MGT 200- Final Exam Guide - Comprehensive Notes for the exam ( 107 pages long!)

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5 Dec 2017
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WKU
MGT 200
FINAL EXAM
STUDY GUIDE
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Business and its Legal Environment
Law- enforceable rules governing relationships among individuals and between indv. & society
All establish rights, duties, and privileges that are consistent with values and beliefs of a society
or its ruling group
Breach- failure to perform a legal obligation (not following through with a contract)
Primary sources of law- sources that establish the law
1. US constitution or state constitutions
a. Sets forth the general organization, powers, and limits of governments {constitutional
law}
b. US Constitution- supreme law of the land- basis of all US law- untouchable
c. 10th Amendment gives states powers not granted to federal gov- supreme in state borders
2. Statutes (laws) passed by congress and state legislatures
a. Laws enacted by legislative bodies- statutory law
i. Included in federal code of laws or state code of laws
b. Citation- where a statute can be found
c. Also includes local ordinances- statutes passed by county governments to cover things
that the state and federal government did not- usually only affects the local level
d. Federal statute applies to all states
e. State statute applies to only within the state borders- cannot violate the constitution
f. Uniform Laws: the National Conference of Commissioners on Uniform State Laws
developed model statutes, or uniform laws, for the states to consider adopting because it
was so hard to conduct business between states
i. Only if a state adopts a uniform law does it become part of the statutory law of
that state
g. Uniform Commercial Code: created by NCCUSL and the American Law Institute
i. Facilitates commerce by providing a uniform, yet flexible, set of rules governing
commercial transactions
3. Regulations created by administrative agencies
a. Rules, orders, and decisions of administrative agencies (agency established to perform a
specific function)
4. Case law (court decisions)
a. Rules of law announced in court
i. Interpretations of the constitution
ii. Statutes enacted by legislatures
iii. Regulations created by administration agencies
b. they interpret the other primary sources of law- CASE LAW (doctrines and principles
announced in cases)
Secondary sources of law- books and articles that clarify the primary sources of law
1. Legal encyclopedia, legal treatise, compilations on court decisions, and articles in law reviews
Common Law
Much of our legal system is based on the English legal system because they used to own us
Early English Courts
William the Conqueror established curiae regis, or kings courts to unify England
Sought to establish uniform rules for the country as a whole
Began common law- body of general rules that applies to everywhere
Each judge’s decision became part of the law on the subject- legal
precedent- set an example for future cases
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Put significant decisions in “Year Books”- discontinued
Stare Decisis- practice of deciding new cases with legal precedent, or looking back at old cases to
figure out what to do
Importance of Precendents in Judicial Decision Making
Stare decisis- once a big court has decided something is the law, all the little courts must follow
So, decisions made by a higher court are binding on lower courts
AND court should not overturn its own precendents unless it needs to
Binding authorities- any source of law that a court must follow when deciding a case
Constitutions, statutes, and regulations that govern the issue & court decisions
Court case decisions are binding unless overturned by SC or amendment
Stare Decisis and Legal Stability
Helps courts be more efficient- other courts have already gone over this stuff, so we can just
borrow- makes it more stable and predictable
Departures from Precedent
Sometimes a court won’t follow the precedent if it decides that it shouldn’t be followed anymore
Brown vs. Board of Education- precedent was overturned
When there is No Precedent
“Cases of first impression- courts look at precendents established in other jurisdictions for guide
Persuasive authorities- precedents from other jurisdictions (not binding)
Equitable Remedies and Courts of Equity
Remedy- means given to a party to enforce a right, or compensate for violation of a right
Courts of law- what the Kings court did as compensation back in the day, and the
remedies that they gave were called remedies at law- could only give economic comp
Remedies in Equity
Equity- branch of law- justice and fairness that wants to supply a remedy when a remedy
isn’t readily available
Chancellor of the king granted remedies- established courts of equity
Granted remedies of equity
Created 2 systems: Plaintiffs- brought lawsuits- had to determine if they were bringing an
action at law or an action at equity
Court of law is limited to payment of money or property
File a complaint- judge and jury- judgment- monetary means
Court of equities can issue a degree of specific performance- order to perform
what was promised (like in a contract) and can also issue injunctions- directs a
party to do or not do an act and rescission- cancel the contract
File a petition- judged- decree
Merging of Law and Equity
Courts of law and equity have merged- plaintiff can request both forms
Courts only grant an equitable remedy only when a remedy at law isn’t enough
Equitable Principles and Maxims
Provide guidance in deciding if a plaintiff should be given equitable relief
Maxim: Equitable doctrince of laces- encourages people to bring lawsuits when
evidence is fresh
“Freshness” is determined by a statute of limitations- max time period in
which certain action can be brought
Schools of Legal Thought
Jurisprudence- philosophy of law- how each school can affect decision making
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Document Summary

Law- enforceable rules governing relationships among individuals and between indv. All establish rights, duties, and privileges that are consistent with values and beliefs of a society or its ruling group. Breach- failure to perform a legal obligation (not following through with a contract) Secondary sources of law- books and articles that clarify the primary sources of law: legal encyclopedia, legal treatise, compilations on court decisions, and articles in law reviews. Much of our legal system is based on the english legal system because they used to own us. William the conqueror established curiae regis, or kings courts to unify england. Sought to establish uniform rules for the country as a whole. Began common law- body of general rules that applies to everywhere. Each judge"s decision became part of the law on the subject- legal precedent- set an example for future cases.

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