
  14. How can states violate the dormant commerce
    • State regulations interfere with interstate commerce
    • In the US constitution
  15. What is the Supremacy clause
    The US Constitution provides that the Constitution, laws, and treaties of the United States are "the supreme law of the land"
  16. What happens when a state law directly conflicts with a federal law?
    The state law is rendered invalid
  17. What are the bill of rights?
    10 amendments to the constitution
  18. Who does the bill of rights protect?
    individuals and business entities
Card Set
Business Law - Chapter 1
Business Law - The constitutional Foundations