BLAW 3201 (97% in the course

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Business Law
BLAW 3201
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BLAW Review Test 1Chapter 1Law isProhibitory certain acts must not be committedMandatorycertain acts must be done sometimes in a set wayPermissive acts are allowed but not required by the lawLaw definitionpredictions of the way that a court will decide specific legal questions A rule of civil conduct prescribed by the supreme power in a state commanding what is right and prohibiting what is wrongFunctions of LawTo maintain stability in the social political and economic system throughoDispute resolutionDisputes inevitable in a complex society and may involve criminal or noncriminal mattersoProtection of propertyLaw protects ownership of property and allows for agreements contracts to exchange propertyoPreservation of the state while at the same time permitting ordered changeEnsures that changes are result of elections legislation and referenda rather than revolution sedition and rebellionLegal Sanctions the means by which the law enforces the decisions of the court such as fines imprisonments and capital punishmentClassifications of LawBasic to understanding the classifications of law is Right vs DutyRight the ability of a person with the aid of the law to require another person to perform or to refrain from performing a certain actDuty the obligation the law imposes upon a person to perform or to refrain from performing a certain actThey exist together a person cannot have a right with out some other person having the corresponding duty1Substantive and proceduralaSubstantive law creates defines and regulates legal rights and duties Ex rules of contract law that determine when a binding contract is formedbProcedural law establishes the rules for enforcing those rights that exist by reason of substantive law How one might obtain a remedy 2Public and privateaPublic Law Branch of substantive law that deals with the governments rights and powers in its political or sovereign capacity and in its relation to individuals or groupsiConstitutional law criminal law administrative lawbPrivate law part of substantive law governing individuals and legal entities in their relations with one anotheriTorts contracts sales commercial paper agency partnerships corporations property3Civil and criminalaCivil law defines duties the violation of which constitutes a wrong against the party injured by the violation bCriminal law establishes duties the violation of which is a wrong against the whole community Sources of LawConstitutions Federal and StateoSets forth the basic principles by which a government is guided as wells as the limitations on governmental authorityoConstitutional lawoJudicial review the supreme court determines the constitutionality of all lawsLegislation Federal State and LocalJudicialCourt decisionsoCommon Law System case decisions establish precedent in our common law system and must also be consulted when researching a legal question The principle of stare decisis to stand by the decisions that inferior courts stay consistent with prior decisions of higher courts on cases with similar factsoAdversary System Parties in a dispute initiate and conduct litigationoCivil Law System this system is less prevalent than common law in the US depends on comprehensive legislative enactments called codes Louisiana uses this systemInquisitorial system judiciary initiates litigation investigates pertinent facts and conducts the presentation of evidenceAdministrative LawCustomEquity a supplementary system of judicial relief separate from common law based upon settled rules of fairness justice and honesty Remedies include specific performance injunction reformation and rescissionDecree order compelling a person to do or refrain form a specific actSpecific performance command someone to do somethingInjunction court order requiring a party to do or refrain from doing a specified act
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