Business Law Final Exam Review

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Business Law Final Exam Review
Remedies at Law vs. Remedies in Equity (specific performance, injunction, recession)
Common Law courts were either courts of law or courts of equity
Courts of law- were to empower only award wronged party’s money or other valuables compensation for their injuries or losses
Courts of Equity_ to award any manner of non-monetary relief such as ordering a person to do something (Injunction-to perform or to stop doing something).
NB- in most of the USA the Court of Law and Equity have merged, but the USA still recognizes legal remedies and equitable Remedies.
-Remedy-> the means given to a party to enforce a right or to compensate for another’s violation of a right.

The Doctrine of Stare Decisis- The doctrine by which judges are obligated to follow precedents established within a particular Jurisdiction
Precedent-judgment of a decision a judge renders in the past and a new judge takes the case must render the same decision the only time this isn’t the case is when new facts are brought forth through new technology ect
Statue of limitation- how long u can take to bring forth a lawsuit.

3 branches of government- Legislative- Makes the Law
Judicial- they enforce the law,
Executive- is administrative , president.

Difference between trial court and appellate court
Trial court- Is the lowest court on the state level (plaintiff, defendant)
Appellate- 2nd court after the trial court on the state level. (Appellant/petitioner, Appellee/Respondent)
U.S. Supreme Court – it is the highest court of the land there are 9 Justice writ of certiorari- the Supreme Court request records from a lower court case for review but the rule of four must be in effect.

Litigation-the process of taking legal action. It includes arbitration, mediation and negotiation
Negotiation-Two people coming together by themselves to come to an agreement.
Mediation- there is an mediator or a 3rd party and the parties try to reach an agreement but that mediator do not reach a decision for those parties
Arbitration-There is a 3rd party which help the party’s come to an unbinding decision meaning you cannot bring the case to any court. The decision which is reach is called an “Award”
Pleadings – consist of the Summons & Complaint
Summons- A document that sent to the defendant infoeming them that legal actions have been taking against them or a law suit have been filed, that the defendant have to appear in court at the a specific date.
Complains- A pleading made by the plaintiff alleging the wrong doing on the party of the defendant, and it starts the lawsuits.
Needs to state why the court has jurisdiction
A brief summary of the facts necessary to show that the plaintiff is entitle to a remedy
What remedy the court is seeking.
Service of Process- need to give the defendant a copy of the complaint and summons to the defendant. You cannot serve it by mail you need to serve it in person.

Counterclaim- a claim made by a defendant in a lawsuit. This counter claim comes with an answer to the plaintiff claim, and the reason they’re counter suing.

Notice of appeal- filing an notice of appeal for a decision which was render, which wasn’t in your favor and u need to send a copy to the second party, and a couple to the court asking them to review the facts.

Police powers- the state has policing powers. The states can regulate public, and private actives. However it can only regulate private actives only if it affects the well being of the public.
Spending Powers- by a legislature to an administration (government) to spend public funds in accordance with an approved budget.
Taxing Powers- Constitutionally-granted power of a government to impose and collect taxes, as the means of raising revenue within its jurisdiction.

Interstate Commerce- Interstate is between states. Intrastate is within a state.
Congress has the power to