Business Law Study Guide

BLAW STUDY GUIDE EXAM 1

Chapter 1:

* Types of Law:

* Constitutions

* Set up government and protect people from certain laws

* Separation of Powers:

* Congress – makes laws

* President - Enforces laws

* Federal judiciary – interprets laws

* Federalism – recognizing state power to make laws

* Statutes

* Laws made by congressmen

* Uniform acts – help produce laws similar in each state

* Common Law

* Applied and made by judges when cases are not governed by statutes

* Only exists at a state level

* Based on precedent – older laws

* Equity

* Rough justice when common laws rules are unjust

* Provide remedies not available in common law courts

* Injunctions – court order forbidding a party to do some act

* Specific performance – party is obligated to act under contract terms

* Reformation – rewriting of the contract

* Rescission - Cancelation of contract

* Now most equity court are banned

* Administrative

* Ability to make laws through legislature

* Administrative regulations

* Agency decisions

* No elected body – still internal court-like structures

* Conclusions are binding

* Treaties

* Between president and foreign government

* Ordinances

* Enactments of counties and municipalities

* Executive orders

* Power of president to make laws – very uncommon

* Priority Rules

* Different laws conflict certain types of laws take priority

* Federal supremacy – constitutional laws (federal law) takes priority

* State constitution defeats all other state laws inconsistent with it

* When a treaty conflicts with a federal state law over a domestic matter, whatever is later in time wins

* Classification of...