UARK Business Law Exam 1 – Flashcards
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British "Common Law" System
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Basis of our legal system. Decisions by judges on cases are the most important part of law
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Constitution
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The basis of our federal government
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Judicial Branch
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Decides how to interpret laws (sets and follows precedents)
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Marbury Vs. Madison
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Established judicial review, by stating that the judicial branch has the ultimate authority to determine the meaning of a law
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Legislation
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Legislation is required to amend laws if the judiciary branch is misinterpreting them
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Double Jeopardy
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You CANNOT be tried twice for the same crime by the same state. (federal and state, or civil and criminal courts CAN try for the same crime)
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Doctrine of State Action
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The government cannot interfere with your fundamental freedoms (due process and equal protection)
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Due Process
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Guarantee of a day in court
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Equal Protection
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The government must treat everyone the same way, and only discriminate if it is to protect the safety or welfare of the general population
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Burden of Proof
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Degree of proof required for a conviction. Different for criminal and civil cases
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Burden of Proof in a Criminal Case
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Beyond a reasonable doubt: The jury must be at least 95% sure the defendant is guilty.
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Burden of Proof in a Civil Case
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By preponderance of evidence: The jury must be at least 51% sure the defendant is guilty.
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Stare Decisis
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Legal Precedent
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Legal Precedent
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Judges must follow the legal precedents (or decisions) made by judges of higher courts within their jurisdictions
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Contingency Fee Lawyer
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Lawyer paid only upon winning a case. Can only be hired by plaintiffs in civil cases
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State courts
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From lowest to highest: Trial Court, Appellate / Court of Appeals, State Supreme Court
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Federal courts
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From lowest to highest: District Court, US Circuit Appellate / US Circuit Court of Appeals, U.S. Supreme Court
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Jurisdiction
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The power of a court to hear certain cases
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Forum Selection Clause
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Part of online contract placed on websites to determine the state of jurisdiction over the website
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Personal Jurisdiction
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You may be tried in your home state, or any state with which you have minimal contacts
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Federal Court Jurisdiction
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Federal courts: ALWAYS hear cases where the US is a party involved in the case SOMETIMES hear cases where federal policy is in question SOMETIMES hear Diversity of State cases where two states are involved, and an amount of money over $75,000
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Trial Process:
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Complaint: Document filed to open case Service of Process: Notification of lawsuit to defendant Discovery: Preparation for trial
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Deposition
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Interrogation of someone you expect to testify at a trial
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Summary Judgement
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BEFORE the trial, a judge can dismiss a case in which one side is entitled to win as a matter of law
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Directive Verdict
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DURING the trial, a judge can dismiss a case if one side does not provide enough evidence
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Judgement NOV
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AFTER the trial, a judge can overrule an obviously wrong verdict
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Alternatives to Litigation
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Mediation Arbitration
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Mediation
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Third party helps resolve an issue (decision is non-binding)
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Arbitration
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Third party acts as a judge and decides outcome of disagreement (decision is binding)
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Tort
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Injury to a person or property
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Tort of Assault
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Apprehension of physical pain (no physical harm necessary)
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Tort of Battery
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Physical harm caused to a person
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Tort of False Imprisonment
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Holding someone against their will (exception: shopkeepers privilege)
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Shopkeepers Privilege
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Allows store owners to reasonably detain those suspected of theft
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Tort of Defamation
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False written or verbal statement that damages someone's reputation in the eyes of a third party
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Public Figure Defamation
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Requires proof of malice
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Tort of Invasion of privacy
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You can be sued for invading someone's expectation of privacy
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Tort of Conversion
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Theft
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Tort of Outrage
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Purposely causing emotional distress. Requires extreme or outrageous behavior
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Appropriation
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You have the right of action to sue someone for using your name or likeness for personal gain
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Negligence Cases
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Case of unintentional tort
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Elements of Negligence Case
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Duty, Breech of Duty, Causation, and Damages
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Assumption of Risk
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If you are fully aware of risks involved with your actions, you are liable for the resulting damages
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Shannon Vs. Ashworth
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Merchant who knowingly sold alcohol to minor who sustained injuries was held responsible for damages. Changed long Line of Arkansas court decisions. It proved that supreme court can change the law by overturning precedents
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Compensative Damages
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Victim can receive compensation for lost money or property
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Punitive Damages
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On top of compensative damages, punitive damages punish the defendant for the wrong doing. Arkansas places a limit on punitive damages
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Legal Requirements of a Contract
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Mutual Agreement, Consideration, Capacity, Concent. Purpose of contract must be lawful, but DOES NOT HAVE TO BE FAIR
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Gambling / Raffles
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are considered unlawful
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Minors
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Can end contracts without consent of other party. The other party cannot break the contract.
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Bilateral Contract
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Promise for a promise. (sale)
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Unilateral Contract
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Promise for an act. (act must be completed for contract to be binding)
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Executed
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Fully Performed Contract
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Executory
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Incomplete Contract
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Common Law
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Established legal precedents in court (primary source of contract law)
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Restatement of Contracts
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Document containing key contract laws and precedents
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Uniform Commercial Code Article 2
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Same laws apply to sales of products in all states. (Applies only to goods)
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Offer
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Offer may be withdrawn at any time until it's acceptance, unless offering party is paid to keep option open
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Mailbox Rule
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If acceptance has already been mailed, it is valid
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Lack of Consideration
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You can't demand more money half way through a contract because of this
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Contract Interference
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Is the act of convincing someone to violate a contract with a third party, for personal gain
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Lucy Vs. Zehmer
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If a reasonable person watching the contract be created would consider it a legal, binding contract, it is. Requires outward manifestation of intent.
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Statute of Frauds
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Requires a contract to be in writing.
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Statute of Frauds qualification
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Sale of land, or Impossible to complete within one year, or $500 or more sold in goods
